FANG · 10-K filed 25 Feb 2026 · year to 31 Dec 2025

Diamondback Energy

29 named things its latest annual report says its results depend on, each in the company's own words. 21 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Four major purchasers

earns from · four purchasers each accounted for more than 10% of our revenuenamed as a risk

For the years ended December 31, 2025, 2024 and 2023 four purchasers each accounted for more than 10% of our revenue.Business (Item 1)

Oil and natural gas purchasers receivables

earns from · approximately $1.1 billion at December 31, 2025named as a risk

Our principal exposures to credit risk are due to the concentration of receivables from the sale of our oil and natural gas production (approximately $1.1 billion at December 31, 2025), and to a lesser extent, receivables resulting from joint interest and other receivables (approximately $258 million at December 31, 2025).Market risk (Item 7A)

Long-term crude oil delivery agreements

earns fromnamed as a risk

If production from our Permian Basin acreage decreases due to reduced developmental activities, as a result of the low commodity price environment, production related difficulties or otherwise, we may be unable to meet our obligations under our oil purchase agreements, which may result in deficiency payments to certain counterparties or a default under such agreements and may have an adverse effect on our company.Risk factors (Item 1A)

Suppliers

Ryder Scott

depends on · covered 100% of our total proved reserves

The purpose of Ryder Scott’s audits was to provide additional assurance on the reasonableness of internally prepared reserve estimates and covered 100% of our total proved reserves for 2025, 2024 and 2023.Business (Item 1)

Also named by VNOM

Electric power grid

depends onnamed as a risk

Reduced power reliability could disrupt our drilling, completion, and production activities; impair midstream operations; hinder remote monitoring and data integrity; and force suspensions or shutdowns or unplanned spending on backup power and communications, any of which could have a material adverse effect on our business and results of operations.Risk factors (Item 1A)

Also named by VNOM

Third-party pipeline and gas gathering systems

depends onnamed as a risk

For example, on certain occasions we have experienced high line pressure at our tank batteries with occasional flaring due to the inability of the gas gathering systems in the areas in which we operate to support the increased production of natural gas in the Permian Basin.Risk factors (Item 1A)

Other companies

SOFR

exposed to its price · $550 million under the 2025 Term Loannamed as a risk

The terms of the term loan and revolving credit facilities provide for interest on borrowings at a floating rate equal to an alternate base rate tied to SOFR.Risk factors (Item 1A)

Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more

Endeavor Energy Resources equityholders

approximately 35.8% of our common stocknamed as a risk

As of December 31, 2025, Endeavor’s equityholders held approximately 35.8% of our common stock.Risk factors (Item 1A)

EPIC Crude Holdings, LP

27.5% equity interest

During the year ended December 31, 2025, we divested approximately $1.7 billion in non-core assets, including our 27.5% equity interest in EPIC Crude Holdings, LP (“EPIC”) and our subsidiary, Environmental Disposal Systems, LLC, (“EDS”) which operated water assets acquired in the Endeavor Acquisition as discussed in Note 4—Acquisitions and Divestitures in Item 8. Financial Statements and Supplementary Data of this report.Business (Item 1)

Also named by PAA, PAGP

Sitio Royalties Corp.

approximately $4.0 billion

The Sitio Acquisition was an all-equity transaction valued at approximately $4.0 billion, including customary transaction costs and post-closing adjustments and the partial retirement of Sitio’s net debt of approximately $1.2 billion.Business (Item 1)

Also named by VNOM

Viper Energy, Inc.

approximately 42% of Viper’s outstanding shares

At December 31, 2025, we owned approximately 42% of Viper’s outstanding shares of common stock on a fully diluted basis, after giving effect to the outstanding TWR Class B Option (as defined and discussed in Note 4—Acquisitions and Divestitures in Item 8. Financial Statements and Supplementary Data of this report).Business (Item 1)

Double Eagle IV Midco, LLC

$3.1 billion in cash and approximately 6.84 million shares

On April 1, 2025, we completed our acquisition of all of the issued and outstanding interests of DE Permian, LLC, DE IV Combo, LLC and DE IV Operating, LLC, each of which were wholly owned subsidiaries of Double Eagle IV Midco, LLC (the “Double Eagle Acquisition”) for consideration of $3.1 billion in cash and approximately 6.84 million shares of the Company’s common stock, including transaction costs and subject to certain customary post-closing adjustments.Business (Item 1)

Places

Permian Basin

concentrated in · approximately 1,097,846 gross (869,036 net) acresnamed as a risk

Our producing properties are currently geographically concentrated in the Permian Basin of West Texas.Risk factors (Item 1A)

Also named by AESI, APA, ARLP, AROC, ATO, CRGY, CVX, DINO and 20 more

Midland Basin

concentrated in · 982,692 gross (774,645 net) acresnamed as a risk

In addition to the geographic concentration of our producing properties described above, as of December 31, 2025, most of our proved reserves are concentrated in the Wolfberry play in the Midland Basin.Risk factors (Item 1A)

Also named by COP, TPL, VNOM

Delaware Basin

operates in · 115,154 gross (94,391 net) acres

As of December 31, 2025, our total acreage position in the Permian Basin was approximately 1,097,846 gross (869,036 net) acres, which consisted primarily of 982,692 gross (774,645 net) acres in the Midland Basin and 115,154 gross (94,391 net) acres in the Delaware Basin.Business (Item 1)

