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Profile: Diamondback Energy Inc (FANG.OQ)

FANG.OQ on NASDAQ Stock Exchange Global Select Market

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Diamondback Energy, Inc., incorporated on December 30, 2011, is an independent oil and natural gas company. The Company focuses on the acquisition, development, exploration and exploitation of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas. As of December 31, 2016, the Company's total net acreage position in the Permian Basin was approximately 105,894 net acres. As of December 31, 2016, the Company, through its subsidiary, Viper Energy Partners LP (Viper), owned mineral interests underlying approximately 107,568 gross acres primarily in Midland County, Texas in the Permian Basin. The Permian Basin area covers a portion of western Texas and eastern New Mexico.

The Company's reserves are located in the Permian Basin of West Texas, in particular in the Clearfork, Spraberry, Wolfcamp, Cline, Strawn and Atoka formations. The Company refers to the Clearfork, Spraberry, Wolfcamp, Strawn and Atoka formations collectively as the Wolfberry play. As of December 31, 2016, the Company's oil and natural gas reserves were 205,457 thousand barrels of oil equivalent (MBOE) (including estimated reserves of 31,435 MBOE attributable to the mineral interests owned by Viper) and of these reserves, approximately 57.9% were classified as proved developed producing. As of December 31, 2016, proved undeveloped (PUD) reserves included in this estimate were from 120 gross (102 net) horizontal well locations, in which the Company had a working interest, and 14 horizontal wells, in which it owned a mineral interest through its subsidiary, Viper. As of December 31, 2016, its estimated proved reserves were approximately 68% oil, 18% natural gas liquids and 14% natural gas. As of December 31, 2016, the Company had working interests in 998 gross (792 net) producing wells.

During the fiscal year ended December 31, 2016 (Fiscal 2016), net production from its Permian Basin acreage was 15,749,436 barrels of oil equivalent (BOE), or an average of 43,031 barrels of oil equivalent per day (BOE/d), of which approximately 73% was oil, 16% was natural gas liquids and 11% was natural gas. As of December 31, 2016, the Company's PUD reserves totaled 59,717 thousand barrels (MBbls) of oil, 69,497 million cubic feet (MMcf) of natural gas and 15,054 MBbls of natural gas liquids, for a total of 86,354 MBOE. During Fiscal 2016, it drilled 73 gross (61 net) horizontal wells and two gross (one net) vertical wells, and participated in the drilling of 19 gross (five net) non-operated wells in the Permian Basin.

Company Address

Diamondback Energy Inc

500 W Texas Ave Ste 1210
MIDLAND   TX   79701-4230
P: +1405.4636900
F: +1302.6365454

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