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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery added $1.11 to $71.85 on the New York Merc, while Brent for April added 62 cents to $75.84 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.50 to WTI, down from a discount of $11.80. Natural gas for March added 28 cents to $4.00. The TSX energy index added 2.99 points to close at 272.96.

The sector kicked off the shortened trading week with another U.S. megadeal, as Diamondback Energy Inc. (U.FANG: $156.76) announced that it is plunking down $4.08-billion (U.S.) for assets in the Permian basin from the EnCap-backed Double Eagle. The cash-and-share deal will add production of about 39,000 barrels of oil equivalent a day.

The price tag works out to $104,000 (U.S.) per flowing barrel, a figure that has roughly doubled over the past four years as operators snatch up coveted acreage in the Permian, where wells can be drilled and fracked faster than other U.S. shale plays. Diamondback has been a major participant in the land rush: Only five months ago, it closed its takeover of Permian operator Endeavour Energy for an eye-catching $26-billion (U.S.). It also bought Lario Permian in 2023, FireBird Energy in 2022, and QEP Resources and Guidon Energy in 2021.

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