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Diamondback Energy drills horizontal wells to extract oil and natural gas from underground rock in West Texas. Most of its production comes from the Midland Basin, part of the Permian Basin. Oil sales bring in most of its revenue; it also sells natural gas and natural gas liquids.
A small group of purchasers accounts for much of its sales, including Medallion Midstream, Shell Trading (USA) Company, Enterprise Crude Oil LLC and Vitol. Diamondback says it could replace any single purchaser because oil and gas have established markets with many potential buyers.
Its income depends on how much it produces and the market prices it receives. Developing more wells requires substantial capital, water for hydraulic fracturing and access to third-party pipelines to deliver production. Texas restrictions on injecting wastewater underground can require alternative disposal methods and make drilling less economical. Many leases also require commercially productive wells and continued production for Diamondback to retain its rights.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Diamondback’s drilling feeds Viper Energy, Inc.’s income: Viper collects a share of production proceeds from mineral rights while operators bear drilling and operating costs. At December 31, 2025, Diamondback owned approximately 42% of Viper on a fully diluted basis after the outstanding TWR Class B Option, and operated approximately 35% of its net royalty acreage, making income from those acres a direct read on Diamondback’s production.
Permian Resources Corporation and Diamondback both drill Permian acreage and sell oil, gas and natural gas liquids to buyers at market-sensitive prices, so commodity prices affect both companies’ sales. Watch Permian Resources’ selling prices, but remember its acreage is concentrated in the Delaware Basin, while Diamondback’s sales come mainly from Midland.
SM Energy Company and Diamondback both have substantial Midland Basin production and earn most production revenue from selling oil, making oil prices a shared earnings driver. Watch SM’s Midland production rather than its overall revenue growth: its 2025 revenue increase mainly reflected a full year of production from acquired Uinta assets.
Devon Energy and Diamondback both produce Permian oil, gas and natural gas liquids for outside buyers, so market prices reach both companies’ revenue. Devon’s Delaware Basin program is its largest and best-funded; watch that program and its selling prices, since even its long-term sales are mostly market-sensitive.
Occidental Petroleum and Diamondback are substantial Permian producers selling oil, gas and natural gas liquids into commodity markets, so oil prices matter to both. Occidental’s oil sales volumes offer a production comparison, but its international operations mean company-wide volumes are not a pure measure of Permian conditions.
EOG Resources and Diamondback both drill in the Permian and sell oil, gas and natural gas liquids, sharing exposure to commodity prices and drilling productivity. EOG’s emphasis on low-cost reserves and efficient drilling makes its production costs a useful comparison for Diamondback, though EOG also operates outside the Permian.
Ovintiv Inc. and Diamondback both develop Permian acreage and sell oil, gas and natural gas liquids, but Ovintiv’s substantial Canadian Montney operations make its overall results a less direct comparison. Watch its Permian development separately from Montney, since its multi-basin portfolio lets it adjust operations and commercial arrangements across markets.
MATADOR RESOURCES COMPANY and Diamondback both develop the Delaware Basin’s Wolfcamp and Bone Spring formations and sell the oil and gas produced, making Matador a close comparison for that part of Diamondback. Watch Matador’s Delaware drilling and well completions, where it concentrated most of its effort and capital spending in 2025 alongside infrastructure that processes and moves production.
ConocoPhillips and Diamondback both operate in the Permian and sell produced oil and gas at market-sensitive prices, so changes in selling prices matter to both. Watch ConocoPhillips’ realized crude prices, whose contracts adjust market benchmarks for location, quality and transport, rather than treating its worldwide sales as a direct Permian comparison.
APA and Diamondback both sell produced oil, gas and natural gas liquids, with the Permian providing APA’s largest source of production and cash flow and Diamondback’s principal operating base. Watch APA’s Permian drilling and completion costs: it reports reducing those costs by combining operations and refining how it develops wells.
