Corporate Analysis:
Diamondback Energy Q2 2026

Diamondback Energy has become the largest pure-play Permian producer by production, market capitalization, and remaining inventory, supported by a dominant Midland Basin position built through more than $37 billion of acquisitions since 2020. In Q2 2026, the company surpassed 1 MMBoe/d of production, while Novi models nearly 100 million lateral feet of remaining base-case Midland inventory. Approximately 58% of that inventory is Tier-1 or Tier-2 rock quality, and Diamondback’s $48.57/bbl median NPV25 breakeven is the lowest among remaining Midland Basin inventory.

This Q2 2026 Corporate Note examines the inventory depth, economics, production outlook, and operating efficiency behind Diamondback’s scale.

*Please note that this report is only available for Novi Intelligence subscribers.