Diamondback Energy Inc FANG

Diamondback Energy Inc was founded in 2007, when it was established following the acquisition of 4,174 net acres in the Permian Basin in West Texas. This independent oil and natural gas company is headquartered in Midland, Texas and is involved in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves, mainly in the Permian Basin area.

According to the latest estimates published on December 31, 2020, the business had estimated proven reserves of 1,316 million barrels of oil of which 58% were petroleum, 20% were natural gas, and 22% were natural gas liquids. The company's entire reserve base is concentrated on the Permian Basin, on the horizontal development of the Spraberry and Wolfcamp formations in the Midland Basin, and the Wolfcamp and Bone Spring formations in the Delaware Basin. In November 2021, Diamondback Energy committed to retain its oil production next year, even as oil prices had surged to heights not seen in years.

Diamondback Energy Inc is publicly listed on NASDAQ under the ticker FANG. The firm finalized its previously announced all-stock merger with QEP Resources, Inc. (NYSE: QEP) (""QEP"") after acceptance of the merger and associated proposals by QEP shareholders at their special meeting on March 16, 2021.

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