With a market cap of $43.5 billion, Diamondback Energy, Inc. (FANG) is an independent oil and natural gas company. Based in Midland, Texas, the company focuses on the acquisition, development, exploration, and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas.
Companies valued at $10 billion or more are generally classified as “large-cap” stocks, and Diamondback Energy fits this criterion perfectly. The company primarily focuses on developing the Spraberry and Wolfcamp formations in the Midland Basin, as well as the Wolfcamp and Bone Spring formations in the Delaware Basin, both of which are part of the Permian Basin in West Texas and New Mexico.
