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Diamondback Energy, Inc. is an independent oil and natural gas company that focuses on the acquisition, development, exploration, and exploitation of unconventional, onshore oil and natural gas reserves, primarily in the Permian Basin in West Texas . The company's main business activities revolve around the horizontal development of the Spraberry and Wolfcamp formations of the Midland Basin and the Wolfcamp and Bone Spring formations of the Delaware Basin . Diamondback Energy operates through its upstream segment, which is engaged in oil and natural gas production, and also has midstream operations that include gathering, compression, water handling, disposal, and treatment services .
- Oil Sales - Engages in the production and sale of oil, with significant contributions from both the Midland and Delaware Basins.
- Natural Gas Sales - Involves the production and sale of natural gas, contributing to the company's overall revenue.
- Natural Gas Liquids (NGL) Sales - Produces and sells natural gas liquids, adding to the company's diverse energy product offerings.
- Midstream Operations - Provides services such as gathering, compression, water handling, disposal, and treatment, supporting the company's upstream activities.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Travis D. Stice ExecutiveBoard | CEO, Chairman of the Board | CEO and Director of Viper Energy Partners LP; Board Member of American Petroleum Institute, American Exploration and Production Council, Domestic Energy Producers Alliance, Permian Strategic Partnership, and others. | CEO since 2012, Chairman since 2022. Over 38 years of industry experience, led key mergers, and holds extensive expertise in M&A, sustainability, and risk management. | View Report → |
Daniel N. Wesson Executive | EVP, Chief Operating Officer | None. | Joined in 2012, progressed through operational leadership roles. Holds a degree in Mechanical Engineering and is a member of the Permian Basin Society of Petroleum Engineers. | |
M. Kaes Van’t Hof Executive | President and CFO | President and Director of Viper Energy Partners LP. | Joined in 2016, became President and CFO in 2022. Extensive background in strategy, corporate development, and finance, with prior roles in investment banking and private equity. | |
P. Matt Zmigrosky Executive | EVP, Chief Legal and Administrative Officer, Secretary | None. | Joined in 2019, became EVP in 2023. Former partner at Akin Gump Strauss Hauer & Feld LLP, with extensive legal and administrative expertise. | |
Teresa L. Dick Executive | EVP, Chief Accounting Officer, Assistant Secretary | Director at Bank7 Corp. | Joined in 2007, held various financial leadership roles. CPA with over 25 years of accounting experience, including public company expertise. | |
Charles Meloy Board | Director | None. | Director since 2024. Former EVP of U.S. Onshore Exploration and Production at Anadarko Petroleum. Extensive experience in exploration and production. | |
Darin G. Holderness Board | Director | Board Member at JMR Services LLC. | Director since 2025. Former CFO of Concho Resources and ProPetro Holding Corp. Extensive financial expertise in the energy sector. | |
David L. Houston Board | Director | Chairman of the Oklahoma State University Foundation. | Director since 2012. Extensive experience in wealth management and energy sector investments. Former director at Gulfport Energy and Bronco Drilling. | |
Frank D. Tsuru Board | Director | CEO of Momentum Midstream, Board Member of KU Endowment, Boy Scouts of America, and Yellowstone Academy. | Director since 2022. Extensive experience in midstream and upstream energy sectors, with leadership roles in multiple organizations. | |
Lance Robertson Board | Director | Board Member of Permian Basin Petroleum Association and Permian Strategic Partnership. | Director since 2024. Former CEO of Endeavor Energy Resources, with extensive operational expertise in the Permian Basin. | |
Mark L. Plaumann Board | Director | Managing Member of Greyhawke Capital Advisors LLC; serves on the University of Central Florida Foundation Board. | Director since 2012. Extensive experience in finance, accounting, and private equity energy investments. | |
Melanie M. Trent Board | Lead Independent Director | Director at Arcosa, Inc. and Hyliion Holdings Corp. | Director since 2018. Former EVP and General Counsel at Rowan Companies. Expertise in legal, administrative, and compliance functions. | |
Rebecca A. Klein Board | Director | Director at Avista Corporation, SJW Group, and other organizations; Principal of Klein Energy, LLC. | Joined in 2022. Brings expertise in government, legal, and regulatory matters, as well as sustainability and corporate governance. | |
Robert K. Reeves Board | Director | Member of LSU Foundation Board and MD Anderson Cancer Center Board of Visitors. | Director since 2024. Former EVP and Chief Administrative Officer at Anadarko Petroleum. Expertise in legal, HR, and administrative functions. | |
Stephanie K. Mains Board | Director | CEO of LSC Communications-MCL; Director at Gates Industrial Corporation and LCI Industries. | Director since 2020. Over 30 years of experience in energy, aviation, and transportation industries, with expertise in corporate governance and financial management. | |
Steven E. West Board | Director | Chairman of the Board of Viper Energy Partners LP. | Director since 2011. Former CEO of Diamondback Energy and partner at Wexford Capital. Extensive experience in finance and energy investments. | |
Vincent K. Brooks Board | Director | Director at Jacobs Engineering Group Inc. and Verisk Analytics, Vice Chair of Gary Sinise Foundation, and other roles. | Retired four-star general with over 42 years of military service. Brings expertise in leadership, crisis management, and strategic planning. |
- Given the accelerated synergy realization and cost savings achieved ahead of schedule, will you revise your 2025 CapEx guidance downward from the original $4.1 to $4.4 billion range, and how sustainable are these cost reductions?
