| Diamondback Energy, Inc. | |
| Type: | Public |
| Hq Location: | Midland, Texas, U.S. |
| Industry: | Petroleum industry |
| Production: | 375e3BOE per day (2021) |
| Revenue: | (2021) |
| Net Income: | US$2.182 billion (2021) |
| Assets: | US$22.898 billion (2021) |
| Equity: | US$13.245 billion (2021) |
| Num Employees: | 870 (2021) |
| Footnotes: | [1] |
Diamondback Energy, Inc. is a company engaged in hydrocarbon exploration headquartered in Midland, Texas.
As of December 31, 2020, the company had 1788e6BOE 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]
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]
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]