Diamondback Energy
{{short description|U.S. energy company}}
{{Infobox company
| name = Diamondback Energy, Inc.
| logo = File:Diamondback_Energy,_Logo_2022.svg
| type = Public
| traded_as = {{ubl|{{NASDAQ|FANG}}|Nasdaq-100 component|S&P 500 component}}
| ISIN = {{ISIN|sl=n|pl=y|US25278X1090}}
| founded = {{Start date and age |2007 }}
| hq_location_city = Midland, Texas
| hq_location_country = United States
| key_people = Travis D. Stice (chairman and CEO)
| industry = Petroleum industry
| products = {{ubl|Petroleum|Natural gas|Natural gas liquids}}
| production = {{convert|598|e3BOE|lk=in}} per day (2024)
| revenue = {{increase}} {{US$|$11.07 billion|link=yes}} (2024)
| operating_income = {{increase}} US$4.396 billion (2024)
| net_income = {{increase}} US$3.338 billion (2024)
| assets = {{increase}} US$67.29 billion (2024)
| equity = {{increase}} US$37.74 billion (2024)
| num_employees = 1,983 (2024)
| website = {{URL|https://www.diamondbackenergy.com|diamondbackenergy.com}}
| footnotes = {{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1539838/000153983825000021/fang-20241231.htm | title=Diamondback Energy, Inc. 2024 Form 10-K Annual Report | publisher=U.S. Securities and Exchange Commission |date=February 26, 2025 }}
}}
Diamondback Energy is an American company engaged in hydrocarbon exploration headquartered in Midland, Texas.
As of December 31, 2020, the company had {{convert|1788|e6BOE|lk=in}} 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.
As of February 2024, it is ranked 400th on the Fortune 500.{{Cite web | url=https://fortune.com/company/diamondback-energy/fortune500/ | title=Diamondback Energy | publisher=Fortune}}{{Cite web |date=2024-02-01 |title=Fortune 500 Full List (2024) |url=https://www.50pros.com/fortune500 |url-status=live |archive-url=https://web.archive.org/web/20240404210059/https://www.50pros.com/fortune500 |archive-date=2024-04-04 |access-date=2024-04-28 |website=www.50pros.com}}
History
The company began operations in December 2007 with the acquisition of 4,174 net acres in the Permian Basin.
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.{{cite press release | url=https://globenewswire.com/news-release/2012/10/17/497796/10008754/en/Diamondback-Energy-Inc-Completes-Initial-Public-Offering-of-Common-Stock.html | title=Diamondback Energy, Inc. Completes Initial Public Offering of Common Stock | publisher=Globe Newswire | date=October 17, 2012}}{{Cite news | url=https://www.fool.com/investing/general/2012/10/17/diamondback-energy-ipo-is-complete.aspx | title=Diamondback Energy IPO Is Complete | agency=Associated Press | publisher=The Motley Fool | date=October 17, 2012}}
In March 2017, the company acquired assets from Brigham Resources for $2.55 billion.{{cite press release | url=https://globenewswire.com/news-release/2017/03/01/929568/0/en/Diamondback-Energy-Inc-Announces-Closing-of-Acquisition-from-Brigham-Resources.html | title=Diamondback Energy, Inc. Announces Closing of Acquisition from Brigham Resources | publisher=Globe Newswire | date=March 1, 2017}}{{Cite news | url=https://www.wsj.com/articles/brigham-resources-closes-2-55-billion-permian-asset-sale-to-diamondback-1488459209 | title=Brigham Resources Closes $2.55 Billion Permian Asset Sale to Diamondback | first=Luis | last=Garcia | work=The Wall Street Journal | date=March 2, 2017}}
