Diamondback Energy Inc. (NASDAQ: FANG) announced the pricing of an underwritten public offering of 11 million shares of common stock by selling stockholder SGF FANG Holdings, LP. The offering will generate approximately $1.9 billion in gross proceeds for the selling stockholder.

Diamondback will not receive any proceeds from the sale. The secondary offering is expected to close on March 12, 2026, subject to customary closing conditions.

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 offering.

The company has filed a registration statement with the Securities and Exchange Commission for the offering. The Midland, Texas-based company focuses on oil and natural gas operations in the Permian Basin.