Diamondback Energy, Inc. Announces Third Quarter 2026 Financial and Operating Results; Increases Base Dividend
The annual base dividend reaches $4.72 per share, an 18% year-over-year increase, as the company raises production and spending guidance.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Diamondback Energy (NASDAQ: FANG) reported third-quarter 2026 net income attributable to the company of $1,603 million and raised its base dividend. Diluted earnings were $5.69, versus $3.51 a year earlier, while revenue rose to $5,431 million from $3,924 million. The quarterly dividend increased 7.3% to $1.18 per share, payable November 19, 2026.
Operating cash flow was $2,599 million and cash capital spending was $1,026 million. Oil production averaged 525 thousand barrels daily. Diamondback raised its 2026 oil production outlook to approximately 524 thousand barrels daily from 522+ thousand, alongside a higher capital budget of $3,950–$4,000 million, from approximately $3,900 million. Third-quarter share repurchases cost approximately $251 million. The company redeemed $698 million of 2026 notes on October 1 and acquired a 7.5% interest in the Solitude Pipeline System.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointThird-quarter revenue increased to $5,431 million from $3,924 million a year earlier.
- Moderate pointThird-quarter attributable net income rose to $1,603 million from $1,018 million a year earlier.
- Moderate pointBase dividend increased 7.3% to $1.18 quarterly, payable November 19, 2026; annualized amount rose 18% year over year.
- Moderate pointThird-quarter operating cash flow totaled $2,599 million; nine-month operating cash flow reached $8,016 million.
- Moderate pointNon-GAAP free cash flow totaled $2,148 million for the quarter and $6,183 million for nine months.
- Moderate pointNon-GAAP adjusted EBITDA attributable to Diamondback totaled $3,393 million quarterly and $9,646 million for nine months.
- Moderate point. Forward-looking: it has not happened yet and may not happen.2026 oil production guidance increased to approximately 524 thousand barrels daily from 522+ thousand.
- Moderate pointSeptember 30 standalone liquidity totaled $3,548 million, including $3,000 million of unused credit facility availability.
13 minor points
- Minor pointThird-quarter diluted earnings increased to $5.69 per share from $3.51 a year earlier.
- Minor point. Forward-looking: it has not happened yet and may not happen.2026 total production guidance increased to approximately 1,015 thousand barrels of oil equivalent daily from 1,000+ thousand.
- Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter production guidance targets 518–528 thousand oil barrels daily and 1,025–1,045 thousand barrels of oil equivalent daily.
- Minor pointThird-quarter repurchases retired approximately 1.3 million shares for approximately $251 million, averaging $185.94 per share.
- Minor pointFourth-quarter repurchases to date cost approximately $73 million, averaging $186.69 per share.
- Minor point2026 senior notes totaling $698 million were redeemed at par on October 1.
- Minor pointThird-quarter debt repurchases retired $106 million principal of 2054 and 2064 notes at 94.9% of par.
- Minor pointRecent debt repurchases retired $195 million principal of 2054 and 2064 notes at 91.0% of par.
- Minor pointSolitude Pipeline System investment added a 7.5% equity interest in the Permian-to-Katy natural gas pipeline.
- Minor point. Forward-looking: it has not happened yet and may not happen.2026 transportation-related cost guidance fell to $1.30–$1.50 per barrel of oil equivalent from $1.40–$1.60.
- Minor point. Forward-looking: it has not happened yet and may not happen.2026 production and ad valorem tax guidance fell to approximately 6.5% of revenue from approximately 7%.
- Minor pointNine-month attributable net income rose to $3,510 million from $3,122 million; diluted earnings increased to $12.41 from $10.71.
- Minor pointThird-quarter net interest expense decreased to $55 million from $70 million a year earlier.
Negative
- Moderate point. Forward-looking: it has not happened yet and may not happen.2026 capital expenditure guidance increased to $3,950–$4,000 million from approximately $3,900 million.
- Moderate pointThird-quarter cash capital expenditures rose to $1,026 million from $774 million a year earlier.
- Moderate pointSeptember 30 consolidated debt totaled $13,375 million, with net debt of $12,817 million.
- Moderate pointThird-quarter derivative loss was $182 million, versus a $120 million gain a year earlier.
- Moderate pointNine-month oil and gas property impairment totaled $1,400 million, versus none a year earlier. 2.4% of market cap
6 minor points
- Minor pointNine-month cash capital expenditures increased to $2,955 million from $2,580 million a year earlier.
- Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter capital expenditure guidance calls for $1,000–$1,050 million.
- Minor pointThird-quarter realized combined price fell to $51.03 per equivalent barrel from $51.68 sequentially, but exceeded $39.73 a year earlier.
- Minor pointThird-quarter hedged combined price fell to $50.01 per equivalent barrel from $52.90 sequentially, but exceeded $40.58 a year earlier.
- Minor pointThird-quarter cash operating costs reached $10.91 per equivalent barrel, versus $10.05 a year earlier and $10.96 sequentially.
- Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter cash tax guidance calls for $500–$560 million.
News Explained
Diamondback completed third-quarter repurchases of 1,348,209 shares for about
Key Figures
- Average oil production
- 525 MBO/d
- Third quarter 2026
- Net income attributable to Diamondback
- $1.603 billion
- Third quarter 2026
- Diluted EPS
- $5.69 per share
- Third quarter 2026
- Free cash flow
- $2.148 billion
- Third quarter 2026
- Base dividend
- $1.18 per share; 7.3% increase
- Third quarter 2026 dividend, payable November 19, 2026
- Annual oil production guidance
- ~524 MBO/d, from 522+ MBO/d
- Updated 2026 guidance
- Annual total production guidance
- ~1,015 MBOE/d, from 1,000+ MBOE/d
- Updated 2026 guidance
- Total capital expenditures guidance
- $3.95–$4.00 billion, from ~$3.9 billion
- Updated 2026 guidance
Previous Dividends,earnings Reports
-
Raised the base cash dividend to $1.10 per share and increased 2026 production guidance.
-
Raised the annual base dividend 5% to $4.20 per share alongside full-year results.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
non-gaap financial
gaap financial
rule 10b-18 regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
MIDLAND, Texas, Nov. 02, 2026 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback,” “we,” “our” or the “Company”) today announced financial and operating results for the third quarter ended September 30, 2026.
