Diamondback Energy, Inc., together with its subsidiaries, is an independent oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. The Company's activities are primarily directed at the horizontal development of the Wolfcamp and Spraberry formations in the Midland Basin and the Wolfcamp and Bone Spring formations in the Delaware Basin within the Permian Basin. Additionally, its subsidiary, Viper Energy, Inc., is focused on owning and acquiring mineral interests and royalty interests in oil and natural gas properties primarily in the Permian Basin. It has approximately 870,303 net acres, which primarily consisted of approximately 715,956 net acres in the Midland Basin and 154,026 net acres in the Delaware Basin. The Company's subsidiaries include Diamondback E&P LLC, Rattler Midstream GP LLC, Rattler Midstream LP, and QEP Resources, Inc.