Diamondback Energy

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Address

500 W TEXAS AVE STE 1200
Midland, TX, 79701-4203

Phone

405.463.6900

Company Description

Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. 

Diamondback Energy drilled 566 wells in 2023 and 178 wells for the first 6 months of 2024.

Resent News

Updated 2025 Capex Guidance

As of May 5, 2025, Diamondback announced a reduction in its full-year 2025 cash Capex guidance to a range of $3.4 to $3.8 billion, down from the previous estimate of $3.8 to $4.2 billion.

📉 Previous Capex Guidance

Earlier in the year, the company had projected 2025 cash Capex between $3.8 and $4.2 billion, with plans to drill 446–471 gross wells and complete 557–592 gross wells.

Capital Efficiency Improvement

Despite the Capex reduction, Diamondback anticipates improved capital efficiency, with oil production per million dollars of Capex (“MBO per $MM of Capex”) increasing to 49.4, approximately 10% better than the original guidance.

This strategic adjustment reflects Diamondback’s commitment to maintaining strong financial discipline and optimizing returns amid market volatility.

Operations

Diamondback holds about 268,000 net Midland basin acres and 153,000 net Delaware basin acres.

Diamondback Counties Property Owned

Martin County, TX ranks #3 in the state for BOE produced in the most recent month (Jun 2022).

Andrews County, TX ranks #15 in the state for BOE produced in the most recent month (Jun 2022).

Midland County, TX ranks #1 in the state for BOE produced in the most recent month (Jun 2022).

Glasscock County, TX ranks #11 in the state for BOE produced in the most recent month (Jun 2022).

Reeves County, TX ranks #2 in the state for BOE produced in the most recent month (Jun 2022).

Pecos County, TX ranks #19 in the state for BOE produced in the most recent month (Jun 2022).

Additional counties include Howard & Ward counties