THIRD QUARTER 2026 HIGHLIGHTS
- Average oil production of 525 MBO/d (1,034 MBOE/d)
- Net cash provided by operating activities of
$2.6 billion ; Operating Cash Flow Before Working Capital Changes1 of$3.2 billion - Cash capital expenditures of
$1.0 billion - Free Cash Flow1 and Adjusted Free Cash Flow1 of
$2.1 billion and$2.2 billion , respectively - Increased annual base dividend by
7.3% to$4.72 per share; marks an18% year over year increase and a ~2.2% annualized yield2 - Repurchased 1.3 million shares of common stock for approximately
$251 million - Repurchased
$106 million in aggregate principal amount of 2054 and 2064 Senior Notes at a weighted average price of94.9% of par ($103 million , including accrued interest) - Acquired a
7.5% equity interest in the Solitude Pipeline System, a Permian-to-Katy natural gas pipeline
____________________________________
1 NON-GAAP DISCLOSURES - For a definition of Operating Cash Flow Before Working Capital Changes, Free Cash Flow, Adjusted Free Cash Flow, Adjusted Net Income, Adjusted EBITDA, Adjusted Net Income per Diluted Share, Net Debt and reconciliations of such non-GAAP financial metrics to their respective most directly comparable GAAP metrics, please see “Non-GAAP Financial Measures” below.
2 Cash dividend payable on November 19, 2026; annualized yield based on October 30, 2026 closing share price of
UPDATED 2026 GUIDANCE HIGHLIGHTS
- Increasing annual oil production guidance to ~524 (from 522+) MBO/d with total BOE production of ~1,015 (from 1,000+) MBOE/d and full year cash capital expenditures to
$3.95 -$4.00 billion (from ~$3.9 billion ) - Q4 2026 oil production guidance of 518 - 528 MBO/d (1,025 - 1,045 MBOE/d)
- Q4 2026 cash capital expenditures guidance of
$1,000 -$1,050 million
RECENT HIGHLIGHTS
- Have repurchased 389,841 shares of common stock in Q4 2026 to date for approximately
$73 million - On October 1, redeemed all
$698 million in aggregate principal amount of the Company’s 2026 Senior Notes at par - Repurchased
$195 million in aggregate principal amount of 2054 and 2064 Senior Notes at a weighted average price of91.0% of par ($183 million , including accrued interest)
THIRD QUARTER 2026 OPERATIONS UPDATE
The following tables provide a summary of Diamondback’s key operational updates:
Wells Drilled and Completed:
| Three Months Ended September 30, 2026 | Nine Months Ended September 30, 2026 | |||||||||||||||
| Drilled | Completed | Drilled | Completed | |||||||||||||
| Gross | Net | Gross | Net | Gross | Net | Gross | Net | |||||||||
| Total | 105 | 100 | 135 | 133 | 320 | 300 | 450 | 427 | ||||||||
Gross Wells Drilled and Completed By Zone:
| Three Months Ended September 30, 2026 | Nine Months Ended September 30, 2026 | |||||||
| Number of Wells Drilled | Number of Wells Completed | Number of Wells Drilled | Number of Wells Completed | |||||
| Midland Basin: | ||||||||
| Upper Spraberry | 3 | 2 | 6 | 5 | ||||
| Middle Spraberry | 5 | 6 | 18 | 26 | ||||
| Jo Mill | 17 | 22 | 55 | 84 | ||||
| Lower Spraberry | 15 | 24 | 55 | 87 | ||||
| Dean | 3 | 2 | 5 | 13 | ||||
| Wolfcamp A | 15 | 36 | 61 | 105 | ||||
| Wolfcamp B | 24 | 33 | 69 | 104 | ||||
| Wolfcamp D | 9 | 8 | 27 | 23 | ||||
| Barnett | 14 | 2 | 24 | 3 | ||||
| Midland Basin Total | 105 | 135 | 320 | 450 | ||||
| Average Completed Lateral Length (in feet) | 13,584 | 12,251 | ||||||
Realized Average Prices:
| Three Months Ended | ||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | ||||||||
| Oil ($ per Bbl) | $ | 87.30 | $ | 96.82 | $ | 64.60 | ||||
| Natural gas ($ per Mcf) | $ | 1.12 | $ | (2.15 | ) | $ | 0.75 | |||
| Natural gas liquids ($ per Bbl) | $ | 20.02 | $ | 18.56 | $ | 17.28 | ||||
| Combined price ($ per BOE) | $ | 51.03 | $ | 51.68 | $ | 39.73 | ||||
| Oil, hedged ($ per Bbl)(1) | $ | 85.89 | $ | 94.33 | $ | 63.70 | ||||
| Natural gas, hedged ($ per Mcf)(1) | $ | 0.90 | $ | (0.34 | ) | $ | 1.75 | |||
| Natural gas liquids, hedged ($ per Bbl)(1) | $ | 20.02 | $ | 18.56 | $ | 17.28 | ||||
| Combined price, hedged ($ per BOE)(1) | $ | 50.01 | $ | 52.90 | $ | 40.58 | ||||
| (1) Hedged prices reflect the effect of our commodity derivative transactions on our average sales prices and include gains and losses on cash settlements for matured commodity derivatives, which we do not designate for hedge accounting. Hedged prices exclude gains or losses resulting from the early settlement of commodity derivative contracts. | ||||||||||
Average Cash Costs per BOE:
| Three Months Ended | |||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | |||||||
| Lease operating expenses | $ | 5.97 | $ | 5.96 | $ | 5.65 | |||
| Production and ad valorem taxes | 3.02 | 3.26 | 2.44 | ||||||
| Gathering, processing and transportation expense | 1.32 | 1.22 | 1.41 | ||||||
| General and administrative - cash component | 0.60 | 0.52 | 0.55 | ||||||
| Total operating expense - cash | $ | 10.91 | $ | 10.96 | $ | 10.05 | |||
FINANCIAL UPDATE
Earnings Attributable to Diamondback Energy, Inc.:
| Three Months Ended September 30, 2026 | |||
| (in millions, except per share amounts) | |||
| Net income (loss) attributable to Diamondback Energy, Inc. | $ | 1,603 | |
| Earnings (loss) per common share attributable to Diamondback Energy, Inc. - Diluted(1) | $ | 5.69 | |
| Adjusted net income(1) | $ | 1,649 | |
| Adjusted net income per common share - Diluted(1) | $ | 5.86 | |
| (1) The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of common stock and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to Diamondback Energy, Inc., (ii) less the reallocation of | |||
Cash Capital Expenditures:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||
| (in millions) | ||||||||||||