Also named by COP, DVN, EOG, LB, PAA, PAGP, VNOM, WES

Hazards

Induced seismicity

operates innamed as a risk

These actions were taken in an effort to control induced seismic activity and recent increases in earthquakes in the Permian Basin, which have been linked by the U.S. and local seismologists to wastewater disposal in oil fields.Risk factors (Item 1A)

Also named by BSM, CRGY, DMLP, DVN, LB, PR, VNOM, WES and 1 more

Texas drought

operates innamed as a risk

As a result of this severe drought, some local water districts have begun restricting the use of water subject to their jurisdiction for hydraulic fracturing to protect local water supply.Risk factors (Item 1A)

Commodities and inputs

Natural gas liquids

exposed to its price · 27% natural gas liquidsnamed as a risk

As of December 31, 2025, our estimated proved reserves were approximately 49% oil, 24% natural gas and 27% natural gas liquids.Business (Item 1)

Also named by AM, APA, AR, CHRD, CNX, CRGY, DOW, DVN and 17 more

Henry Hub natural gas

exposed to its price · $1.58 to $5.29 per MMBtunamed as a risk

From the beginning of 2023 through the end of 2025, WTI prices ranged from $55.27 to $93.68 per Bbl and the Henry Hub price of natural gas ranged from $1.58 to $5.29 per MMBtu.Risk factors (Item 1A)

Also named by AM, AR, ATI, BSM, BTU, CNX, CRGY, DVN and 13 more

WTI crude oil

exposed to its price · $55.27 to $93.68 per Bblnamed as a risk

From the beginning of 2023 through the end of 2025, WTI prices ranged from $55.27 to $93.68 per Bbl and the Henry Hub price of natural gas ranged from $1.58 to $5.29 per MMBtu.Risk factors (Item 1A)

Also named by AR, CHRD, CRGY, EPD, EQT, KRP, OXY, PAA and 4 more

Water

depends onnamed as a risk

If we are unable to obtain water to use in our operations from local sources, or we are unable to effectively utilize flowback water, we may be unable to economically drill for or produce oil and natural gas, which could have an adverse effect on our financial condition, results of operations and cash flows.Risk factors (Item 1A)

Also named by ADM, BF/B, CDE, CELH, CNX, CRGY, DE, EOG and 9 more

Sand and proppants

depends onnamed as a risk

The oil and natural gas industry is cyclical, which can result in shortages of drilling rigs, equipment, raw materials (particularly sand and other proppants), supplies and personnel.Risk factors (Item 1A)

Also named by KRP

Regulators

Pipeline and Hazardous Materials Safety Administration (PHMSA)

subject tonamed as a risk

In our midstream operations, we are subject to regulation by the U.S. Department of Transportation, or DOT, under the Hazardous Liquids Pipeline Safety Act of 1979, or HLPSA, and comparable state statutes with respect to design, installation, testing, construction, operation, replacement and management of pipeline facilities.Business (Item 1)

Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CRGY and 29 more

Texas Railroad Commission

subject tonamed as a risk

In September 2021, the Texas Railroad Commission curtailed the amount of produced water companies were permitted to inject into some wells near Midland and Odessa in the Permian Basin and has since indefinitely suspended some permits there and expanded the restrictions to other areas.Risk factors (Item 1A)

Also named by ARLP, CRGY, ET, L, LB, VNOM, WES, WMB and 1 more

U.S. Environmental Protection Agency (EPA) methane rule

subject tonamed as a risk

On March 8, 2024, the EPA published a final rule to expand and strengthen emission reduction requirements for both new and existing sources in the oil and natural gas industry by requiring increased monitoring of fugitive emissions, imposing new requirements for pneumatic controllers and tank batteries, and prohibiting venting of natural gas in certain situations.Business (Item 1)

Also named by COP

Federal Energy Regulatory Commission (FERC)

subject to

We are subject to such regulation when we provide such interstate transportation of oil in our midstream operations, and we have a tariff on file with FERC for that purpose.Business (Item 1)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

Laws and programs

Inflation Reduction Act of 2022

subject to · 15% corporate alternative minimum taxnamed as a risk

While we are subject to CAMT, we did not incur a CAMT liability for 2025.Risk factors (Item 1A)

Also named by ABBV, APD, ARE, BKH, DD, DHR, ELV, ENPH and 30 more

Endangered Species Act (lesser prairie chicken, dunes sagebrush lizard)

subject tonamed as a risk

If endangered species, such as the lesser prairie chicken or dunes sagebrush lizard, are located in areas where we operate, our operations or any work performed related to them could be prohibited or delayed, or expensive mitigation could be required.Business (Item 1)

Also named by CHRD, CNX, CRGY, CTVA, DC, KGS, LB, NEE and 4 more

One Big Beautiful Bill Act

subject to

For 2025, the net effect of the OBBB was to accelerate our tax deductions and thus favorably affect our cash flow, but to the extent that our tax deductions may be limited or deferred by the applicable provisions of the OBBB in future periods, the amount and timing of our cash tax obligations may be adversely affected.Risk factors (Item 1A)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more