Diamondback Energy
| Company type | Public |
|---|---|
| Industry | Hydrocarbon exploration |
| Founded | December 2007 |
| Headquarters | Midland, Texas , United States |
Area served | Permian Basin |
| Products | Crude oil, natural gas, natural gas liquids |
| Revenue | US$11.07 billion (2024) |
| US$4.396 billion (2024) | |
| US$3.338 billion (2024) | |
Number of employees | 1,983 (2024) |
Diamondback Energy is a U.S.-based company specializing in hydrocarbon exploration, with its main office located in Midland, Texas. As of December 31, 2020, the firm reported proved reserves totaling , consisting of 52% crude oil, 24% natural gas, and 24% natural gas liquids, all situated within the Permian Basin region.
As of February 2024, Diamondback Energy held the 400th position on the Fortune 500 list. The company produced per day and generated revenues amounting to US$11.07 billion for the year 2024. Operating income reached US$4.396 billion, while net earnings were US$3.338 billion. The workforce comprises 1,983 employees.
History
Established in December 2007 through acquiring 4,174 net acres in the Permian Basin, Diamondback Energy went public in October 2012 by offering 12.5 million shares at $17.50 each during its initial public offering.
The company has expanded its operations through targeted acquisitions, including purchasing assets from Brigham Resources for $2.55 billion in March 2017; acquiring Ajax Resources for $1.25 billion in October 2018; and completing the acquisition of Energen Corporation in November 2018. In early 2021, Diamondback procured leasehold interests from Guidon Resources for $375 million and finalized the takeover of QEP Resources by March.
A Bloomberg article from 2023 identified Diamondback as a major factor contributing to increased gas flaring within the Permian oil field, underscoring environmental concerns linked to its growth.
In February 2024, the company entered advanced merger negotiations with Endeavor Energy Resources, aiming to create an oil and gas enterprise valued at over $50 billion, indicating substantial expansion and market presence.
Antitrust lawsuit
In January 2024, Diamondback Energy along with seven other American oil and gas firms became defendants in a class action lawsuit accusing them of engaging in an unlawful price-fixing agreement intended to restrict shale oil output. The litigation asserts this conduct caused gasoline prices to rise above competitive market levels for U.S. consumers.