| Operated drilling and completion additions to oil and natural gas properties | $ | 884 | $ | 632 | $ | 2,510 | $ | 2,203 | ||||
| Non-operated additions to oil and natural gas properties and other | 142 | 142 | 445 | 377 | ||||||||
| Total | $ | 1,026 | $ | 774 | $ | 2,955 | $ | 2,580 | ||||
Adjusted EBITDA and Free Cash Flow - Non-GAAP:
| Three Months Ended September 30, 2026 | Nine Months Ended September 30, 2026 | |||||
| (in millions) | ||||||
| Net income (loss) attributable to Diamondback Energy, Inc. | $ | 1,603 | $ | 3,510 | ||
| Consolidated Adjusted EBITDA | $ | 3,752 | $ | 10,693 | ||
| Adjusted EBITDA attributable to Diamondback Energy, Inc. | $ | 3,393 | $ | 9,646 | ||
| Net cash provided by operating activities | $ | 2,599 | $ | 8,016 | ||
| Free Cash Flow | $ | 2,148 | $ | 6,183 | ||
| Adjusted Free Cash Flow | $ | 2,150 | $ | 6,218 | ||
Debt & Liquidity:
| September 30, 2026 | ||
| (in millions) | ||
| Standalone cash | $ | 548 |
| Borrowings outstanding under the credit facility | $ | — |
| Remaining availability under the credit facility | $ | 3,000 |
| Total standalone liquidity | $ | 3,548 |
| Consolidated total debt | $ | 13,375 |
| Consolidated total net debt | $ | 12,817 |
RETURN OF CAPITAL UPDATE
Diamondback announced today that the Company’s Board of Directors (the “Board”) approved a
During the third quarter, the Company repurchased 1,348,209 shares of common stock for approximately
The table below summarizes Diamondback’s return of capital program, including dividends and share repurchases, with future actions subject to Board approval.
| Q32026 | Q42026to date | Cumulative | |||||||
| (in millions, except per share amounts, shares in thousands) | |||||||||
| Base dividend | $ | 1.18 | |||||||
| Shares repurchased | 1,348 | 390 | 44,183 | ||||||
| Weighted average repurchase price | $ | 185.94 | $ | 186.69 | $ | 143.66 | |||
| Total repurchase cost | $ | 251 | $ | 73 | $ | 6,348 | |||
| Total return of capital | $ | 582 | |||||||
UPDATED 2026 GUIDANCE
Below is Diamondback's and Viper Energy, Inc.'s (“Viper”) updated guidance for the full year 2026, which includes fourth quarter production and capital guidance.
| 2026 Guidance | 2026 Guidance | |
| Diamondback Energy, Inc. | Viper Energy, Inc. | |
| 2026 Net production - MBOE/d | ~1,015 (from 1,000+) | 137.0 - 138.0 |
| 2026 Oil production - MBO/d | ~524 (from 522+) | 67.25 - 67.75 |
| Q4 2026 Oil production - MBO/d (total - MBOE/d) | 518 - 528 (1,025 - 1,045) | 70.0 - 71.0 (141.5 - 143.5) |
| Unit costs ($/BOE) | ||
| Lease operating expenses, including workovers | ||
| G&A | ||
| Cash G&A | ||
| Non-cash equity-based compensation | ||
| DD&A | ||
| Interest expense (net of interest income) | ||
| Gathering, processing and transportation | ||
| Production and ad valorem taxes (% of revenue) | ~ | ~ |
| Corporate tax rate (% of pre-tax income) | ||
| Cash tax rate (% of pre-tax income)(1) | ||
| Q4 2026 Cash taxes ($ - million) | ||
| Cash Capital Budget ($ - million) | ||
| Operated drilling and completion | ||
| 2026 Total capital expenditures(2) | ||
| Q4 2026 Capital expenditures | ||
| Average lateral length (Ft.) | ~12,900' | |
| Net lateral footage completed (1,000's of Ft.) | 6,200' - 6,600' (from 6,100' - 6,500') | |
| (1) Pre-tax income attributable to the Company is a non-GAAP measure. We are not able to forecast the most directly comparable GAAP measure - Income (loss) before income taxes - due to high variability and difficulty in predicting certain items that affect Income (loss) before income taxes, such as future commodity prices, pace of and costs of developing, producing and operating our interests in oil and natural gas properties, future changes in interest rates and various other business factors impacting our financial results. (2) Includes non-operated drilling and completion, capital workovers, science, infrastructure, midstream and environmental. | ||
CONFERENCE CALL
Diamondback will host a conference call and webcast for investors and analysts to discuss its results for the third quarter of 2026 on Tuesday, November 3, 2026 at 8:00 a.m. CT. Access to the webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Diamondback’s website at www.diamondbackenergy.com under the “Investor Relations” section of the site. Investors and others should note that Diamondback announces material financial and operational information to our investors using our investor relations website, press releases, SEC filings and public conference calls and webcasts. The information we post through our investor relations website may be deemed material. Accordingly, investors should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts.
About Diamondback Energy, Inc.
Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.
Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Diamondback’s: future performance; business strategy; future operations (including drilling plans and capital plans); estimates and projections of revenues, losses, costs, expenses, returns, cash flow, and financial position; reserve estimates and its ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the 2026 Drop Down, the Viper Riverbend acquisition, the Viper McElroy Ranch acquisition and Viper's Sitio acquisition and other acquisitions, divestitures or reorganizations); and plans and objectives of management (including plans for future cash flow from operations and for executing environmental strategies) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Diamondback believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Diamondback’s control. Accordingly, forward-looking statements are not guarantees of future performance and Diamondback’s actual outcomes could differ materially from what Diamondback has expressed in its forward-looking statements.
