Diamondback Energy has launched tender offers to repurchase all outstanding 4.400% senior notes due 2051 and 4.250% senior notes due 2052. The offers, dated April 6 2026, will close at 5:00 p.m. New York City time on April 10 2026. The company will settle on April 13 2026 for timely tenders and April 15 2026 for guaranteed delivery tenders. The aggregate principal amounts outstanding are $386,412,000 for the 2051 notes and $605,258,000 for the 2052 notes, totaling approximately $991.7 million.
The consideration for each note is a fixed spread of 80 basis points over a specified U.S. Treasury reference security, ensuring a competitive price for holders while allowing Diamondback to reduce debt at a favorable cost.
The tender offers are part of Diamondback’s ongoing effort to strengthen its balance sheet. In February 2026 the company used proceeds from asset sales to repay debt and repurchase notes, and it has set a target debt ratio of 1.0. By buying back these long‑dated, fixed‑rate notes, Diamondback aims to lower future interest expenses and improve its debt maturity profile.
Diamondback, an independent oil and natural gas producer focused on the Permian Basin, has a significant share repurchase authorization and a capital allocation framework that includes base dividends, variable dividends tied to free cash flow, and opportunistic share buybacks. The current tender offers reinforce the company’s commitment to delivering shareholder value through disciplined capital management.
Repurchasing nearly $1 billion of senior debt will reduce long‑term debt exposure, lower the company’s debt‑to‑equity ratio, and decrease interest expense, thereby improving financial flexibility and supporting future investment in exploration and development projects.
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