Diamondback Energy Q3 Earnings Report

MIDLAND, Texas – Diamondback (NASDAQ:FANG) Energy, Inc. reported third-quarter earnings that fell short of analyst expectations, causing shares to drop 4.5% in after-hours trading, despite better-than-expected revenue.

The oil and gas producer posted adjusted earnings per share of $3.38, missing the consensus estimate of $4.02 by $0.64. However, revenue was $2.65 billion, surpassing analyst projections of $2.44 billion.

Diamondback's production averaged 571,098 barrels of oil equivalent per day (BOE/d) in Q3, a 26.2% YoY increase. Oil production specifically rose 20.6% YoY to 321,054 barrels per day.

"Diamondback closed our merger with Endeavor Energy Resources on September 10, significantly increasing our scale and improving our cost structure," said Travis Stice, Chairman and CEO of Diamondback. "Our team has hit the ground running on integration efforts."

The company generated $708 million in free cash flow during the quarter. Diamondback repurchased 2.9 million shares for $515 million and declared a quarterly dividend of $0.90 per share.

For Q4, Diamondback expects oil production of 470,000-475,000 barrels per day and total production of 840,000-850,000 BOE/d.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.