Diamondback Energy, Inc.
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- Diamondback Energy, Inc. Diamondback Energy, Inc. is an independent oil and natural gas company focused on the acquisition, successful development, exploration, and production of unconventional onshore reserves primarily in the Permian Basin across West Texas and New Mexico. Founded in 2007 and headquartered in Midland, Texas, the company operates principally in the Midland Basin targeting the Spraberry and Wolfcamp formations and in the Delaware Basin targeting the Wolfcamp and Bone Spring formations; its core products include crude oil, natural gas, and natural gas liquids, with proven reserves of approximately 3,557 million barrels of oil equivalent as of year-end 2024, comprising 49% petroleum, 24% natural gas, and 27% natural gas liquids. The company conducts upstream activities through horizontal drilling and hydraulic fracturing techniques to optimize resource recovery and maintains midstream services in the Midland and Delaware Basins to support its operations. In recent strategic developments, Diamondback Energy, Inc. completed its transformative merger with Endeavor Energy Resources in September 2024, significantly expanding its Permian Basin footprint and production capacity; it followed with the acquisition of TRP assets for $238 million in late 2024 to further strengthen its Midland Basin presence, the $4 billion purchase of Double Eagle IV Midco subsidiaries in April 2025 adding approximately 40,000 net acres and enhancing operational synergies, and a drop-down transaction with subsidiary Viper Energy, Inc. in early 2025 aligning mineral interests with its development plans; additionally, the company divested non-core Permian assets including a 27.5% stake in EPIC Crude and its Environmental Disposal Systems business in 2025 for $1.25 billion to reallocate capital toward high-margin Permian upstream projects and debt reduction.
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