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. (FANG) is an independent oil and gas producer focused exclusively on developing unconventional resources within the Permian Basin. This page provides authorized news updates and verified developments directly from the company and trusted industry sources.
Access real-time announcements including quarterly earnings disclosures, operational milestones, and strategic initiatives like acreage acquisitions. Investors will find essential updates on production efficiencies, resource development progress, and financial performance metrics.
All content undergoes strict verification to ensure compliance with financial reporting standards. Bookmark this page for immediate access to merger announcements, leadership updates, and technical innovations driving Diamondback's low-cost production model.
On March 9, 2021, Glazer Capital, which owns 5.7% of QEP Resources shares, issued a letter urging fellow shareholders to reject the proposed acquisition by Diamondback Energy, scheduled for a vote on March 16, 2021. The letter argues that the merger consideration of 0.05 shares of Diamondback per QEP share is grossly inadequate, especially given recent surges in small-cap exploration and production company valuations. Glazer believes QEP is worth between $5.74 and $6.34 per share based on comparative valuations, significantly higher than the current acquisition terms.
Diamondback Energy (NASDAQ:FANG) has launched cash tender offers to acquire its own 5.375% Senior Notes due 2025 and QEP Resources' 5.375% Senior Notes due 2022, 5.250% Senior Notes due 2023, and 5.625% Senior Notes due 2026. These offers are connected to Diamondback's acquisition of QEP. The offers allow for early tender consideration and are set to expire on March 31, 2021. They are conditional on the successful completion of the QEP acquisition and other financing conditions. The expected initial settlement date is March 24, 2021.
Diamondback Energy (NASDAQ: FANG) has finalized its acquisition of oil and gas assets from Guidon Operating LLC for $375 million in cash and 10.68 million shares of common stock. This transaction enhances Diamondback's portfolio by adding approximately 32,500 net acres in the Northern Midland Basin, primarily held by production. These assets are expected to facilitate efficient capital deployment for full field development, strengthening the company's operational capacity in the competitive Permian Basin.
Diamondback Energy reported solid Q4 2020 results, achieving average production of 175.8 MBO/d and generating cash flow from operations of $403 million. The company declared a 6.7% dividend increase to $1.60 per share, with a Q4 dividend of $0.40 payable on March 11, 2021. Total cash capital expenditures for the quarter were $226 million, contributing to a Free Cash Flow of $242 million. Despite a net loss of $739 million due to impairment charges, proved reserves increased by 17% to 1,316 MMBOE, reflecting strong operational performance and a commitment to capital discipline.
Diamondback Energy, Inc. (NASDAQ: FANG) has announced plans to release its fourth quarter 2020 financial results on February 22, 2021, after market close. A conference call for investors and analysts will follow on February 23, 2021, at 8:00 a.m. CT to discuss these results. Participants can join by calling (877) 440-7573 or (253) 237-1144, using confirmation code 2863138. A replay will be available until March 2, 2021. The earnings call will also be accessible via a live broadcast on the company’s website in the Investor Relations section.
Diamondback Energy (NASDAQ: FANG) has announced a definitive agreement to acquire QEP Resources (NYSE: QEP) in an all-stock transaction valued at approximately $2.2 billion, including QEP's net debt of $1.6 billion. Each QEP stockholder will receive 0.05 shares of Diamondback common stock per QEP share, equating to an implied value of $2.29 per share. The merger, unanimously approved by both companies' boards, aims to enhance cash flow and reduce reinvestment ratios, with expected annual synergies between $60 million and $80 million.
Diamondback Energy, Inc. (NASDAQ: FANG) announced its acquisition of Guidon Operating LLC’s leasehold interests for 10.63 million shares and $375 million in cash. This transaction includes about 32,500 net acres in the Northern Midland Basin, with a production average of 11.6 MBO/d. The deal is projected to enhance cash flow and reduce the 2021 reinvestment ratio. Closing is expected by the end of February 2021, financed through cash reserves and a credit facility.
Diamondback Energy (NASDAQ: FANG) reported third-quarter 2020 results, highlighting a cash flow from operating activities of $542 million and a free cash flow of $153 million. The company maintained cash operating costs at $7.61 per BOE and declared a dividend of $0.375 per share, reflecting a 5.8% annualized yield. Despite a net loss of $1,113 million, an adjusted net income of $98 million was achieved. The company improved efficiency, achieving a 74% reduction in flaring year-over-year. Diamondback ended the quarter with a net cash position of $68 million and no outstanding borrowings.
Diamondback Energy (NASDAQ: FANG) reported Q3 2020 average production of 170.0 MBO/d and cash CAPEX of $281 million. The company achieved average realized hedged prices of $38.17 per barrel of oil and $26.22 per BOE. With $2 billion in liquidity and no debt drawn from its revolving credit facility, Diamondback plans to maintain production of 170-175 MBO/d in Q4 2020 while reducing capital expenses by 25%-35% in 2021. The company emphasizes debt repayment over growth amidst an oversupplied market.
Diamondback Energy, Inc. (NASDAQ: FANG) announced its plans to release third quarter 2020 financial results on November 2, 2020, post market closure. A conference call will follow on November 3, 2020, at 8:00 a.m. CT, for investors and analysts to discuss the results. Participants can join via phone or webcast. The company focuses on acquiring and developing onshore oil and natural gas reserves in the Permian Basin, Texas.
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