Diamondback Energy, Inc. operates as an independent enterprise focused on oil and natural gas. Its core business involves the acquisition, development, exploration, and production of unconventional and onshore hydrocarbon reserves, predominantly located within the Permian Basin across West Texas and New Mexico. The company's development efforts primarily target significant geological formations, including the Spraberry and Wolfcamp in the Midland Basin, as well as the Wolfcamp and Bone Spring within the Delaware Basin – both crucial components of the broader Permian. As of December 31, 2021, Diamondback Energy's asset base included approximately 524,700 gross acres under its control in the Permian Basin. At that time, its estimated proved oil and natural gas reserves amounted to 1,788,991 thousand barrels of crude oil equivalent. The company also maintained working interests in 5,289 gross producing wells and held royalty interests in an additional 6,455 wells. Beyond its direct well operations, Diamondback Energy possesses mineral interests spanning roughly 930,871 gross acres and 27,027 net royalty acres across the Permian Basin and the Eagle Ford Shale. Furthermore, it manages a portfolio of midstream infrastructure, owning, operating, developing, and acquiring assets such as 866 miles of crude oil gathering pipelines, natural gas gathering pipelines, and an integrated water system within the Midland and Delaware Basins of the Permian. Established in 2007, Diamondback Energy, Inc. is headquartered in Midland, Texas.

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Diamondback Energy (FANG) outperformed the broader market on September 15, 2026, closing up 2.82% while the S&P 500 declined 0.45%. The energy exploration and production company is expected to report strong earnings growth of 44.16% year-over-year with revenue projected at $4.15 billion. However, the stock carries a Zacks Rank of #3 (Hold) with a Forward P/E ratio of 10.32, slightly above its industry average.

Diamondback Energy (FANG) Gains As Market Dips: What You Should Know

The article compares Bloom Energy, a clean energy innovator in solid oxide fuel cells for AI data centers, with Diamondback Energy, a traditional oil and gas producer in the Permian Basin. While Bloom Energy shows impressive 37.3% revenue growth, it remains unprofitable with a P/E ratio of 350.25. Diamondback Energy demonstrates superior profitability with $1.7B net income, a P/E of 39.86, and robust free cash flow of $5.5B. The author recommends Diamondback Energy for 2026 due to its profitable operations, growing dividend, and emerging AI energy partnerships, though acknowledges Bloom Energy's high-growth potential for risk-tolerant investors.

Bloom Energy vs. Diamondback Energy: Which Industrials Stock Is a Better Buy in 2026?

The Zacks Oil and Gas - US E&P industry is entering a constructive phase supported by lean global oil inventories, improved drilling efficiency, and new natural gas demand channels from LNG exports and data centers. The industry ranks #95 among 248 Zacks industries with 2026 earnings estimates up 41.5% year-over-year. W&T Offshore, APA Corp., and Diamondback Energy are highlighted as well-positioned stocks with solid production bases and disciplined capital spending, though risks from commodity price volatility and cost inflation remain.

Zacks Industry Outlook W&T Offshore, APA and Diamondback

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Diamondback Energy Inc (FANG) Stock Price, Analysis & Trade Signals