Business
Diamondback Energy, Inc. Announces Fourth Quarter and Full Year 2022 Financial and Operating Results; Increases Base Dividend
MIDLAND, Texas, Feb. 21, 2023 (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. 21, 2023 (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, 2022. FOURTH QUARTER 2022 HIGHLIGHTS Average production of 226.1 MBO/d (391.4 MBOE/d)Net cash provided by operating activities of $1.44 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $1.67 billionCash capital expenditures of $542 millionFree Cash Flow (as defined and reconciled below) of $1.13 billionIncreasing annual base dividend by 7% to $3.20 per share; declared Q4 2022 base cash dividend of $0.80 per share payable on March 10, 2023; implies a 2.4% annualized yield based on February 17, 2023 closing share price of $134.68Declared a variable cash dividend of $2.15 per share payable on March 10, 2023; total base-plus-variable dividend of $2.95 per share implies an 8.8% annualized yield based on February 17, 2023 closing share price of $134.68Repurchased 2,344,850 shares of common stock in Q4 2022 for $316 million (at a weighted average price of $134.49/share)Total Q4 2022 return of capital of $861 million from stock repurchases and the declared base-plus-variable dividend; represents ~76% of Q4 2022 Free Cash Flow (as defined and reconciled below)Closed the previously announced acquisition of all leasehold interests and related assets of FireBird Energy LLC on November 30, 2022 and the previously announced acquisition of all leasehold interest and related assets of Lario Permian, LLC, a wholly owned subsidiary of Lario Oil & Gas Company, and certain associated sellers, on January 31, 2023 (collectively, the \"FireBird and Lario Acquisitions\") FULL YEAR 2022 HIGHLIGHTS Average production of 223.6 MBO/d (386.0 MBOE/d)Net cash provided by operating activities of $6.33 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $6.52 billionCash capital expenditures of $1.94 billionGenerated Free Cash Flow (as defined and reconciled below) of $4.59 billionDeclared total base-plus-variable dividends of $11.31 per share for the full year 2022Repurchased 8,693,384 shares of common stock in 2022 for $1.10 billion (at a weighted average price of $126.19/share)Total full year 2022 return of capital of $3.11 billion from stock r...