Company Overview

Diamondback Energy, Inc. is an independent oil and natural gas exploration and production company focused on the development of unconventional onshore resources in the United States. The company operates primarily in the upstream energy sector, with activities centered on the acquisition, development, exploration, and production of hydrocarbons. Diamondback’s revenue is overwhelmingly driven by crude oil production, with natural gas and natural gas liquids providing supplemental revenue streams tied to commodity pricing and production volumes.

The company’s core assets are located in the Permian Basin, where Diamondback has established a large, contiguous acreage position that supports scale efficiencies, repeatable drilling, and long-term inventory depth. Founded in 2007, Diamondback Energy pursued an early strategy of disciplined acreage acquisition and operational focus in West Texas, completing its initial public offering in 2012. Over time, the company evolved into one of the largest pure-play Permian Basin operators through a combination of organic development and targeted acquisitions, emphasizing capital discipline, low-cost operations, and shareholder returns.

Business Operations

Diamondback Energy generates revenue through the sale of crude oil, natural gas, and natural gas liquids produced from its operated and non-operated wells. Its operations are organized around upstream development activities rather than downstream refining or marketing, with cash flow closely tied to commodity prices and production efficiency. The company’s primary business activities include drilling, completion, production operations, and reserve management, supported by owned and contracted infrastructure for gathering and transportation.

Operations are almost entirely domestic, with assets concentrated in the Midland and Delaware sub-basins of the Permian Basin. Diamondback controls key operational assets through subsidiaries such as Diamondback E&P LLC and Viper Energy, Inc., the latter of which holds mineral and royalty interests that generate cash flow without direct operating costs. The company relies on advanced horizontal drilling, multi-well pad development, and data-driven reservoir optimization to improve capital efficiency and recovery rates.

Strategic Position & Investments

Diamondback’s strategy emphasizes long-term free cash flow generation, balance sheet strength, and consistent capital returns to shareholders through dividends and share repurchases. Growth initiatives are primarily focused on disciplined development of existing acreage rather than high-risk exploration, supported by incremental bolt-on acquisitions that enhance operational scale or inventory quality. The company has periodically completed significant acquisitions of Permian-focused operators and assets to consolidate its position in core operating areas.

A notable strategic investment is Diamondback’s ownership interest in Viper Energy, Inc., which provides exposure to mineral and royalty income across the Permian Basin and diversifies cash flow. The company has also invested in water infrastructure, midstream arrangements, and operational technologies designed to reduce costs, improve environmental performance, and support efficient large-scale development. Emerging focus areas include emissions reduction, water recycling, and operational automation, aligned with evolving regulatory and investor expectations.

Geographic Footprint

Diamondback Energy’s operational footprint is concentrated in the United States, with virtually all producing assets located in West Texas and Southeastern New Mexico. Its core presence spans the Permian Basin, including both the Midland Basin and the Delaware Basin, which are among the most prolific oil-producing regions in North America. Corporate headquarters are located in Midland, Texas, positioning leadership and operational teams close to core assets.

While the company does not maintain international exploration or production operations, its influence extends globally through participation in international energy markets as a crude oil supplier and through relationships with global service providers and investors. Diamondback’s geographic concentration is a deliberate strategy designed to maximize operational focus, reduce geopolitical risk, and leverage regional expertise and infrastructure.

Leadership & Governance

Diamondback Energy is led by an experienced executive team with deep expertise in Permian Basin operations and capital markets. The company’s leadership philosophy emphasizes operational excellence, capital discipline, and alignment with shareholder interests, supported by performance-based compensation and conservative financial management. Governance practices are structured to support transparency, risk oversight, and long-term value creation.

Key members of the leadership team include:

• Travis D. Stice – Chairman of the Board and Chief Executive Officer
• Kaes Van’t Hof – President
• Jeff R. Boegner – Executive Vice President and Chief Financial Officer
• Gary J. Kolstad – Executive Vice President of Corporate Development and Strategy
• Chris P. Morrow – Executive Vice President of Engineering and Technology