Diamondback Ener Stock Price, News & Analysis

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.

Diamondback Energy (NASDAQ: FANG) has released its 2020 Corporate Responsibility Report, showcasing its focus on environmental sustainability, governance, and community engagement. CEO Travis Stice emphasized the company's commitment to enhancing safety, transparency, and diversity within the organization. The report adheres to recognized standards such as SASB, GRI, and IPIECA. Diamondback aims to be a leader in the oil and gas sector regarding ESG matters while fostering responsible resource development in the Permian Basin. The full report can be accessed online for more details.

Diamondback Energy (NASDAQ: FANG) announced receiving an unsolicited mini-tender offer from TRC Capital Investment to purchase up to 2.5 million shares at $37 each. This price is approximately 4.96% below the recent closing price of $38.93 on July 10, 2020. Diamondback advises shareholders to reject the offer, highlighting that it falls below current market value and is contingent on several conditions, including financing and market stability. Shareholders can withdraw shares tendered prior to August 11, 2020. Diamondback is not affiliated with TRC Capital.

Diamondback Energy (NASDAQ: FANG) announced its Q2 2020 operational update, reporting average production of 176.3 MBO/d and revised full-year production guidance of 290 – 305 MBOE/d. The company curtailed production by 9.0 MBO/d in May but restored nearly all by June. Q2 realized hedged prices were $35.21/bbl for oil, with total hedging gains of $211 million. Cash CAPEX was $562 million. The company plans to operate 5-6 drilling rigs through the remainder of the year, projecting a significant increase in free cash flow in H2 2020 and 2021.

Diamondback Energy (NASDAQ: FANG) announced it will release its second quarter 2020 financial results on August 3, 2020, after market close. An investor conference call is scheduled for August 4, 2020, at 8:00 a.m. CT. Participants can join the call by dialing (877) 440-7573 or (253) 237-1144, and a telephonic replay will be available from August 4 to August 11. Diamondback specializes in the acquisition and development of oil and natural gas reserves in the Permian Basin, Texas.

Diamondback Energy (NASDAQ: FANG) announced the expiration of its cash tender offer for Energen's 4.625% Senior Notes due 2021 on May 22, 2020. A total of $208.69 million, or 52.17% of the aggregate principal amount, was validly tendered, excluding $385,000 subject to guaranteed delivery procedures. Payment for the validly tendered Notes is scheduled for May 26, 2020. The company confirmed that any Notes not tendered will remain outstanding. This press release does not constitute an offer to sell or a solicitation in jurisdictions where such an offer is unlawful.

Diamondback Energy (NASDAQ:FANG) announced a $500 million offering of 4.75% senior notes, maturing on May 31, 2025. The proceeds will be used to fund an equity contribution to Energen Corporation for purchasing its own 4.625% Senior Notes due 2021, repay part of its revolving credit facility, and for general corporate purposes. The offering, priced at 100% of the principal amount, is expected to close on May 26, 2020. The notes were sold in a registered offering under an effective shelf registration. J.P. Morgan, Citigroup, and Wells Fargo served as joint book-running managers.