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14	14	= Recent Developments =
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18	18	= Financial overview =
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24	24	The Company's third quarter 2023 net interest expense was $41 million, compared with $43 million last year, reflecting a decrease in interest income, partially offset by higher debt levels and the impact of higher floating interest rates on interest rate swaps. The Company declared dividends per share $3.37 million in the third quarter, compared with $2.26 million last year, reflecting a 49.1% increase in the dividend per share.
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29	29	== Annual Performance Highlights ==
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56	56	Diamondback Energy Inc. performs its key activities together so that it can successfully operates and maintain its position as a leading independent oil and natural gas company in the Permian Basin region. Overall, the company is dedicated to ensuring customer satisfaction, maintaining optimal operational efficiency and maximizing investor returns as it strives towards being a sustainable and responsible player in the oil and gas sector.
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58	58	Diamondback Energy Inc. (FANG) utilizes a multi-channel distribution system to reach their target market. These channels are:
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60	60	//**Direct Sales: **//The company has a direct sales system to large companies and end-users. To provide technical support to clients and helps them in designing and implementing solutions for their specific needs.
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75	75	= Company History =
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77		-Diamondback Energy Inc. (NASDAQ; FANG) is an independent oil and gas producer company located in Midland, Texas. The company was founded in 2007 by Travis Stice and W. Permian Resources. The company started its business with the acquisition of 4,174 net acres in the Permian Basin. The company primarily focuses on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. In 2012, Diamondback Energy Inc. (FANG) went public on the NASDAQ stock exchange under the ticker symbol FANG. The company’s initial public offering (IPO) was priced at $17 million in net proceeds. At the time estimated total proven reserves of approximately 28,000 net acres in the Permian Basin, with estimated total proven reserves of approximately 19.4 million barrels of oil equivalent (BOE). In March 2017, the company acquired assets from Brigham Resources for $255 million. In October 2018, the company acquired the assets of Ajax Resources for $1.25 billion.^^ ^^ In November 2018, the company acquired Energen Corporation for approximately $920 million, adding approximately 180000 net acres in the Permian basin and increasing its estimated total proved reserved to approximately 992 million BOE. In February 2021, the company acquired leasehold interests and assets from Guidon Resources for $375 million in cash and 10.68 million shares. In 2020, the company produced an average of 287,200 BOE per day, with approximately 70% of production being crude oil. In March 2021, the company acquired QEP Resources and became one of the largest oil and natural gas producer in the Permian Basin over the year. A 2023 Bloomberg news story identified the company, as well as Permian Resources, as major contributors to the increase of flaring gas in the Permian oil field. At December 31, 2022, the company’s total acreage position in the Permian Basin was approximately 615,348 gross (508,767 net) acres, which consisted primarily of 371,915 gross (325,540 net) acres in the Midland Basin and 201,624 gross (150,719 net) acres in the Delaware Basin. As of December 31, 2022, the company’s estimated proved oil and natural gas reserves were 2,032,971 MBOE (which includes estimated reserves of 148,900 MBOE attributable to the mineral interests owned by Viper). Of these reserves, approximately 69% are classified as proved developed producing. Proved undeveloped, or PUD, reserves included in this estimate are from 703 gross (650 net) horizontal well locations in which the company has a working interest, and 15 horizontal wells in which it owns only a mineral interest through Viper. As of December 31, 2022, the company’s estimated proved reserves were approximately 53% oil, 23% natural gas and 24% natural gas liquids.
	85	+Diamondback Energy Inc. (NASDAQ; FANG) is an independent oil and gas producer company located in Midland, Texas. The company was founded in 2007 by Travis Stice and W. Permian Resources. The company started its business with the acquisition of 4,174 net acres in the Permian Basin. The company primarily focuses on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. In 2012, Diamondback Energy Inc. (FANG) went public on the NASDAQ stock exchange under the ticker symbol FANG. The company’s initial public offering (IPO) was priced at $17 million in net proceeds. At the time estimated total proven reserves of approximately 28,000 net acres in the Permian Basin, with estimated total proven reserves of approximately 19.4 million barrels of oil equivalent (BOE). In March 2017, the company acquired assets from Brigham Resources for $255 million. In October 2018, the company acquired the assets of Ajax Resources for $1.25 billion.^^ ^^ In November 2018, the company acquired Energen Corporation for approximately $920 million, adding approximately 180000 net acres in the Permian basin and increasing its estimated total proved reserved to approximately 992 million BOE.
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	88	+[[image:1656001010316.jfif||alt="office" height="920" width="690"]]
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	90	+In February 2021, the company acquired leasehold interests and assets from Guidon Resources for $375 million in cash and 10.68 million shares. In 2020, the company produced an average of 287,200 BOE per day, with approximately 70% of production being crude oil. In March 2021, the company acquired QEP Resources and became one of the largest oil and natural gas producer in the Permian Basin over the year. A 2023 Bloomberg news story identified the company, as well as Permian Resources, as major contributors to the increase of flaring gas in the Permian oil field. At December 31, 2022, the company’s total acreage position in the Permian Basin was approximately 615,348 gross (508,767 net) acres, which consisted primarily of 371,915 gross (325,540 net) acres in the Midland Basin and 201,624 gross (150,719 net) acres in the Delaware Basin. As of December 31, 2022, the company’s estimated proved oil and natural gas reserves were 2,032,971 MBOE (which includes estimated reserves of 148,900 MBOE attributable to the mineral interests owned by Viper). Of these reserves, approximately 69% are classified as proved developed producing. Proved undeveloped, or PUD, reserves included in this estimate are from 703 gross (650 net) horizontal well locations in which the company has a working interest, and 15 horizontal wells in which it owns only a mineral interest through Viper. As of December 31, 2022, the company’s estimated proved reserves were approximately 53% oil, 23% natural gas and 24% natural gas liquids.