ExxonMobil and Diamondback both produce and sell Permian oil and gas, but ExxonMobil also sells refined fuels and chemicals, making its overall earnings a less direct comparison. Its Permian drilling activity is more relevant to Diamondback than results from those manufacturing businesses.
Chord Energy Corporation and Diamondback both sell oil-rich shale production to refiners and marketers, so oil prices link their revenue even though Chord operates mainly in the Williston and Diamondback in the Permian. Watch Chord’s crude selling prices after regional and transport adjustments; those adjustments distinguish its local sales conditions from Diamondback’s.
EIA Crude Oil Stocks Change (Oct/16)
For Diamondback, the EIA’s weekly counts of crude oil and gasoline held in storage indicate how tight oil supply may be, which can affect the price it receives for produced oil and the revenue that drives its business.
Expected-0.3MLast release-8.557M
If it comes in above expectations
If the reading is above the -0.3M estimate, it is above the previous -8.557M. A larger-than-expected stock build points to looser oil supply and can weigh on oil prices, reducing the price Diamondback receives for its produced oil and its sales revenue.
If it comes in below expectations
A smaller-than-expected stock build or a draw points to tighter oil supply and can support oil prices, raising the price Diamondback receives for its produced oil and its sales revenue.
Fed Interest Rate Decision
For Diamondback, the Fed’s policy-rate decision affects the cost of interest on floating-rate debt, which can leave more or less cash for drilling, completions and other capital spending.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher-than-expected rates can raise interest costs on Diamondback’s and Viper’s floating-rate credit facilities and Diamondback’s floating-rate term loan, leaving less cash for operations and planned capital spending.
If it comes in below expectations
Lower-than-expected rates can ease interest costs on those floating-rate borrowings, leaving Diamondback with more cash for operations and planned capital spending.
Diamondback Energy, Inc. earningsThis company
Diamondback Energy sells oil and gas for revenue, and this report will show how its production, realized prices and operating costs combine to shape cash generation.
Read oil and gas volumes sold and realized prices alongside cash operating cost per barrel of oil equivalent (BOE), which includes lease operating, gathering, processing and transportation expenses. Higher volumes and prices with controlled unit costs mean more sales revenue can support cash generation; weaker prices or volumes with rising unit costs squeeze it. The conclusion is whether Diamondback’s production and realized prices can offset changes in costs.
Viper Energy, Inc. earningsVNOM
Viper Energy collects royalties from mineral rights, so production and sales from the acreage Diamondback operates affect part of Viper’s income.
Read production from the relevant mineral interests alongside Viper’s royalty income. If both rise, the acreage operated by Diamondback is yielding more for Viper; if production holds but income falls, prices or product mix may matter more than a drop in Diamondback’s output. Viper also owns other mineral interests, so its total income is not all attributable to Diamondback. The conclusion is how clearly these acres signal production from Diamondback-operated wells.
SM Energy Company earningsSM
SM Energy also produces substantial oil in the Midland Basin, so its report offers a comparison of production and oil receipts in the same basin as Diamondback’s main operating base.
Focus on SM Energy’s Midland Basin production and realized oil prices, not just total revenue; acquired Uinta assets also affected its revenue. Steady Midland output and firm oil prices show that this peer’s production and sales receipts have support; steady output but weaker prices points more to commodity prices weighing on revenue. SM’s results are a regional comparison, not Diamondback’s own production or price. The conclusion is whether the shared oil-price environment looks like a headwind.
APA Corporation earningsAPA
APA reports its Permian drilling and completion costs, giving readers a comparison for the development costs Diamondback faces as it drills wells.
See whether APA’s Permian drilling and completion costs fall, and read that alongside its drilling activity. Lower costs with activity maintained would show that APA’s own operating changes and well-development methods are reducing its costs; rising costs would signal pressure on its development spending. APA’s costs can also reflect company-specific choices, so they do not directly measure Diamondback’s. The conclusion is whether APA provides a useful benchmark for Permian development costs.
