Diamondback Ener Stock Price, News & Analysis

Diamondback Energy, Inc. (NASDAQ: FANG) has announced its schedule for the third quarter 2024 financial results release and conference call. The company plans to release its Q3 2024 financial results on November 4, 2024 after market close. Following this, Diamondback will host a conference call and webcast for investors and analysts on Tuesday, November 5, 2024 at 8:00 a.m. CT.

Investors can access the webcast and replay through a link provided by the company. The live webcast will also be available on Diamondback's website under the 'Investor Relations' section. Diamondback Energy is an independent oil and natural gas company based in Midland, Texas, focusing on unconventional, onshore oil and natural gas reserves in the Permian Basin.

Diamondback Energy, Kinetik Holdings, and EPIC Midstream have announced transformative transactions for EPIC Crude Holdings. Key highlights include:

1. Diamondback and Kinetik acquired a 30% equity interest in EPIC Crude, now each owning 27.5%.
2. Diamondback increased its volume commitment to 200 MBpd.
3. Kinetik entered a new transportation arrangement with EPIC Crude.
4. Combined long-term volume commitments from partners represent over 33% of EPIC Crude's capacity.
5. EPIC Crude transports over 600 MBpd and has secured MVCs or contracts for ~90% of 2025 total volumes.

These actions aim to strengthen EPIC Crude's financial profile, reduce costs, and enhance returns. The company is positioned for potential expansion, with partners having an option for about one-third of the expansion capacity.

Diamondback Energy (NASDAQ: FANG) announced the pricing of an upsized secondary public offering of 12,770,000 common stock shares by certain Legacy Endeavor Stockholders. The gross proceeds are expected to be approximately $2.2 billion. Diamondback will not receive any proceeds from this sale. The offering is set to close on September 23, 2024, subject to conditions.

The Selling Stockholders have granted underwriters a 30-day option to purchase up to an additional 1,615,500 shares. Diamondback has agreed to repurchase 2,000,000 shares from the underwriters at the same price paid to the Selling Stockholders, funded from existing cash. Evercore ISI, Citigroup, and J.P. Morgan are acting as joint book-running managers for the offering.

Diamondback Energy (NASDAQ: FANG) has announced the launch of an underwritten public offering of 11,270,000 shares of its common stock by certain Legacy Endeavor Stockholders. The company will not receive any proceeds from this secondary offering. The Selling Stockholders have granted underwriters a 30-day option to purchase up to an additional 1,390,500 shares.

Diamondback has also authorized the purchase of 2,000,000 shares from the underwriters as part of its existing share repurchase program, to be funded from existing cash. Evercore ISI, Citigroup, and J.P. Morgan are acting as joint book-running managers for the offering. The shares will be sold through an effective automatic shelf registration statement on Form S-3.

Diamondback Energy, Inc. (NASDAQ: FANG) has successfully closed its merger with Endeavor Energy Resources, L.P., creating a leading North American independent oil company. The merger, described as transformative by Diamondback's Chairman and CEO Travis Stice, positions the company for long-term success in the Permian Basin.

Key highlights of the merger include:

• Enhanced high-quality inventory in the heart of the Permian Basin
• Improved ability to generate cash flow from rock
• Continuation of Diamondback's low-cost operations
• Integration of Endeavor employees into the Diamondback team

This strategic move aims to strengthen Diamondback's position as a major player in unconventional onshore oil and natural gas exploration and production in West Texas.

Endeavor Energy Resources, LP announced the passing of its Founder and Chairman of the Board, Autry C. Stephens, at age 86. Lyndal Stephens Greth, previously Vice Chairman, will assume the role of Chairman of Endeavor's Board of Managers. Autry was remembered as a Top Hand, Wildcatter, and Oil and Gas Hall of Famer, known for his humility, courage, determination, and resiliency.

Lance Robertson, Endeavor's President and CEO, expressed deep sadness and praised Autry's vision and discipline as driving forces behind Endeavor's uniqueness. Autry was described as embodying the wildcat mentality associated with the Permian Basin, leaving a legacy that will continue to shape the company, community, and oil and gas industry.

Diamondback Energy (FANG) has issued a letter to stockholders as a supplement to their earnings release. The letter, released simultaneously with the earnings report, has been furnished to the SEC. While the content of the letter is not provided in the press release, it likely contains additional context and insights regarding the company's financial performance and future outlook.

Investors and analysts should refer to both the earnings release and this supplementary letter for a comprehensive understanding of Diamondback's current position and strategic direction. The simultaneous release of both documents suggests a commitment to transparency and thorough communication with shareholders.

Diamondback Energy (NASDAQ: FANG) reported strong Q2 2024 results, with average production of 276.1 MBO/d and net income of $837 million ($4.66 per diluted share). The company generated $1.5 billion in operating cash flow and $816 million in Free Cash Flow. Key highlights include:

- Declared Q2 2024 base cash dividend of $0.90 per share and variable dividend of $1.44 per share
- Completed a $95 million sale of non-operated properties in the Delaware Basin
- Received $375 million from the sale of WTG Midstream Holdings
- Raised production guidance and lowered capital expenditure guidance for 2024
- Pending merger with Endeavor Energy Resources expected to close in Q3 or Q4 2024

Diamondback's financial position remains strong with $6.9 billion in standalone cash and $5.3 billion in consolidated net debt as of June 30, 2024.

Diamondback Energy, an independent oil and natural gas company, will release its second quarter 2024 financial results on August 5, 2024, after market close. A conference call and webcast for investors and analysts will follow on August 6, 2024, at 8:00 a.m. CT to discuss the results.

The webcast, including a replay, will be available on Diamondback’s website under the “Investor Relations” section. Diamondback focuses on the acquisition, development, exploration, and exploitation of unconventional oil and natural gas reserves in the Permian Basin in West Texas.