Diamondback Energy

U.S. energy company

Diamondback Energy, Inc.

Company type| Public

Traded as

* Nasdaq: FANG
* Nasdaq-100 component
* S&P 500 component

ISIN| US25278X1090
Industry| Petroleum industry
Founded| 2007; 18 years ago (2007)
Headquarters|

Midland, Texas

United States

Key people

| Travis D. Stice (chairman and CEO)
Products|

* Petroleum
* Natural gas
* Natural gas liquids

Production output

| 598 thousand barrels of oil equivalent (3,660,000 GJ) per day (2024)
Revenue|  US$$11.07 billion (2024)

Operating income

|  US$4.396 billion (2024)

Net income

|  US$3.338 billion (2024)
Total assets|  US$67.29 billion (2024)
Total equity|  US$37.74 billion (2024)

Number of employees

| 1,983 (2024)
Website| diamondbackenergy.com
Footnotes / references
[1]

Diamondback Energy is an American company engaged in hydrocarbon exploration headquartered in Midland, Texas.

As of December 31, 2020, the company had 1,788 million barrels of oil equivalent (1.094×1010 GJ) of estimated proved reserves, of which 52% was petroleum, 24% was natural gas, and 24% was natural gas liquids. The company's reserves are all in the Permian Basin.[1]

As of February 2024, it is ranked 400th on the Fortune 500.[2][3]

## History

[edit]

The company began operations in December 2007 with the acquisition of 4,174 net acres in the Permian Basin.[1]

In October 2012, the company became a public company via an initial public offering, issuing 12,500,000 shares of common stock at a price of $17.50 per share.[4][5]

In March 2017, the company acquired assets from Brigham Resources for $2.55 billion.[6][7]

In October 2018, the company acquired the assets of Ajax Resources for $1.25 billion.[8][9]

In November 2018, the company acquired Energen.[10]

In February 2021, the company acquired leasehold interests and assets from Guidon Resources for $375 million in cash and 10.68 million shares.[11][12]

In March 2021, the company acquired QEP Resources.[12][13]

A 2023 Bloomberg news story identified the company, as well as Permian Resources, as major contributors to the increase of flaring gas in the Permian oil field.[14]

In February 2024, it was reported Diamondback Energy and Endeavor Energy Resources were in final discussions toward a merger that would create an oil-and-gas giant worth more than $50 billion.[15]

## Antitrust lawsuit

[edit]

In January 2024, a class action lawsuit was filed accusing Diamondback, along with seven other US oil and gas producers, of an illegal price-fixing scheme to constrain production of shale oil, allegedly leading to drivers in the US paying more for gasoline than they would have in a competitive market.[16]

## References

[edit]

1. ^ a b c "Diamondback Energy, Inc. 2024 Form 10-K Annual Report". U.S. Securities and Exchange Commission. February 26, 2025.
2. ^ "Diamondback Energy". Fortune.
3. ^ "Fortune 500 Full List (2024)". www.50pros.com. 2024-02-01. Archived from the original on 2024-04-04. Retrieved 2024-04-28.
4. ^ "Diamondback Energy, Inc. Completes Initial Public Offering of Common Stock" (Press release). Globe Newswire. October 17, 2012.
5. ^ "Diamondback Energy IPO Is Complete". The Motley Fool. Associated Press. October 17, 2012.
6. ^ "Diamondback Energy, Inc. Announces Closing of Acquisition from Brigham Resources" (Press release). Globe Newswire. March 1, 2017.
7. ^ Garcia, Luis (March 2, 2017). "Brigham Resources Closes $2.55 Billion Permian Asset Sale to Diamondback". The Wall Street Journal.
8. ^ "Diamondback Energy, Inc. Announces Third Quarter 2018 Financial and Operating Results" (Press release). Globe Newswire. November 6, 2018.
9. ^ "Diamondback to acquire Ajax Resources in $1.25-billion deal". Oil & Gas Journal. August 10, 2018.
10. ^ "Diamondback Energy, Inc. Completes Acquisition of Energen Corporation" (Press release). Globe Newswire. November 29, 2018.
11. ^ "Diamondback Energy, Inc. Announces Closing of Acquisition from Guidon Operating LLC" (Press release). GlobeNewswire. February 26, 2021.
12. ^ a b Takahashi, Paul (March 17, 2021). "Midland oil and gas producer Diamondback Energy acquires rival QEP Resources". Houston Chronicle.
13. ^ "Diamondback Energy, Inc. Completes Acquisition of QEP Resources, Inc" (Press release). GlobeNewswire. March 17, 2021.
14. ^ Zachary Mider and Mitchell Ferman. Bloomberg reporters. (4 October 2023). "Flaring Ticks Up in Texas Oil Patch, Showing Limits of ESG Pressure". Yahoo Finance website Retrieved 4 Oct 2023.
15. ^ "Diamondback, Endeavor in Talks to Form $50 Billion Energy Giant". Bloomberg.com. 2024-02-11. Retrieved 2024-02-11.
16. ^ Scarcella, Mike (2024-01-16). "Drivers sue US shale oil producers over alleged price-fixing scheme". Reuters. Archived from the original on 2024-01-21. Retrieved 2024-04-28.

## External links

[edit]

* Official website
* Business data for Diamondback Energy, Inc.:

* Google
* Reuters
* SEC filings
* Yahoo!

* v
* t
* e

Companies of the Nasdaq-100 index

* Adobe
* ADP
* AMD
* Airbnb
* Alphabet
* Amazon
* AEP
* Amgen
* Analog Devices
* Ansys
* Apple
* Applied Materials
* AppLovin
* Arm
* ASML
* AstraZeneca
* Atlassian
* Autodesk
* Axon
* Baker Hughes
* Biogen
* Booking Holdings
* Broadcom
* Cadence
* CDW
* Charter Communications
* Cintas
* Cisco
* Coca-Cola Europacific Partners
* Cognizant
* Comcast
* Constellation Energy
* Copart
* CoStar
* Costco
* CrowdStrike
* CSX
* Datadog
* Dexcom
* Diamondback Energy
* DoorDash
* Electronic Arts
* Exelon
* Fastenal
* Fortinet
* GE HealthCare
* Gilead
* GlobalFoundries
* Honeywell
* Idexx Laboratories
* Intel
* Intuit
* Intuitive Surgical
* Keurig Dr Pepper
* KLA
* Kraft Heinz
* Lam Research
* Linde
* Lululemon
* Marriott International
* Marvell
* Mercado Libre
* Meta
* Microchip
* Micron
* Microsoft
* MicroStrategy
* Mondelez International
* Monster Beverage
* Netflix
* Nvidia
* NXP
* O'Reilly Auto Parts
* Old Dominion
* onsemi
* Paccar
* Palantir
* Palo Alto Networks
* Paychex
* PayPal
* PDD Holdings
* PepsiCo
* Qualcomm
* Regeneron
* Roper Technologies
* Ross Stores
* Shopify
* Starbucks
* Synopsys
* Take-Two Interactive
* T-Mobile US
* Tesla
* Texas Instruments
* Trade Desk
* Verisk
* Vertex
* Warner Bros. Discovery
* Workday
* Xcel Energy
* Zscaler

*[v]: View this template
*[t]: Discuss this template
*[e]: Edit this template