Who is Darin G. Holderness and what is his background?

Darin G. Holderness is a seasoned executive with over 30 years of experience in the energy sector. He has held significant financial and leadership roles, including CFO of P&A Exchange LLC and ProPetro Holding Corp., and Senior Vice President, CFO, and Treasurer of Concho Resources. He also has experience with KPMG LLP, focusing on the energy sector. He has served on several other boards, including Ranger Oil Corporation and JMR Services LLC.

Why was Mr. Holderness appointed to the Board?

Mr. Holderness was appointed to fill a vacancy created by an increase in the Board's size, as part of Diamondback Energy's obligations under a Stockholders Agreement dated September 10, 2024. The company likely sought to leverage his extensive financial and operational expertise in the energy industry to strengthen its board oversight and strategic direction.

What is the significance of his appointment to the Audit Committee?

His appointment to the Audit Committee is significant as it directly enhances the Board's financial oversight capabilities. Given his extensive financial background, including CFO roles and public accounting experience, Mr. Holderness's presence on the Audit Committee is expected to contribute to robust financial reporting and risk management processes.

How will Mr. Holderness be compensated?

As a non-employee member of the Board, Mr. Holderness will be compensated according to Diamondback Energy's standard non-employee director compensation program. This compensation will be prorated for his service period and is detailed in the company's proxy statement previously filed on April 25, 2024. He will also have an indemnification agreement consistent with other directors.

FANG 8-K: Leadership Changes & Regulation FD

Summary

Diamondback Energy, Inc. (FANG) announced a strategic addition to its Board of Directors on February 3, 2025, appointing Darin G. Holderness to fill a newly created vacancy, increasing the Board's size to 13 members. Mr. Holderness brings over 30 years of extensive experience in the energy sector, holding key financial and leadership roles at notable companies such as P&A Exchange LLC, ProPetro Holding Corp., and Concho Resources, as well as a background in public accounting with KPMG LLP. His appointment, effective immediately, is intended to bolster the Board's expertise, particularly in financial and operational matters within the industry. Furthermore, Mr. Holderness has been appointed to the Audit Committee, underscoring the Board's commitment to strong financial oversight. This appointment is linked to the company's obligations under a Stockholders Agreement dated September 10, 2024, which grants certain stockholders the right to designate board members. Investors may view this as a positive development, reflecting an effort to enhance governance and leverage seasoned executive talent to support Diamondback Energy's strategic objectives and operational execution.

Key Highlights

1Darin G. Holderness appointed to the Board of Directors, expanding the Board to 13 members.
2Mr. Holderness brings over 30 years of experience in the energy sector, including significant financial leadership roles.
3Appointment includes membership on the Audit Committee, enhancing financial oversight capabilities.
4The appointment is made in accordance with the terms of a Stockholders Agreement dated September 10, 2024.
5Mr. Holderness previously held CFO positions at ProPetro Holding Corp. and Concho Resources, and has a background with KPMG LLP.
6Compensation for Mr. Holderness as a non-employee director will follow the company's established program.
7The company issued a press release on February 3, 2025, to announce the appointment.

Diamondback Energy, Inc. 8-K Report, Executive Changes (Feb 3, 2025)

Summary

Key Highlights

Frequently Asked Questions