Diamondback Energy, Inc. 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. The company's activities are primarily focused on horizontal development of the Spraberry and Wolfcamp formations of the Midland Basin and the Wolfcamp and Bone Spring formations of the Delaware Basin. Diamondback reports operations in one segment, the upstream segment.

• Employees: 1,023 (as of December 31, 2023)
• Geographic Footprint: Primarily in the Permian Basin in West Texas
• Headquarters: Midland, TX
• Founded: Not available in filing
• Number of locations/facilities: Not available in filing
• Revenue: $8.2 billion (FY2023)
• Market Capitalization: $23.4 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: Viper Energy, Inc.

• CEO: Travis D. Stice
• CFO: Kaes Van't Hof
• Other Key Executives: Teresa L. Dick (Chief Accounting Officer, Executive Vice President and Assistant Secretary)

• Annual Revenue: $8.2 billion (FY2023)
• Net Income: $3.1 billion (FY2023)
• Market Cap: $23.4 billion (as of June 30, 2023)
• Total Assets: $29.0 billion (as of December 31, 2023)
• Number of Employees: 1,023 (as of December 31, 2023)
• Key Financial Highlights: The company's cash operating costs were $10.90 per BOE for FY2023.

Diamondback Energy, Inc. is engaged in the production of oil, natural gas and natural gas liquids.

The company operates in one reportable segment, the upstream segment.

Diamondback's business strategy includes exercising capital discipline, focusing on low-cost development, delivering on enhanced capital return program, leveraging their experience in the Permian Basin, pursuing strategic acquisitions and maintaining financial flexibility. The company is also committed to environmental, social and governance performance.

• Key strategic initiatives: Focus on horizontal development of the Spraberry and Wolfcamp formations of the Midland Basin and the Wolfcamp and Bone Spring formations of the Delaware Basin.
• Growth drivers: Multi-year drilling inventory, strategic acquisitions, and operational efficiencies.
• Investment priorities: Maintaining flat production throughout the year with less capital and activity than 2023.

Diamondback operates in the oil and natural gas industry, which is intensely competitive. The company competes with other companies that may have greater resources. The company's primary market is the Permian Basin in West Texas.

• Market Position: Not available in filing
• Key Competitors: Not available in filing
• Industry Trends: The oil and natural gas industry is subject to volatility in prices and is influenced by supply and demand, market uncertainty and other factors.

• Market Risks: Volatility in prices for oil and natural gas, changes in supply and demand.
• Operational Risks: Dependence on transportation and other facilities, reliance on third-party service providers.
• Financial Risks: Substantial indebtedness, dependence on subsidiaries for dividends.
• Regulatory Risks: Environmental regulations, climate change initiatives, and regulations related to hydraulic fracturing.