Diamondback Energy, Inc.
Price
Overview
Diamondback Energy, Inc. operates as an independent enterprise focused on oil and natural gas. Its core business involves the acquisition, development, exploration, and production of unconventional and onshore hydrocarbon reserves, predominantly located within the Permian Basin across West Texas and New Mexico. The company's development efforts primarily target significant geological formations, including the Spraberry and Wolfcamp in the Midland Basin, as well as the Wolfcamp and Bone Spring within the Delaware Basin – both crucial components of the broader Permian. As of December 31, 2021, Diamondback Energy's asset base included approximately 524,700 gross acres under its control in the Permian Basin. At that time, its estimated proved oil and natural gas reserves amounted to 1,788,991 thousand barrels of crude oil equivalent. The company also maintained working interests in 5,289 gross producing wells and held royalty interests in an additional 6,455 wells. Beyond its direct well operations, Diamondback Energy possesses mineral interests spanning roughly 930,871 gross acres and 27,027 net royalty acres across the Permian Basin and the Eagle Ford Shale. Furthermore, it manages a portfolio of midstream infrastructure, owning, operating, developing, and acquiring assets such as 866 miles of crude oil gathering pipelines, natural gas gathering pipelines, and an integrated water system within the Midland and Delaware Basins of the Permian. Established in 2007, Diamondback Energy, Inc. is headquartered in Midland, Texas.
Leadership
As Chief Executive Officer of Diamondback Energy, Inc., Matthew Kaes Van't Hof leads one of the largest independent oil and natural gas producers in the United States. Diamondback focuses its operations primarily in the Permian Basin, a prolific oil-rich region spanning West Texas and southeastern New Mexico. The company explores for, develops, and produces crude oil, natural gas, and natural gas liquids. Diamondback is known for its strategic approach to acquiring and developing acreage, aiming to be a low-cost operator with efficient production through its focused operational footprint and disciplined capital allocation. The company's activities are central to supplying domestic energy needs and play a significant role in the broader energy market, navigating complex global supply and demand dynamics.
History & business model
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