About DiamondBack
Headquartered in Midland, Texas, Diamondback began operations in with the acquisition of 4,174 net acres in the Permian Basin of West Texas. The company became incorporated in and completed an initial public offering in . In just over six years as a public company, Diamondback has grown its acreage position to more than 364,000 net acres in the Permian Basin. As of , the company had 711 full- time employees, up from approximately 250 employees a year earlier. Our common stock is listed on the Nasdaq Global Select Market under the symbol FANG.
As an independent oil and natural gas company, Diamondback focuses on the acquisition, development, exploration, and production of unconventional, onshore oil and natural gas reserves. Since our formation, we have focused these efforts solely within the Permian Basin.
Our strategic approach allows us to:
- Enhance returns through our low-cost development strategy of resource conversion, capital allocation, and continued improvements in operational and cost efficiencies
- Grow production and reserves by responsibly developing our oil-rich resource base and maximizing its value and resource potential
- Continue seeking ways to maximize hydrocarbon recovery by refining and enhancing our drilling and completion techniques
- Pursue accretive acquisitions using our proven ability to evaluate resource potential and identify those that best meet our strategic and financial targets
- Maintain financial flexibility with low leverage
On , Diamondback completed its acquisition of Energen Corporation, increasing our acreage by approximately 150,000 net acres in the Midland and Delaware basins and adding approximately 466.4 million barrels oil equivalent (MMBOE) to our year-end proved reserves of 992.0 MMBOE, compared with 335.4 MMBOE at the end of 2017.1
1Figures include the reserves of Viper Energy Partners.