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3	3	Brief Company Overview
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5		-Diamondback Energy Inc. (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 operates its business focusing on the acquisition, development, exploration and unconventional, onshore oil and natural gas reserves in the Permian Basin in west Texas. This major producing basin has an extensive production history, a favorable operating environment, mature infrastructure, long reserve life, multiple producing horizons, enhance recovery potential and a large number of operators. The company also owns, operates, develops, and acquires midstream infrastructure assets, including 770 miles of crude oil gathering pipelines, natural gas pipelines, and an integrated water system in the Midland Delaware basin of the Permian Basin. Diamondback Energy Inc. operates its business with two segments, the Upstream segment and the Midstream segment. The company founded headquarters in Midland, Texas. Mr. Travis D. Stice has served as the Chief Executive Officer of Diamondback Energy Inc. since January 2012. The company had 972 employees on December 31, 2022.
	5	+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 operates its business focusing on the acquisition, development, exploration and unconventional, onshore oil and natural gas reserves in the Permian Basin in west Texas. This major producing basin has an extensive production history, a favorable operating environment, mature infrastructure, long reserve life, multiple producing horizons, enhance recovery potential and a large number of operators. The company also owns, operates, develops, and acquires midstream infrastructure assets, including 770 miles of crude oil gathering pipelines, natural gas pipelines, and an integrated water system in the Midland Delaware basin of the Permian Basin. Diamondback Energy Inc. operates its business with two segments, the Upstream segment and the Midstream segment. The company founded headquarters in Midland, Texas. Mr. Travis D. Stice has served as the Chief Executive Officer of Diamondback Energy Inc. since January 2012. The company had 972 employees on December 31, 2022.
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8	8	Financial overview
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18	18	Annual Performance Highlights
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20	20	During the fiscal ended December 31, 2022, the company experienced growth in sales, with total sales reaching $9,643 million. This marked an increase of $2,846 million or 41.88% compared to the sales figure of $6,797 million in 2021. The company's gross profit for 2022 amounted to $8,733 million, reflecting a difference of $2,713 million or 45.1% from the gross profit of $6,020 million in the previous year, 2021. Additionally, the company's operating profit increased in 2022, totaling $6,508 million, which was higher by $2,507 million or 62.6% compared to the operating profit of $4,001 million in 2021. The net profit for the year 2022 was $4,386 million, representing an increase of $2,204 million compared to the net profit of $2,182 million in 2021. Moreover, the diluted earnings per share (EPS) for 2022 were reported as $24.61 which showed an increase of $12.37 compared to the diluted EPS of $12.24 in 2021. Current asset of the company was $1,392 million in 2022 and $1,446 million a year earlier. The total asset of the company was $26,209 million in 2022 and $22,898 million a year earlier. Current liabilities of the company were $1,716 million and $1,438 million a year earlier. In 2022, total liabilities of the company were $10,519 million and $9,653 million in 2021.
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22		-Cash provided by operating activities in 2022 was $6,325 million. The primary sources of cash from operating activities were from higher operating income as well as effective working capital management, partially offset by interest payments. The primary sources of cash from operating activities were collections on accounts receivables, partially offset by interest payments.
	23	+Cash provided by operating activities in 2022 was $6,325 million. The primary sources of cash from operating activities were from higher operating income as well as effective working capital management, partially offset by interest payments. The primary sources of cash from operating activities were collections on accounts receivables, partially offset by interest payments. Net cash used in investing activities was $3,300 million compared to $1,500 million for the years ended December 31, 2022 and 2021, respectively. The majority net cash used for investing activities during the year ended December 31, 2022 was for the purchase and development of oil and natural gas properties and related assets, including the FireBird Acquisition.
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24	24	Cash used in investing activities in 2022 was $3,330 million. The primary uses of cash from investing activities were of $1,854 million; partially offset by proceeds from the addition to midstream assets of $84 million. Cash used in financing activities in 2022 was $3,503 million.
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26	26	Business Overview
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	32	+Diamondback Energy Inc. involves in the exploration, development, and production of oil and natural gas in the United States. Some of the key activities of Diamondback Energy Inc.
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34		-Company History
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36		-Diamondback Energy Inc. (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.
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	41	+Company History
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	43	+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.