Diamondback Energy Beats Earnings Expectations, Raises Production Guidance

Texas independent oil and natural gas company Diamondback Energy reported better than expected third quarter earnings after the market close Monday. FANG reported net income of $915 million, on a per-share basis of $5.07 for the quarter. Earnings, adjusted for non-recurring costs, were $5.49 per share beating Wall Street expectations of $4.90 per share. The company posted revenue of $2.34 billion also topping forecasts of $2.18 billion. Diamondback operates exclusively in the Permian basin. Diamondback Energy Inc (NASDAQ): $FANG Reported … Continue reading “Diamondback Energy Beats Earnings Expectations, Raises Production Guidance”

Diamondback Energy Raises Guidance with Increased Production and Narrowing Unit Costs

Texas independent oil and natural gas company Diamondback Energy reported lower than expected second quarter earnings after the market close Monday. However, the Permian giant raised guidance for the full year. Second quarter net income fell 60% Y/Y to $556M, or $3.05/share, from $1.42B, or $7.93/share, in the year-earlier quarter. FANG said Q2 production averaged 449.9K boe/day, while its total average unhedged realized prices were $46.31/boe, well below last year’s $79.49/boe. Diamondback operates exclusively in the Permian basin. Diamondback Energy … Continue reading “Diamondback Energy Raises Guidance with Increased Production and Narrowing Unit Costs”

Diamondback Energy Earnings Beat in a Record Year for the Permian Basin Specialist

Texas independent oil and natural gas company Diamondback Energy reported better than expected fourth quarter earnings after the market close Tuesday. FANG reported adjusted gains of $1.01B, or $5.62/share, from $1B, or $5.50/share, on revenues of $2.03B, roughly flat compared to sales of $2.02B, in the year-earlier quarter. Average production in Q4 was 226.1K bbl/day and FANG expects Q1 2023, production of 248K-252K bbl/day of oil, or 415K-422K boe/day, on capital spending of $625M-$675M. Diamondback operates exclusively in the Permian … Continue reading “Diamondback Energy Earnings Beat in a Record Year for the Permian Basin Specialist”

Diamondback Energy Earns Record $1.18 Billion with Higher Permian Production

Texas independent oil and natural gas company Diamondback Energy reported better than expected third quarter earnings after the market close Monday. FANG reported adjusted gains of $6.48 per share beating expectations $6.66. Revenue increased to $2.44 billion from $1.91 billion. The average price of oil was $89.79 per barrel in the third quarter of 2022, compared with $68.27 in the third quarter of last year, Diamondback said. The release follows last week’s earnings from oil and gas heavyweights Chevron, Exxon, … Continue reading “Diamondback Energy Earns Record $1.18 Billion with Higher Permian Production”