Diamondback Energy, Inc. (FANG) — Company Research

Last Updated: 12 May 2026

Diamondback Energy is a pure-play Permian Basin independent that, after digesting the 2024 Endeavor acquisition and a 2025 Double Eagle deal, ended FY2025 producing 336,178 MBOE — more than double the 163,413 MBOE it produced in FY2023 — and entered 2026 with a record-sized hedged book, a $2.5 billion undrawn revolver, and a Q1 2026 earnings beat that lifted full-year oil guidance and pushed the base quarterly dividend higher. This report walks through what the company actually does, how the post-merger balance sheet looks, the 2025 impairment that distorted the trailing P&L, and the calendar of dates ahead.

1. Company Snapshot

Field	Value
Name	Diamondback Energy, Inc.
Ticker	FANG (Nasdaq / NMS)
Sector	Energy — Oil & Gas Exploration & Production
Market cap	$55.49 billion (12 May 2026)
Enterprise value	$75.07 billion
Revenue (FY2025)	$14,929 million
Net income (FY2025)	$1,664 million
Employees	1,762 (31 Dec 2025)
CEO	Matthew Kaes Van't Hof
Headquarters	Fasken Center, Midland, Texas
Website	https://www.diamondbackenergy.com
CIK	0001539838

2. Bull Case vs Bear Case

Bull case

• Pure-play, lowest-cost-quartile Permian producer with a 1.10-million-gross-acre footprint and a multi-year drilling inventory: per the FY2025 10-K (Item 1, filed 2026-02-25), Diamondback has identified 8,854 gross / 6,541 net economic horizontal drilling locations at an assumed $50/Bbl WTI, of which 7,910 gross are in the Midland Basin.
• FY2025 production of 336,178 MBOE was 53.5% higher than FY2024 (218,972 MBOE) and more than 2× FY2023 (163,413 MBOE) following the Endeavor and Double Eagle transactions (per the FY2025 10-K, Item 1, filed 2026-02-25).
• Operating cash flow of $8,758 million in FY2025 covered the $1,156 million dividend in cash, with the balance funding share repurchases of $2,010 million and debt management.
• Q1 2026 was an inflection: revenue of $4,210 million, operating income of $1,516 million and operating cash flow of $1,828 million produced free cash flow of $581 million in a single quarter, after FY2025 free cash flow was actually negative ($703 million) on heavy reinvestment.
• A board-authorised stock repurchase programme of $8.0 billion (raised from $6.0 billion in July 2025 per the FY2025 10-K, Item 7, filed 2026-02-25) with approximately $2.3 billion of unused capacity at 20 Feb 2026 provides ongoing capital-return optionality.

Bear case

• Trailing GAAP operating margin collapsed from 39.9% in FY2024 to 8.48% in FY2025 because of a material full-cost ceiling impairment that landed in Q4 2025 (Q4 net income was −$1,458 million on −$5.11 EPS); per the FY2025 10-K (Item 7, filed 2026-02-25), management was further "currently projecting a material full cost ceiling impairment in the first quarter of 2026" based on trailing SEC-price inputs.
• Total debt of $14,879 million at 31 Dec 2025 is up from $6,801 million two years earlier and the company is carrying a current ratio of just 0.42, leaving balance-sheet headroom dependent on cash flow holding up at $60-plus oil.
• FY2025 free cash flow was −$703 million (FCF yield −1.27% on the current market cap); FY2024 free cash flow was −$5,374 million, both reflecting the elevated post-deal capex cycle.
• Single-basin concentration: per the FY2025 10-K (Item 1, filed 2026-02-25), production is overwhelmingly Permian — Midland Basin accounted for 309,335 of 336,178 MBOE in FY2025, with Delaware Basin 25,692 MBOE and Other 1,151 MBOE — meaning any Permian-specific takeaway, regulatory or seismicity event hits the whole portfolio.
• Customer concentration: per the FY2025 10-K (Item 1, filed 2026-02-25), four purchasers each accounted for more than 10% of revenue in FY2025, FY2024 and FY2023.

