Diamondback Energy, Inc.

Overview

Diamondback Energy, Inc. is an independent energy company focused on the exploration and production of oil, natural gas and natural gas liquids. Its operations are concentrated in the Permian Basin of West Texas and eastern New Mexico, including the Midland and Delaware basins.[1][2]

For the year ended December 31, 2025, Diamondback reported total revenue of approximately $15.0 billion.[3] A secondary source reports approximately 1,762 employees at year-end 2025.[4] The company describes a commitment to the safe and responsible development of Permian resources; this is purpose-related language rather than a formally identified mission statement.[5] [1]+4

Products & services

Diamondback Energy’s principal saleable products are crude oil, natural gas, and natural gas liquids (NGLs). In 2025, reported sales were $11.621 billion of oil, $400 million of natural gas, and $1.432 billion of NGLs; calculated as shares of total reported sales, that is approximately 86.4%, 3.0%, and 10.6%, respectively.[6] For the three months ended June 30, 2026, the company reported sales of $4.627 billion of oil, negative $276 million of natural gas, and $435 million of NGLs; the negative gas-sales figure makes a conventional product-mix percentage uninformative for that period.[7]

The company’s filings refer to Argus WTI Midland and Argus WTI Houston as oil-price benchmarks, but the reviewed sources do not specify company-branded grades or detailed oil, gas, or NGL specifications such as API gravity or sulfur content.[8] Under certain gas-processing contracts, Diamondback may take residue gas or NGLs in kind at a processor’s plant tailgate and market them to third-party purchasers at agreed delivery points for index-based prices.[9][10]

A related infrastructure offering is provided through wholly owned Rattler Midstream Operating, which owns and operates crude-oil and natural-gas gathering systems serving Diamondback and third-party customers, primarily under long-term, fixed-fee contracts.[11] Diamondback also has an interest in water infrastructure through the Deep Blue JV, including treated-water, freshwater, and saltwater-disposal assets; this is not evidence of a separate direct water-services business.[12] [6]+14

Geographic presence

Diamondback Energy’s operating footprint is concentrated in the Permian Basin. At December 31, 2025, it reported approximately 869,036 net acres there: 774,645 net acres in the Midland Basin and 94,391 in the Delaware Basin. Its identified horizontal locations included Spraberry and Wolfcamp formations in the Midland Basin, and Bone Spring and Wolfcamp formations in the Delaware Basin.[2][13]

The company’s principal executive office is in Midland, Texas, at 500 West Texas Ave., Suite 100. It reported 1,762 full-time employees at December 31, 2025, but did not provide a geographic breakdown of employees.[14][15] [2]+3

Business segments

Diamondback Energy reports one operating and reportable segment, **upstream**. Its activities include acquiring, developing, exploring and exploiting unconventional onshore oil and natural-gas reserves, primarily in the Permian Basin of West Texas. The company says its businesses are aggregated into this segment based on similarities in their economic characteristics and operations.[16]

Accordingly, the upstream segment represents 100% of the company’s reportable segments; Diamondback does not report separate segment contribution percentages for its subsidiaries or operating areas. Its Q2 2026 filing provides a separate geographic revenue breakdown, which is not a segment breakdown: Midland Basin generated about 92.5% of reported basin revenue, Delaware Basin about 7.4%, and Other about 0.1% for the quarter ended June 30, 2026.[17] [16]+5

Company history

Diamondback Energy’s operating history began in December 2007 with the acquisition of 4,174 net acres in the Permian Basin; Wexford Capital LP was its equity sponsor. The company was incorporated in Delaware in 2011 and became operational as a public company in October 2012 through a merger with its parent, Diamondback Energy LLC. It priced its initial public offering at $17.50 per share and began trading on Nasdaq under the symbol FANG that month.[19]+2

The company expanded through acquisitions in the Permian Basin, including Brigham Resources in 2016 and Energen in 2018. In 2021 it closed the Guidon asset acquisition and completed its all-stock acquisition of QEP Resources.[22]+3

Diamondback completed its merger with Rattler Midstream in August 2022, making Rattler a wholly owned subsidiary. In September 2024, it completed the acquisition of Endeavor Parent, LLC.[26][27] [20]+8

Sources

• Diamondback Energy, Inc. — Full financial report (2025 Y)
  11 citations

  [1][2][3][6][8][9][10][12][13][15][27]
• stockanalysis.com[4]
• www.diamondbackenergy.com[5]
• Diamondback Energy, Inc. — Full financial report (2026 Q 2)
  4 citations

  [7][14][16][17]
• ir.diamondbackenergy.com[11]
• ir.diamondbackenergy.com[18]
• www.sec.gov[19]
• Diamondback Energy, Inc. — Full financial report (2013 Y)[20]
• Diamondback Energy, Inc. — Full financial report (2012 Y)[21]
• Diamondback Energy, Inc. — Full financial report (2018 Y)[22][23]
• Diamondback Energy, Inc. — Full financial report (2021 Y)[24]
• ir.diamondbackenergy.com[25]
• Diamondback Energy, Inc. — Full financial report (2022 Y)[26]