FANG Profile
Diamondback Energy, Inc. is a prominent player in the oil and natural gas industry, specializing in the acquisition, development, and exploitation of unconventional reserves. Operating primarily in the prolific Permian Basin located in West Texas and New Mexico, the company focuses on key formations such as the Spraberry, Wolfcamp, and Bone Spring. As of the end of 2021, Diamondback Energy holds a substantial acreage position totaling approximately 524,700 gross acres within the Permian Basin, supporting its robust portfolio of proven reserves amounting to 1,788,991 thousand barrels of crude oil equivalent. The company's operational footprint extends across 5,289 gross producing wells, complemented by significant royalty interests in an additional 6,455 wells.
In addition to its exploration and production activities, Diamondback Energy, Inc. also maintains a strategic presence in midstream operations. The company owns and operates an extensive network of midstream infrastructure, including 866 miles of crude oil and natural gas gathering pipelines, alongside an integrated water system serving the Midland and Delaware Basins. This integrated approach underscores Diamondback's commitment to enhancing operational efficiency and maximizing the value of its resource assets throughout the Permian Basin and beyond.
Founded in 2007 and headquartered in Midland, Texas, Diamondback Energy continues to leverage its expertise and strategic investments to sustainably drive growth in the energy sector. With a steadfast focus on innovation and responsible resource development, the company remains dedicated to meeting the evolving energy needs of communities while delivering long-term value to its stakeholders.
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