New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Diamondback Energy Employees: Navigating the Rising Costs of College Tuition for Your Family

Healthcare Provider Update: Healthcare Provider for Diamondback Energy Diamondback Energy partners with UnitedHealthcare as its healthcare provider. This relationship is significant as UnitedHealthcare is one of the largest health insurers in the United States, offering a comprehensive range of plans that cater to the diverse needs of Diamondback's workforce. Healthcare Cost Increases in 2026 In 2026, the healthcare landscape is anticipated to face considerable challenges, particularly for Diamondback Energy and its employees. With health insurance premiums for ACA marketplace plans projected to rise sharply-potentially by over 75% for many enrollees-the impact of expiring federal premium subsidies will be profoundly felt. This scenario is compounded by rising medical costs, with forecasts suggesting that many states may experience increases as steep as 66%, significantly affecting overall healthcare affordability for Diamondback's workforce. As these changes unfold, it is crucial for companies like Diamondback Energy to strategize on managing healthcare-related expenses effectively to support their employees amidst a fluctuating market. Click here to learn more

It doesn’t take a degree in finance to see the cost of college continues to rise.

In its 2017 report, the College Board showed that public four-year institutions raised prices an average of 3.2% annually between the 2007-08 and 2017-18 school years. Put another way, a $5,000 education in 2007-08 would cost $6,851 in 2017-18.

For a few families, the lion’s share of education costs falls on parents and, in some cases, on grandparents. For our Diamondback Energy clients who are parents you may already know, generally, the majority of families rely on a combination of scholarships, grants, financial aid, part-time jobs, and parent support to help pay the cost.

For Diamondback Energy employees who have children approaching college age, a good first step is estimating the potential costs. The accompanying worksheet can help you get a better idea about the cost of a four-year college.

For Diamondback Energy employees who already put money away for college, the worksheet will take that amount into consideration. For Diamondback Energy employees who haven’t, it’s never too late to start.

Resources

There are a number of resources that can help individuals prepare for college. The U.S. government distributes certain information on colleges and costs. Here are two sites for these Diamondback Energy employees to consider reviewing:

www.studentaid.ed.gov
The government’s college and financial aid portal.

Featured Video

Articles you may find interesting:

www.collegeboard.org
The group that administers the SAT test.

Estimating the Cost of College

Estimating the Cost of College

What type of retirement plan does Diamondback Energy offer?

Diamondback Energy offers a 401(k) retirement savings plan to help employees save for their future.

Is there a company match for contributions to the 401(k) plan at Diamondback Energy?

Yes, Diamondback Energy provides a company match for employee contributions to the 401(k) plan, enhancing your retirement savings.

How can I enroll in the 401(k) plan at Diamondback Energy?

Employees can enroll in the Diamondback Energy 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

What is the eligibility requirement to participate in Diamondback Energy's 401(k) plan?

Most employees at Diamondback Energy are eligible to participate in the 401(k) plan after completing a specified period of service.

What investment options are available in Diamondback Energy's 401(k) plan?

Diamondback Energy's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

Can I change my contribution percentage to the 401(k) plan at Diamondback Energy?

Yes, employees can change their contribution percentage to the Diamondback Energy 401(k) plan at any time, subject to certain guidelines.

Does Diamondback Energy offer loans against the 401(k) plan?

Yes, Diamondback Energy allows employees to take loans against their 401(k) plan balance, subject to the plan's terms and conditions.

How often can I change my investment allocations in the Diamondback Energy 401(k) plan?

Employees can change their investment allocations in the Diamondback Energy 401(k) plan as frequently as they wish, typically through the plan’s online portal.

What happens to my 401(k) if I leave Diamondback Energy?

If you leave Diamondback Energy, you have several options for your 401(k), including rolling it over to another retirement account, cashing it out, or leaving it in the Diamondback plan if eligible.

Are there any fees associated with the Diamondback Energy 401(k) plan?

Yes, there may be administrative fees and investment-related fees associated with the Diamondback Energy 401(k) plan, which are disclosed in the plan documents.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

For Diamondback Energy, the company offers a 401(k) plan under the name "Diamondback Energy 401(k) Plan" with eligibility based on service and age requirements that vary slightly depending on employee classification. The company uses industry-specific terminology and acronyms, including "FANG" as its stock symbol and commonly referring to its operations as part of the Permian Basin. For its pension plan offerings, while there is no traditional defined benefit pension available, Diamondback provides substantial retirement contributions through its 401(k) plan, matching employee contributions up to 6% of salary (Diamondback Energy) (Diamondback Energy). Regarding the years of service and age qualification, employees typically become eligible for Diamondback Energy’s 401(k) match after completing one year of service. The matching contributions are vested gradually, with full vesting occurring after 5 years of service. While detailed documentation does not explicitly list a traditional pension formula, the 401(k) match is a significant part of their retirement strategy

Restructuring and Layoffs: In early 2024, Diamondback Energy announced a restructuring plan aimed at streamlining operations and reducing costs. The plan included a reduction of 5% in workforce to align with the company's strategic goals and to enhance operational efficiency. This restructuring was influenced by fluctuating oil prices and the need to adapt to a more competitive market. Given the current economic environment, understanding these changes is crucial for investors and employees to make informed decisions.

In 2022, Diamondback Energy provided stock options and RSUs to senior executives and key employees. The RSUs typically vest over a four-year period. Eligibility was determined based on performance and tenure.

Company Official Website: For the most direct and accurate information on Diamondback Energy's health benefits. Industry News Sources: Reputable news outlets that cover employee benefits and changes in healthcare policies within the industry. Employment and Benefits Websites: Sites like Glassdoor, Indeed, or LinkedIn for employee reviews and company benefit details. Company Reports: Annual reports or benefits summaries released by Diamondback Energy. Healthcare and Insurance Providers: Websites of insurance providers that partner with Diamondback Energy, if available.

Additional Articles

Check Out Articles for Diamondback Energy employees

For more information you can reach the plan administrator for Diamondback Energy at 500 West Texas Ave, Suite 1200 Midland, TX 79701; or by calling them at (432) 221-7400.

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