Diamondback Energy, Inc.

Diamondback Energy, Inc. (NASDAQ: FANG) is an independent oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas and New Mexico. The company operates in a single upstream reportable segment.

As of December 31, 2025, Diamondback held approximately 1,097,846 gross acres (869,036 net acres) in the Permian Basin, consisting primarily of 982,692 gross acres in the Midland Basin and 115,154 gross acres in the Delaware Basin. The company's activities focus on horizontal development of the Spraberry and Wolfcamp formations in the Midland Basin and the Wolfcamp and Bone Spring formations in the Delaware Basin. These formations are characterized by high concentrations of oil and liquids-rich natural gas, multiple producing horizons, extensive production history, and high drilling success rates.

Diamondback's proved reserves as of December 31, 2025 totaled 3,617,856 MBOE, with approximately 70 percent classified as proved developed producing. The reserve composition was approximately 49 percent oil, 24 percent natural gas, and 27 percent natural gas liquids. During 2025, the company produced 336,178 MBOE total, including 181,462 MBbls of oil, 447,855 MMcf of natural gas, and 80,073 MBbls of natural gas liquids.

The company operates approximately 97 percent of its acreage and holds working interests in 11,750 gross producing wells. Diamondback has identified approximately 8,854 gross identified economic potential horizontal drilling locations at an assumed price of $50 per barrel WTI. The company possesses approximately 17,498 square miles of licensed three-dimensional seismic data covering its acreage.

Diamondback owns approximately 42 percent of Viper Energy, Inc., a publicly traded subsidiary that holds mineral interests primarily in the Permian Basin. During 2025, the company completed significant acquisitions including the Double Eagle Acquisition and divested approximately $1.7 billion in non-core assets. The company maintains a disciplined capital allocation strategy focused on low-cost development, operational efficiency, and returning capital to shareholders through dividends and share repurchases.