Diamondback Energy Inc. is reportedly in advanced discussions to acquire Double Eagle, a Texas-based energy producer, in a deal that could surpass $5 billion.

According to sources cited by the Wall Street Journal, this significant acquisition could be announced within days. However, there remains a possibility that another contender may emerge, challenging Diamondback's bid for Double Eagle.

Double Eagle has made its mark in the energy sector with a strong focus on development and production across the Permian Basin. The company boasts over 95,000 net acres in the Midland Basin, showcasing its substantial footprint in one of the most prolific oil-producing regions in the United States.