Diamondback Energy is an independent oil and gas company based in Midland, Texas. The company was founded in 2007 by CEO Travis Stice, who saw an opportunity to develop unconventional oil and gas resources in the Permian Basin. Diamondback Energy's primary focus is on the acquisition, exploration, and development of unconventional oil and natural gas reserves in the Permian Basin.
The company went public in 2012, and its stock trades on the NASDAQ exchange under the ticker symbol FANG. Since going public, Diamondback Energy has expanded its operations significantly through both organic growth and strategic acquisitions. The company has focused on expanding its drilling activity in the Permian Basin, where it has developed a significant acreage position.
Diamondback Energy is known for its efficient drilling operations and low-cost production. The company uses advanced drilling and completion techniques to maximize production from its wells while minimizing costs. Diamondback Energy's management team has also been focused on maintaining a strong balance sheet and returning capital to shareholders through share buybacks and dividends.
In recent years, Diamondback Energy has been a major consolidator in the Permian Basin, acquiring several companies to expand its acreage position and increase its production. In 2018, the company acquired Energen Corporation in a deal worth $9.2 billion, which significantly expanded its presence in the Permian Basin. Diamondback Energy has continued to pursue strategic acquisitions, including a $2.2 billion deal for QEP Resources in 2021.