Diamondback Energy, Inc., an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. It primarily focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin; and the Wolfcamp and Bone Spring formations of the Delaware basin, which are part of the Permian Basin in West Texas and New Mexico. As of December 31, 2018, the company's net acreage position was approximately 461,218 acres in the Permian Basin; and estimated proved oil and natural gas reserves were 992,001 thousand barrels of crude oil equivalent. It also held working interests in 7,279 gross producing wells, as well as royalty interests in 2,645 additional wells. In addition, the company, through its subsidiary, Viper Energy Partners LP, owns mineral interests in approximately 532,295 gross acres and 14,841 net royalty acres in the Permian Basin and Eagle Ford Shale. Diamondback Energy, Inc. was founded in 2007 and is headquartered in Midland, Texas.