Fort Worth energy company, co-founded by Cody Campbell, sells for over $4 billion
Texas Tech booster Cody Campbell and his partner have sold certain subsidiaries of their Fort Worth-based oil and gas firm Double Eagle IV Midco LLC for more than $4 billion.
Diamondback Energy Inc., based in Midland, will have access to 40,000 acres in the Midland Basin after the purchase is complete this spring.
Double Eagle is set to receive $3 billion in cash and 6.9 million shares of Diamondback’s stock as part of the $4.08 billion sale, which is expected to close April 1.
Formed in 2022, Double Eagle is led by Campbell and partner John Sellers, who are co-founders and CEOs.
“Very proud of our team and the great asset we’ve built — perfect addition to FANG’s already stellar inventory,” Campbell wrote in a post on X, referring to Diamondback Energy by its ticker symbol. “It was very important to John and me that we transact with not only the best operator in the Basin, but also a group that share our core values, is based in Midland, and understands the significance of its impact on the West Texas Community.”
Both Campbell and Sellers played football at Texas Tech University and are philanthropists.
Sellers and his wife, Tracy, donated $11 million to Texas Tech’s Athletics Department in 2022. A Cook Children’s sports complex in Aledo is named after the couple, who helped fund the project.
Campbell, who also played in the NFL, was appointed to the Texas Tech University System Board of Regents in April 2021. Later that year, he donated $25 million to Texas Tech’s athletics department, which rename its new football field after him.
Campbell is a founder and board member of the university’s name, image and likeness group, The Matador Club, which recently supported the recruitment of one of the country’s top-ranked college football transfer classes.
This story was originally published February 19, 2025 at 5:14 PM.
