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Last $75.17 USD
Change Today -1.68 / -2.19%
Volume 939.3K
As of 8:10 PM 03/27/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

500 West Texas Avenue

Suite 1200

Midland, TX 79701

United States

Phone: 432-221-7400


Diamondback Energy, Inc., an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. Business Strategy Key elements of the company’s strategy include growing production and reserves by developing its oil-rich resource base; focusing on increasing hydrocarbon recovery through horizontal drilling and increased well density; utilizing its experience operating in the Permian Basin; and pursuing strategic acquisitions with exceptional resource potential. Properties As of December 31, 2013, the company owned 65,938 net acres in West Texas (near Midland) in the Permian Basin. The company is the operator of approximately 99% of this Permian Basin acreage. In addition, it owns mineral interests underlying approximately 15,000 gross (12,500 net) acres in Midland County, Texas, and is the operator of approximately 50% of the acreage associated with these mineral interests. During the year ended December 31, 2013, net production from the company’s Permian Basin acreage was 2,672,244 barrels of oil equivalent, or an average of 7,321 barrels of oil equivalent per day. As of December 31, 2013, the company owned an average 87% working interest in 351 gross (306 net) productive wells. In 2013, the company acquired working interests in 49 gross (40 net) producing wells. The company also holds royalty interests in 81 wells. The company’s activities are primarily focused on the Clearfork, Spraberry, Wolfcamp, Cline, Strawn and Atoka formations, which it refers to collectively as the Wolfberry play. Drilling As of December 31, 2013, the company had drilled 270 gross (243 net) wells, and participated in an additional 22 gross (9 net) non-operated wells, in the Permian Basin. Of these 292 gross (252 net) wells, 277 were completed as producing wells and 15 were in various stages of completion. As of December 31, 2013, the company had 848 identified potential vertical drilling locations on 40-acre spacing, an additional 1,128 identified potential vertical drilling locations based on 20-acre downspacing and had also identified 1,430 potential horizontal drilling locations in multiple horizons on its acreage. Reserves As of December 31, 2013, the company’s estimated proved oil and natural gas reserves were 63,586 thousand barrels of crude oil equivalent. Marketing and Customers The company markets the majority of the oil and natural gas production from properties it operates for both its account and the account of the other working interest owners in these properties. The company normally sells production to a small number of customers, as is customary in the exploration, development and production business. For the year ended December 31, 2013, two purchasers accounted for approximately 10% of the company’s revenue: Plains Marketing, L.P. (37%) and Shell Trading (US) Company (37%). Seasonality Demand for oil and natural gas decreases during the summer months and increases during the winter months. Certain natural gas users utilize natural gas storage facilities and purchase some of their anticipated winter requirements during the summer, which can lessen seasonal demand fluctuations. Seasonal weather conditions and lease stipulations can limit the company’s drilling and producing activities and other oil and natural gas operations in a portion of operating areas. History Diamondback Energy, Inc. was founded in 2007. The company was incorporated in Delaware in 2011.


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