Diamondback Ener Stock Price, News & Analysis

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.

Diamondback Energy, Inc. (NASDAQ:FANG) has priced an offering of $650 million in 0.900% senior notes maturing in 2023, $900 million in 3.125% senior notes maturing in 2031, and $650 million in 4.400% senior notes maturing in 2051. The proceeds will fund tender offers for outstanding senior notes and general corporate purposes. The offering is expected to close on March 24, 2021. The notes will be sold via a registered offering under an effective shelf registration statement with the SEC.

Diamondback Energy (NASDAQ:FANG) announced early results of its cash tender offers for outstanding senior notes. As of March 17, 2021, approximately 45.97% of its 2025 Notes and 96.65% of QEP Resources' Notes were tendered. The offers are contingent upon the successful completion of Diamondback's acquisition of QEP, which closed on the same day. The tender offers expire on March 31, 2021, with expected initial settlements on March 24, 2021. Consents obtained for QEP notes will allow amendments to their indentures pending majority acceptance.