3. What Does This Company Actually Do?

Diamondback Energy is an independent oil and natural gas company that acquires, develops and exploits unconventional onshore reserves in a single basin — the Permian — across both its Texas (Midland Basin) and Texas/New Mexico (Delaware Basin) sub-portions. It is not vertically integrated into refining or marketing; it sells crude, natural gas and natural gas liquids at the wellhead to a small number of purchasers, supplemented by midstream activities through subsidiaries (Viper Energy for mineral and royalty interests; Rattler for water and infrastructure; Deep Blue for produced-water midstream in a joint venture with Five Point Energy).

Per the FY2025 10-K (Item 1, filed 2026-02-25), FY2025 production by basin was:

Basin	Oil (MBbls)	Natural gas (MMcf)	NGL (MBbls)	Total (MBOE)	Share of total
Midland	167,183	405,840	74,512	309,335	92.0%
Delaware	13,839	38,748	5,395	25,692	7.6%
Other	440	3,267	166	1,151	0.3%
Total	181,462	447,855	80,073	336,178	100%

By hydrocarbon stream, the FY2025 average realised prices were $64.04/Bbl oil, $0.89/Mcf gas and $17.88/Bbl NGLs (per the FY2025 10-K, Item 1, filed 2026-02-25), implying roughly 86% of upstream sales by value came from oil, ~11% from NGLs and ~3% from natural gas — a heavily oil-weighted mix typical of the Spraberry and Wolfcamp horizons in the Midland Basin. Realised oil pricing fell from $73.52/Bbl in FY2024 to $64.04/Bbl in FY2025, a $9.48/Bbl year-on-year decline that was the principal driver of the FY2025 impairment.

The company operated 463 gross / 430 net horizontal wells drilled and 503 gross / 476 net horizontal wells completed during FY2025, with 459 of those 463 drilled wells located in the Midland Basin (per the FY2025 10-K, Item 1, filed 2026-02-25). At year-end 2025 it had 22 gross wells in the process of drilling and 312 gross wells in the process of completion or waiting on completion.

4. The Business Model

Diamondback's economics rest on three numbers: realised price per barrel-equivalent, cash operating cost per barrel-equivalent, and capital efficiency on new wells.

Per the FY2025 10-K (Item 1, filed 2026-02-25), the FY2025 per-BOE cash cost stack was:

• Lease operating expenses: $5.55/BOE
• Production and ad valorem taxes: $2.53/BOE
• Gathering, processing and transportation: $1.53/BOE
• Cash G&A: $0.62/BOE
• Total cash operating expense: $10.23/BOE

Layering in non-cash items: depreciation, depletion, amortisation and accretion was $14.99/BOE in FY2025 (up from $13.02 in FY2024 — a function of higher cost basis from the Endeavor purchase) and net interest expense $0.73/BOE. The combined realised price on a hedged basis was $40.79/BOE, leaving a gross cash margin of roughly $30.56/BOE before D&A and interest. That gross cash spread, multiplied by 336,178 MBOE of production, explains why operating cash flow held at $8,758 million in FY2025 despite the headline impairment.

Capital allocation is governed by the return-of-capital commitment approved by the board — per the FY2025 10-K (Item 7, filed 2026-02-25): "at least 50% of our quarterly Adjusted Free Cash Flow to our stockholders through repurchases under our share repurchase program, base dividends and variable dividends. The remainder of our Adjusted Free Cash Flow will be used primarily to reduce debt." The board declared a Q4 2025 base dividend of $1.05 per share on 19 February 2026.

