Diamondback Energy (NASDAQ: FANG) is an independent oil and natural gas exploration and production company focused on the Permian Basin in West Texas. Revenue is generated by producing and selling crude oil, natural gas, and natural gas liquids at market prices, making the company's financial results directly tied to commodity price realizations and production volumes. As of December 31, 2025, Diamondback had identified 8,854 gross (6,541 net) economic potential horizontal drilling locations across its acreage at an assumed WTI price of approximately $50.00 per barrel. The majority of drilling inventory sits in the Midland Basin, with 7,910 gross locations across formations including the Lower Spraberry, Middle Spraberry, Wolfcamp A, Wolfcamp B, and Wolfcamp D. The remaining 944 gross locations are in the Delaware Basin, spanning the 2nd Bone Springs, 3rd Bone Springs, and Wolfcamp intervals. The company operates with a multi-year drilling inventory that is oil-weighted.

Revenue model

Transactional commodity sales. Diamondback sells crude oil, natural gas, and natural gas liquids at prevailing market prices. Revenue fluctuates directly with production volumes and realized commodity prices.

Products and services

Crude oil, natural gas, and natural gas liquids produced from horizontal wells in the Midland Basin and Delaware Basin of the Permian Basin.

Customers and end markets

Commodity end markets for crude oil, natural gas, and natural gas liquids. Specific customer names and concentration data are not supported by the provided filing excerpts.

Value-chain role

Upstream exploration and production. Diamondback drills, completes, and operates horizontal wells to extract hydrocarbons from owned or leased acreage.

Geographic exposure

Permian Basin, West Texas. Operations are split between the Midland Basin (7,910 gross identified drilling locations as of December 31, 2025) and the Delaware Basin (944 gross identified drilling locations as of December 31, 2025).

Source: SEC 10-K, filed 2026-02-25

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