Business
Diamondback Energy, Inc. Announces First Quarter 2024 Financial and Operating Results
MIDLAND, Texas, April 30, 2024 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and
About this update from Diamondback Energy, Inc.
[{"type":"text","content":"MIDLAND, Texas, April 30, 2024 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the first quarter ended March 31, 2024. FIRST QUARTER 2024 HIGHLIGHTS Average production of 273.3 MBO/d (461.1 MBOE/d)Net cash provided by operating activities of $1.3 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $1.4 billionCash capital expenditures of $609 millionFree Cash Flow (as defined and reconciled below) of $791 millionDeclared Q1 2024 base cash dividend of $0.90 per share and a variable cash dividend of $1.07 per share, in each case payable on May 22, 2024; implies an 3.8% annualized yield based on April 29, 2024 closing share price of $205.86Repurchased 279,266 shares of common stock in Q1 2024 for $42 million, excluding excise tax (at a weighted average price of $149.50/share)Total Q1 2024 return of capital of $396 million; represents ~50% of Q1 2024 Free Cash Flow (as defined and reconciled below) from stock repurchases and the declared Q1 2024 base-plus-variable dividendAnnounced merger with Endeavor Energy Resources, L.P. on February 12, 2024. Diamondback stockholders approved the merger on April 26, 2024. The deal remains subject to regulatory approval and is expected to close in the fourth quarter of 2024. OPERATIONS UPDATE The tables below provide a summary of operating activity for the first quarter of 2024. Total Activity (Gross Operated): Number of Wells Drilled Number of Wells CompletedMidland Basin69 101Delaware Basin10 —Total79 101 Total Activity (Net Operated): Number of Wells Drilled Number of Wells CompletedMidland Basin67 89Delaware Basin9 —Total76 89 During the first quarter of 2024, Diamondback drilled 69 gross wells in the Midland Basin and ten gross wells in the Delaware Basin. The Company turned 101 operated wells to production, all in the Midland Basin, with an average lateral length of 11,463 feet. Operated completions during the first quarter consisted of 30 Lower Spraberry wells, 19 Wolfcamp A wells, 16 Jo Mill wells, 15 Wolfcamp B wells, 12 Middle Spraberry wells, six Wolfcamp D wells and three Upper Spraberry wells. FINANCIAL UPDATE Diamondback's first quarter 2024 net income was $768 million, or $4.28 per diluted share. Adjusted net income (as defined and reconciled...