Diamondback Energy, Inc. operates as an independent oil and natural gas company. The company focuses on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. As of December 31, 2015, the company’s total net acreage position in the Permian Basin was approximately 84,683 net acres. In addition, the company, through its subsidiary, Viper Energy Partners LP (Viper), owns mineral interests underlying approximately 46,562 gross (17,060 net) acres primarily in Midland County, Texas in the Permian Basin. Approximately 60% of these net acres are operated by the company. The company owns Viper Energy Partners GP LLC, the general partner of Viper, and the remaining approximate 88% limited partner interest in Viper. 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. As of December 31, 2015, the company’s estimated proved oil and natural gas reserves were 156,900 thousand barrels of crude oil equivalent (which includes estimated reserves of 26,345 thousand barrels of crude oil equivalent attributable to the mineral interests owned by Viper). Proved undeveloped reserves included in this estimate are from 107 gross (86 net) horizontal well locations and 3 gross (2 net) vertical well locations on 40-acre spacing in which the company has a working interest and 16 horizontal wells in which the company owns a mineral interest through Viper. As of December 31, 2015, the company drilled or participated in the drilling of 490 gross (407 net) wells on its leasehold acreage in this area, primarily targeting the Wolfberry play. The Permian Basin area covers a major 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, 2015, the company owned an average unweighted 80% working interest in 1,029 gross (820 net) productive wells. The company has approximately 1,500 gross (960 net) identified horizontal drilling locations in multiple horizons on its acreage. Marketing and Customers The company typically sells production to various customers, as is customary in the exploration, development and production business. For the year ended December 31, 2015, two purchasers accounted for approximately 10% of the company’s revenue, such as Shell Trading (US) Company (59%) and Enterprise Crude Oil LLC (15%). 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 pursue strategic acquisitions with substantial resource potential. Regulation The company is in material compliance with the requirements of various laws, such as the Federal Water Pollution Control Act of 1972, as amended (also known as the ‘Clean Water Act’); the Safe Drinking Water Act; the Oil Pollution Act; and analogous state laws and regulations promulgated thereunder. 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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