Diamondback Energy Services, Inc. has filed with the SEC to withdraw its filing for an initial public offering of common stock. It actually looks like the first filing goes all the way back to November 13, 2006. Amended filings had been made, but the company is now withdrawing the filing for an IPO.
No formal reasons were given such as “due to market conditions” or anything, but it just said, “The registrant has determined not to pursue the initial public offering at this time. The Registration Statement was not declared effective by the Commission. No sales of the Registrant’s securities have been completed pursuant to the Registration Statement.”
Generally we see “due to market conditions” or something like that for a reason to cancel the IPO filings. We’d suspect market conditions are there as well, but oil having risen well over $100 and then back to under $50 per barrel had a lot of impact there.
Diamondback Energy Services is an Oklahoma City-based oil and gas services company.
JON C. OGG
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