Factors that could cause the outcomes to differ materially include (but are not limited to) the following: geopolitics and market conditions, including changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers and any resulting trade tensions; actions taken by the members of OPEC and its non-OPEC allies (OPEC+) affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments; changes in general economic, business or industry conditions, including changes in foreign currency exchange rates, interest rates, inflation rates, and instability in the financial markets; regional supply and demand factors, including delays, curtailments or interruptions of production, or governmental orders, rules or regulations that impose production limits; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change, changing political and social perspectives on climate change and other environmental, social and governance factors, and risks from our publicly disclosed targets related to sustainability and emissions reduction initiatives; challenges in developing our existing leasehold acreage and finding, developing or acquiring additional reserves; restrictions on the use of water, including limits on the use of produced water and a moratorium on new produced water disposal well permits recently imposed by the Texas Railroad Commission in an effort to control induced seismicity in the Permian Basin; significant declines in prices for oil, natural gas, or natural gas liquids, which could require recognition of significant impairment charges; conditions in the capital, financial and credit markets, including the availability and pricing of capital for acquisitions, exploration and development operations; challenges with employee retention and an increasingly competitive labor market; changes in availability or cost of rigs, equipment, raw materials, supplies and oilfield services; changes in safety, health, environmental, tax and other regulations or requirements (including those addressing air emissions, water management, or the impact of global climate change); security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, or from breaches of information technology systems of third parties with whom we transact business; lack of, or disruption in, access to adequate and reliable electrical power, internet and telecommunication infrastructure, information and computer systems, transportation, processing, storage and other facilities for our oil, natural gas and natural gas liquids; failures or delays in achieving expected reserve or production levels from existing and future oil and natural gas developments, including due to operating hazards, drilling risks, or the inherent uncertainties in predicting reserve and reservoir performance; inability to keep pace with technological developments in our industry; failure to meet our obligations under our oil purchase contracts; loss of one or more customers or their inability to meet their obligations; geographical concentration of our primary operations; risks from our return of capital activity, and uncertainties over our future dividends and share repurchases; difficulty in obtaining necessary approvals and permits; severe weather conditions and natural disasters; changes in the financial strength of counterparties to our credit facilities and hedging contracts; our substantial indebtedness and restrictions to our operating and financial flexibility; changes in our credit rating; failure to identify, complete and successfully integrate acquisitions, including Viper’s Riverbend acquisition, Viper's McElroy Ranch acquisition and Viper’s Sitio acquisition; the Endeavor stockholders’ ability to significantly influence our business and potential conflicts of interest; and other risks described in Part I, Item 1A of Diamondback’s Annual Report on Form 10-K, filed with the SEC on February 25, 2026, and those risks disclosed in its subsequent filings on Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the SEC’s website at http://www.sec.gov and Diamondback’s website at www.diamondbackenergy.com/investors.
In light of these factors, the events anticipated by Diamondback’s forward-looking statements may not occur at the time anticipated or at all. Moreover, Diamondback operates in a very competitive and rapidly changing environment and new risks emerge from time to time. Diamondback cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this release or, if earlier, as of the date they were made. Diamondback does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.
| Diamondback Energy, Inc. | ||||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||||
| (unaudited, in millions, except per share amounts, shares in thousands) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenues: | ||||||||||||||||
| Oil, natural gas and natural gas liquid sales | $ | 4,854 | $ | 3,447 | $ | 13,465 | $ | 10,420 | ||||||||
| Sales of purchased oil | 536 | 459 | 1,660 | 1,168 | ||||||||||||
| Other operating income | 41 | 18 | 108 | 62 | ||||||||||||
| Total revenues | 5,431 | 3,924 | 15,233 | 11,650 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Lease operating expenses | 568 | 490 | 1,667 | 1,338 | ||||||||||||
| Production and ad valorem taxes | 287 | 212 | 857 | 654 | ||||||||||||
| Gathering, processing and transportation | 126 | 122 | 359 | 378 | ||||||||||||
| Purchased oil expense | 540 | 455 | 1,663 | 1,168 | ||||||||||||
| Depreciation, depletion, amortization and accretion | 1,320 | 1,286 | 3,885 | 3,649 | ||||||||||||
| Impairment of oil and natural gas properties | — | — | 1,400 | — | ||||||||||||
| General and administrative expenses | 83 | 70 | 234 | 210 | ||||||||||||
| Other operating expenses, net | 7 | 53 | 40 | 205 | ||||||||||||
| Total costs and expenses | 2,931 | 2,688 | 10,105 | 7,602 | ||||||||||||
| Income (loss) from operations | 2,500 | 1,236 | 5,128 | 4,048 | ||||||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense, net | (55 | ) | (70 | ) | (174 | ) | (166 | ) | ||||||||
| Other income (expense), net | 5 | 116 | 8 | 153 | ||||||||||||
| Gain (loss) on derivative instruments, net | (182 | ) | 120 | (16 | ) | 149 | ||||||||||
| Gain (loss) on extinguishment of debt, net | 4 | (32 | ) | 137 | 23 | |||||||||||
| Total other income (expense), net | (228 | ) | 134 | (45 | ) | 159 | ||||||||||
| Income (loss) before income taxes | 2,272 | 1,370 | 5,083 | 4,207 | ||||||||||||
