Diamondback Energy (NASDAQ:FANG)

Diamondback Energy, the third largest oil and gas producer in the prolific Permian Basin in Western Texas and Nevada. In 2007, it had about 4,000 acres in the Permian. Today, it has approximately 604,367 gross acres there, including 231,100 acres in the Midland Basin and approximately 232,143 acres in the Delaware Basin. Using horizontal drilling, Diamondback Energy is producing increasingly more oil and gas at attractive yields. It completed its first horizontal wells in 2012 and now, it operates nearly 1,200 horizontal wells. Diamondback's Permian Basin net production was 47,610 MBOE in 2018, comprising 72% oil, 16% natural gas liquids, and 12% natural gas. It drilled 189 gross wells in 2018 and in 2019, it expects to complete at least 290 horizontal wells. Revenue was $2.2 billion in 2018, up from $527 million in 2016, and given estimated proved oil and natural gas reserves of 992,001 MBOE, Diamondback could be one of the best oil stocks for long-term investors to own.