There is no meaningful subsidy or regulatory-credit dependence in the revenue mix: this is a tax-paying, royalty-paying upstream operator, not a regulated utility or credit-driven generator. FY2025 cash taxes were elevated ($629 million increase in cash paid for taxes versus FY2024 per the FY2025 10-K, Item 7, filed 2026-02-25). Government policy still matters as cost — the 2024 Inflation Reduction Act 1% excise tax on share repurchases is referenced explicitly in the buyback disclosure, and per the FY2025 10-K (Item 1, filed 2026-02-25) the company notes the January 2025 executive orders directing agencies to "expedite conventional energy projects" under a declared "national energy emergency" as a tailwind whose ultimate effect on its operations remains uncertain.

Hedging is core to cash-flow predictability. Per the FY2025 10-K (Item 7A, filed 2026-02-25), at 31 December 2025 the net derivative asset position was $198 million; a 10% drop in forward commodity curves would have increased that asset position to $258 million, and a 10% rise would have reduced it to $195 million. Hedged 2025 oil realised at $63.14/Bbl versus unhedged $64.04/Bbl — i.e. hedges cost roughly $0.90/Bbl in FY2025.

Credit profile. Per the FY2025 10-K (Item 7, filed 2026-02-25), Diamondback's senior unsecured ratings are S&P BBB, Fitch BBB+ and Moody's Baa2 — investment grade across all three agencies, with a $2.5 billion undrawn revolver maturing June 2030.

5. Financial Health

Five-year P&L and balance-sheet trend, all from the source JSON. FY2021 figures other than operating income are not present in the source data.

Metric ($ millions unless noted)	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	n/a	9,566	8,339	11,023	14,929
Gross profit	n/a	6,701	4,798	4,994	5,221
Operating income	4,001	6,508	4,570	4,396	1,266
Net income	n/a	4,386	3,143	3,338	1,664
Diluted EPS ($)	n/a	24.61	17.34	15.53	5.73
Operating cash flow	n/a	6,325	5,920	6,413	8,758
Capex	n/a	(3,613)	(4,714)	(11,787)	(9,461)
Free cash flow	n/a	2,712	1,206	(5,374)	(703)
Share buybacks	n/a	(1,251)	(840)	(959)	(2,010)
Dividends paid	n/a	(1,572)	(1,444)	(1,578)	(1,156)
Total debt	n/a	6,379	6,801	13,329	14,879
Cash & equivalents	n/a	157	582	161	104
Total equity	n/a	15,009	16,625	37,736	36,972
Diluted share count (m)	n/a	176.5	180.0	213.5	289.1

The reported FY2025 operating income of $1,266 million is GAAP — i.e. after a material full-cost ceiling impairment that hit Q4. Per the FY2025 10-K (Item 7, filed 2026-02-25): "Revisions of previous reserve estimates accounted for approximately $4.2 billion, or 143% of the net change in the standardized measure of our total reserves from December 31, 2024 to December 31, 2025. The Company recorded a material impairment during the year ended December 31, 2025." That impairment is non-cash, which is why operating cash flow of $8,758 million actually rose 36.6% year-on-year even though headline operating income compressed sharply.

The share-count step-up from 213.5m to 289.1m diluted shares between FY2024 and FY2025 is the equity issued for the September 2024 Endeavor Energy Resources acquisition.

Recent quarterly trend (last 5 quarters reported, $ millions):

Quarter ending	Revenue	Gross profit	Op. income	Net income	Diluted EPS ($)	OCF	FCF
31 Mar 2025	4,031	1,814	1,673	1,405	4.83	2,355	663
30 Jun 2025	3,651	1,264	1,179	699	2.38	1,677	(2,312)
30 Sep 2025	3,906	1,341	1,253	1,018	3.51	2,383	73
31 Dec 2025	3,341	793	776	(1,458)	(5.11)	2,343	873
31 Mar 2026	4,210	1,597	1,516	25	0.08	1,828	581

Implied gross margin moves from 45.0% (Q1 25) → 34.6% (Q2 25) → 34.3% (Q3 25) → 23.7% (Q4 25 — impairment quarter) → 37.9% (Q1 26).

