Diamondback Energy

Diamondback Energy, Inc. is a company engaged in hydrocarbon exploration headquartered in Midland, Texas.

As of December 31, 2020, the company had 1788 e6BOE of estimated proved reserves, of which 52% was petroleum, 24% was natural gas, and 24% was natural gas liquids. The company's reserves are all in the Permian Basin.

As of February 2024, it is ranked 400th on the Fortune 500.

History
The company began operations in December 2007 with the acquisition of 4,174 net acres in the Permian Basin.

In October 2012, the company became a public company via an initial public offering, issuing 12,500,000 shares of common stock at a price of $17.50 per share.

In March 2017, the company acquired assets from Brigham Resources for $2.55 billion.

In October 2018, the company acquired the assets of Ajax Resources for $1.25 billion.

In November 2018, the company acquired Energen.

In February 2021, the company acquired leasehold interests and assets from Guidon Resources for $375 million in cash and 10.68 million shares.

In March 2021, the company acquired QEP Resources.

A 2023 Bloomberg news story identified the company, as well as Permian Resources, as major contributors to the increase of flaring gas in the Permian oil field.

In February 2024, it was reported Diamondback Energy and Endeavor Energy Resources were in final discussions toward a merger that would create an oil-and-gas giant worth more than $50 billion.

Antitrust lawsuit
In January 2024, a class action lawsuit was filed accusing Diamondback, along with seven other US oil and gas producers, of an illegal price-fixing scheme to constrain production of shale oil, allegedly leading to drivers in the US paying more for gasoline than they would have in a competitive market.