Diamondback Energy

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

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	Kaes Van't Hof (chairman and CEO)[1]
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 [2]

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.^[2]

As of February 2024, it is ranked 400th on the Fortune 500.^[3][4]

History

The company began operations in December 2007 with the acquisition of 4,174 net acres in the Permian Basin.^[2]

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.^[5][6]

In March 2017, the company acquired assets from Brigham Resources for $2.55 billion.^[7][8]

In October 2018, the company acquired the assets of Ajax Resources for $1.25 billion.^[9][10]

In November 2018, the company acquired Energen.^[11]

In February 2021, the company acquired leasehold interests and assets from Guidon Resources for $375 million in cash and 10.68 million shares.^[12][13]

In March 2021, the company acquired QEP Resources.^[13][14]

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.^[15]

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.^[16]

Antitrust lawsuit

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.^[17]