Diamondback Energy, Inc. - FANG STOCK NEWS

Verde Clean Fuels (NASDAQ: VGAS) has secured a $50 million equity investment from Cottonmouth Ventures, a subsidiary of Diamondback Energy. The deal involves the purchase of 12.5 million shares at $4.00 per share, expected to close in Q1 2025. This marks Cottonmouth's second investment in Verde, bringing their total investment to $70 million and making them Verde's second-largest shareholder.

The proceeds will fund the development of natural gas-to-gasoline production plants in the Permian Basin, utilizing Verde's patented STG+® process to convert Diamondback's associated natural gas into fully-refined gasoline. Upon closing, Verde will expand its board to eight members, including a Cottonmouth-designated director and observer.

I apologize, but I notice that the provided press release appears to be incomplete and only contains a header and introductory sentence. Without the complete content of Diamondback Energy's letter to stockholders, I cannot provide an accurate summary or analysis of its contents. The only information available indicates that this is a supplementary letter to stockholders released alongside their earnings report on November 4, 2024.

Diamondback Energy (NASDAQ: FANG) reported its Q3 2024 financial results, highlighting the completion of its merger with Endeavor Energy Resources on September 10, 2024. The company achieved average production of 321.1 MBO/d, with net cash from operations of $1.2 billion and Free Cash Flow of $708 million. Key financial actions included declaring a Q3 base dividend of $0.90 per share and repurchasing 2.9 million shares for $515 million. The company also announced a $2.0 billion increase to its share repurchase authorization and entered into an asset trade agreement with TRP Energy involving Delaware and Midland Basin assets.

Texas Pacific Land (NYSE: TPL) has announced the acquisition of Permian oil and gas mineral and royalty interests for $286 million in cash. The acquisition spans approximately 7,490 net royalty acres (NRA), primarily in the Midland Basin, with over 80% adjacent to or overlapping existing TPL surface and royalty acreage. The assets have a current production of about 1,300 barrels of oil equivalent per day (78% liquids).

Key points:

• Exxon Mobil and Diamondback Energy operate approximately 66% of the acreage
• Twelve rigs currently running on the footprint
• Expected to generate a double-digit cash flow yield in the next twelve months
• Over half of the Drilling and Spacing Units have development, offering growth potential
• Acquisition aims to enhance TPL's free cash flow per share and increase shareholder return of capital

Diamondback Energy (NASDAQ: FANG) has revised its Q3 2024 production and capital guidance following the completion of its merger with Endeavor Energy Resources on September 10, 2024. The updated guidance reflects the impact of this significant acquisition.

Key points from the revised guidance include:

• Q3 2024 oil production is expected to be between 319 and 321 thousand barrels of oil per day (MBO/d)
• Total production guidance ranges from 565 to 569 thousand barrels of oil equivalent per day (MBOE/d)
• Cash CAPEX for Q3 2024 is projected to be between $675 and $700 million

Diamondback Energy, headquartered in Midland, Texas, focuses on unconventional, onshore oil and natural gas reserves in the Permian Basin.

Diamondback Energy, Inc. (NASDAQ: FANG) has announced its schedule for the third quarter 2024 financial results release and conference call. The company plans to release its Q3 2024 financial results on November 4, 2024 after market close. Following this, Diamondback will host a conference call and webcast for investors and analysts on Tuesday, November 5, 2024 at 8:00 a.m. CT.

Investors can access the webcast and replay through a link provided by the company. The live webcast will also be available on Diamondback's website under the 'Investor Relations' section. Diamondback Energy is an independent oil and natural gas company based in Midland, Texas, focusing on unconventional, onshore oil and natural gas reserves in the Permian Basin.

Diamondback Energy, Kinetik Holdings, and EPIC Midstream have announced transformative transactions for EPIC Crude Holdings. Key highlights include:

1. Diamondback and Kinetik acquired a 30% equity interest in EPIC Crude, now each owning 27.5%.
2. Diamondback increased its volume commitment to 200 MBpd.
3. Kinetik entered a new transportation arrangement with EPIC Crude.
4. Combined long-term volume commitments from partners represent over 33% of EPIC Crude's capacity.
5. EPIC Crude transports over 600 MBpd and has secured MVCs or contracts for ~90% of 2025 total volumes.

These actions aim to strengthen EPIC Crude's financial profile, reduce costs, and enhance returns. The company is positioned for potential expansion, with partners having an option for about one-third of the expansion capacity.

Diamondback Energy (NASDAQ: FANG) announced the pricing of an upsized secondary public offering of 12,770,000 common stock shares by certain Legacy Endeavor Stockholders. The gross proceeds are expected to be approximately $2.2 billion. Diamondback will not receive any proceeds from this sale. The offering is set to close on September 23, 2024, subject to conditions.

The Selling Stockholders have granted underwriters a 30-day option to purchase up to an additional 1,615,500 shares. Diamondback has agreed to repurchase 2,000,000 shares from the underwriters at the same price paid to the Selling Stockholders, funded from existing cash. Evercore ISI, Citigroup, and J.P. Morgan are acting as joint book-running managers for the offering.

Diamondback Energy (NASDAQ: FANG) has announced the launch of an underwritten public offering of 11,270,000 shares of its common stock by certain Legacy Endeavor Stockholders. The company will not receive any proceeds from this secondary offering. The Selling Stockholders have granted underwriters a 30-day option to purchase up to an additional 1,390,500 shares.

Diamondback has also authorized the purchase of 2,000,000 shares from the underwriters as part of its existing share repurchase program, to be funded from existing cash. Evercore ISI, Citigroup, and J.P. Morgan are acting as joint book-running managers for the offering. The shares will be sold through an effective automatic shelf registration statement on Form S-3.