Cash flow narrative. Per the FY2025 10-K (Item 7, filed 2026-02-25), the year-on-year operating cash flow improvement of $2,345 million was driven by "$3.4 billion in additional revenue, excluding sales of purchased oil" and a $232 million swing on derivative settlements (cash received in 2025 vs cash paid in 2024), partially offset by $483 million higher cash operating expenses (ex purchased oil) and a $629 million increase in cash taxes. FY2025 capital expenditures on a cash basis (per the FY2025 10-K, Item 7, filed 2026-02-25) were $2,951 million on operated drilling & completions, $335 million on capital workovers and non-operated additions, and $237 million on infrastructure, environmental and midstream — a $3.523 billion organic capital figure, with the gap to the $9,461 million on the cash flow statement primarily reflecting the Double Eagle Acquisition and Viper's Sitio Acquisition cash consideration.

Debt schedule. Per the FY2025 10-K (Item 7, filed 2026-02-25), at 31 December 2025 Diamondback (including Viper) held approximately $13.5 billion in aggregate outstanding principal amount of senior notes plus $550 million under the 2025 Term Loan due 2027, $500 million under the Viper 2025 Term Loan (repaid in February 2026) and $105 million under the Viper Revolving Credit Facility (repaid in Q1 2026). Principal maturities by year: $763 million in 2026, $850 million in 2027, $73 million in 2028, $915 million in 2029, $1.4 billion in 2030 and $9.6 billion thereafter; cash interest costs were expected at $693 million in 2026.

6. Valuation & Market Data

All figures sourced from the data JSON as of 12 May 2026 unless noted.

Metric	Value
Share price	$197.27
Previous close	$196.15
Day range	$195.80 – $198.95
52-week high	$214.51
52-week low	$132.20
Market capitalisation	$55,494,676,480
Enterprise value	$75,070,603,264
Shares outstanding	281,313,297
Float shares	195,307,383
Beta	0.442
Dividend yield (trailing)	2.24%
P/E (price / latest diluted EPS)	34.43×
P/E (yfinance trailing, includes impairment-quarter loss)	201.30×
Forward P/E (yfinance)	11.53×
P/B	1.50×
P/S (trailing)	3.72×
EV / Revenue	5.03×
EV / Operating income proxy	59.30× (note: depreciation & amortisation unavailable in source data; this is a conservative proxy using post-impairment operating income — the multiple narrows materially using a pre-impairment operating profit number)
FCF yield (trailing)	−1.27%
Gross margin	34.97%
Operating margin	8.48%
Net margin	11.15%
Return on equity	4.5%
Return on assets	2.34%
Debt / equity	0.40×
Current ratio	0.42×
Average 10-day volume	2,901,570 shares
Volume (12 May 2026, intraday)	274,528 shares

Two valuation caveats are worth flagging directly. First, the 201.3× yfinance trailing P/E is heavily distorted by the Q4 2025 net loss of $1,458 million from the full-cost ceiling impairment; the price-divided-by-diluted-FY2025-EPS calculation yields 34.43×, and forward-year market consensus implies 11.53× — that wide spread is the entire P&L impact of the impairment cycle. Second, the EV/EBITDA proxy at 59.3× is calculated against post-impairment operating income (depreciation and amortisation are not separately reported in the source data, so the standard EBITDA denominator can't be reconstructed cleanly).

Short interest, put/call ratio and options skew are not disclosed in this report's source data.

7. What Are They Building / What's Coming?

Per the FY2025 10-K (Item 7, filed 2026-02-25), management's stated 2026 cash capital budget is $3.60 billion to $3.90 billion, including $3.05 billion to $3.27 billion for operated horizontal drilling and completions. The May 2026 earnings cycle saw the company lift its full-year oil production guidance (per Zacks summary in recent_news[]).

