 MIDLAND, Texas, Dec. 21, 2020 GLOBE NEWSWIRE -- Diamondback Energy, Inc. NASDAQ: FANG Diamondback or the Company and QEP Resources NYSE: QEP QEP today announced that they have entered into a definitive agreement under which Diamondback will acquire QEP in an all-stock transaction valued at approximately 2.2 billion, including QEPs net debt of 1.6 billion as of September 30, 2020. The consideration will consist of 0.05 shares of Diamondback common stock for each share of QEP common stock, representing an implied value to each QEP stockholder of 2.29 per share based on the closing price of Diamondback common stock on December 18, 2020. The transaction was unanimously approved by the Board of Directors of each company. 