Diamondback Energy

Diamondback Energy is an independent oil and natural gas company focused on the acquisition, development, exploration, and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. Diamondback is primarily focused on horizontally developing the Wolfcamp and Spraberry formations.

Founded in 2007 and headquartered in Midland, Texas, the company has approximately 468,000 net acres in the Midland and Delaware Basins with significant oil-weighted resource potential from multiple horizontal development targets. Diamondback's acreage position is largely held by production allowing the company to develop this multi-year inventory in a capital-efficient manner.

As of September 30, 2023, Diamondback had estimated proved reserves of 2,033 million barrels of oil equivalent (MMBOE), of which 53% were crude oil, 24% were natural gas liquids and 23% were natural gas. Of these reserves, 69% were classified as proved developed producing. The company estimates it has approximately 8,500 gross economic locations across the Midland and Delaware basins at $50 per barrel oil prices.

For the full year 2023, Diamondback expects oil production of approximately 263 MBO/d. Diamondback Energy is committed to returning at least 75% of free cash flow to shareholders through dividends and share repurchases resulting in a total return of capital of $663 million with $4.0 billion authorized share buyback (~$2.3 billion spent to date).