Business
Diamondback Energy, Inc. Announces Fourth Quarter and Full Year 2021 Financial and Operating Results; Increases Dividend
MIDLAND, Texas, Feb. 22, 2022 (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. 22, 2022 (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, 2021. FOURTH QUARTER 2021 HIGHLIGHTS Average production of 226.3 MBO/d (387.1 MBOE/d)Permian Basin production of 224.4 MBO/d (383.5 MBOE/d)Cash flow from operating activities of $1,167 million; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $1,206 millionCash capital expenditures of $434 million; Q4 2021 activity-based capital expenditures incurred of approximately $427 millionFree Cash Flow (as defined and reconciled below) of $772 millionIncreasing annual dividend by 20.0% to $2.40 per share; declared Q4 2021 cash dividend of $0.60 per share payable on March 11, 2022; implies a 1.8% annualized yield based on the February 18, 2022 share closing price of $131.47Repurchased 3,858,931 shares of common stock (~2.1% of prior quarter shares outstanding) in Q4 2021 for ~$409 million ($105.96 / share)Total return of capital of $515 million (67% of Q4 2021 Free Cash Flow) from stock repurchases and the declared Q4 2021 dividend; above commitment to return at least 50% of Free Cash Flow to stockholdersFlared 1.55% (1.32% excluding QEP Permian) of gross natural gas production in the fourth quarter of 2021 FULL YEAR 2021 HIGHLIGHTS Full year 2021 average production of 223.3 MBO/d (375.3 MBOE/d)Generated full year 2021 cash flow from operating activities of $3,944 million; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $3,908 millionFull year 2021 cash capital expenditures of $1,487 million; turned 275 horizontal wells to productionGenerated full year 2021 Free Cash Flow (as defined and reconciled below) of $2,421 millionYE 2021 total debt of $6,756 million and consolidated net debt (as defined and reconciled below) of $6,102 million, down 20% from the end of Q1 2021; redeemed $1,277 million of Senior Notes over the same periodProved reserves as of December 31, 2021 of 1,789 MMBOE (928 MMBO, 52% oil), up 36% year over year; proved developed producing (\"PDP\") reserves of 1,201 MMBOE (620 MMBO, 52% oil, 67% of proved reserves), up 47% year over year2021 consolidated proved developed finding and development (as defined below and referred ...