Diamondback Energy

U.S. energy company

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

ISINUS25278X1090IndustryPetroleum industryHeadquartersMidland, Texas, U.S.

Key people

Steven E. West (chairman)
Travis D. Stice (CEO)
Daniel N. Wesson (COO)
Kaes Van't Hof (CFO)Products

Petroleum
Natural gas
Natural gas liquids

Production output

375 thousand barrels of oil equivalent (2,290,000 GJ) per day (2021)Revenue

US$6.797 billion (2021)

Operating income

6,508,000,000 United States dollar (2022)

Net income

US$2.182 billion (2021)Total assets

US$22.898 billion (2021)Total equity

US$13.245 billion (2021)

Number of employees

870 (2021)Websitediamondbackenergy.comFootnotes / references
^[1]

Diamondback Energy, Inc. is a 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]

It is ranked 479th on the Fortune 500.^[2]

History

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.^[3]^[4]

In March 2017, the company acquired assets from Brigham Resources for $2.55 billion.^[5]^[6]

In October 2018, the company acquired the assets of Ajax Resources for $1.25 billion.^[7]^[8]

In November 2018, the company acquired Energen.^[9]

In February 2021, the company acquired leasehold interests and assets from Guidon Resources for $375 million in cash and 10.68 million shares.^[10]^[11]

In March 2021, the company acquired QEP Resources.^[11]^[12]

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.^[13]

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.^[14]

References

^ ^a ^b ^c "Diamondback Energy, Inc. 2021 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
^ "Diamondback Energy". Fortune.
^ "Diamondback Energy, Inc. Completes Initial Public Offering of Common Stock" (Press release). Globe Newswire. October 17, 2012.
^ "Diamondback Energy IPO Is Complete". The Motley Fool. Associated Press. October 17, 2012.
^ "Diamondback Energy, Inc. Announces Closing of Acquisition from Brigham Resources" (Press release). Globe Newswire. March 1, 2017.
^ Garcia, Luis (March 2, 2017). "Brigham Resources Closes $2.55 Billion Permian Asset Sale to Diamondback". The Wall Street Journal.
^ "Diamondback Energy, Inc. Announces Third Quarter 2018 Financial and Operating Results" (Press release). Globe Newswire. November 6, 2018.
^ "Diamondback to acquire Ajax Resources in $1.25-billion deal". Oil & Gas Journal. August 10, 2018.
^ "Diamondback Energy, Inc. Completes Acquisition of Energen Corporation" (Press release). Globe Newswire. November 29, 2018.
^ "Diamondback Energy, Inc. Announces Closing of Acquisition from Guidon Operating LLC" (Press release). GlobeNewswire. February 26, 2021.
^ ^a ^b Takahashi, Paul (March 17, 2021). "Midland oil and gas producer Diamondback Energy acquires rival QEP Resources". Houston Chronicle.
^ "Diamondback Energy, Inc. Completes Acquisition of QEP Resources, Inc" (Press release). GlobeNewswire. March 17, 2021.
^ 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.
^ "Diamondback, Endeavor in Talks to Form $50 Billion Energy Giant". Bloomberg.com. 2024-02-11. Retrieved 2024-02-11.