Diamondback Energy
Diamondback Energy, Inc. is a company engaged in hydrocarbon exploration headquartered in Midland, Texas.
Company type
- Nasdaq: FANG
- S&P 500 component
- Nasdaq-100 component
Midland, Texas, U.S.
375 thousand barrels of oil equivalent (2,290,000 GJ) per day (2021)
US$6.797 billion (2021)
US$2.182 billion (2021)
US$22.898 billion (2021)
US$13.245 billion (2021)
870 (2021)
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[edit]
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]