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Diamondback dates back to 2007, when it was established following the acquisition of 4,174 net acres in the Permian Basin in West Texas. This independent oil and natural gas company is headquartered in Midland, Texas and is involved in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves, mainly in the Permian Basin area. As of June 30, 2017, Diamondback covered approximately 191,000 net acres in the Permian Basin, where the Company's activities are primarily focused on the horizontal development of the Spraberry and Wolfcamp formations in the Midland Basin, and the Wolfcamp and Bone Spring formations in the Delaware Basin. In 2012, the company completed an initial public offering. In 2019, Rattler Midstream LP, a subsidiary of Diamondback Energy, announced the launch of Rattler’s initial public offering. Diamondback Energy’s financial results for the second quarter of fiscal 2019 include reported net income of $349 million. Interested in trading this instrument? Follow it for news and updates on the current FANG value.
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