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. (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 (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.
Diamondback Energy (FANG) updated its operational status for Q1 2021, reporting an average production of 184.2 MBO/d and average unhedged realized prices of $56.94 per barrel of oil. The company faced $102 million in hedging losses but completed the acquisition of assets from Guidon for $375 million and QEP Resources in an all-stock merger. Revised full-year 2021 guidance projects oil production of 218-222 MBO/d and cash CAPEX of $1.60-$1.75 billion, underscoring a focus on capital efficiency and free cash flow generation.
Diamondback Energy, Inc. (NASDAQ:FANG) announced the final results of its tender offers for outstanding notes including its 5.375% Senior Notes due 2025 and those of QEP Resources, Inc. The offers resulted in approximately 45.97% of Diamondback's 2025 Notes and about 96.68% of QEP's Notes being tendered. The acquisition of QEP closed on March 17, 2021, making it a wholly-owned subsidiary of Diamondback. The final settlement date for the notes is expected on April 2, 2021, subject to certain conditions. The company successfully executed amendments to the indentures after obtaining the necessary consents.
Diamondback Energy, Inc. (NASDAQ: FANG) has scheduled the release of its first quarter 2021 financial results for May 3, 2021, following the market's close. A conference call and webcast for investors is set for May 4, 2021, at 8:00 a.m. CT to discuss the financial outcomes. Interested participants can join via phone or access the live stream on Diamondback's website. This announcement highlights Diamondback's continual engagement with its investors and commitment to transparent financial reporting.
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