Save for later Print Download Share LinkedIn Twitter Diamondback Energy said it would acquire the Permian Basin assets of privately owned Lario Oil & Gas for $1.5 billion. Diamondback will pay $850 million in cash and 4.18 million shares of its common stock for the assets, which cover 15,000 net acres in Martin County in the northern portion of the Midland subbasin. News of the deal comes one month after Diamondback announced it would acquire privately held Firebird Energy in a cash-and-stock deal valued at $1.6 billion. Diamondback plans to run a single drilling rig next year in the asset, dropping from the two-rig program that Lario is currently operating. The main targets for drilling are the Middle Spraberry, Jo Mill, Lower Spraberry, Wolfcamp A and Wolfcamp B formations, according to Diamondback. The assets are expected produce about 25,000 boe/d — including 18,000 b/d — in 2023.