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Diamondback Energy Prices $1.9B Secondary Stock Offering
The oil and gas company's largest shareholder is selling 11 million shares.
Mar. 11, 2026 at 2:04am
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Diamondback Energy, Inc. announced the pricing of an underwritten public offering of 11,000,000 shares of its common stock by its largest shareholder, SGF FANG Holdings, LP. The gross proceeds from the sale will be approximately $1.9 billion, with Diamondback not receiving any of the proceeds.
Why it matters
This secondary offering allows Diamondback's largest investor to monetize part of its stake in the company, which could signal a shift in the company's ownership structure. The funds raised may be used by the selling shareholder for other investments or purposes.
The details
The secondary offering is expected to close on March 12, 2026, subject to customary closing conditions. The underwriters also have a 30-day option to purchase up to an additional 1,650,000 shares to cover over-allotments. Evercore ISI, Citigroup, and J.P. Morgan are acting as joint book-running managers for the offering.
- The secondary offering is expected to close on March 12, 2026.
- The underwriters have a 30-day option to purchase additional shares.
The players
Diamondback Energy, Inc.
An independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas.
SGF FANG Holdings, LP
The largest shareholder of Diamondback Energy, selling 11 million shares in this secondary offering.
Evercore ISI
One of the joint book-running managers for the secondary offering.
Citigroup
One of the joint book-running managers for the secondary offering.
J.P. Morgan
One of the joint book-running managers for the secondary offering.
What’s next
The secondary offering is expected to close on March 12, 2026, subject to customary closing conditions.
The takeaway
This secondary offering allows Diamondback's largest shareholder to monetize part of its stake, which could signal changes in the company's ownership structure and the potential use of the funds raised by the selling shareholder.
