Diamondback entered a definitive agreement in December 2020 to acquire QEP in an all-stock transaction valued at $2.2 billion including QEP's net debt of $1.6 billion. The consideration includes 0.05 Diamondback common shares for each QEP share. This has been unanimously approved by the directors of both companies with tangible annual cost savings of $60 to $80 million. QEP has 49,000 net acres in the Midland Basin held by production and 48,300 barrels per day (76,700 boe) of total production with 30,500 barrels per day (47,600 boe) in the Permian. This includes 48 drilled but uncompleted wells. QEP's Williston Basin assets will be considered non-core and harvested for cash flow or divested. The company's directors and executive team will remain unchanged following the deal. Goldman Sachs and Moelis advised Diamondback while Evercore advised QEP.