
Midland, Texas-based Diamondback Energy, Inc. (FANG) is an independent oil and gas company. It acquires, develops, explores, and exploits unconventional, onshore oil and natural gas reserves. With a market cap of $34.7 billion, Diamondback Energy owns and operates midstream infrastructure assets in the Midland and Delaware Basins of the Permian Basin.
The oil & gas giant has substantially outperformed the broader market over the past year. Over the past 52 weeks, FANG surged 31.6%, outpacing the S&P 500 Index’s ($SPX) 26.1% returns. In 2024, FANG is up 25.6% compared to SPX’s 16.5% gains on a YTD basis.