Diamondback Energy, Inc. - FANG STOCK NEWS

Diamondback Energy (NASDAQ: FANG) announced its participation in the Oil and Gas Methane Partnership 2.0 (OGMP 2.0), a UN initiative aimed at improving methane emissions reporting in the oil and gas sector. CEO Travis Stice emphasized the importance of reliable emission reduction frameworks, as the company commits to implementing continuous emissions monitoring on 90% of its facilities by the year's end. Additionally, Diamondback targets a 70% reduction in methane intensity from 2019 levels by 2024, showcasing its dedication to environmental accountability.

Diamondback Energy (NASDAQ: FANG) reported strong fourth quarter and full year 2022 results. Average production reached 226.1 MBO/d, generating $1.44 billion in net cash from operations. The company increased its annual base dividend by 7% to $3.20 per share, with a Q4 dividend of $0.80 per share payable on March 10, 2023, reflecting an annualized yield of 2.4%. Diamondback also declared a variable cash dividend of $2.15 per share. The firm repurchased 2.34 million shares for $316 million and reported a total return of capital of $861 million. Furthermore, it completed key acquisitions to enhance its asset base, leading to robust Free Cash Flow of $1.13 billion for Q4 and $4.59 billion for the year.

Diamondback Energy (NASDAQ: FANG) has finalized its acquisition of all leasehold interests and associated assets of Lario Permian, LLC, a subsidiary of Lario Oil & Gas Company, effective January 31, 2023. This strategic move aims to enhance Diamondback's resource base and operational capacity in the Permian Basin, a key area for unconventional oil and natural gas reserves.

The acquisition reflects Diamondback's commitment to growth and efficiency in its ongoing exploration and production activities. For further details, visit Diamondback's website.

Diamondback Energy, Inc. (NASDAQ: FANG) announced plans to release its fourth quarter 2022 financial results on February 21, 2023, after market close. A conference call and webcast for investors to discuss the results will follow on February 22, 2023, at 8:00 a.m. CT. The webcast can be accessed via Diamondback's website and will be available for replay afterwards. Diamondback Energy, headquartered in Midland, Texas, focuses on the acquisition and development of onshore oil and gas reserves in the Permian Basin.

Diamondback Energy (NASDAQ: FANG) announced its inclusion in the Nasdaq-100 Index, effective December 19, 2022. This recognition marks a significant achievement for Diamondback, as it becomes the first energy exploration and production (E&P) company to join this prestigious index. The Nasdaq-100 comprises the largest non-financial companies listed on Nasdaq and is updated annually. Diamondback has been listed on Nasdaq since going public in October 2012, highlighting its growth and commitment to the oil and gas sector, particularly in the Permian Basin.

Diamondback Energy (NASDAQ: FANG) has finalized its acquisition of all leasehold interests and related assets of FireBird Energy LLC. This strategic move aims to enhance Diamondback's position in the Permian Basin, facilitating increased production capabilities and resource optimization. The financial impact of this acquisition remains to be evaluated, but it is expected to provide significant synergies and bolster the company's operational efficiency. Investors are advised to remain cautious of potential market fluctuations following the acquisition announcement.

Diamondback Energy (NASDAQ: FANG) has announced the pricing of a $650 million offering of 6.250% senior notes, maturing on March 15, 2053. The offering price is 99.985% of the principal amount. Proceeds will be used for general corporate purposes, including funding the pending acquisition of Lario Permian, LLC. The closing of the notes offering is set for December 13, 2022, and is not contingent on the acquisition's closing. This registered offering is made under an effective shelf registration statement with the SEC.

Diamondback Energy, Inc. (NASDAQ: FANG) announced a definitive agreement to acquire all leasehold interest and assets from Lario Permian, LLC for 4.18 million shares and $850 million in cash. The cash payment will be funded through cash on hand and credit borrowings, with an expected cash outlay of $775 million at closing on January 31, 2023. This acquisition will enhance Diamondback's position in the Midland Basin, adding 83,000 net acres and 500 drilling opportunities, increasing production by approximately 37 MBo/d. The deal is valued at 3.3x 2023 EBITDA, enhancing financial metrics immediately.

Diamondback Energy (NASDAQ: FANG) reported strong Q3 2022 results, with average production of 224.3 MBO/d and cash flow from operations of $1.93 billion. The company generated $1.16 billion in free cash flow, returning ~75% to shareholders via $874 million in stock repurchases and dividends. A base dividend of $0.75 and a variable dividend of $1.51 were declared. Diamondback also completed a $155 million acreage divestiture and plans to acquire assets from FireBird Energy for $775 million. The company targets $500 million in non-core asset sales by 2023 to enhance its balance sheet.