US oil companies to merge in $26bn deal as firms rush to buy up drilling land

Diamondback Energy to buy Endeavor Energy Resources, after IEA warning against new fossil fuel developments

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Two American oil and gas companies have said they will merge in a $26bn (£21bn) deal, the latest in a wave of acquisitions designed to buy up the best land for drilling.

Diamondback Energy has agreed to buy Endeavor Energy Resources in a takeover that will create a company with a value of about $50bn (£40bn).