Diamondback Energy and QEP Resources entered into a merger agreement based on the latter's valuation of $2.2 billion, including net debt of $1.6 billion. QEP Resources is engaged in the exploration and production of crude oil and natural gas. Under the terms of the agreement, its shareholders will receive 0.05 Diamondback shares for each of their shares, the equivalent of $2.29 per paper. As a result, they will own 7.2%. of the combined company. The transaction is expected to close in early Q2 2021.