Diamondback Energy

Diamondback Energy, headquartered in Midland, Texas, stands as one of the premier independent oil and gas exploration companies in the United States, with a singular focus on the Permian Basin—the western hemisphere's most productive oil field. Since its founding in 2007, the company has transformed from a modest operation with just over 4,000 net acres into the largest pure-play Permian Basin producer, following its landmark $26 billion merger with Endeavor Energy Resources in September 2024. This transformative acquisition created a powerhouse with approximately 838,000 net acres and pro forma production of around 816,000 barrels of oil equivalent per day.

The company's strategic position in the Permian Basin, particularly across the Midland Basin, Delaware Basin, and Central Basin Platform, provides access to some of North America's most prolific oil-bearing formations. Diamondback's operational excellence is reflected in its impressive reserve base: as of December 31, 2024, the company held 3,557 million barrels of oil equivalent of estimated proved reserves, with 49% petroleum, 24% natural gas, and 27% natural gas liquids. This diversified hydrocarbon portfolio, combined with state-of-the-art horizontal drilling techniques and advanced completion technologies, positions Diamondback at the forefront of the energy transition while maintaining robust financial performance.

Diamondback Energy has consistently demonstrated its commitment to shareholder returns and operational efficiency. In 2024, the company generated $11.066 billion in revenue, representing a 31.55% increase from 2023, and maintained a disciplined approach to capital allocation. The company's financial strength is further evidenced by its record-breaking free cash flow generation, which funded substantial share buybacks and dividend increases. With approximately $2.5 billion remaining on its share buyback authorization and a growing base dividend, Diamondback exemplifies the modern energy company's balance of growth, profitability, and shareholder value creation.

The company's operational footprint extends beyond traditional exploration and production. Through its 92% ownership of Viper Energy Partners LLC, Diamondback has built a significant minerals and royalty business that provides stable, long-term cash flows. Additionally, the company operates crude oil and natural gas gathering systems that serve both its own operations and third-party customers under long-term, fixed-fee contracts. This vertically integrated approach enhances operational control and provides multiple revenue streams. As the energy landscape evolves, Diamondback is positioning itself at the intersection of traditional oil and gas production and innovative technologies, including partnerships to develop natural gas-fired power plants and electric fracturing fleets powered by the company's associated gas production.

Looking ahead, Diamondback Energy is well-positioned to navigate the complexities of global energy markets while maintaining its commitment to safe, responsible, and efficient operations. The company's 2024 Corporate Sustainability Report highlights significant progress in reducing its total recordable incident rate (TRIR) to 0.6, demonstrating that operational excellence and safety can coexist with industry-leading financial performance. With a market capitalization exceeding $43 billion and a workforce of nearly 2,000 employees, Diamondback Energy continues to set the standard for independent oil and gas producers in the United States.