Marginal Wood Fern – Dryopteris marginalis

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Diamondback Energy, Inc. is a company engaged in hydrocarbon exploration headquartered in Midland, Texas.

As of December 31, 2020, the company had 1,788 million barrels of oil equivalent (1.094×1010 GJ) of estimated proved reserves, of which 52% was petroleum, 24% was natural gas, and 24% was natural gas liquids. The company's reserves are all in the Permian Basin.[1]

As of February 2024, it is ranked 400th on the Fortune 500.[2][3]

History

The company began operations in December 2007 with the acquisition of 4,174 net acres in the Permian Basin.[1]

In October 2012, the company became a public company via an initial public offering, issuing 12,500,000 shares of common stock at a price of $17.50 per share.[4][5]

In March 2017, the company acquired assets from Brigham Resources for $2.55 billion.[6][7]

In October 2018, the company acquired the assets of Ajax Resources for $1.25 billion.[8][9]

In November 2018, the company acquired Energen.[10]

In February 2021, the company acquired leasehold interests and assets from Guidon Resources for $375 million in cash and 10.68 million shares.[11][12]

In March 2021, the company acquired QEP Resources.[12][13]

A 2023 Bloomberg news story identified the company, as well as Permian Resources, as major contributors to the increase of flaring gas in the Permian oil field.[14]

In February 2024, it was reported Diamondback Energy and Endeavor Energy Resources were in final discussions toward a merger that would create an oil-and-gas giant worth more than $50 billion.[15]

Antitrust lawsuit

In January 2024, a class action lawsuit was filed accusing Diamondback, along with seven other US oil and gas producers, of an illegal price-fixing scheme to constrain production of shale oil, allegedly leading to drivers in the US paying more for gasoline than they would have in a competitive market.[16]

References

  1. ^ a b c "Diamondback Energy, Inc. 2021 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "Diamondback Energy". Fortune.
  3. ^ "Fortune 500 Full List (2024)". www.50pros.com. 2024-02-01. Archived from the original on 2024-04-04. Retrieved 2024-04-28.
  4. ^ "Diamondback Energy, Inc. Completes Initial Public Offering of Common Stock" (Press release). Globe Newswire. October 17, 2012.
  5. ^ "Diamondback Energy IPO Is Complete". The Motley Fool. Associated Press. October 17, 2012.
  6. ^ "Diamondback Energy, Inc. Announces Closing of Acquisition from Brigham Resources" (Press release). Globe Newswire. March 1, 2017.
  7. ^ Garcia, Luis (March 2, 2017). "Brigham Resources Closes $2.55 Billion Permian Asset Sale to Diamondback". The Wall Street Journal.
  8. ^ "Diamondback Energy, Inc. Announces Third Quarter 2018 Financial and Operating Results" (Press release). Globe Newswire. November 6, 2018.
  9. ^ "Diamondback to acquire Ajax Resources in $1.25-billion deal". Oil & Gas Journal. August 10, 2018.
  10. ^ "Diamondback Energy, Inc. Completes Acquisition of Energen Corporation" (Press release). Globe Newswire. November 29, 2018.
  11. ^ "Diamondback Energy, Inc. Announces Closing of Acquisition from Guidon Operating LLC" (Press release). GlobeNewswire. February 26, 2021.
  12. ^ a b Takahashi, Paul (March 17, 2021). "Midland oil and gas producer Diamondback Energy acquires rival QEP Resources". Houston Chronicle.
  13. ^ "Diamondback Energy, Inc. Completes Acquisition of QEP Resources, Inc" (Press release). GlobeNewswire. March 17, 2021.
  14. ^ Zachary Mider and Mitchell Ferman. Bloomberg reporters. (4 October 2023). "Flaring Ticks Up in Texas Oil Patch, Showing Limits of ESG Pressure". Yahoo Finance website Retrieved 4 Oct 2023.
  15. ^ "Diamondback, Endeavor in Talks to Form $50 Billion Energy Giant". Bloomberg.com. 2024-02-11. Retrieved 2024-02-11.
  16. ^ Scarcella, Mike (2024-01-16). "Drivers sue US shale oil producers over alleged price-fixing scheme". Reuters. Archived from the original on 2024-01-21. Retrieved 2024-04-28.

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