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The Guardian - UK
The Guardian - UK
Business
Jasper Jolly

US oil companies to merge in $26bn deal as firms rush to buy up drilling land

A well pump works at sunset on a farm near Sweetwater, Texas
Diamondback Energy will buy rival Endeavor Energy Resources in a cash-and-stock deal valued at $26bn. Photograph: LM Otero/AP

Two American oil and gas companies have said they will merge in a $26bn (£21bn) deal, the latest in a wave of acquisitions designed to buy up the best land for drilling.

Diamondback Energy has agreed to buy Endeavor Energy Resources in a takeover that will create a company with a value of about $50bn (£40bn).

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