| Provision for (benefit from) income taxes | 501 | 287 | 1,113 | 894 | ||||||||||||
| Net income (loss) | 1,771 | 1,083 | 3,970 | 3,313 | ||||||||||||
| Net income (loss) attributable to non-controlling interest | 168 | 65 | 460 | 191 | ||||||||||||
| Net income (loss) attributable to Diamondback Energy, Inc. | $ | 1,603 | $ | 1,018 | $ | 3,510 | $ | 3,122 | ||||||||
| Earnings (loss) per common share: | ||||||||||||||||
| Basic | $ | 5.69 | $ | 3.51 | $ | 12.41 | $ | 10.71 | ||||||||
| Diluted | $ | 5.69 | $ | 3.51 | $ | 12.41 | $ | 10.71 | ||||||||
| Weighted average common shares outstanding: | ||||||||||||||||
| Basic | 279,959 | 288,826 | 281,307 | 290,188 | ||||||||||||
| Diluted | 279,959 | 288,826 | 281,307 | 290,188 | ||||||||||||
| Diamondback Energy, Inc. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (unaudited, in millions, except share amounts) | ||||||||
| September 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents ( | $ | 558 | $ | 104 | ||||
| Restricted cash | 2 | 2 | ||||||
| Accounts receivable: | ||||||||
| Joint interest and other, net | 247 | 258 | ||||||
| Oil and natural gas sales, net ( | 2,118 | 1,128 | ||||||
| Inventories | 64 | 86 | ||||||
| Prepaid expenses and other current assets | 158 | 337 | ||||||
| Total current assets | 3,147 | 1,915 | ||||||
| Property and equipment: | ||||||||
| Oil and natural gas properties: | ||||||||
| Proved properties ( | 77,090 | 71,588 | ||||||
| Unproved properties ( | 22,990 | 23,941 | ||||||
| Other property, equipment and land | 932 | 874 | ||||||
| Accumulated depletion, depreciation, amortization and impairment ( | (33,000 | ) | (27,782 | ) | ||||
| Property and equipment, net | 68,012 | 68,621 | ||||||
| Other assets | 951 | 523 | ||||||
| Total assets | $ | 72,110 | $ | 71,059 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued capital expenditures | 1,374 | 1,168 | ||||||
| Current maturities of debt | 1,548 | 763 | ||||||
| Other accrued liabilities | 1,033 | 1,108 | ||||||
| Revenues and royalties payable | 1,645 | 1,397 | ||||||
| Derivative instruments | 47 | 15 | ||||||
| Income taxes payable | 92 | 149 | ||||||
| Total current liabilities | 5,739 | 4,600 | ||||||
| Long-term debt ( | 11,682 | 13,726 | ||||||
| Deferred income taxes | 8,936 | 9,141 | ||||||
| Other long-term liabilities | 620 | 625 | ||||||
| Total liabilities | 26,977 | 28,092 | ||||||
| Stockholders’ equity: | ||||||||
| Common stock, | 3 | 3 | ||||||
| Additional paid-in capital | 31,638 | 32,236 | ||||||
| Retained earnings (accumulated deficit) | 7,332 | 4,740 | ||||||
| Accumulated other comprehensive income (loss) | (7 | ) | (7 | ) | ||||
| Total Diamondback Energy, Inc. stockholders’ equity | 38,966 | 36,972 | ||||||
| Non-controlling interest | 6,167 | 5,995 | ||||||
| Total equity | 45,133 | 42,967 | ||||||
| Total liabilities and stockholders’ equity | $ | 72,110 | $ | 71,059 | ||||
| Diamondback Energy, Inc. | ||||||||||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||||||||||
| (unaudited, in millions) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Cash flows from operating activities: | ||||||||||||||||
| Net income (loss) | $ | 1,771 | $ | 1,083 | $ | 3,970 | $ | 3,313 | ||||||||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
| Provision for (benefit from) deferred income taxes | (7 | ) | 253 | (213 | ) | 235 | ||||||||||
| Depreciation, depletion, amortization and accretion | 1,320 | 1,286 | 3,885 | 3,649 | ||||||||||||
| Impairment of oil and natural gas properties | — | — | 1,400 | — | ||||||||||||
| (Gain) loss on extinguishment of debt, net | (4 | ) | 32 | (137 | ) | (23 | ) | |||||||||
| (Gain) loss on derivative instruments, net | 182 | (120 | ) | 16 | (149 | ) | ||||||||||
| Cash received (paid) on settlement of derivative instruments | (97 | ) | 60 | 149 | 108 | |||||||||||
| Other | 9 | (60 | ) | 68 | (6 | ) | ||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||
| Accounts receivable | (476 | ) | (22 | ) | (1,039 | ) | 138 | |||||||||
| Accounts payable and accrued liabilities | 71 | 28 | (133 | ) | (355 | ) | ||||||||||
| Income taxes payable | (138 | ) | (206 | ) | (138 | ) | (515 | ) | ||||||||
| Revenues and royalties payable | (54 | ) | 58 | 270 | 28 | |||||||||||
| Other | 22 | (9 | ) | (82 | ) | (8 | ) | |||||||||
| Net cash provided by (used in) operating activities | 2,599 | 2,383 | 8,016 | 6,415 | ||||||||||||
| Cash flows from investing activities: | ||||||||||||||||
| Additions to oil and natural gas properties | (1,026 | ) | (774 | ) | (2,955 | ) | (2,580 | ) | ||||||||
| Property acquisitions | (1,157 | ) | (1,536 | ) | (1,909 | ) | (5,411 | ) | ||||||||
| Proceeds from sale of assets | 66 | 257 | 723 | 314 | ||||||||||||
| Other | (193 | ) | (6 | ) | (222 | ) | (14 | ) | ||||||||
| Net cash provided by (used in) investing activities | (2,310 | ) | (2,059 | ) | (4,363 | ) | (7,691 | ) | ||||||||
| Cash flows from financing activities: | ||||||||||||||||
| Proceeds from debt | 3,115 | 4,400 | 9,405 | 13,022 | ||||||||||||
| Repayment of debt | (2,500 | ) | (3,313 | ) | (10,547 | ) | (9,720 | ) | ||||||||
| Repurchased shares under repurchase program | (251 | ) | (603 | ) | (431 | ) | (1,576 | ) | ||||||||
| Repurchased shares - related party | — | — | (509 | ) | — | |||||||||||
| Repurchased shares/units under Viper’s repurchase program | (90 | ) | (90 | ) | (318 | ) | (100 | ) | ||||||||
| Net proceeds from Viper’s issuance of common stock | — | — | — | 1,232 | ||||||||||||
| Proceeds from sale of Viper's common stock | — | — | 589 | — | ||||||||||||
| Payments for dividends and dividend equivalents | (309 | ) | (290 | ) | (918 | ) | (874 | ) | ||||||||
| Dividends to non-controlling interest | (158 | ) | (79 | ) | (437 | ) | (256 | ) | ||||||||
| Other | — | (18 | ) | (33 | ) | (64 | ) | |||||||||
| Net cash provided by (used in) financing activities | (193 | ) | 7 | (3,199 | ) | 1,664 | ||||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 96 | 331 | 454 | 388 | ||||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 464 | 221 | 106 | 164 | ||||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 560 | $ | 552 | $ | 560 | $ | 552 | ||||||||
| Diamondback Energy, Inc. | ||||||||||||
| Selected Operating Data | ||||||||||||
| (unaudited) | ||||||||||||
| Three Months Ended | ||||||||||||
