Latest analysis
Updated Nov 4, 2026
Diamondback Q3 2026: Record 1,034 MBOE/d production and $1.6B net income as Waha Hub basis risk resolves with new Permian pipeline capacity.
Diamondback delivered average production of 1,034.0 MBOE/d in Q3 2026, generating $1.6 billion in net income, as the Permian Basin natural gas takeaway constraint that drove negative Waha Hub pricing through Q2 2026 materially resolved with new pipeline capacity entering service in July 2026. The capital returns framework was restructured — the board removed the minimum 50% free cash flow return commitment and doubled the buyback authorization to $16.0 billion — signaling a shift toward discretionary capital allocation. A $1.4 billion non-cash ceiling test impairment recorded in Q1 2026 continues to suppress the depletable asset base, reducing the depletion rate but underscoring the commodity price exposure embedded in proved reserve valuations.
Tone: bullishRevenue
$15B
FANG 10-K · FY 2025
Revenue FY2024
$11.1B
Headquarters
Midland, TX
Profile
FANG 10-K Item 1 · Feb 25, 2026Diamondback Energy is an independent oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional, onshore reserves in the Permian Basin of West Texas. Following the Endeavor and Double Eagle acquisitions, the company is one of the largest pure-play Permian operators. It operates through a single upstream segment and holds a controlling interest in publicly traded mineral royalty subsidiary Viper Energy.
Read filing description ↓ Collapse description ↑
We are an independent oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. As of December 31, 2025, we have one reportable segment, the upstream segment. As of December 31, 2025, we had approximately 869,036 net acres in the Permian Basin, which primarily consisted of 774,645 net acres in the Midland Basin and 94,391 net acres in the Delaware Basin. As of December 31, 2025, we had an estimated 8,854 gross horizontal locations that we believe to be economic at $50.00 per Bbl WTI. Our publicly traded subsidiary, Viper, also owns mineral interests underlying approximately 36,004 net royalty acres in the Delaware Basin and approximately 50,595 net royalty acres in the Midland Basin. We operate approximately 35% of these net royalty acres. Our average production was 921.0 MBOE/d. We drilled 463 gross horizontal wells (including 459 in the Midland Basin and 4 in the Delaware Basin) and turned 503 gross operated horizontal wells to production during 2025. In 2025, we completed significant portfolio reshaping through the Double Eagle Acquisition, the Viper Sitio Acquisition, the EPIC Divestiture, and the divestiture of water assets to Deep Blue Midland Basin LLC.
Primary products
- oil
- natural gas
- natural gas liquids
- purchased oil
Business segments
End markets
Geographies
Revenue commentary · FY 2025
Total revenues grew from $11.1 billion in 2024 to $15.0 billion in 2025, driven primarily by higher oil, natural gas liquids, and purchased oil sales following the Endeavor and Double Eagle acquisitions.
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