Diamondback Energy Inc. (NASDAQ: FANG) announced the launch of an underwritten public offering of 11 million shares of common stock by SGF FANG Holdings, LP, a selling stockholder, according to a company statement.

The Midland, Texas-based oil and natural gas company will not receive proceeds from the share sale. The selling stockholder has granted underwriters a 30-day option to purchase up to an additional 1.65 million shares to cover over-allotments.

Evercore ISI, Citigroup and J.P. Morgan are serving as joint book-running managers for the secondary offering.

The company has filed a registration statement with the Securities and Exchange Commission for the offering. Diamondback operates as an independent oil and natural gas company focused on unconventional onshore reserves in the Permian Basin in West Texas.

The offering remains subject to market and other conditions. Prospectus documents will be available through the underwriters once the offering proceeds.