| September 30, 2026 | June 30, 2026 | September 30, 2025 | ||||||||||
| Production Data: | ||||||||||||
| Oil (MBbls) | 48,295 | 47,791 | 46,345 | |||||||||
| Natural gas (MMcf) | 135,002 | 128,279 | 115,353 | |||||||||
| Natural gas liquids (MBbls) | 24,330 | 23,436 | 21,180 | |||||||||
| Combined volumes (MBOE)(1) | 95,125 | 92,607 | 86,751 | |||||||||
| Daily oil volumes (BO/d) | 524,946 | 525,176 | 503,750 | |||||||||
| Daily combined volumes (BOE/d) | 1,033,967 | 1,017,659 | 942,946 | |||||||||
| Average Prices: | ||||||||||||
| Oil ($ per Bbl) | $ | 87.30 | $ | 96.82 | $ | 64.60 | ||||||
| Natural gas ($ per Mcf) | $ | 1.12 | $ | (2.15 | ) | $ | 0.75 | |||||
| Natural gas liquids ($ per Bbl) | $ | 20.02 | $ | 18.56 | $ | 17.28 | ||||||
| Combined price ($ per BOE) | $ | 51.03 | $ | 51.68 | $ | 39.73 | ||||||
| Oil, hedged ($ per Bbl)(2) | $ | 85.89 | $ | 94.33 | $ | 63.70 | ||||||
| Natural gas, hedged ($ per Mcf)(2) | $ | 0.90 | $ | (0.34 | ) | $ | 1.75 | |||||
| Natural gas liquids, hedged ($ per Bbl)(2) | $ | 20.02 | $ | 18.56 | $ | 17.28 | ||||||
| Combined price, hedged ($ per BOE)(2) | $ | 50.01 | $ | 52.90 | $ | 40.58 | ||||||
| Average Cash Costs ($/BOE): | ||||||||||||
| Lease operating expenses | $ | 5.97 | $ | 5.96 | $ | 5.65 | ||||||
| Production and ad valorem taxes | 3.02 | 3.26 | 2.44 | |||||||||
| Gathering, processing and transportation expense | 1.32 | 1.22 | 1.41 | |||||||||
| General and administrative - cash component | 0.60 | 0.52 | 0.55 | |||||||||
| Total operating expense - cash | $ | 10.91 | $ | 10.96 | $ | 10.05 | ||||||
| General and administrative - non-cash component | $ | 0.27 | $ | 0.26 | $ | 0.25 | ||||||
| Depreciation, depletion, amortization and accretion | $ | 13.88 | $ | 13.74 | $ | 14.82 | ||||||
| Interest expense, net | $ | 0.58 | $ | 0.60 | $ | 0.81 | ||||||
| (1) Bbl equivalents are calculated using a conversion rate of six Mcf per one Bbl. (2) Hedged prices reflect the effect of our commodity derivative transactions on our average sales prices and include gains and losses on cash settlements for matured commodity derivatives, which we do not designate for hedge accounting. Hedged prices exclude gains or losses resulting from the early settlement of commodity derivative contracts. | ||||||||||||
NON-GAAP FINANCIAL MEASURES
ADJUSTED EBITDA
Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines Adjusted EBITDA as net income (loss) attributable to Diamondback Energy, Inc., plus net income (loss) attributable to non-controlling interest ("net income (loss)") before non-cash (gain) loss on derivative instruments, net, interest expense, net, depreciation, depletion, amortization and accretion, depreciation and interest expense related to equity method investments, (gain) loss on extinguishment of debt, impairment of oil and natural gas properties, non-cash equity-based compensation expense, capitalized equity-based compensation expense, other non-cash transactions and provision for (benefit from) income taxes. Adjusted EBITDA is not a measure of net income as determined by United States generally accepted accounting principles ("GAAP"). Management believes Adjusted EBITDA is useful because the measure allows it to evaluate the Company’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. The Company excludes the items listed above from net income (loss) to determine Adjusted EBITDA because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Further, the Company excludes the effects of significant transactions that may affect earnings but are unpredictable in nature, timing and amount, although they may recur in different reporting periods. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of the Company’s operating performance. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets. The Company’s computation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts.
The following tables present a reconciliation of the GAAP financial measure of net income (loss) attributable to Diamondback Energy, Inc. to the non-GAAP financial measure of Adjusted EBITDA:
| Diamondback Energy, Inc. | ||||||||
| Reconciliation of Net Income (Loss) to Adjusted EBITDA | ||||||||
| (unaudited, in millions) | ||||||||
| Three Months Ended September 30, 2026 | Nine Months Ended September 30, 2026 | |||||||
| Net income (loss) attributable to Diamondback Energy, Inc. | $ | 1,603 | $ | 3,510 | ||||
| Net income (loss) attributable to non-controlling interest | 168 | 460 | ||||||
| Net income (loss) | 1,771 | 3,970 | ||||||
| Non-cash (gain) loss on derivative instruments, net | 85 | 165 | ||||||
| Interest expense, net | 55 | 174 | ||||||
| Depreciation, depletion, amortization and accretion | 1,320 | 3,885 | ||||||
| Depreciation and interest expense related to equity method investments | 13 | 39 | ||||||
| (Gain) loss on extinguishment of debt | (4 | ) | (137 | ) | ||||
| Impairment of oil and natural gas properties | — | 1,400 | ||||||
| Non-cash equity-based compensation expense | 37 | 101 | ||||||
| Capitalized equity-based compensation expense | (11 | ) | (29 | ) | ||||
| Other non-cash transactions | (15 | ) | 12 | |||||
| Provision for (benefit from) income taxes | 501 | 1,113 | ||||||
| Consolidated Adjusted EBITDA | 3,752 | 10,693 | ||||||
| Less: Adjustment for non-controlling interest | 359 | 1,047 | ||||||
| Adjusted EBITDA attributable to Diamondback Energy, Inc. | $ | 3,393 | $ | 9,646 | ||||
ADJUSTED NET INCOME
Adjusted net income is a non-GAAP financial measure equal to net income (loss) attributable to Diamondback Energy, Inc. plus net income (loss) attributable to non-controlling interest ("net income (loss)") adjusted for non-cash (gain) loss on derivative instruments, net, (gain) loss on extinguishment of debt, other non-cash transactions and related income tax adjustments. The Company’s computation of adjusted net income may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts. Management believes adjusted net income helps investors in the oil and natural gas industry to measure and compare the Company's performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors. Further, in order to allow investors to compare the Company's performance across periods, the Company excludes the effects of significant transactions that may affect earnings but are unpredictable in nature, timing and amount, although they may recur in different reporting periods.
