Diamondback Energy, headquartered in Midland, Texas, is an American company engaged in hydrocarbon exploration in the Permian Basin.[1]
As of December 31, 2024, the company had 3557 e6BOE of estimated proved reserves, of which 49% was petroleum, 24% was natural gas, and 27% was natural gas liquids.[1]
It is ranked 383rd on the Fortune 500[2][3] and 471st on the Forbes Global 2000.[4]
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 at its opening on Nasdaq under the ticker symbol FANG, in reference to a snake's tooth; the company's logo at the time featured a Western diamondback rattlesnake.[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]
In September 2024, the company acquired Endeavor Energy Resources.[15]
In April 2025, the company acquired Double Eagle IV for $3 billion in cash and 6.9 million shares of stock.[16]
Controversies
Environmental
In October 2023, the company was accused of being a major contributor to the increase of flaring gas in the Permian Basin.[17]
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 causing drivers in the US paying more for gasoline than they would have in a competitive market. The case is now part of a consolidated multidistrict litigation in New Mexico to be heard by judge Matthew L. Garcia.[18]
External links
References
- Diamondback Energy, Inc. 2024 Form 10-K Annual Report U.S. Securities and Exchange Commission, February 26, 2025^
- Diamondback Energy Fortune^
- Fortune 500 Full List www.50pros.com^
- Diamondback Energy Forbes^
- Diamondback Energy, Inc. Completes Initial Public Offering of Common Stock Globe Newswire, October 17, 2012^
- Mark Brooks. Diamondback Energy IPO Is Complete The Motley Fool, October 17, 2012^
- Diamondback Energy, Inc. Announces Closing of Acquisition from Brigham Resources Globe Newswire, March 1, 2017^
- Luis Garcia. Brigham Resources Closes $2.55 Billion Permian Asset Sale to Diamondback The Wall Street Journal, March 2, 2017^
- Diamondback Energy, Inc. Announces Third Quarter 2018 Financial and Operating Results 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 Globe Newswire, November 29, 2018^
- Diamondback Energy, Inc. Announces Closing of Acquisition from Guidon Operating LLC GlobeNewswire, February 26, 2021^
- Paul Takahashi. Midland oil and gas producer Diamondback Energy acquires rival QEP Resources Houston Chronicle, March 17, 2021^
- Diamondback Energy, Inc. Completes Acquisition of QEP Resources, Inc. GlobeNewswire, March 17, 2021^
- Diamondback Energy completes $26bn merger with Endeavor Energy Resources September 11, 2024^
- Diamondback Completes Acquisition of Double Eagle IV Holdings April 2, 2025^
- Zachary Mider, Mitchell Ferman. Flaring Ticks Up in Texas Oil Patch, Showing Limits of ESG Pressure Financial Post, 4 October 2023^
- Nicholas Gilmore. More plaintiffs join New Mexico lawsuits alleging price fixing by oil, gas producers The Santa Fe New Mexican, July 5, 2025^