Diamondback Energy, Inc.

FANG

$189.27

Updated: 22/09/2026, 10:10:05

Market Cap

$53.24B

Sector

Energy

Industry

Oil & Gas Exploration & Production

Country

Stock valuation chart

One-year closing share-price history for FANG

Company Profile

Diamondback Energy, Inc. operates as an independent enterprise focused on oil and natural gas. Its core business involves the acquisition, development, exploration, and production of unconventional and onshore hydrocarbon reserves, predominantly located within the Permian Basin across West Texas and New Mexico. The company's development efforts primarily target significant geological formations, including the Spraberry and Wolfcamp in the Midland Basin, as well as the Wolfcamp and Bone Spring within the Delaware Basin – both crucial components of the broader Permian. As of December 31, 2021, Diamondback Energy's asset base included approximately 524,700 gross acres under its control in the Permian Basin. At that time, its estimated proved oil and natural gas reserves amounted to 1,788,991 thousand barrels of crude oil equivalent. The company also maintained working interests in 5,289 gross producing wells and held royalty interests in an additional 6,455 wells. Beyond its direct well operations, Diamondback Energy possesses mineral interests spanning roughly 930,871 gross acres and 27,027 net royalty acres across the Permian Basin and the Eagle Ford Shale. Furthermore, it manages a portfolio of midstream infrastructure, owning, operating, developing, and acquiring assets such as 866 miles of crude oil gathering pipelines, natural gas gathering pipelines, and an integrated water system within the Midland and Delaware Basins of the Permian. Established in 2007, Diamondback Energy, Inc. is headquartered in Midland, Texas.

USD

NASDAQ

CEO: Matthew Kaes Van't Hof

Employees: 1,762

https://www.diamondbackenergy.com

Asset Summaries

Latest generated summaries for FANG

No summaries found.

Detailed business

Evidence-backed facts extracted from the latest official annual filing.

10-K

FY 2025

View filing U.S. Securities and Exchange Commission (EDGAR)

FANG-10-k-fy2025.html3.3 MBtext/htmlENFiled 25/02/2026Period ended 31/12/2025

Business monitoring

Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.

Evidence-backed · 19 KPI observations

Revenue

N/A

FY — · Reported

Net income

$1.7B

FY 2025 · Reported

Gross margin

N/A

FY — · Reported

Free cash flow

N/A

FY — · Reported

R&D intensity

N/A

FY — · Reported

Share repurchases

N/A

FY — · Reported

Earnings and cash generation

USD billions, directly sourced from inline XBRL; free cash flow is operating cash flow less capex.

Profitability and reinvestment

Margins and R&D as a percentage of revenue.

How the business makes money

Company overview

Independent oil and natural gas company focused on unconventional onshore oil and gas reserves primarily in the Permian Basin, West Texas; one reportable segment (upstream) as of December 31, 2025

98%

Source evidence

“We are 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. As of December 31, 2025, we have one reportable segment, the upstream segment.”

Upstream segment

One reportable segment: upstream

98%

Source evidence

“As of December 31, 2025, we have one reportable segment, the upstream segment.”

Customer and oil purchase contract risk

Risk of losing customers or failing to meet obligations to deliver specified quantities of oil under oil purchase contracts

90%

Source evidence

“We may fail to meet our obligations to deliver specified quantities of oil under our oil purchase contracts.”

Commodity derivatives hedging program

Uses commodity price derivatives (swaps, basis swaps, swaptions, roll hedges, costless collars, puts, basis puts) covering a portion of estimated 2026 and 2027 production

95%

Source evidence

“Currently, we have hedged a portion of our estimated 2026 and 2027 production.”

2025 operating highlights

FY2025: net income $1.7B (incl. ~$3.7B Q4 impairment); cash operating costs $10.23/BOE; cash capex (ex-acquisitions) $3.5B; dividends paid $1.2B; avg production 921.0 MBOE/d; drilled 463 gross horizontal wells (459 Midland, 4 Delaware); turned 503 gross operated wells (488 Midland, 15 Delaware)

97%

Source evidence

“Recorded net income of $1.7 billion, which includes impairment of approximately $3.7 billion recorded on our proved oil and natural gas properties during the fourth quarter of 2025.”