In October 2018, the company acquired the assets of Ajax Resources for $1.25 billion.{{cite press release | url=https://globenewswire.com/news-release/2018/11/06/1646407/0/en/Diamondback-Energy-Inc-Announces-Third-Quarter-2018-Financial-and-Operating-Results.html | title=Diamondback Energy, Inc. Announces Third Quarter 2018 Financial and Operating Results | publisher=Globe Newswire | date=November 6, 2018}}{{Cite news | url=https://www.ogj.com/general-interest/companies/article/17295841/diamondback-to-acquire-ajax-resources-in-125billion-deal | title=Diamondback to acquire Ajax Resources in $1.25-billion deal | work=Oil & Gas Journal | date=August 10, 2018}}
In November 2018, the company acquired Energen.{{cite press release | url=https://globenewswire.com/news-release/2018/11/29/1659678/0/en/Diamondback-Energy-Inc-Completes-Acquisition-of-Energen-Corporation.html | title=Diamondback Energy, Inc. Completes Acquisition of Energen Corporation | publisher=Globe Newswire | date=November 29, 2018}}
In February 2021, the company acquired leasehold interests and assets from Guidon Resources for $375 million in cash and 10.68 million shares.{{Cite press release | url=https://www.globenewswire.com/news-release/2021/02/26/2183699/0/en/Diamondback-Energy-Inc-Announces-Closing-of-Acquisition-from-Guidon-Operating-LLC.html | title=Diamondback Energy, Inc. Announces Closing of Acquisition from Guidon Operating LLC | publisher=GlobeNewswire | date=February 26, 2021}}{{cite news | url=https://www.houstonchronicle.com/business/energy/article/Diamondback-Energy-acquires-QEP-Resources-16032433.php | title=Midland oil and gas producer Diamondback Energy acquires rival QEP Resources | first=Paul | last=Takahashi | work=Houston Chronicle | date=March 17, 2021}}
In March 2021, the company acquired QEP Resources.{{Cite press release | url=https://www.globenewswire.com/news-release/2021/03/17/2194672/0/en/Diamondback-Energy-Inc-Completes-Acquisition-of-QEP-Resources-Inc.html | title=Diamondback Energy, Inc. Completes Acquisition of QEP Resources, Inc. | publisher=GlobeNewswire | date=March 17, 2021}}
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.Zachary Mider and Mitchell Ferman. Bloomberg reporters. (4 October 2023). "Flaring Ticks Up in Texas Oil Patch, Showing Limits of ESG Pressure". [https://finance.yahoo.com/news/flaring-ticks-texas-oil-patch-103012665.html Yahoo Finance website] Retrieved 4 Oct 2023.
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.{{Cite news |date=2024-02-11 |title=Diamondback, Endeavor in Talks to Form $50 Billion Energy Giant |url=https://www.bloomberg.com/news/articles/2024-02-11/diamondback-endeavor-in-talks-to-form-50-billion-energy-giant |access-date=2024-02-11 |work=Bloomberg.com |language=en}}
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 leading to drivers in the US paying more for gasoline than they would have in a competitive market.{{Cite web |last=Scarcella |first=Mike |date=2024-01-16 |title=Drivers sue US shale oil producers over alleged price-fixing scheme |url=https://www.reuters.com/legal/litigation/drivers-sue-us-shale-oil-producers-over-alleged-price-fixing-scheme-2024-01-16/ |url-status=live |archive-url=https://web.archive.org/web/20240121051029/https://www.reuters.com/legal/litigation/drivers-sue-us-shale-oil-producers-over-alleged-price-fixing-scheme-2024-01-16/ |archive-date=2024-01-21 |access-date=2024-04-28 |website=Reuters}}
References
{{Reflist}}
External links
- {{Official website|https://www.diamondbackenergy.com}}
{{Finance links
| name = Diamondback Energy, Inc.
| google = FANG:NASDAQ
| yahoo = FANG
| bloomberg = FANG:US
| reuters = FANG.O
| sec_cik = 1539838
}}
{{NASDAQ-100}}
{{authority control}}
Category:2007 establishments in Texas
Category:2012 initial public offerings
Category:American companies established in 2007
Category:Companies based in Texas