Diamondback Energy, Inc.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
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Revenue from Contracts with Customers
- REVENUE FROM CONTRACTS WITH CUSTOMERS
Revenue from Contracts with Customers
The following tables present the Company’s revenue from contracts with customers:
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In millions) | |||
| Oil sales | $11,621 | $9,067 | $7,279 |
| Natural gas sales | 400 | 89 | 262 |
| Natural gas liquid sales | 1,432 | 944 | 687 |
| Total oil, natural gas and natural gas liquid revenues | 13,453 | 10,100 | 8,228 |
| Sales of purchased oil | 1,476 | 923 | 111 |
| Other service revenues | 65 | 29 | 62 |
| Total revenue from contracts with customers | $14,994 | $11,052 | $8,401 |
The following tables present the Company’s revenue from oil, natural gas and natural gas liquids disaggregated by basin:
| Year Ended December 31, 2025 | ||||
|---|---|---|---|---|
| Midland Basin | Delaware Basin | Other | Total | |
| (In millions) | ||||
| Oil sales | $10,729 | $850 | $42 | $11,621 |
| Natural gas sales | 349 | 45 | 6 | 400 |
| Natural gas liquid sales | 1,321 | 111 | — | 1,432 |
| Total | $12,399 | $1,006 | $48 | $13,453 |
| Year Ended December 31, 2024 | ||||
|---|---|---|---|---|
| Midland Basin | Delaware Basin | Other | Total | |
| (In millions) | ||||
| Oil sales | $7,711 | $1,347 | $9 | $9,067 |
| Natural gas sales | 65 | 23 | 1 | 89 |
| Natural gas liquid sales | 779 | 165 | — | 944 |
| Total | $8,555 | $1,535 | $10 | $10,100 |
| Year Ended December 31, 2023 | ||||
|---|---|---|---|---|
| Midland Basin | Delaware Basin | Other | Total | |
| (In millions) | ||||
| Oil sales | $5,746 | $1,527 | $6 | $7,279 |
| Natural gas sales | 176 | 85 | 1 | 262 |
| Natural gas liquid sales | 500 | 187 | — | 687 |
| Total | $6,422 | $1,799 | $7 | $8,228 |
Customers
The Company is subject to risk resulting from the concentration of its crude oil and natural gas sales and receivables with several significant purchasers. For the year ended December 31, 2025, four purchasers each accounted for more than 10% of our revenue: Medallion Midstream (16%), Shell Trading (USA) Company (“Shell”) (13%), Enterprise Crude Oil LLC (“Enterprise”) (12%) and Vitol Inc. (“Vitol”) (11%). For the year ended December 31, 2024, four purchasers each accounted for more than 10% of the Company’s revenue: Vitol (17%), Enterprise (15%), Shell (13%) and DK Trading & Supply LLC (“DK”) (11%). For the year ended December 31, 2023, four purchasers each accounted for more than 10% of the Company’s revenue: Vitol (22%), DK (18%), Shell (14%) and Enterprise (13%). The Company does not require collateral and does not believe the loss of any single purchaser would materially impact its operating results, as crude oil and natural gas are fungible products with well-established markets and numerous purchasers.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.