Business
Diamondback Energy, Inc. Announces Second Quarter 2024 Financial and Operating Results
MIDLAND, Texas, Aug. 05, 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, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the second quarter ended June 30, 2024. SECOND QUARTER 2024 HIGHLIGHTS Average production of 276.1 MBO/d (474.7 MBOE/d)Net cash provided by operating activities of $1.5 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $1.5 billionCash capital expenditures of $637 millionFree Cash Flow (as defined and reconciled below) of $816 million; Adjusted Free Cash Flow (as defined and reconciled below) of $841 millionDeclared Q2 2024 base cash dividend of $0.90 per share and a variable cash dividend of $1.44 per share, in each case payable on August 22, 2024; implies a 5.0% annualized yield based on August 2, 2024 closing share price of $189.06Total Q2 2024 return of capital of $421 million; represents ~52% of Q2 2024 Free Cash Flow (as defined and reconciled below) and 50% of Adjusted Free Cash Flow (as defined and reconciled below) from the declared Q2 2024 base-plus-variable dividendIn June, completed a $95 million sale of non-operated properties in the Delaware BasinIn July, our 25%-owned joint venture Remuda Midstream Holdings LLC completed its previously announced sale of its subsidiary WTG Midstream Holdings LLC; in connection with that closing Diamondback received total consideration valued at approximately $375 million on a pretax basis, including approximately 10.1 million common units of Energy Transfer LP (NYSE: ET)As previously announced, the pending merger with Endeavor Energy Resources, L.P. was approved by Diamondback stockholders on April 26, 2024. The deal remains subject to regulatory approval and other customary closing conditions and is expected to close in the third or fourth quarter of 2024 OPERATIONS UPDATE The tables below provide a summary of operating activity for the second quarter of 2024. Total Activity (Gross Operated): Number of Wells Drilled Number of Wells CompletedMidland Basin71 79Delaware Basin9 7Total80 86 Total Activity (Net Operated): Number of Wells Drilled Number of WellsCompletedMidland Basin67 72Delaware Basin8 6Total75 78 During the second quarter of 2024, Diamondback drilled 71 gross wells in the Midland Basin and nine gross wells in the Delaware Basin. The Company turned 79 ...