Key project and capital-allocation items in management's own words from the FY2025 10-K:

• Deep Blue joint venture (produced-water midstream). Per the FY2025 10-K (Item 7, filed 2026-02-25): "We and Five Point Energy LLC currently anticipate collectively contributing $500 million in follow-on capital to fund future growth in our Deep Blue Midland Basin LLC joint venture projects and acquisitions."
• Viper Energy growth. Viper closed the Sitio Acquisition in 2025 and completed a $1.2 billion equity offering and a $500 million 2025 Term Loan (repaid February 2026); Viper LLC was converted to Viper LP during the year. Per the FY2025 10-K (Item 7, filed 2026-02-25), the Viper Revolving Credit Facility commitment amount is $1.5 billion with $1.4 billion available at year-end.
• 2025 Notes / 2035 Notes. $2.8 billion of proceeds from issuance of the 2035 Notes and Viper 2025 Notes funded refinancing of Tranche A Loans, partial repayment of the 2025 Term Loan, and $1.2 billion of senior-note retirements (per the FY2025 10-K, Item 7, filed 2026-02-25).
• Share repurchase capacity. Per the FY2025 10-K (Item 7, filed 2026-02-25): the board raised the repurchase authorisation from $6.0 billion to $8.0 billion on 31 July 2025. Cumulative repurchases through 20 February 2026 reached 40.69 million shares for $5.7 billion, including $637 million for 4.0 million shares repurchased directly from SGF; approximately $2.3 billion remained available under the programme.
• Drilling inventory. Per the FY2025 10-K (Item 1, filed 2026-02-25), 8,854 gross (6,541 net) economic horizontal locations at $50/Bbl WTI assumptions, dominated by Lower Spraberry, Middle Spraberry, Wolfcamp A and Wolfcamp B horizons in the Midland Basin.
• Wells in flight. 22 gross wells drilling and 312 gross wells in the process of completion or waiting on completion at 31 December 2025 (per the FY2025 10-K, Item 1, filed 2026-02-25).

No AI infrastructure, supercomputer, or custom-silicon programme applies to this issuer.

8. Competitive Landscape

The 10-K's own characterisation, per the FY2025 10-K (Item 1, filed 2026-02-25): "The oil and natural gas industry is intensely competitive and we compete with other companies that may have greater resources. Many of these companies not only explore for and produce oil and natural gas, but also carry on midstream and refining operations and market petroleum and other products on a regional, national or worldwide basis. These companies may be able to pay more for productive oil and natural gas properties and exploratory prospects."

Diamondback's distinguishing characteristics relative to the broader US E&P set are (a) single-basin, oil-weighted focus (no offshore, no international, no integrated downstream) and (b) a structure that splits upstream operations (FANG parent), royalty/mineral interests (Viper), and water/midstream (Rattler / Deep Blue JV) into separately financeable layers. Direct Permian peers include public independents and the upstream segments of integrated majors active in the basin; specific market-share percentages are not disclosed in this report's source data and have not been independently fetched, so the competitor share chart is omitted rather than estimated.

Customer concentration. Per the FY2025 10-K (Item 1, filed 2026-02-25): "For the years ended December 31, 2025, 2024 and 2023 four purchasers each accounted for more than 10% of our revenue." The 10-K notes management's view that "we do not believe the loss of any single purchaser would materially impact our operating results, as crude oil and natural gas are fungible products."

9. Leadership and Ownership

CEO. Matthew Kaes Van't Hof per the data JSON. Detailed biographical data including age, prior roles outside Diamondback, and stock ownership of the CEO is not disclosed in this report's source data — readers should refer to the company's 2026 definitive proxy statement (DEF 14A, filed 2026-04-09, accession 0001308179-26-000242) for those particulars.