Operations and dependencies

Permian Basin acreage and inventory

~869,036 net acres in the Permian Basin (774,645 Midland; 94,391 Delaware); estimated 8,854 gross horizontal locations economic at $50.00/Bbl WTI; Viper owns ~36,004 Delaware and ~50,595 Midland net royalty acres, ~35% operated by Diamondback

97%

Source evidence

“we had approximately 869,036 net acres in the Permian Basin, which primarily consisted of 774,645 net acres in the Midland Basin and 94,391 net acres in the Delaware Basin. As of December 31, 2025, we had an estimated 8,854 gross horizontal locations that we believe to be economic at $50.00 per Bbl WTI.”

Positioning and strategy

Double Eagle Acquisition

Double Eagle Acquisition completed April 1, 2025 for $3.1B cash + ~6.84M shares; ~67,700 gross (40,000 net) acres primarily in the Midland Basin; ~407 gross (342 net) horizontal locations

97%

Source evidence

“On April 1, 2025, we completed the Double Eagle Acquisition for consideration of $3.1 billion in cash and approximately 6.84 million shares of our common stock”

Sitio Acquisition (Viper)

Viper completed Sitio Acquisition (Aug 19, 2025), all-equity ~$4.0B incl. partial retirement of ~$1.2B Sitio net debt; ~34,300 net royalty acres (~25,300 Permian, ~9,000 DJ/Eagle Ford/Williston)

95%

Source evidence

“Viper and Viper LLC completed the Sitio Acquisition in an all-equity transaction valued at approximately $4.0 billion”

EPIC Divestiture

EPIC Divestiture (Oct 31, 2025): sold 27.5% equity interest for ~$504M cash + $96M contingent; ~$299M gain

96%

Source evidence

“On October 31, 2025, we divested our 27.5% equity interest in EPIC for approximately $504 million in cash and an additional $96 million in contingent consideration”

Water assets divestiture to Deep Blue

Divested EDS to Deep Blue Midland Basin LLC (Oct 1, 2025) for $694M upfront cash + ~$34M equity, potential $200M earnout, possible $150M contingent owed; ~$168M gain; renewed 15-year produced/supply water dedication in 12-county Midland Basin area

96%

Source evidence

“we divested EDS, a subsidiary originally acquired in connection with the Endeavor Acquisition, to our affiliate, Deep Blue Midland Basin LLC (“Deep Blue”), in exchange for upfront net cash proceeds of $694 million”

2025 Drop Down to Viper

2025 Drop Down: EER LP divested Endeavor Subsidiaries to Viper (May 1, 2025) for $873M cash + 69.63M Viper LLC units and equal Class B shares

95%

Source evidence

“our wholly owned subsidiary, EER LP, divested the Endeavor Subsidiaries to Viper and Viper LLC in exchange for consideration consisting of (i) $873 million in cash”

Viper Non-Permian Divestiture

Viper Non-Permian Divestiture (Feb 9, 2026): ~$617M net cash; ~9,400 net royalty acres in DJ, Eagle Ford and Williston basins; ~4,750 BO/d production

94%

Source evidence

“On February 9, 2026, Viper completed the Viper Non-Permian Divestiture for net cash proceeds of approximately $617 million”

Risks, financing, and outlook

Take-or-pay and throughput obligations

Total costs incurred under take-or-pay and throughput obligations: $449M (2025), $337M (2024), $266M (2023)

92%

Source evidence

“Total costs incurred under take-or-pay and throughput obligations were approximately $449 million, $337 million and $266 million in 2025, 2024 and 2023, respectively.”

Debt profile at December 31, 2025

Debt at 12/31/2025: ~$13.5B senior notes; $550M 2025 Term Loan (due 2027); $500M Viper 2025 Term Loan (repaid Feb 2026); $105M Viper revolver (repaid Q1 2026); senior note maturities $763M 2026 / $850M 2027 / $73M 2028 / $915M 2029 / $1.4B 2030 / $9.6B thereafter

96%

Source evidence

“our debt, including the debt of Viper, consisted of approximately $13.5 billion in aggregate outstanding principal amount of senior notes, $550 million outstanding under the 2025 Term Loan due in 2027”

2035 Notes and 2025 Term Loan

Issued $1.2B 5.550% Senior Notes due 2035; 2025 Term Loan up to $1.5B (Bank of America agent) drawn to fund Double Eagle

96%

Source evidence

“Issued $1.2 billion aggregate principal amount of 5.550% Senior Notes due April 1, 2035 (the “2035 Notes”) to fund a portion of the cash consideration for the Double Eagle Acquisition.”

Viper 2025 Notes offering

Viper issued $1.6B senior notes ($500M 4.900% due 2030; $1.1B 5.700% due 2035); ~$824M used to redeem 7.375% 2031 notes; remaining partially retired Sitio net debt

95%

Source evidence

“Viper LLC issued $1.6 billion in aggregate principal amount of senior notes consisting of (i) $500 million aggregate principal amount of 4.900% Senior Notes due August 1, 2030”

Revolving credit facilities

Diamondback revolver: $2.5B available (max $2.6B), matures June 12, 2030; Viper revolver: $1.5B commitment (Wells Fargo agent), $105M outstanding, $1.4B available

94%

Source evidence

“entered into a credit agreement with Viper LLC, as borrower, and Wells Fargo, as the administrative agent (the “Viper Revolving Credit Facility”), which matures on June 12, 2030, and provides for a commitment amount of $1.5 billion.”

Fair value of debt

Debt fair value: carrying $14,489M vs fair value $14,497M (2025); carrying $12,975M vs fair value $12,564M (2024)

93%

Source evidence

“Debt$14,489 $14,497 $12,975 $12,564”

2026 capital spending plan

2026 cash capital budget estimated at $3.60B–$3.90B, including $3.05B–$3.27B for operated horizontal drilling and completions

96%

Source evidence

“We currently estimate that our 2026 cash capital budget will be $3.60 billion to $3.90 billion, which includes $3.05 billion to $3.27 billion for operated horizontal drilling and completions.”

Flexibility of capital spending

Capital expenditures largely discretionary; will monitor commodity prices and adjust rig cadence and capex budget up or down

93%

Source evidence

“We will continue monitoring commodity prices and overall market conditions and can adjust our rig cadence and our capital expenditure budget up or down in response to changes in commodity prices and overall market conditions.”

Share repurchase program and return of capital

Buyback authorization increased to $8.0B (July 2025); $2.0B repurchased in 2025; ~$5.3B repurchased through program to date; ~$2.7B remaining; commitment to return at least 50% of Adjusted Free Cash Flow

96%

Source evidence

“In July 2025, our board of directors approved an increase in our common stock repurchase program to acquire up to $8.0 billion.”

Contractual commitments

Commitments at 12/31/2025: minimum transportation $3.0B; electrical power purchase $495M; ARO $542M; electric fracturing fleet and power generation $124M

95%

Source evidence

“minimum transportation commitments totaling $3.0 billion, (ii) electrical power purchase commitments totaling $495 million, (iii) asset retirement obligations totaling $542 million, (iv) electric fracturing fleet and related power generation services commitments totaling $124 million”

Commitments schedule

Future minimum payments ($M): Transportation $3,013 total (2026: $275; 2027: $316; 2028: $313; 2029: $312; 2030: $312; thereafter: $1,485); Electrical Power $495 total; Other Operating $207 total; Electric Fracturing Fleet $124 total

94%

Source evidence

“Year Ending December 31,Transportation Commitments(1)(2) Electrical Power Agreements(3) Other Operating Agreements(4) Electrical Fracturing Fleet(5)”

Derivative fair value positions

At 12/31/2025: commodity derivative assets $335M current / $49M other (net $234M/$7M); derivative liabilities $109M current / $77M long-term; interest rate swaps $7M current / $20M long-term; 2026 WTI Contingent Liability $20M

92%

Source evidence

“Commodity derivative instruments$— $335 $— $335 $(101)$234”

Governmental regulation and tax legislation

Operations subject to burdensome/expensive laws and regulations; U.S. tax legislation risk; potential government production limits and Permian pipeline capacity and storage constraints

93%

Source evidence

“Our results of operations may also be adversely impacted by any future government rule, regulation or order that may impose production limits, as well as pipeline capacity and storage constraints, in the Permian Basin where we operate.”

Geographic concentration in Permian Basin

Producing properties concentrated in Permian Basin of West Texas; most proved reserves concentrated in Wolfberry play in Midland Basin; exposure to regional supply/demand, weather, transportation constraints

97%

Source evidence

“Our producing properties are currently geographically concentrated in the Permian Basin of West Texas.”

Commodity price volatility

From beginning of 2023 through end of 2025, WTI ranged $55.27–$93.68/Bbl and Henry Hub $1.58–$5.29/MMBtu; price volatility may adversely affect revenue, cash flows, profitability and reserves

97%

Source evidence

“From the beginning of 2023 through the end of 2025, WTI prices ranged from $55.27 to $93.68 per Bbl and the Henry Hub price of natural gas ranged from $1.58 to $5.29 per MMBtu.”

Water availability and produced water disposal restrictions

Operations substantially dependent on water availability; Texas drought and water district restrictions; Texas Railroad Commission produced water disposal curtailments and permitting rules to address induced seismicity in the Permian Basin may increase costs

96%

Source evidence

“Our operations are substantially dependent on the availability of water. Restrictions on our ability to obtain water may have an adverse effect on our financial condition, results of operations and cash flows.”

Endeavor equityholders influence

Endeavor equityholders held ~35.8% of common stock at 12/31/2025; four additional directors appointed; certain actions require majority consent of Endeavor-held shares

95%

Source evidence

“As of December 31, 2025, Endeavor’s equityholders held approximately 35.8% of our common stock.”

Service, equipment and raw material availability

Cyclical industry shortages of rigs, equipment, raw materials (particularly sand and other proppants), supplies and personnel can restrict operations; no long-term contracts securing existing rigs

95%

Source evidence

“The oil and natural gas industry is cyclical, which can result in shortages of drilling rigs, equipment, raw materials (particularly sand and other proppants), supplies and personnel.”

Energy transition and ESG risks

Transition to a low carbon economy could impose new costs; changing ESG perspectives create risks; sustainability and emissions reduction targets/disclosures may expose company to risks

94%

Source evidence

“Risks relating to the transition to a low carbon economy could impose new costs on our operations that may have a material and adverse effect on us.”

Trade policy and tariffs

Changes in U.S. trade policy and tariffs may materially adversely impact business and results of operations

94%

Source evidence

“Changes in U.S. trade policy and the impact of tariffs may have a material adverse impact on our business and results of operations.”

Indebtedness and interest rate risk

Substantial debt could hurt results and flexibility; ratings downgrade could restrict financing; term loan and revolvers bear floating rates tied to SOFR

94%

Source evidence

“The terms of the term loan and revolving credit facilities provide for interest on borrowings at a floating rate equal to an alternate base rate tied to SOFR.”

Hurricane / Gulf Coast weather exposure

Significant hurricane/Gulf Coast weather events could damage refining and related facilities in Texas/Louisiana, curtailing Permian production or flaring natural gas and threatening emissions targets

93%

Source evidence

“a significant hurricane or similar weather event could damage refining and other oil and natural gas-related facilities on the Gulf Coast of Texas and Louisiana”

Material exposure graph

Permian Basin, West Texas

Manufacturing Dependency

All producing properties are concentrated in the Permian Basin of West Texas, exposing the company disproportionately to regional supply/demand, regulatory, transportation and weather risks.

Relevance 95·Dependency 95·Confidence 97

Source evidence

“Our producing properties are currently geographically concentrated in the Permian Basin of West Texas.”

WTI crude oil

Revenue Exposure

Revenues and carrying value of oil and gas properties depend significantly on prevailing oil prices; WTI volatility directly affects revenue, cash flows and reserves.

Relevance 95·Dependency 95·Confidence 97

Source evidence

“Our revenues, operating results, profitability, future rate of growth and the carrying value of our oil and natural gas properties depend significantly upon the prevailing prices for oil and natural gas.”

water

Raw Material Dependency

Water is essential for drilling and hydraulic fracturing; drought and water district restrictions in Texas could impair the ability to economically drill or produce.

Relevance 85·Dependency 90·Confidence 96

Source evidence

“Water is an essential component of deep shale oil and natural gas production during both the drilling and hydraulic fracturing processes.”

natural gas

Revenue Exposure

Natural gas prices are a disclosed driver of revenue and profitability; Henry Hub ranged $1.58–$5.29/MMBtu 2023–2025.

Relevance 80·Dependency 75·Confidence 95

Source evidence

“If the prices of oil and natural gas decline, our production, proved reserves and cash flows are likely to be adversely impacted.”

geopolitical risk

Geopolitical Exposure

Geopolitics and market conditions, including OPEC+ production controls, regional conflicts and political instability, affect oil and gas prices and thus revenue.

Relevance 80·Dependency 70·Confidence 93

Source evidence

“the ability of members of OPEC+ to agree to and maintain oil price and production controls”

independent third-party service providers

Supplier Dependency

Relies on independent third-party service providers for most drilling services; no long-term contracts securing existing rigs.

Relevance 70·Dependency 75·Confidence 94

Source evidence

“In accordance with customary industry practice, we rely on independent third-party service providers to provide most of the services necessary to drill new wells.”

Texas Railroad Commission produced water disposal rules

Regulatory Exposure

RRC curtailments and permitting/re-permitting rules for produced water disposal wells to address induced seismicity could increase operating costs in the Permian Basin.

Relevance 70·Dependency 60·Confidence 94

Source evidence

“In September 2021, the Texas Railroad Commission curtailed the amount of produced water companies were permitted to inject into some wells near Midland and Odessa in the Permian Basin”

WTI crude oil

Revenue Exposure

Horizontal inventory economics and capex decisions are benchmarked to WTI; 8,854 gross locations economic at $50.00/Bbl WTI, and the 2026 WTI Contingent Liability is tied to WTI.

Relevance 70·Dependency 60·Confidence 92

Source evidence

“an estimated 8,854 gross horizontal locations that we believe to be economic at $50.00 per Bbl WTI”

sand and other proppants

Supplier Dependency

Cyclical shortages of raw materials, particularly sand and other proppants, can increase costs and restrict drilling operations.

Relevance 60·Dependency 55·Confidence 93

Source evidence

“raw materials (particularly sand and other proppants)”

Deep Blue Midland Basin LLC

Supplier Dependency

Renewed a 15-year dedication of produced water and supply water to Deep Blue within a 12-county area of mutual interest in the Midland Basin following the water assets divestiture.

Relevance 60·Dependency 55·Confidence 92

Source evidence

“we renewed our 15-year dedication to Deep Blue for its produced water and supply water within a 12-county area of mutual interest in the Midland Basin.”

tariffs

Geopolitical Exposure

Changes in U.S. trade policy and tariffs may have a material adverse impact on business and results of operations.

Relevance 60·Dependency 40·Confidence 90

Source evidence

“Changes in U.S. trade policy and the impact of tariffs may have a material adverse impact on our business and results of operations.”

low carbon economy transition

Demand Driver

Transition to a low carbon economy could impose new costs on operations; changing perspectives on climate change and ESG create business risks.

Relevance 55·Dependency 45·Confidence 90

Source evidence

“Risks relating to the transition to a low carbon economy could impose new costs on our operations that may have a material and adverse effect on us.”

qualified personnel availability

Cost Driver

High industry activity areas create shortages of qualified drilling rig crews, raising wage rates and affecting the ability to hire and retain personnel.

Relevance 50·Dependency 45·Confidence 90

Source evidence

“demand for, and wage rates of, qualified drilling rig crews also rise with increases in demand”

interest rates

Cost Driver

Earnings exposed to interest rate risk on borrowings under Diamondback's and Viper's revolving credit facilities and the 2025 Term Loan; a debt ratings downgrade could restrict financing access.

Relevance 45·Dependency 35·Confidence 90

Source evidence

“A downgrade in our debt ratings could restrict our access to, and negatively impact the terms of, current or future financings or trade credit.”

USD

Currency Exposure

Floating rate borrowings tied to SOFR expose the company to interest rate increases, raising interest costs.

Relevance 20·Dependency 20·Confidence 90

Source evidence

“If interest rates increase, so will our interest costs, which may have a material adverse effect on our results of operations and financial condition.”

Full company information

Latest profile, trading, valuation, and identifier data stored for FANG.

Share price: $189.27
Market cap: $53.24B
Exchange: NASDAQ
Currency: USD
CEO: Matthew Kaes Van't Hof
Employees: 1,762
IPO date: 12/10/2012
Beta: 0.414
Last dividend: $0.00
Day range: $187.52 – $190.75
52-week range: $137.03 – $216.90
1-day performance: -1.64%
1-year performance: 38.12%
Current drawdown (1Y): -12.74%
CIK: 0001539838
CUSIP: 25278X109
ISIN: US25278X1090
Created: 07/12/2025, 03:54:09
Last update: 22/09/2026, 10:10:05

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