Welcome to our dedicated page for Diamondback Ener news (Ticker: FANG), a resource for investors and traders seeking the latest updates and insights on Diamondback Ener stock.
Diamondback Energy, Inc. (FANG) is an independent oil and gas producer focused exclusively on developing unconventional resources within the Permian Basin. This page provides authorized news updates and verified developments directly from the company and trusted industry sources.
Access real-time announcements including quarterly earnings disclosures, operational milestones, and strategic initiatives like acreage acquisitions. Investors will find essential updates on production efficiencies, resource development progress, and financial performance metrics.
All content undergoes strict verification to ensure compliance with financial reporting standards. Bookmark this page for immediate access to merger announcements, leadership updates, and technical innovations driving Diamondback's low-cost production model.
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.
Diamondback Energy, Inc. (NASDAQ: FANG) has successfully closed its merger with Endeavor Energy Resources, L.P., creating a leading North American independent oil company. The merger, described as transformative by Diamondback's Chairman and CEO Travis Stice, positions the company for long-term success in the Permian Basin.
Key highlights of the merger include:
- Enhanced high-quality inventory in the heart of the Permian Basin
- Improved ability to generate cash flow from rock
- Continuation of Diamondback's low-cost operations
- Integration of Endeavor employees into the Diamondback team
This strategic move aims to strengthen Diamondback's position as a major player in unconventional onshore oil and natural gas exploration and production in West Texas.
Endeavor Energy Resources, LP announced the passing of its Founder and Chairman of the Board, Autry C. Stephens, at age 86. Lyndal Stephens Greth, previously Vice Chairman, will assume the role of Chairman of Endeavor's Board of Managers. Autry was remembered as a Top Hand, Wildcatter, and Oil and Gas Hall of Famer, known for his humility, courage, determination, and resiliency.
Lance Robertson, Endeavor's President and CEO, expressed deep sadness and praised Autry's vision and discipline as driving forces behind Endeavor's uniqueness. Autry was described as embodying the wildcat mentality associated with the Permian Basin, leaving a legacy that will continue to shape the company, community, and oil and gas industry.
Diamondback Energy (FANG) has issued a letter to stockholders as a supplement to their earnings release. The letter, released simultaneously with the earnings report, has been furnished to the SEC. While the content of the letter is not provided in the press release, it likely contains additional context and insights regarding the company's financial performance and future outlook.
Investors and analysts should refer to both the earnings release and this supplementary letter for a comprehensive understanding of Diamondback's current position and strategic direction. The simultaneous release of both documents suggests a commitment to transparency and thorough communication with shareholders.
Diamondback Energy (NASDAQ: FANG) reported strong Q2 2024 results, with average production of 276.1 MBO/d and net income of $837 million ($4.66 per diluted share). The company generated $1.5 billion in operating cash flow and $816 million in Free Cash Flow. Key highlights include:
- Declared Q2 2024 base cash dividend of $0.90 per share and variable dividend of $1.44 per share
- Completed a $95 million sale of non-operated properties in the Delaware Basin
- Received $375 million from the sale of WTG Midstream Holdings
- Raised production guidance and lowered capital expenditure guidance for 2024
- Pending merger with Endeavor Energy Resources expected to close in Q3 or Q4 2024
Diamondback's financial position remains strong with $6.9 billion in standalone cash and $5.3 billion in consolidated net debt as of June 30, 2024.
Diamondback Energy, an independent oil and natural gas company, will release its second quarter 2024 financial results on August 5, 2024, after market close. A conference call and webcast for investors and analysts will follow on August 6, 2024, at 8:00 a.m. CT to discuss the results.
The webcast, including a replay, will be available on Diamondback’s website under the “Investor Relations” section. Diamondback focuses on the acquisition, development, exploration, and exploitation of unconventional oil and natural gas reserves in the Permian Basin in West Texas.
Verde Clean Fuels (NASDAQ: VGAS) has selected Chemex Global to lead the front-end engineering and design (FEED) phase for a proposed natural gas-to-gasoline facility in the Permian Basin. This project, developed in partnership with Diamondback Energy's subsidiary Cottonmouth Ventures, aims to convert natural gas using Verde's proprietary STG+ technology. The facility is expected to produce 2,900 barrels per day of gasoline and mitigate flaring of up to 34 million cubic feet of gas daily. FEED work is set to begin now, with completion expected in early 2025, followed by engineering, procurement, and construction phases targeting a 2027 finish.
Deep Blue Midland Basin, a joint venture between Diamondback Energy and Five Point Energy, has acquired Lagoon Operating - Midland. This acquisition strengthens Deep Blue's presence in the Midland Basin with assets in Martin County, including 105 miles of large-diameter pipeline, 240,000 bpd disposal capacity, and 544,000 bpd additional permitted capacity. The acquisition enhances Deep Blue's recycling capabilities and includes 60,000 dedicated acres from seven new counterparties. Post-acquisition, the company has 2.5 million bpd disposal capacity and over 1,000 miles of pipeline. The deal underscores Deep Blue's leadership in sustainable water management.
Diamondback Energy (NASDAQ: FANG) has announced the sale of WTG Midstream Holdings to Energy Transfer LP for approximately $375 million, subject to customary closing conditions and adjustments. The transaction, expected to close in Q3 2024, includes a mix of cash and ET common units. Diamondback has held a 25% stake in WTG Midstream through its subsidiary Rattler Midstream LP since October 2021, and the sale represents a 3.5x return on invested capital. The proceeds will be used to reduce debt related to the merger with Endeavor Energy Resources. CEO Travis Stice highlighted the successful economic return and ongoing support for Diamondback's activities.
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.
