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Diamondback Energy, Inc. issued a letter to stockholders as a supplement to their earnings release. The letter provides important information to stockholders and is being shared with the SEC and stockholders simultaneously with the earnings release.
Diamondback Energy, Inc. reported strong financial and operating results for the first quarter of 2024. The company achieved an average production of 273.3 MBO/d, with net cash provided by operating activities of $1.3 billion. They also declared a base cash dividend of $0.90 per share and a variable cash dividend of $1.07 per share. Diamondback repurchased shares and announced a merger with Endeavor Energy Resources, L.P. Despite the positive performance, debt levels increased, impacting net debt. The company provided guidance for 2024, showcasing continued operational excellence.
Diamondback Energy, Inc. receives stockholder approval for proposed transaction with Endeavor Energy Resources, L.P. The stockholders approved the issuance of shares of Diamondback common stock and a proposal to amend the Company’s certificate of incorporation to increase the authorized number of shares. The business combination with Endeavor is subject to customary closing conditions.