# Diamondback Energy **Source:** https://geo.sig.ai/brands/diamondback-energy **Vertical:** Energy & Utilities **Subcategory:** Enterprise **Tier:** Leader **Website:** diamondback-energy.com **Last Updated:** 2026-04-14 ## Summary Third-largest Permian producer after $26B Endeavor acquisition (2024); 880,000 BOE/day; sub-$38/bbl breakeven; 6,000+ tier-1 locations; disciplined capital return >50% FCF. ## Company Overview Diamondback Energy is one of the largest and lowest-cost oil producers in the Permian Basin, founded in 2007 and headquartered in Midland, Texas, trading on Nasdaq (FANG). The company completed the landmark acquisition of Endeavor Energy Resources in September 2024 for approximately $26 billion—the largest private company acquisition in Permian Basin history—transforming Diamondback into the third-largest Permian producer behind ExxonMobil-Pioneer and Occidental Petroleum. Pro forma for Endeavor, Diamondback produces approximately 880,000 barrels of oil equivalent per day from its combined Midland and Delaware Basin acreage. CEO Travis Stice, a founding team member, has built Diamondback through disciplined bolt-on acquisitions and operational efficiency from a small Permian pure-play into a basin titan. Diamondback's competitive positioning rests on its low breakeven cost structure—averaging below $38 per barrel oil in the Permian—enabled by concentrated Midland Basin acreage with multiple stacked pay zones, optimized completions using high-intensity frac designs, and water infrastructure that reduces per-unit operating costs. The Endeavor acquisition added approximately 350,000 net Permian acres and 50,000 BOE/day of production, along with midstream infrastructure and produced water recycling systems that improve both environmental performance and economics. Diamondback's scale now enables dedicated frac crews, centralized water management, and long-term service contracts that reduce well cost variance. In 2025-2026, Diamondback competes primarily with ExxonMobil's Permian operations (post-Pioneer), Chevron's Delaware Basin position, ConocoPhillips' post-Marathon Permian acreage, and Coterra Energy (CTRA) in the Delaware Basin. The Permian Basin consolidation wave of 2023-2024 has established a new competitive order dominated by large-cap players with scale advantages in water, midstream, and service procurement. Diamondback's capital return program—targeting over 50% of free cash flow returned to shareholders through dividends and buybacks—reflects management's conviction in the longevity and economics of its tier-1 Permian inventory, estimated at over 6,000 remaining premium locations. ## Frequently Asked Questions ### What does Diamondback Energy do? Diamondback Energy 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 operates across the Midland Basin, Delaware Basin, and Central Basin Platform, using advanced horizontal drilling and completion techniques to extract oil, natural gas, and natural gas liquids. ### When was Diamondback Energy founded? Diamondback Energy began operations in December 2007 when founder Travis D. Stice acquired the company's first 4,174 net acres in the Permian Basin. The company was formally incorporated in Delaware on December 30, 2011, and became a public company on October 12, 2012, through an initial public offering on the Nasdaq under ticker symbol 'FANG.' ### Where is Diamondback Energy headquartered? Diamondback Energy is headquartered in Midland, Texas, the heart of the Permian Basin. This strategic location places the company near its core operational assets and provides close proximity to the region's extensive oil and gas infrastructure, workforce, and supplier network. ### What is Diamondback Energy's market position? Following its $26 billion merger with Endeavor Energy Resources in September 2024, Diamondback Energy became the largest independent oil and gas producer focused exclusively on the Permian Basin, and the third-largest oil and gas producer in the region overall behind Exxon and Chevron. The company has a market capitalization exceeding $43 billion and manages approximately 838,000 net acres with production of around 816,000 barrels of oil equivalent per day. ### What was the Endeavor Energy merger? In February 2024, Diamondback Energy announced a definitive merger agreement with Endeavor Energy Resources valued at approximately $26 billion, consisting of 117.3 million shares of Diamondback common stock and $8 billion in cash. The transaction closed on September 10, 2024, creating the largest Permian Basin-focused independent producer with combined pro forma production of 816,000 BOE/day and total acreage of 838,000 net acres. ### How much revenue does Diamondback Energy generate? Diamondback Energy reported annual revenue of $11.066 billion in 2024, representing a 31.55% increase from $8.33 billion in 2023. The company generated $791 million in free cash flow during Q1 2024 alone, demonstrating strong financial performance and cash generation capabilities. ### Who are Diamondback Energy's main competitors? Diamondback Energy's main competitors in the Permian Basin include major integrated oil companies like ExxonMobil and Chevron, as well as independent producers such as ConocoPhillips, EOG Resources, Pioneer Natural Resources (now part of ExxonMobil), and Occidental Petroleum. Following the Endeavor merger, Diamondback is the largest pure-play independent focused exclusively on the Permian Basin. ### What makes Diamondback Energy different from competitors? Diamondback Energy differentiates itself through its exclusive focus on the Permian Basin, industry-leading operational efficiency, disciplined capital allocation, and strong commitment to shareholder returns. The company maintains one of the lowest cost structures in the industry, achieved a record-low total recordable incident rate of 0.6 in 2024, and has consistently returned significant capital to shareholders through dividends and share buybacks while maintaining a pristine balance sheet. ### How many employees does Diamondback Energy have? As of December 31, 2024, Diamondback Energy had 1,983 employees, representing a 93.84% increase from 1,023 employees in 2023. This significant workforce expansion reflects the integration of Endeavor Energy Resources following the September 2024 merger. ### Is Diamondback Energy hiring? Yes, Diamondback Energy continues to hire talent across various functions including engineering, operations, finance, and corporate support. The company emphasizes a collaborative, inclusive workplace culture where 84% of employees would recommend working there to a friend. Interested candidates can find current openings on the company's careers page at www.diamondback-energy.com. ### What are Diamondback Energy's sustainability initiatives? Diamondback Energy is committed to safe and responsible development of oil and gas resources. In 2024, the company achieved a total recordable incident rate (TRIR) of 0.6, among the lowest in the industry. The company is also investing in electric fracturing technology through partnerships with Halliburton and VoltaGrid, exploring natural gas-fired power generation to utilize associated gas, and maintaining comprehensive environmental, social, and governance (ESG) reporting through its annual Corporate Sustainability Report. ### What is Diamondback Energy's stock ticker symbol? Diamondback Energy trades on the Nasdaq Global Select Market under the ticker symbol 'FANG,' which references the fangs of a Western diamondback rattlesnake—a creature native to the Permian Basin region. The stock has performed strongly, with a market capitalization exceeding $43 billion as of late 2024. ## Tags b2b, energy, public --- *Data from geo.sig.ai Brand Intelligence Database. Updated 2026-04-14.*