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  4. [8-K] Diamondback Energy, Inc. Reports Material Event

Q1 2026 prices and hedging gains at Diamondback Energy (NASDAQ: FANG)

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(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Diamondback Energy, Inc. provides an update on key metrics for the quarter ended March 31, 2026, focusing on commodity pricing, derivative results and share count. Average unhedged realized prices were $73.47 per barrel of oil, $0.18 per Mcf of natural gas and $16.68 per barrel of NGLs, while hedged prices were $72.53, $1.90 and $16.68, respectively.

For the quarter, Diamondback anticipates a net gain of $133 million on cash settlements for derivative instruments, including commodity contracts and interest rate swaps, and a net non-cash loss of $16 million on derivatives. Basic and diluted weighted average shares outstanding for the period were both 282,792 thousand.

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Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Unhedged oil price $73.47 per Bbl Average unhedged realized price, Q1 2026
Unhedged natural gas price $0.18 per Mcf Average unhedged realized price, Q1 2026
Hedged natural gas price $1.90 per Mcf Average realized hedged price, Q1 2026
Net cash derivative gain $133 million Net cash received on derivative settlements, Q1 2026
Non-cash derivative loss $16 million Net non-cash loss on derivative instruments, Q1 2026
Interest rate swap loss $27 million Realized loss on $300 million notional swaps termination, Q1 2026
Basic shares outstanding 282,792 thousand Basic weighted average shares outstanding, Q1 2026
Diluted shares outstanding 282,792 thousand Diluted weighted average shares outstanding, Q1 2026
commodity derivative transactions financial
"Hedged prices reflect the effect of our commodity derivative transactions on our average sales prices"
net non-cash loss on derivative instruments financial
"Diamondback anticipates a net gain on cash settlements ... and a net non-cash loss on derivative instruments of $16 million"
weighted average shares outstanding financial
"For the first quarter of 2026, basic and diluted weighted average shares outstanding are as follows"
The weighted average shares outstanding is the average number of a company’s common shares that were available during a reporting period, adjusted so each change (like new shares issued or shares bought back) counts only for the portion of the period it was in effect. Investors use it to calculate per-share measures such as earnings per share, so it shows how ownership dilution or buybacks affect what each share is entitled to—like averaging how many people were at a potluck over time to determine each person’s share of the food.
interest rate swaps financial
"Includes a $27 million realized loss recognized upon termination of the remaining aggregate $300 million notional amount of interest rate swaps"
A contract between two parties to exchange streams of interest payments, typically swapping a fixed-rate payment for a floating-rate payment or vice versa. Think of it like two neighbors agreeing to trade the type of mortgage payments they make to reduce uncertainty or take advantage of expected rate moves; investors care because swaps change a company’s borrowing costs and risk exposure, which can materially affect cash flow, creditworthiness, and valuation.
forward-looking statements regulatory
"This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Average unhedged oil price $73.47 per Bbl
Average hedged natural gas price $1.90 per Mcf
Net cash derivative gain $133 million
Non-cash derivative loss $16 million
Basic weighted average shares 282,792 thousand
Understanding 8-K Material Events →
false000153983800015398382026-04-132026-04-13

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 13, 2026
___________
DIAMONDBACK ENERGY, INC.
(Exact Name of Registrant as Specified in Charter)
DE
001-35700
45-4502447
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
500 West Texas Ave.
Suite 100
Midland, TX
79701
(Address of principal
executive offices)
(Zip Code)
(432) 221-7400
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per share
FANGThe Nasdaq Stock Market LLC
(NASDAQ Global Select Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐


Item 2.02. Results of Operations and Financial Condition.
 
Diamondback Energy, Inc. (“Diamondback”) presents in this Item 2.02 certain information for the quarter ended March 31, 2026 regarding its realized prices, derivative activity and weighted average basic and diluted shares outstanding.

Realized Prices

First quarter 2026 average unhedged realized prices were $73.47 per barrel of oil, $0.18 per Mcf of natural gas and $16.68 per barrel of natural gas liquids (“NGLs”).

First quarter 2026 average realized hedged prices were $72.53 per barrel of oil, $1.90 per Mcf of natural gas and $16.68 per barrel of NGLs.

Average Prices:
Oil ($ per Bbl)$73.47 
Natural gas ($ per Mcf)$0.18 
Natural gas liquids ($ per Bbl)$16.68 
Oil, hedged ($ per Bbl)(1)
$72.53 
Natural gas, hedged ($ per Mcf)(1)
$1.90 
Natural gas liquids, hedged ($ per Bbl)(1)
$16.68 
(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.

Derivative Activity

For the first quarter of 2026, Diamondback anticipates a net gain on cash settlements for derivative instruments of $133 million and a net non-cash loss on derivative instruments of $16 million as detailed in the table below (in millions):

Gain (loss) on derivative instruments, net:
Commodity contracts$117 
Net cash received (paid) on settlements:
Commodity contracts$160 
Interest rate swaps(1)
(27)
Total$133 
(1)Includes a $27 million realized loss recognized upon termination of the remaining aggregate $300 million notional amount of interest rate swaps.


Weighted Average Basic and Diluted Shares Outstanding

For the first quarter of 2026, basic and diluted weighted average shares outstanding are as follows (in thousands):

Basic weighted average shares outstanding282,792 
Diluted weighted average shares outstanding282,792 



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 Double Eagle acquisition and the Sitio acquisition recently completed by Diamondback's subsidiary, Viper Energy, Inc. 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, curtailment delays 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; those risks described in 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.


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
DIAMONDBACK ENERGY, INC.
Date:April 13, 2026
By:/s/ Teresa L. Dick
Name:Teresa L. Dick
Title:Executive Vice President, Chief Accounting Officer and Assistant Secretary



Source: View Original Filing on SEC EDGAR

FAQ

What pricing information did Diamondback Energy (FANG) provide for Q1 2026?

Diamondback reported average unhedged realized prices of $73.47 per barrel of oil, $0.18 per Mcf of natural gas and $16.68 per barrel of NGLs, giving investors insight into its commodity sales environment for the quarter.

How did hedging affect Diamondback Energy’s Q1 2026 realized prices?

With hedges, Diamondback’s average realized prices were $72.53 per barrel of oil, $1.90 per Mcf of natural gas and $16.68 per barrel of NGLs. These figures incorporate gains and losses from cash settlements on matured commodity derivatives, but exclude early settlements.

What derivative gains or losses did Diamondback Energy (FANG) disclose for Q1 2026?

Diamondback anticipates a $133 million net gain on cash settlements for derivative instruments and a $16 million net non-cash loss on derivatives, reflecting the combined effect of commodity contracts and interest rate swaps during the quarter.

How did interest rate swaps impact Diamondback Energy’s Q1 2026 results?

Interest rate swaps produced a $27 million realized loss, recognized upon terminating the remaining $300 million notional amount of swaps. This loss is included in the total net cash derivative settlements disclosed for the quarter.

What were Diamondback Energy’s Q1 2026 weighted average shares outstanding?

For the first quarter of 2026, Diamondback reported basic and diluted weighted average shares outstanding of 282,792 thousand. This figure is important for calculating per-share metrics such as earnings per share once full financial results are released.

Does Diamondback’s Q1 2026 update include any forward-looking statements?

Yes. Diamondback includes extensive forward-looking statements about future performance, strategy, operations, reserves and acquisitions, and highlights multiple risk factors, emphasizing that actual results may differ materially from its current expectations.

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