Overview

Travis Stice Chairman & Chief Executive Officer

Travis Stice Executive Chairman of the Board

At Diamondback, we believe our business success is achieved through our disciplined commitment to a culture of excellence, efficiency and low cost structure. We are committed to doing business in the right way—focused on our five core values of integrity, leadership, excellence, people and teamwork.

Core Values

Diamondback and the culture we have developed are grounded in a unique set of core values that are adhered to throughout the entire organization. By establishing core values, we have set the bar extremely high for all of our employees in terms of how they operate and interact, both within the office and out in the field.

Integrity is earned when our words and actions consistently reflect our vision and strategy and is apparent in all interactions with our internal teams, business partners, and shareholders

Leadership is setting the right vision, making sound decisions, and delegating effectively. We lead by executing our strategy, operating with excellence, and delivering exceptional results to shareholders.

Excellence is achieved when our actions exceed the desired outcome. We have high expectations and recognize individual and team accomplishments with emphasis on contributions to our organization’s success.

People are the foundation of our company’s success. We believe success thrives in a culture built on mutual trust, confidence, and respect. This environment challenges our employees, business partners, and community to reach their full potential.

Teamwork embodies different ideas, personalities, and skills to achieve common goals both within our organization and through effective relationships with our business partners.

Operations

The Permian Basin formed as an area of rapid Mississippian-Pennsylvanian subsidence in the foreland of the Ouachita fold belt. It is one of the largest sedimentary basins in the U.S., and has oil and gas production from several reservoirs from Permian through Ordovician in age. The term "Wolfberry" was coined initially to indicate commingled production from the Permian Spraberry, Dean and Wolfcamp formations. The Wolfberry play of the Midland Basin lies in the area where the historically productive Spraberry trend geographically overlaps the productive area of the emerging Wolfcamp play can be generally characterized as a combination of low-permeability clastic, carbonate and shale reservoirs which are hydrocarbon-charged and are economic due to the overall thickness of the section (more than 3,000 feet) and application of enhanced stimulation (fracking) techniques.

The Wolfberry is an unconventional "basin-centered oil" resource play, in the sense that there is no regional downdip oil/water contact. There are also productive carbonate and shale intervals within the shallower Permian Clearfork formation. Two shale intervals within the Clearfork formation are currently being evaluated for potential horizontal development. Below the Wolfcamp formation lie the Pennsylvanian Strawn and Atoka formations. Although difficult to predict, there are conventional pay intervals that develop locally within these formations which, when present, can add significant reserves. Debris flows within the Spraberry and Wolfcamp carbonates have been observed on 3-D seismic surveys and initial tests have confirmed the presence of enhanced reservoir. Additionally, structural closures have been mapped and are being evaluated for drilling to test deeper targets. Our extensive geophysical database, which includes approximately 285 square miles of proprietary 3-D seismic data, will be used to enhance grading of future locations.

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Diamondback’s wholly-owned subsidiary,  Rattler Midstream Operating LLC, owns and operates crude oil and natural gas gathering systems that provide services to Diamondback Energy and third party customers under primarily long-term, fixed-fee contracts.