The following table presents a reconciliation of the GAAP financial measure of net income (loss) attributable to Diamondback Energy, Inc. to the non-GAAP measure of adjusted net income:
| Diamondback Energy, Inc. | ||||||||
| Adjusted Net Income | ||||||||
| (unaudited, in millions, except per share amounts, shares in thousands) | ||||||||
| Three Months Ended | ||||||||
| September 30, 2026 | ||||||||
| Amounts | Amounts Per Diluted Share | |||||||
| Net income (loss) attributable to Diamondback Energy, Inc.(1) | $ | 1,603 | $ | 5.69 | ||||
| Net income (loss) attributable to non-controlling interest | 168 | 0.60 | ||||||
| Net income (loss)(1) | 1,771 | 6.29 | ||||||
| Non-cash (gain) loss on derivative instruments, net | 85 | 0.30 | ||||||
| (Gain) loss on extinguishment of debt | (4 | ) | (0.01 | ) | ||||
| Other non-cash transactions | (15 | ) | (0.05 | ) | ||||
| Adjusted net income excluding above items(1) | 1,837 | 6.53 | ||||||
| Income tax adjustment for above items | (15 | ) | (0.05 | ) | ||||
| Adjusted net income(1) | 1,822 | 6.48 | ||||||
| Less: Adjusted net income attributable to non-controlling interest | 173 | 0.62 | ||||||
| Adjusted net income attributable to Diamondback Energy, Inc.(1) | $ | 1,649 | $ | 5.86 | ||||
| Weighted average common shares outstanding: | ||||||||
| Basic | 279,959 | |||||||
| Diluted | 279,959 | |||||||
| (1) The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of common stock and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to Diamondback Energy, Inc., (ii) less the reallocation of | ||||||||
OPERATING CASH FLOW BEFORE WORKING CAPITAL CHANGES, FREE CASH FLOW AND ADJUSTED FREE CASH FLOW
Operating cash flow before working capital changes, which is a non-GAAP financial measure, represents net cash provided by operating activities as determined under GAAP without regard to changes in working capital. The Company believes operating cash flow before working capital changes is a useful measure of an oil and natural gas company’s ability to generate cash used to fund exploration, development and acquisition activities and service debt or pay dividends. The Company also uses this measure because changes in working capital relate to the timing of cash receipts and disbursements that the Company may not control and may not relate to the period in which the operating activities occurred. This allows the Company to compare its operating performance with that of other companies without regard to financing methods and capital structure.
The Company defines Free Cash Flow, which is a non-GAAP financial measure, as cash flow from operating activities before changes in working capital in excess of cash capital expenditures. The Company defines Adjusted Free Cash Flow, which is a non-GAAP financial measure, as Free Cash Flow before the tax impact from divestitures (if any), merger and transaction expenses, costs of early termination of derivatives and settlements of any treasury locks (if any). The Company believes that Free Cash Flow and Adjusted Free Cash Flow are useful to investors as they provide a measure to compare both cash flow from operating activities and additions to oil and natural gas properties across periods on a consistent basis, adjusted, as applicable, for non-recurring impacts from divestitures, merger and transaction expenses, the early termination of derivative contracts and settlements of treasury locks. These measures should not be considered as an alternative to, or more meaningful than, net cash provided by operating activities as an indicator of liquidity. The Company's computation of Free Cash Flow may not be comparable to other similarly titled measures of other companies.
The following tables present a reconciliation of the GAAP financial measure of net cash provided by operating activities to the non-GAAP measure of operating cash flow before working capital changes and to the non-GAAP measures of Free Cash Flow and Adjusted Free Cash Flow:
| Diamondback Energy, Inc. | ||||||||
| Operating Cash Flow Before Working Capital Changes, Free Cash Flow and Adjusted Free Cash Flow | ||||||||
| (unaudited, in millions) | ||||||||
| Three Months Ended September 30, 2026 | Nine Months Ended September 30, 2026 | |||||||
| Net cash provided by operating activities | $ | 2,599 | $ | 8,016 | ||||
| Less: Changes in cash due to changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (476 | ) | (1,039 | ) | ||||
| Accounts payable and accrued liabilities | 71 | (133 | ) | |||||
| Income taxes payable | (138 | ) | (138 | ) | ||||
| Revenues and royalties payable | (54 | ) | 270 | |||||
| Other | 22 | (82 | ) | |||||
| Total working capital changes | (575 | ) | (1,122 | ) | ||||
| Operating cash flow before working capital changes | 3,174 | 9,138 | ||||||
| Additions to oil and natural gas properties | (1,026 | ) | (2,955 | ) | ||||
| Total Cash CAPEX | (1,026 | ) | (2,955 | ) | ||||
| Free Cash Flow | 2,148 | 6,183 | ||||||
| Merger and transaction expenses(1) | 2 | 8 | ||||||
| Early termination of derivatives | — | 27 | ||||||
| Adjusted Free Cash Flow | $ | 2,150 | $ | 6,218 | ||||
| (1) Includes | ||||||||
NET DEBT
The Company defines the non-GAAP measure of net debt as total debt (excluding debt issuance costs, discounts, premiums and unamortized basis adjustments) less cash and cash equivalents and restricted cash that has been irrevocably deposited for the redemption of principal amounts of outstanding senior notes. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company's outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. The Company believes this metric is useful to analysts and investors in determining the Company's leverage position because the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt.
