Welcome to our dedicated page for Diamondback Energy news (Ticker: FANG), a resource for investors and traders seeking the latest updates and insights on Diamondback Energy stock.
Diamondback Energy, Inc. (NASDAQ: FANG) is a leading independent oil and natural gas company headquartered in Midland, Texas. The company is dedicated to the acquisition, development, exploration, and exploitation of unconventional, long-life, onshore oil and natural gas reserves. Their primary focus is on the prolific Permian Basin, one of the most significant oil-producing regions in West Texas.
Diamondback Energy's core operations are centered in the expansive areas of the Clearfork, Spraberry, Wolfcamp, Cline, Strawn, and Atoka formations, collectively known as the Wolfberry Trend. By the end of 2023, Diamondback Energy reported net proven reserves of 2.2 billion barrels of oil equivalent, with an impressive average net production of approximately 448,000 barrels per day. The production mix consisted of 59% oil, 21% natural gas liquids, and 20% natural gas.
In recent developments, Diamondback Energy has announced a significant business combination with Endeavor Energy Resources, L.P., pending customary closing conditions including regulatory approvals. This strategic move is expected to bolster Diamondback's operational scale and resource base, further solidifying its position in the industry.
Diamondback Energy is also expanding its footprint in sustainable water management through its joint venture with Five Point Energy LLC, named Deep Blue Midland Basin LLC. This partnership includes the acquisition of Lagoon Operating – Midland, LLC, enhancing Deep Blue’s capabilities with substantial water disposal and recycling infrastructure. These assets are vital for managing water resources efficiently in the Midland Basin, reflecting the company's commitment to sustainable practices.
Financially, Diamondback Energy demonstrates robust performance with ongoing projects and strategic partnerships that drive growth and efficiency. The company’s metrics in 2023 showcased solid production figures and substantial proven reserves, indicating a strong financial foundation and potential for future expansion.
For investors, Diamondback Energy represents a compelling opportunity in the energy sector, with its focus on high-quality assets in the Permian Basin, strategic acquisitions, and a commitment to sustainable operations. Stay updated with the latest news on Diamondback Energy to track their performance and developments.
Diamondback Energy, Inc. (NASDAQ: FANG) announced key leadership changes effective immediately as part of its ongoing strategic adjustments. Russell Pantermuehl will retire at the end of 2021 after a decade with the company, transitioning to an advisory role until December 2022. Al Barkmann is promoted to Senior Vice President of Reservoir Engineering, taking over many of Russell’s responsibilities, while Yong Cho becomes Senior Vice President of Drilling. CEO Travis Stice praised Pantermuehl's contributions to the company and the oil and gas sector.
Diamondback Energy (NASDAQ: FANG) reported strong Q3 2021 results with average production of 239.8 MBO/d and a net income of $649 million ($3.56/share). The company generated $740 million in Free Cash Flow, enabling a commitment to return 50% of this to stockholders starting Q4 2021 and initiating a $2 billion share repurchase program. The quarterly cash dividend was increased by 11.1% to $0.50/share, payable on November 18, 2021. Full-year oil production guidance is raised to 222-223 MBO/d.
Diamondback Energy (NASDAQ: FANG) has completed the sale of its Williston Basin oil and gas assets to Oasis Petroleum. Concurrently, the company announced the redemption of all outstanding 2023 Senior Notes, totaling $650 million, with a scheduled redemption date of October 31, 2021. The payment for the redeemed notes will occur on November 1, 2021. This strategic divestiture and debt redemption reflects Diamondback's commitment to streamline its operations and improve financial health.
Diamondback Energy (NASDAQ: FANG) has announced its plans to release third quarter 2021 financial results on November 1, 2021, after market close. A conference call will follow on November 2, 2021, at 8:00 a.m. CT, allowing analysts and investors to discuss the results. Interested participants can join by calling specified phone numbers or via a live webcast on Diamondback's Investor Relations website. A replay will be available soon after the call.
Diamondback, based in Midland, Texas, focuses on the Permian Basin for oil and gas reserves.
Diamondback Energy (NASDAQ: FANG) has accelerated its plan to return 50% of Free Cash Flow to shareholders, now set to commence in Q4 2021. The Board approved a $2 billion share repurchase program, supporting this accelerated return. Strong operational performance and improved capital efficiency contribute to this decision. Proceeds from asset sales will be allocated for debt reduction, with $650 million in callable debt set to be paid off. Share repurchases will occur when expected returns exceed costs, highlighting a commitment to shareholder value.
Diamondback Energy (NASDAQ: FANG) reported robust financial and operational results for Q2 2021, revealing average production of 242.5 MBO/d and cash flow from operations of $954 million.
With Free Cash Flow at $578 million, the company increased its annual dividend by 12.5% to $1.80 per share. Diamondback also closed asset divestitures totaling $82 million and announced a reduction in its 2021 capital expenditure guidance to $1.525 - $1.625 billion.
Guidance for full-year oil production has been raised to 219 - 222 MBO/d, reflecting strong operational efficiency.
Diamondback Energy (NASDAQ: FANG) announced plans to release its second quarter 2021 financial results on August 2, 2021, after market close.
A conference call will be held on August 3, 2021, at 8:00 a.m. CT to discuss these results with investors and analysts. Interested participants can join via phone or listen to a live broadcast on the company's website. A replay of the call will also be available.
Diamondback Energy (NASDAQ: FANG) announced the full redemption of $191 million in legacy 4.625% Senior Notes due 2021 from its subsidiary, Energen Corporation. This action will lower annual cash interest expenses by approximately $9 million. The company utilized both internally generated cash flow and proceeds from asset sales in the Permian Basin for this debt repayment. CEO Travis Stice stated that further debt reduction is planned using additional cash flow and proceeds from the anticipated Williston Basin divestiture later this year.
Diamondback Energy (NASDAQ: FANG) announced strong Q1 2021 results with average production of 184.2 MBO/d and cash flow from operations of $624 million. The company achieved Free Cash Flow of $331 million, maintaining low cash operating costs of $8.06 per BOE. Diamondback closed acquisitions of Guidon and QEP, adding over 80,000 net acres in the Permian Basin. The company is set to divest certain assets for $832 million to aid debt reduction. Q2 guidance anticipates production of 232.0 - 236.0 MBO/d and cash capex of $350 - $400 million.
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