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Diamondback Energy, Inc., an independent oil and natural gas company, acquires, develops, explores, and exploits unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas, the United States. The company primarily focuses on the development of the Spraberry and Wolfcamp formations of the Midland Basin; and the Wolfcamp and Bone Spring formations of the Delaware Basin, both of which are part of the Permian Basin in West Texas and New Mexico. Diamondback Energy, Inc. was founded in 2007 and is headquartered in Midland, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $14.9B | $7.2B | $1.7B | $-703M | 4.5% | 35.4% | -50.1% |
| 2024 | $11.0B | $7.6B | $3.3B | $-5.4B | 8.8% | 32.2% | 6.2% |
| 2023 | $8.3B | $6.2B | $3.1B | $1.2B | 18.9% | -12.8% | -28.3% |
| 2022 | $9.6B | $7.2B | $4.4B | $2.7B | 29.2% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 9,566 | 8,339 | 11,023 | 14,929 |
| Cost Of Revenue | - | 2,865 | 3,541 | 6,029 | 9,708 |
| Gross Profit | - | 6,701 | 4,798 | 4,994 | 5,221 |
| Operating Expense | - | 179 | 228 | 598 | 303 |
| Operating Income | - | 6,522 | 4,570 | 4,396 | 4,918 |
| EBITDA | - | 7,228 | 6,169 | 7,639 | 7,177 |
| EBIT | - | 5,884 | 4,423 | 4,789 | 2,139 |
| Pretax Income | - | 5,736 | 4,248 | 4,501 | 1,874 |
| Tax Provision | - | 1,174 | 912 | 800 | 327 |
| Net Income | - | 4,386 | 3,143 | 3,338 | 1,664 |
| Net Income Common Stockholders | - | 4,386 | 3,143 | 3,338 | 1,664 |
| Total Expenses | - | 3,044 | 3,769 | 6,627 | 10,011 |
| Interest Expense | - | 148 | 175 | 288 | 265 |
| Interest Income | - | 6 | 18 | 156 | 25 |
| Selling General And Administration | - | 144 | 150 | 213 | 288 |
| Normalized EBITDA | - | 7,850 | 6,432 | 7,500 | 10,432 |
| Normalized Income | - | 4,880.49 | 3,349.46 | 3,223.74 | 4,352.63 |
| Market Cap | 54,796.71 | 54,796.71 | 54,796.71 | 54,796.71 | 54,796.71 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Diamondback Energy, Inc.this co. | FANG | $56.6B | 32.93↑ premium | 1.48 | 4.5% | 9.69 |
| Valero Energy Corporation | VLO | $73.1B | 30.04 | 2.97 | 9.9% | 11.54 |
| EOG Resources, Inc. | EOG | $72.3B | 14.32 | 2.39 | 16.7% | 6.90 |
| Kinder Morgan, Inc. | KMI | $70.8B | 23.11 | 2.27 | 9.8% | 14.26 |
| Marathon Petroleum Corporation | MPC | $68.5B |
| - |
| - |
| - |
| - |
| - |
| - |
| 16.31 |
| 3.81 |
| 23.4% |
| 8.28 |
| ONEOK, Inc. | OKE | $54.7B | 16.25 | 2.45 | 15.1% | 11.28 |
| Targa Resources Corp. | TRGP | $53.7B | 26.90 | 16.86 | 62.7% | 14.23 |
| EQT Corporation | EQT | $36.1B | 18.07 | 1.55 | 8.6% | 7.41 |
| Halliburton Company | HAL | $34.5B | 26.27 | 3.22 | 12.3% | 12.16 |
| Peer Median | - | 20.59 | 2.71 | 13.7% | 11.41 | |