On Wall Street, the stock indices opened near zero and made a slight effort to rise during the first half hour. The S&P 500, which reached a new record high on Friday, was up 0.03 percent at the time. Meanwhile, Diamondback Energy announced that it would acquire its competitor, Endeavor Energy Resources, for $26 billion. This news caused Diamondback’s share to rise more than seven percent, making it the largest operator in the traditional Texas oil production area of the Permian Basin.
The oil industry continues to consolidate as companies seek to acquire drilling areas and cut costs. Other companies such as Exxon Mobil and Chevron Corporation have also reported similar acquisitions in recent months. The earnings season continues on Wall Street with Coca Cola set to announce its October-January results and last year’s financial statements tomorrow. Additionally, tomorrow will see the publication of the country’s inflation figures for January in the United States.