Business
Diamondback Energy, Inc. Announces Fourth Quarter and Full Year 2019 Financial and Operating Results; Doubles Dividend
MIDLAND, Texas, Feb. 18, 2020 (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, Feb. 18, 2020 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the fourth quarter and full year ended December 31, 2019.\n FOURTH QUARTER 2019 HIGHLIGHTS Q4 2019 average production of 195.0 MBO/d (301.3 MBOE/d), with average oil production up 5% over Q3 2019 and 50% over Q4 2018Q4 2019 net loss of $(487) million, which includes a $790 million impairment due to lower SEC commodity pricing; adjusted net income (as defined and reconciled below) of $308 million, or $1.93 per diluted shareQ4 2019 Consolidated Adjusted EBITDA (as defined and reconciled below) of $869 million; adjusted EBITDA net of non-controlling interest of $827 millionQ4 2019 capital expenditures of $748 million; turned 78 gross operated horizontal wells to productionApproved a 100% increase in the annual cash dividend policy to $1.50 per common share starting with Q4 2019 payment, subject to discretion of the BoardDeclared Q4 2019 cash dividend of $0.375 per share payable on March 10, 2020; implies a 2.0% annualized yield based on the February 14, 2020 share closing price of $74.97Repurchased 2,415,000 shares in Q4 2019 for ~$199 millionClosed inaugural offering of $3.0 billion of investment grade notes; proceeds used to fully redeem $1.25 billion of 4.75% notes and pay down a portion of outstanding credit facility borrowingsQ4 2019 unhedged realized oil prices of $54.74/Bbl, representing ~96% of WTI and up 6% versus Q3 2019; expect to realize ~98-101% of WTI in 2020Successfully traded majority of operated New Mexico acreage in the Northern Delaware Basin for operated Texas acreage in both the Midland and Delaware Basin; less than 0.1% of current net acreage now on federal landClosed previously announced Drop-Down transaction to subsidiary Viper Energy Partners LP (NASDAQ: VNOM) (\"Viper\") \"Diamondback ended 2019 in a position of strength, achieving 5% sequential oil production growth along with our highest oil realizations of the year. This, combined with our industry-leading cost structure, resulted in 18% quarter over quarter Adjusted EBITDA growth and 31% Adjusted EPS growth in the quarter. We repurchased 2.4 million shares in the quarter for approximately $199 million, utilizing free cash flow and a $43 million gain from interest rate swaps unwoun...