Diamondback Energy, Inc.
TypePublic company
ISINUS25278X1090
IndustryPetroleum industry
HeadquartersMidland, Texas, U.S.
Key people
 Steven E. West, Chairman
Travis D. Stice, CEO
Daniel N. Wesson, COO
Kaes Van't Hof, CFO
Products
Production output
375 thousand barrels of oil equivalent (2,290,000 GJ) per day (2021)
RevenueIncrease US$6.797 billion (2021)
6,508,000,000 United States dollar (2022) Edit this on Wikidata
Increase US$2.182 billion (2021)
Total assetsIncrease US$22.898 billion (2021)
Total equityIncrease US$13.245 billion (2021)
Number of employees
870 (2021)
Websitewww.diamondbackenergy.com
Footnotes / references
[1]

Diamondback Energy is a company engaged in hydrocarbon exploration headquartered in Midland, Texas.

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

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]

References

  1. 1 2 3 "Diamondback Energy, Inc. 2021 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "Diamondback Energy". Fortune.
  3. ↑ "Diamondback Energy, Inc. Completes Initial Public Offering of Common Stock" (Press release). Globe Newswire. October 17, 2012.
  4. ↑ "Diamondback Energy IPO Is Complete". The Motley Fool. Associated Press. October 17, 2012.
  5. ↑ "Diamondback Energy, Inc. Announces Closing of Acquisition from Brigham Resources" (Press release). Globe Newswire. March 1, 2017.
  6. ↑ Garcia, Luis (March 2, 2017). "Brigham Resources Closes $2.55 Billion Permian Asset Sale to Diamondback". The Wall Street Journal.
  7. ↑ "Diamondback Energy, Inc. Announces Third Quarter 2018 Financial and Operating Results" (Press release). Globe Newswire. November 6, 2018.
  8. ↑ "Diamondback to acquire Ajax Resources in $1.25-billion deal". Oil & Gas Journal. August 10, 2018.
  9. ↑ "Diamondback Energy, Inc. Completes Acquisition of Energen Corporation" (Press release). Globe Newswire. November 29, 2018.
  10. ↑ "Diamondback Energy, Inc. Announces Closing of Acquisition from Guidon Operating LLC" (Press release). GlobeNewswire. February 26, 2021.
  11. 1 2 Takahashi, Paul (March 17, 2021). "Midland oil and gas producer Diamondback Energy acquires rival QEP Resources". Houston Chronicle.
  12. ↑ "Diamondback Energy, Inc. Completes Acquisition of QEP Resources, Inc" (Press release). GlobeNewswire. March 17, 2021.
  13. ↑ Zachary Mider and Mitchell Ferman. Bloomberg reporters. (4 October 2023). "Flaring Ticks Up in Texas Oil Patch, Showing Limits of ESG Pressure". Yahoo Finance website Retrieved 4 Oct 2023.
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