Diamondback Energy, Inc.

Overview

Diamondback Energy, Inc. is an independent oil and natural gas company headquartered in Midland, Texas. Its core business is acquiring, developing and producing unconventional onshore reserves in the Permian Basin of West Texas, with operations concentrated in the Midland and Delaware basins. Its principal products are crude oil, natural gas and natural gas liquids, and it reports its business as a single upstream segment.[1]+3

Diamondback describes its purpose in terms of developing Permian Basin resources safely and responsibly. In 2025, it reported $15.0 billion in total revenue and had 1,762 full-time employees at year-end.[5]+2 [1]+6

Products & services

Diamondback Energy’s principal products are crude oil, natural gas and natural gas liquids (NGLs) produced from its Permian Basin operations. Oil is its largest sales category: in 2025, it generated $11.6 billion, or about 86% of the company’s $13.5 billion in combined oil, gas and NGL sales. NGLs accounted for about 11% and natural gas for about 3%. Diamondback also describes sales of condensate alongside crude oil and NGLs at negotiated prices.[8][9]

Diamondback’s production capabilities include horizontal development of the Spraberry and Wolfcamp formations in the Midland Basin and the Wolfcamp and Bone Spring formations in the Delaware Basin. It reported 2025 production of 181.5 million barrels of oil, 447.9 billion cubic feet of natural gas and 80.1 million barrels of NGLs. Natural gas is gathered and processed under arrangements with midstream companies, which remit proceeds from the resulting NGL and residue-gas sales; the company does not report gathering or processing as a separate product-sales category.[2]+2 [8]+3

Geographic presence

Diamondback Energy’s oil and natural gas operations are concentrated in the Permian Basin, primarily in West Texas. Its acreage is divided between the Midland and Delaware basins; the broader Permian Basin extends into eastern New Mexico. At year-end 2025, Diamondback reported approximately 869,000 net Permian acres, including 775,000 in the Midland Basin and 94,000 in the Delaware Basin. Its identified Midland Basin development areas include Midland, Martin, Ector, Glasscock, Reagan, Andrews and Howard counties in Texas.[1]+3

Diamondback is headquartered in Midland, Texas, and has office space in Oklahoma City, Oklahoma, and Dallas, Texas. It does not provide an employee breakdown by location. Its reported oil, natural gas and natural gas liquids sales are broken out by product rather than by customer country or region.[14]+2 [1]+6

Business segments

Diamondback Energy reports one operating and reportable segment, **upstream**, which accounts for 100% of its reported segment activity. It focuses on acquiring, developing, exploring and producing unconventional onshore oil and natural gas reserves, primarily in the Permian Basin of West Texas. The segment includes Diamondback’s wholly owned subsidiaries and Viper Energy’s consolidated subsidiaries; Viper’s mineral and royalty interests are not reported as a separate segment.[3][16]

Diamondback does not disclose percentage contributions for those businesses within upstream, so the 100% figure should not be read as a breakdown of their respective revenue or earnings. Midstream is also not a separate reportable segment; it had previously been reported separately but fell below the reporting threshold following the Rattler merger.[3]+2 [3]+3

Company history

Diamondback Energy traces its operations to a December 2007 acquisition of 4,174 net acres in the Permian Basin. The company was incorporated in Delaware in December 2011 and completed its initial public offering in October 2012.[19]+2

Diamondback expanded its business through subsidiaries and acquisitions. It completed an initial public offering of Viper Energy Partners in 2014, acquired Energen in 2018, and completed an initial public offering of Rattler Midstream in 2019.[19]+2 It acquired QEP Resources in 2021, completed a merger with Rattler in 2022, and acquired Endeavor in 2024.[24]+2 [19]+7

Sources

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

  [1][2][3][4][5][6][7][8][9][10][12][14][15][16]
• Diamondback Energy, Inc. — Full financial report (2024 Y)
  5 citations

  [11][13][17][18][26]
• Diamondback Energy, Inc. — Full financial report (2014 Y)[19]
• Diamondback Energy, Inc. — Full financial report (2012 Y)[20][21]
• Diamondback Energy, Inc. — Press release (2019 Y)[22]
• Diamondback Energy, Inc. — Press release (2019 Q 2)[23]
• Diamondback Energy, Inc. — Full financial report (2021 Y)[24]
• Diamondback Energy, Inc. — Full financial report (2022 Y)[25]