Diamondback Energy

Last updated
Diamondback Energy, Inc.
Company type Public
ISIN US25278X1090
Industry Petroleum industry
Founded2007;18 years ago (2007)
Headquarters
Midland, Texas
,
United States
Key people
 Kaes Van't Hof (chairman and CEO)
Products
Production output
598 thousand barrels of oil equivalent (3,660,000 GJ) per day (2024)
RevenueIncrease2.svg US$$11.07 billion (2024)
Increase2.svg US$4.396 billion (2024)
Increase2.svg US$3.338 billion (2024)
Total assets Increase2.svg US$67.29 billion (2024)
Total equity Increase2.svg US$37.74 billion (2024)
Number of employees
1,983 (2024)
Website www.diamondbackenergy.com
Footnotes /references
[1]

Diamondback Energy, headquartered in Midland, Texas, is an American company engaged in hydrocarbon exploration in the Permian Basin. [1]

Contents

As of December 31, 2024, the company had 3,557 million barrels of oil equivalent (2.176×1010 GJ) 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. [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]

References

  1. 1 2 3 4 "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". www.50pros.com.
  4. ↑ "Diamondback Energy". Forbes .
  5. ↑ "Diamondback Energy, Inc. Completes Initial Public Offering of Common Stock" (Press release). Globe Newswire. October 17, 2012.
  6. ↑ Brooks, Mark (October 17, 2012). "Diamondback Energy IPO Is Complete". The Motley Fool. Associated Press.
  7. ↑ "Diamondback Energy, Inc. Announces Closing of Acquisition from Brigham Resources" (Press release). Globe Newswire. March 1, 2017.
  8. ↑ Garcia, Luis (March 2, 2017). "Brigham Resources Closes $2.55 Billion Permian Asset Sale to Diamondback". The Wall Street Journal .
  9. ↑ "Diamondback Energy, Inc. Announces Third Quarter 2018 Financial and Operating Results" (Press release). Globe Newswire. November 6, 2018.
  10. ↑ "Diamondback to acquire Ajax Resources in $1.25-billion deal". Oil & Gas Journal . August 10, 2018.
  11. ↑ "Diamondback Energy, Inc. Completes Acquisition of Energen Corporation" (Press release). Globe Newswire. November 29, 2018.
  12. ↑ "Diamondback Energy, Inc. Announces Closing of Acquisition from Guidon Operating LLC" (Press release). GlobeNewswire. February 26, 2021.
  13. 1 2 Takahashi, Paul (March 17, 2021). "Midland oil and gas producer Diamondback Energy acquires rival QEP Resources". Houston Chronicle .
  14. ↑ "Diamondback Energy, Inc. Completes Acquisition of QEP Resources, Inc" (Press release). GlobeNewswire. March 17, 2021.
  15. ↑ "Diamondback Energy completes $26bn merger with Endeavor Energy Resources". September 11, 2024 – via Yahoo Finance.
  16. ↑ "Diamondback Completes Acquisition of Double Eagle IV Holdings". April 2, 2025 – via Yahoo Finance.
  17. ↑ Mider, Zachary; Ferman, Mitchell (4 October 2023). "Flaring Ticks Up in Texas Oil Patch, Showing Limits of ESG Pressure". Financial Post . Bloomberg News.
  18. ↑ Gilmore, Nicholas (July 5, 2025). "More plaintiffs join New Mexico lawsuits alleging price fixing by oil, gas producers". The Santa Fe New Mexican .
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