Top institutional holders (data JSON, latest 13F filings as of dates shown):

Holder	Shares	% held	Value ($)	As-of date
BlackRock Inc.	17,936,364	6.38%	3,538,306,602	31 Dec 2025
Vanguard Capital Management LLC	12,731,585	4.53%	2,511,559,827	31 Mar 2026
State Street Corporation	10,704,084	3.81%	2,111,594,696	31 Dec 2025
Vanguard Portfolio Management LLC	9,714,024	3.45%	1,916,285,555	31 Mar 2026
Boston Partners	5,766,947	2.05%	1,137,645,659	31 Mar 2026
Geode Capital Management, LLC	5,621,120	2.00%	1,108,878,366	31 Dec 2025
FMR, LLC	4,952,402	1.76%	976,960,363	31 Dec 2025
JPMorgan Chase & Co	4,933,541	1.75%	973,239,654	31 Dec 2025
Capital Research Global Investors	4,332,885	1.54%	854,748,242	31 Dec 2025
Bank of New York Mellon Corporation	3,940,755	1.40%	777,392,755	31 Mar 2026

A long-tail risk worth noting: per the FY2025 10-K (Item 1A, filed 2026-02-25), "Following the closing of the Endeavor Acquisition, the Endeavor equityholders have the ability to significantly influence our business, and their interest in our business may be different from that of other stockholders." This refers in part to the SGF FANG Holdings, LP holder, which the FY2025 10-K (Item 7, filed 2026-02-25) discloses Diamondback has been repurchasing shares from directly — including $637 million for 4.0 million shares from SGF cumulative through 20 February 2026.

Recent insider transactions (data JSON; transaction codes / buy-or-sell direction were not populated in the source records, so each row is reported neutrally as a "reported transaction"):

Date	Insider	Position	Shares	Value ($)
7 Apr 2026	Meloy, Charles Alvin	Director	15,714	3,071,668
20 Mar 2026	Wesson, Daniel N.	Chief Operating Officer	5,000	959,776
20 Mar 2026	Dick, Teresa L.	Officer	5,000	965,000
18 Mar 2026	Dick, Teresa L.	Officer	5,000	950,000
18 Mar 2026	Zmigrosky, Matthew Paul	Officer	4,101	781,293
18 Mar 2026	West, Steven E.	Director	6,000	1,130,129
16 Mar 2026	Thompson, Jere W. III	Chief Financial Officer	750	136,851
13 Mar 2026	Barkmann, Albert	Officer	4,000	731,600
13 Mar 2026	Zmigrosky, Matthew Paul	Officer	20,899	3,761,876
12 Mar 2026	SGF FANG Holdings, LP	Beneficial owner > 10%	12,650,000	2,152,888,320

The 12 March 2026 SGF FANG Holdings transaction (12.65 million shares at ~$170/share implied) coincides with the Form 8-K filed by Diamondback on 2026-03-12 (accession 0001104659-26-027075); readers should consult that filing to confirm direction (issuer repurchase versus secondary disposition by SGF) and structure.

The CFO transaction signature (Thompson, Jere W. III, 750 shares on 16 March 2026) is unusually small in shares but consistent with a withholding/award settlement pattern; the data does not specify a 10b5-1 versus discretionary classification.

10. Risks and Challenges

Risk Factors content is presented as paraphrased from the FY2025 10-K (Item 1A, filed 2026-02-25). The FY2025 filing's principal risk categories, in management's own enumeration:

• Commodity price volatility. Per the FY2025 10-K (Item 1A, filed 2026-02-25): "From the beginning of 2023 through the end of 2025, WTI prices ranged from $55.27 to $93.68 per Bbl and the Henry Hub price of natural gas ranged from $1.58 to $5.29 per MMBtu. If the prices of oil and natural gas decline, our production, proved reserves and cash flows are likely to be adversely impacted."
• Hedging risk. Hedges may "result in financial losses, may fail to protect us from declines in commodity prices, prevent us from fully benefiting from commodity price increases and may expose us to other risks, including counterparty credit risk" (FY2025 10-K, Item 1A, filed 2026-02-25). Diamondback does not require collateral from its derivative counterparties.
• U.S. trade policy and tariffs. Listed by management as a discrete material risk in the FY2025 10-K Item 1A.
• Low-carbon transition and climate disclosure regimes. Both the cost of transition and "changing political and social perspectives on climate change" listed as separate risks (FY2025 10-K, Item 1A, filed 2026-02-25).
• Reserve and impairment risk. "Our method of accounting for investments in oil and natural gas properties may result in impairment of asset value" — management used the FY2025 10-K (Item 7, filed 2026-02-25) to flag explicitly that "we are currently projecting a material full cost ceiling impairment in the first quarter of 2026."
• Single-basin geographic concentration. "We are vulnerable to risks associated with our primary operations concentrated in a single geographic area" — meaningful in the context of FY2025 production being 99.7% Permian Basin (Midland + Delaware).
• Customer concentration. Four purchasers each greater than 10% of FY2025 revenue.
• Permian-specific takeaway and produced-water disposal. "Restrictions on our ability to obtain water and dispose of produced water, and additional monitoring and reporting requirements related to existing and new produced water disposal wells in the Permian Basin could adversely impact our business, results of operations and financial condition" (FY2025 10-K, Item 1A, filed 2026-02-25).
• Substantial indebtedness. $14,879 million total debt at 31 December 2025 (data JSON) — Item 1A flags that "our substantial level of indebtedness could adversely affect our results of operations, business flexibility and our ability to service our debt" and that a ratings downgrade could increase financing costs.
• Endeavor equityholder influence. Endeavor equityholders' ability to "significantly influence our business" post-closing (FY2025 10-K, Item 1A, filed 2026-02-25).
• Dividend and buyback discretion. Both are at the discretion of the board with no guarantee of continuation at current levels.
• Cybersecurity, legal proceedings, technological obsolescence and operating hazards are also itemised by management in Item 1A.

11. Recent Developments

The following items are from recent_news[] in the data JSON; URLs are reproduced verbatim from the source records.

• 12 May 2026 — The Wall Street Journal: "Despite the War, Energy Stocks Are Cheap." Argues that S&P 500 energy is up only 2% from pre-war levels despite WTI being closer to $100/Bbl after roughly a billion barrels of supply has been lost; cites context that bears on FANG's setup as a US-onshore producer. https://www.wsj.com/finance/stocks/despite-the-war-energy-stocks-are-cheap-20477bc2?siteid=yhoof2&yptr=yahoo
• 9 May 2026 — Motley Fool: "Market Crash: The 2 Best Energy Stocks I'd Buy Without Hesitation." Frames high oil prices against recession risk. https://www.fool.com/investing/2026/05/09/market-crash-the-2-best-energy-stocks-id-buy-witho/
• 8 May 2026 — Zacks: "Diamondback Energy Q1 Earnings Beat Estimates, Dividend Raised." "FANG beats Q1 earnings estimates as production surges, prompting higher 2026 output guidance and a 5% dividend hike." This is the most recent operational data point material to the company; it aligns with the Q1 2026 figures in the financial table above (revenue $4,210m, operating income $1,516m, FCF $581m). https://finance.yahoo.com/sectors/energy/articles/diamondback-energy-q1-earnings-beat-160800996.html
• 8 May 2026 — Zacks: "Best Low-Beta Stocks to Own Right Away: LQDA, CBOE, VLO & FANG." Highlights FANG's beta of 0.442 (data JSON) as appealing in a tense Middle-East-led volatility regime. https://finance.yahoo.com/markets/stocks/articles/best-low-beta-stocks-own-150600179.html
• 8 May 2026 — Zacks: "Is Diamondback Energy (FANG) Outperforming Other Oils-Energy Stocks This Year?" Sector-relative performance commentary. https://finance.yahoo.com/sectors/energy/articles/diamondback-energy-fang-outperforming-other-134003173.html
• 7 May 2026 — Insider Monkey via Yahoo Finance: "Barclays Raises its Price Target on Diamondback (FANG) to $225." Per the source summary, "On May 5, 2026, Barclays raised its price target on Diamondback Energy, Inc. (NASDAQ:FANG) to $225 from $190 previously and maintained an Overweight rating after the company posted Q1 results." (Reported here as a recorded news event only — ChartsView research does not endorse or use analyst price targets in its own analysis.) https://finance.yahoo.com/markets/stocks/articles/barclays-raises-price-target-diamondback-135919296.html
• 7 May 2026 — The Wall Street Journal: "Frackers Are Finally Ready to Drill. Trump Won't See a Return of the Go-Go Days." Industry-wide framing of shale operators cautiously dialling up output. https://www.wsj.com/business/energy-oil/frackers-are-finally-ready-to-drill-trump-wont-see-a-return-of-the-go-go-days-3cd2e830?siteid=yhoof2&yptr=yahoo
• 6 May 2026 — Simply Wall St.: "A Look At Diamondback Energy (FANG) Valuation After Q1 2026 Beat And Higher Payouts." Notes year-to-date share price return of 28.07% and 1-year total shareholder return of 54.68% (per source summary). https://finance.yahoo.com/sectors/energy/articles/look-diamondback-energy-fang-valuation-231732189.html
• 6 May 2026 — MT Newswires: "Diamondback Energy Can Pursue More Growth Opportunities if Elevated Oil Macro Persists, RBC Says." https://finance.yahoo.com/sectors/energy/articles/diamondback-energy-pursue-more-growth-170446996.html
• 6 May 2026 — Zacks: "Earnings Estimates Moving Higher for Diamondback (FANG): Time to Buy?" Earnings-estimate-revision commentary. https://finance.yahoo.com/markets/stocks/articles/earnings-estimates-moving-higher-diamondback-162002053.html

