Business
Diamondback Energy, Inc. Announces Third Quarter 2021 Financial and Operating Results; Increases Dividend
MIDLAND, Texas, Nov. 01, 2021 (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, Nov. 01, 2021 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the third quarter ended September 30, 2021. THIRD QUARTER 2021 HIGHLIGHTS Q3 2021 average production of 239.8 MBO/d (404.3 MBOE/d)Q3 2021 Permian Basin production of 223.0 MBO/d (374.3 MBOE/d)Q3 2021 cash flow from operating activities of $1,199 million; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $1,131 millionQ3 2021 cash capital expenditures of $391 million; Q3 2021 activity-based capital expenditures incurred of approximately $430 millionQ3 2021 Free Cash Flow (as defined and reconciled below) of $740 millionClosed previously announced full redemption of $432 million remaining aggregate principal amount of 5.375% bonds due 2025Announced commitment to return 50% of Free Cash Flow to stockholders beginning in Q4 2021; Board authorized $2 billion share repurchase program as part of this commitmentRepurchased 268,291 shares of common stock at an average price of $82.02 during the third quarter of 2021Flared 0.8% (1.6% including QEP) of gross natural gas production in the third quarter of 2021; 0.9% (1.6% including QEP) in the first nine months of 2021 RECENT HIGHLIGHTS Increasing annual dividend by 11.1% to $2.00 per share; declared Q3 2021 cash dividend of $0.50 per share payable on November 18, 2021; implies a 1.9% annualized yield based on the October 29, 2021 share closing price of $107.19Closed previously announced divestiture of Williston Basin assets on October 21, 2021; net cash proceeds of $586 million after closing price adjustmentsClosed previously announced full redemption of $650 million aggregate principal amount of 0.9% bonds due 2023Agreed to drop down transaction (\"Drop Down\") of water midstream assets to subsidiary Rattler Midstream LP (NASDAQ:RTLR) (\"Rattler\") for gross consideration of $160 million, subject to certain closing adjustments; expected to close in Q4 2021Closed sale of Mustang Springs Gas Gathering assets for net consideration of approximately $54 million, after certain post-closing adjustments GUIDANCE UPDATE Full year 2021 oil production guidance of 222 - 223 MBO/d (370 - 372 MBOE/d), up from 219 - 222 MBO/d (363 - 370 MBOE/d) previously, after giving effect for Q4 2021 Willis...