| Diamondback Energy, Inc. | ||||||||||||||||||||||||
| Net Debt | ||||||||||||||||||||||||
| (unaudited, in millions) | ||||||||||||||||||||||||
| September 30, 2026 | Net Q3 Principal Borrowings/ (Repayments) | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |||||||||||||||||||
| Diamondback total debt(1) | $ | 10,965 | $ | (106 | ) | $ | 11,071 | $ | 12,448 | $ | 12,462 | $ | 13,792 | |||||||||||
| Diamondback cash and cash equivalents | (548 | ) | (385 | ) | (146 | ) | (91 | ) | (106 | ) | ||||||||||||||
| Diamondback net debt | $ | 10,417 | $ | 10,686 | $ | 12,302 | $ | 12,371 | $ | 13,686 | ||||||||||||||
| Viper total debt(1) | $ | 2,410 | $ | 715 | $ | 1,695 | $ | 1,620 | $ | 2,205 | $ | 2,640 | ||||||||||||
| Viper cash and cash equivalents | (10 | ) | (77 | ) | (28 | ) | (13 | ) | (433 | ) | ||||||||||||||
| Viper net debt | $ | 2,400 | $ | 1,618 | $ | 1,592 | $ | 2,192 | $ | 2,207 | ||||||||||||||
| Total debt | $ | 13,375 | $ | 609 | $ | 12,766 | $ | 14,068 | $ | 14,667 | $ | 16,432 | ||||||||||||
| Cash and cash equivalents | (558 | ) | (462 | ) | (174 | ) | (104 | ) | (539 | ) | ||||||||||||||
| Net debt | $ | 12,817 | $ | 12,304 | $ | 13,894 | $ | 14,563 | $ | 15,893 | ||||||||||||||
| (1) Excludes debt issuance costs, discounts, premiums and unamortized basis adjustments. | ||||||||||||||||||||||||
DERIVATIVES
As of October 30, 2026, the Company had the following outstanding consolidated derivative contracts, including derivative contracts at Viper. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges and published index prices. Crude oil derivative settlements are based on New York Mercantile Exchange (“NYMEX”) West Texas Intermediate (“WTI”) pricing, Crude Oil Brent pricing and the regional crude oil pricing points indicated below. Natural gas derivative settlements are based on NYMEX Henry Hub pricing and the regional natural gas pricing points indicated below. Basis swaps settle on the differential between the applicable benchmark price and the regional index price, and roll swaps settle on the differential between NYMEX WTI prompt-month and second-month contract prices. When aggregating multiple contracts, the weighted average contract price is disclosed.
| Crude Oil (Bbls/day, $/Bbl) | |||||||||||||||
| Q4 2026 | Q1 2027 | Q2 2027 | Q3 2027 | Q4 2027 | |||||||||||
| Long Puts - Crude Brent Oil | 10,000 | 15,000 | 10,000 | — | — | ||||||||||
| Long Put Price ($/Bbl) | $ | 55.00 | $ | 55.00 | $ | 55.00 | — | — | |||||||
| Deferred Premium ($/Bbl) | $ | -1.33 | $ | -1.27 | $ | -1.21 | — | — | |||||||
| Long Puts - WTI (Magellan East Houston) | 75,000 | 75,000 | 60,000 | 30,000 | 10,000 | ||||||||||
| Long Put Price ($/Bbl) | $ | 50.67 | $ | 50.00 | $ | 50.00 | $ | 50.00 | $ | 50.00 | |||||
| Deferred Premium ($/Bbl) | $ | -1.31 | $ | -1.25 | $ | -1.25 | $ | -1.15 | $ | -0.98 | |||||
| Long Puts - WTI (Cushing) | 175,000 | 140,000 | 130,000 | 90,000 | 40,000 | ||||||||||
| Long Put Price ($/Bbl) | $ | 50.57 | $ | 50.00 | $ | 50.00 | $ | 50.00 | $ | 50.00 | |||||
| Deferred Premium ($/Bbl) | $ | -1.28 | $ | -1.28 | $ | -1.24 | $ | -1.22 | $ | -1.15 | |||||
| Basis Swaps - WTI (Midland) | 85,000 | 41,500 | 41,500 | 31,500 | 31,500 | ||||||||||
| $ | 1.09 | $ | 1.30 | $ | 1.30 | $ | 1.07 | $ | 1.07 | ||||||
| WTI / Brent Basis Puts | 290,000 | — | — | — | — | ||||||||||
| Spread ($/Bbl) | $ | -41.03 | — | — | — | — | |||||||||
| Deferred Premium ($/Bbl) | $ | -1.44 | — | — | — | — | |||||||||
| Roll Swaps - WTI | 150,000 | — | — | — | — | ||||||||||
| $ | 2.89 | — | — | — | — | ||||||||||
| Natural Gas (Mmbtu/day, $/Mmbtu) | |||||||||
| Q4 2026 | FY 2027 | FY 2028 | |||||||
| Costless Collars - Henry Hub | 840,000 | 720,000 | 130,000 | ||||||
| Floor Price ($/Mmbtu) | $ | 2.87 | $ | 2.88 | $ | 2.65 | |||
| Ceiling Price ($/Mmbtu) | $ | 6.35 | $ | 6.37 | $ | 5.88 | |||
| Natural Gas Basis Swaps - Waha Hub | 650,000 | 370,000 | 60,000 | ||||||
| $ | -1.75 | $ | -1.27 | $ | -1.51 | ||||
| Natural Gas Basis Swaps - Houston Ship Channel | 100,000 | 300,000 | 150,000 | ||||||
| $ | -0.35 | $ | -0.31 | $ | -0.33 | ||||
Investor Contact:
Adam Lawlis
+1 432.221.7467
alawlis@diamondbackenergy.com
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Diamondback Energy's third-quarter 2026 earnings?
Diamondback reported $1,603 million in attributable net income and diluted earnings of $5.69 per share, compared with $1,018 million and $3.51 a year earlier. Revenue increased to $5,431 million from $3,924 million.
How much is Diamondback Energy's increased dividend, and when is it paid?
The quarterly base dividend is $1.18 per common share, payable November 19, 2026, to stockholders of record at the close of business on November 12, 2026. The quarterly amount increased 7.3%, bringing the annual base dividend to $4.72 per share.