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. Properties As of December 31, 2014, the company’s total net acreage position in the Permian Basin included approximately 85,369 net acres. The company is the operator of approximately 95% of this Permian Basin acreage. The company, through its subsidiary, Viper Energy Partners L.P. (Viper), owns mineral interests underlying approximately 24,528 gross (15,948 net) acres primarily in Midland County, Texas in the Permian Basin. Approximately 43% of these net acres are operated by the company. The company’s activities are primarily focused on the Clearfork, Spraberry, Wolfcamp, Cline, Strawn, and Atoka formations, which the company refers to collectively as the Wolfberry play. As of December 31, 2014, the company drilled or participated in the drilling of 405 gross (343 net) wells on its leasehold acreage in this area, primarily targeting the Wolfberry play. The Permian Basin area covers a portion of western Texas and eastern New Mexico and is considered one of the major producing basins in the United States. As of December 31, 2014, the company’s estimated proved oil and natural gas reserves were 112,832 thousand barrels of crude oil equivalent (which includes estimated reserves of 18,510 thousand barrels of crude oil equivalent attributable to the mineral interests owned by Viper. The company owned an average 80% working interest in 747 gross (596 net) productive wells. As of December 31, 2014, the company had 2,185 gross (1,646 net) identified potential horizontal drilling locations in multiple horizons on its acreage, as well as 786 gross (746 net) identified potential vertical drilling locations on 40-acre spacing and an additional 1,084 gross (996 net) identified potential vertical drilling locations based on 20-acre downspacing. Marketing and Customers The company sells production to a small number of customers, as is customary in the exploration, development, and production business. For the year ended December 31, 2014, two purchasers accounted for approximately 10% of its revenue, such as Shell Trading (US) Company (64%) and Enterprise Crude Oil LLC (16%). Business Strategy The company’s business strategy is to continue to profitably improve its business through improving production and reserves by developing its oil-rich resource base; focusing on increasing hydrocarbon recovery through horizontal drilling and increased well density; leveraging its experience operating in the Permian Basin; and pursuing strategic acquisitions with exceptional resource potential. Regulation The company is in material compliance with the requirements of each of these laws, such as the federal Clean Air Act, as amended, and comparable state laws and regulations; and the U.S. Environmental Protection Agency. History Diamondback Energy, Inc. was founded in 2007. The company was incorporated in Delaware in 2011.
diamondback energy inc (FANG:NASDAQ GS)
500 West Texas Avenue
Midland, TX 79701
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