Underlying SEC filings cluster: the Q1 2026 10-Q (filed 2026-05-06, accession 0001539838-26-000077), the earnings 8-K (filed 2026-05-04, accession 0001539838-26-000073), the DEF 14A proxy statement (filed 2026-04-09, accession 0001308179-26-000242), and the FY2025 10-K (filed 2026-02-25, accession 0001539838-26-000010) are all on EDGAR.

12. Key Dates Coming Up

• 14 May 2026 — Ex-dividend date (data JSON calendar.ex_dividend_date).
• 21 May 2026 — Dividend pay date (data JSON calendar.dividend_date). Most recent base dividend declared by the board was $1.05 per share for Q4 2025 (per the FY2025 10-K, Item 7, filed 2026-02-25); the May 2026 reporting cycle confirmed an additional dividend increase per the Zacks news item dated 8 May 2026.
• 3 August 2026 — Next earnings date (Q2 2026 results), per data JSON calendar.next_earnings_date.
• Q1 2026 ceiling-test impairment flagged by management for the period — per the FY2025 10-K (Item 7, filed 2026-02-25), "we are currently projecting a material full cost ceiling impairment in the first quarter of 2026"; whether and at what magnitude this materialised should be visible in the Q1 2026 10-Q filed 6 May 2026 (accession 0001539838-26-000077).
• 2026 cash capital budget of $3.60 billion to $3.90 billion (per the FY2025 10-K, Item 7, filed 2026-02-25) — quarterly capex run-rate will be the most-watched line item across the remaining 2026 reporting calendar.

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Sources used. Diamondback Energy FY2025 Form 10-K (filed 2026-02-25, accession 0001539838-26-000010); Diamondback Energy Q1 2026 Form 10-Q (filed 2026-05-06, accession 0001539838-26-000077); company SEC filings index; price, holders, and calendar data per the report's data JSON dated 12 May 2026; news items per the source recent_news[] array with URLs reproduced verbatim above.

Disclaimer. This report is factual research compiled from primary sources. It contains no analyst price targets, no buy/sell/hold ratings, and no investment recommendation. All forward-looking statements are attributed to Diamondback Energy's own disclosures. Always do your own research.