August 2025 — Diamondback Energy (NASDAQ: FANG) has delivered a robust second quarter backed by disciplined capital management and high-margin Permian Basin production. The company continues to showcase operational strength while strategically investing in its infrastructure footprint across West Texas.
Permian Basin Operator Account Directory – $10
Includes; Account Name, Location, Website, Wells Drilled
📊 Q2 2025 Earnings Snapshot
Diamondback reported:
- Net Income: $699 million ($2.38/share)
- Free Cash Flow: $1.2 billion
- Adjusted EBITDA: $2.3 billion
- Cash Capex: $864 million
Oil production averaged 495.7 MBO/d, with total volumes reaching 919.9 MBOE/d. Diamondback returned $691 million to shareholders through dividends and buybacks, representing 52% of adjusted free cash flow.
Additionally, the Board increased the share repurchase authorization by $2 billion, bringing the total to $8 billion.
🛠️ YTD 2025 Drilling Report: Activity, Rigs & Regions
As of mid-2025, Diamondback Energy has drilled 297 wells across the Permian Basin with a focus on core acreage in:
- Martin County
- Reagan County
- Midland County
- Howard and Upton Counties
Top-performing contractors and rigs YTD include:
County Rig Wells Drilled Martin Nabors X15 18 Martin Ensign 766 17 Martin Ensign 777 16 Reagan NorAm 30 15 Reagan Latshaw 14 15
Diamondback continues to emphasize long-lateral, high-efficiency completions with an average lateral length exceeding 12,000 feet YTD.
🌬️ Air Permits Signal Infrastructure Expansion
Diamondback has filed 60 air permit applications with the Texas Commission on Environmental Quality (TCEQ) in 2025. These include a mix of:
- Standard Permits (STDPMT) for Oil & Gas Sites
- New Facility Notifications
- Facility Battery Installations
Permits are concentrated in Martin, Midland, Upton, Howard, and Andrews counties, aligned with the company’s active drilling program. Operating entities listed include Diamondback Energy, DE IV Operating LLC, and Diamondback E&P LLC, suggesting buildout around central tank batteries, separators, and compression infrastructure.
⚙️ Takeaway
Diamondback Energy’s 2025 momentum reflects disciplined execution, with strong cash generation, aggressive capital returns, and strategic infrastructure investment. As drilling activity remains concentrated in high-return core counties, the concurrent increase in facility permitting signals continued optimization of its upstream-to-midstream value chain.