- With the plan to reduce operational rigs from 22-24 to 18 while maintaining the same lateral footage, do you foresee any risks to production levels or well performance due to the significant decrease in operational capacity?
- Can you elaborate on the strategic rationale behind your investments in the EPIC pipeline, Deep Blue, and data center projects, and how these non-core investments align with your main business and contribute to shareholder value?
- Regarding the integration of the Endeavor assets, are there any one-time or ongoing costs required to bring these assets up to your operational standards, and how might these impact your CapEx and efficiency targets in 2025 and beyond?
- As the family shareholders reduce their ownership from 35% to 25% to align voting rights with their stake, what implications does this have for corporate governance, and how might it affect your strategic decision-making and relationship with public shareholders?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Vitol Inc. | Purchaser of crude oil & natural gas | All | 2024: 17% of revenue <br> 2023: 22% of revenue <br> 2022: 23% of revenue |
Enterprise Crude Oil LLC | Purchaser of crude oil & natural gas | All | 2024: 15% of revenue <br> 2023: 13% of revenue |
Shell Trading (USA) Company | Purchaser of crude oil & natural gas | All | 2024: 13% of revenue <br> 2023: 14% of revenue <br> 2022: 20% of revenue |
DK Trading & Supply LLC | Purchaser of crude oil & natural gas | All | 2024: 11% of revenue <br> 2023: 18% of revenue |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Double Eagle IV Midco, LLC | 2025 | Planned acquisition involving approximately 6.9 million shares of Diamondback common stock and $3 billion in cash for about 40,000 net acres in the Midland Basin, expected to boost 2026 pro forma free cash flow per share by 5% and support debt reduction plans including a target net debt of $10 billion; scheduled to close on April 1, 2025. |
Endeavor Parent, LLC | 2024 | Completed acquisition where Diamondback acquired 100% of Endeavor Parent, LLC for a total consideration of $27.42 billion (including $7.1 billion in cash, $238 million for debt repayment, and approximately 117.27 million shares), adding about 500,849 gross acres in the Permian Basin to its portfolio and providing industry-leading asset depth with associated governance rights. |
Lario Permian, LLC | 2023 | Completed acquisition valued at approximately $1.447 billion, using $814 million in cash and 4.33 million shares of Diamondback common stock, to acquire approximately 25,000 gross acres (16,000 net acres) in the Midland Basin, enhancing the company’s operational footprint and funded through cash on hand, credit facility borrowings, and proceeds from a senior notes offering. |
Rattler Midstream LP | 2022 | Completed all-stock transaction in which each public unitholder received 0.113 shares of Diamondback common stock per Rattler unit, representing a premium (17.3% on closing prices) that simplified the corporate structure and enhanced the scale of the combined entity; the deal closed on August 24, 2022 and led to the delisting of Rattler’s public units. |
Recent press releases and 8-K filings for FANG.
- Operational update: Diamondback Energy reported Q1 2025 production of 475.9 MBO/d with detailed pricing metrics including unhedged oil at $70.95 per barrel and hedged oil at $70.06 per barrel, reflecting their comprehensive performance update.
- Capital and derivative activities: The company achieved a total derivative gain of $226 million and repurchased 3,656,044 shares for $575 million in Q1 2025, demonstrating proactive capital management amid market volatility.
- Term Loan Credit Agreement executed on March 21, 2025 provides up to $1.5 billion in unsecured borrowing to finance the acquisition of DE Permian, DE IV Combo, and DE IV Operating, LLC from Double Eagle IV Midco, LLC.
- An amendment to the existing credit agreement was implemented, revising key terms and covenants related to the company’s debt financing.
- The filing also includes audited financial statements as of December 31, 2024 and outlines customary representations, warranties, and covenants required under the new loan facilities.
- Diamondback Energy completed an underwritten public offering of $1.2B in 5.55% Senior Notes due 2035, with the issuance executed on March 20, 2025.
- The offering was structured under the Base Indenture dated December 13, 2022, and supplemented by the Third Supplemental Indenture, with Computershare Trust Company serving as the trustee.
- The Notes feature optional redemption provisions prior to the Par Call Date, detailing the methodology for determining the redemption price.
- Diamondback Energy has priced a $1.2 billion senior notes offering at 5.550% coupon maturing on April 1, 2035, with a public price of 99.937% of the principal amount.
- The net proceeds, estimated at approximately $1.19 billion, are intended for general corporate purposes, including funding a portion of the cash consideration for the pending acquisition of certain subsidiaries of Double Eagle IV Midco, LLC.