Diamondback Energy, Inc. is a company engaged in hydrocarbon exploration headquartered in Midland, Texas.
 | |
| Company type | Public |
|---|---|
| |
| ISIN | US25278X1090 |
| Industry | Petroleum industry |
| Headquarters | Midland, Texas, U.S. |
Key people | Steven E. West (chairman) Travis D. Stice (CEO) Daniel N. Wesson (COO) Kaes Van't Hof (CFO) |
| Products | |
Production output | 375 thousand barrels of oil equivalent (2,290,000 GJ) per day (2021) |
| Revenue |  US$$6.797 billion (2021) |
6,508,000,000 United States dollar (2022)  | |
| US$2.182 billion (2021) | |
| Total assets | US$22.898 billion (2021) |
| Total equity | US$13.245 billion (2021) |
Number of employees | 870 (2021) |
| Website | www |
| Footnotes / references [1] | |
As of December 31, 2020, the company had 1,788 million barrels of oil equivalent (1.094×1010 GJ) 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.[1]
As of February 2024, it is ranked 400th on the Fortune 500.[2][3]
History
editThe company began operations in December 2007 with the acquisition of 4,174 net acres in the Permian Basin.[1]
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.[4][5]
In March 2017, the company acquired assets from Brigham Resources for $2.55 billion.[6][7]
In October 2018, the company acquired the assets of Ajax Resources for $1.25 billion.[8][9]
In November 2018, the company acquired Energen.[10]
In February 2021, the company acquired leasehold interests and assets from Guidon Resources for $375 million in cash and 10.68 million shares.[11][12]
In March 2021, the company acquired QEP Resources.[12][13]
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.[14]
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.[15]
Antitrust lawsuit
editIn 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.[16]
References
edit- ^ a b c "Diamondback Energy, Inc. 2021 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ "Diamondback Energy". Fortune.
- ^ "Fortune 500 Full List (2024)". www.50pros.com. 2024-02-01. Archived from the original on 2024-04-04. Retrieved 2024-04-28.
- ^ "Diamondback Energy, Inc. Completes Initial Public Offering of Common Stock" (Press release). Globe Newswire. October 17, 2012.
- ^ "Diamondback Energy IPO Is Complete". The Motley Fool. Associated Press. October 17, 2012.
- ^ "Diamondback Energy, Inc. Announces Closing of Acquisition from Brigham Resources" (Press release). Globe Newswire. March 1, 2017.
- ^ Garcia, Luis (March 2, 2017). "Brigham Resources Closes $2.55 Billion Permian Asset Sale to Diamondback". The Wall Street Journal.
- ^ "Diamondback Energy, Inc. Announces Third Quarter 2018 Financial and Operating Results" (Press release). Globe Newswire. November 6, 2018.
- ^ "Diamondback to acquire Ajax Resources in $1.25-billion deal". Oil & Gas Journal. August 10, 2018.
- ^ "Diamondback Energy, Inc. Completes Acquisition of Energen Corporation" (Press release). Globe Newswire. November 29, 2018.
- ^ "Diamondback Energy, Inc. Announces Closing of Acquisition from Guidon Operating LLC" (Press release). GlobeNewswire. February 26, 2021.
- ^ a b Takahashi, Paul (March 17, 2021). "Midland oil and gas producer Diamondback Energy acquires rival QEP Resources". Houston Chronicle.
- ^ "Diamondback Energy, Inc. Completes Acquisition of QEP Resources, Inc" (Press release). GlobeNewswire. March 17, 2021.
- ^ Zachary Mider and Mitchell Ferman. Bloomberg reporters. (4 October 2023). "Flaring Ticks Up in Texas Oil Patch, Showing Limits of ESG Pressure". Yahoo Finance website Retrieved 4 Oct 2023.
- ^ "Diamondback, Endeavor in Talks to Form $50 Billion Energy Giant". Bloomberg.com. 2024-02-11. Retrieved 2024-02-11.
- ^ Scarcella, Mike (2024-01-16). "Drivers sue US shale oil producers over alleged price-fixing scheme". Reuters. Archived from the original on 2024-01-21. Retrieved 2024-04-28.
External links
edit- Official website
- Business data for Diamondback Energy, Inc.: