Diamondback Energy Company Profile

Description

Diamondback Energy, Inc., an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of onshore oil and natural gas reserves in the Permian Basin in West Texas. Its activities are primarily focused on the Clearfork, Spraberry, Wolfcamp, Cline, Strawn, and Atoka formations. The company’s net acreage position is approximately 84,683 acres in the Permian Basin. As of December 31, 2015, its estimated proved oil and natural gas reserves were 156,900 thousand barrels of crude oil equivalent, as well as working interests were in 918 gross producing wells. It also owns mineral interests underlying approximately 46,562 gross acres in the Permian Basin. The company was founded in 2007 and is headquartered in Midland, Texas.