8-KShareholder Matters

Diamondback Energy, Inc. 8-K Report, Shareholder Vote Results (Jun 6, 2013)

Filed June 6, 2013For Securities:FANG

Summary

Diamondback Energy, Inc. (FANG) filed an 8-K report on June 6, 2013, detailing the results of its 2013 Annual Meeting of Stockholders held on June 3, 2013. The primary focus of the filing is the outcome of two key proposals voted upon by the shareholders. The meeting confirmed the election of five directors to serve until the 2014 Annual Meeting and ratified the appointment of Grant Thornton LLP as the company's independent auditor for the fiscal year ending December 31, 2013. Investors can view this filing as a routine update on corporate governance. The overwhelming support for the re-election of all nominated directors and the ratification of the auditor indicates a stable board and a satisfactory relationship with their independent accounting firm. This filing provides assurance to investors regarding the continuity of leadership and the oversight of financial reporting.

Key Highlights

  • 1Diamondback Energy held its 2013 Annual Meeting of Stockholders on June 3, 2013.
  • 2Five directors, including Steven E. West and Travis D. Stice, were elected to serve until the 2014 Annual Meeting.
  • 3All nominated directors received substantial "For" votes, indicating strong shareholder confidence in the current board.
  • 4Grant Thornton LLP was ratified as the company's independent auditor for the fiscal year ending December 31, 2013.
  • 5The ratification of the independent auditor received an overwhelming majority of "For" votes.
  • 6The filing was made pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Frequently Asked Questions

The main purpose of this 8-K filing was to report the official results of Diamondback Energy, Inc.'s 2013 Annual Meeting of Stockholders, specifically the outcomes of shareholder votes on the election of directors and the ratification of the independent auditor.

No, all five nominated directors were elected without significant opposition, receiving a large majority of "For" votes and relatively low numbers of "Withheld" votes and broker non-votes.

Grant Thornton LLP was ratified as Diamondback Energy's independent auditor for the fiscal year ending December 31, 2013. The appointment received very strong support from shareholders.

This filing indicates continuity rather than significant change. The re-election of all directors and the ratification of the auditor suggest stability in the company's leadership and its financial reporting structure.