Diamondback Energy seen as a strong buy amid lasting high oil prices and global energy security concerns.

Diamondback Energy (FANG) is highlighted as a secure investment due to its low break-even costs and strong free cash flow, even if oil prices fall to $40. The author revises previous views, arguing that global energy security concerns have created a new premium on oil prices that will prevent a price collapse, even if peace returns to the Middle East. This shift means oil companies like Diamondback, which can provide stability, are now more valuable. The investment thesis is based on structural changes in energy supply and demand, emphasizing the company's resilience and disciplined management.