Diamondback Energy's buyout of Double Eagle could signal the winding down of the rapid consolidation of the Permian Basin over the last half decade.

EIR analyst Andrew Dittmar called the deal a priority for Diamondback “because it represents one of the last current opportunities to get a large, high-quality asset from a

Diamondback Energy Inc. is closing in on a deal to acquire closely held West Texas oil producer Double Eagle in a bid to further its dominance in the world’s biggest shale patch, according to people familiar with the matter.