Loading...
•
Mar 31, 2022
Diamondback Q1 2022 Earnings Report
Announced financial and operating results, highlighted by strong production and increased dividend.
Key Takeaways
Diamondback Energy, Inc. reported strong financial and operating results for the first quarter of 2022. The company achieved average production of 381.4 MBOE/d, generated $1,252 million in cash flow from operating activities, and $974 million in free cash flow. Diamondback also increased its annual base dividend by 17% and declared a variable cash dividend of $2.35 per share.
Average production of 222.8 MBO/d (381.4 MBOE/d).
Cash flow from operating activities of $1,252 million; Operating Cash Flow Before Working Capital Changes of $1,411 million.
Cash capital expenditures of $437 million.
Free Cash Flow of $974 million.
Diamondback
Diamondback
Forward Guidance
Diamondback's guidance for the full year 2022 includes second quarter production and capital guidance. As a result of the increase in commodity prices, Diamondback is increasing its expected cash tax rate to 10% - 15% of pre-tax income from 6% - 11% previously.
Positive Outlook
- Total net production – MBOE/d 369 - 376
- Oil production – MBO/d 218 - 222
- Q2 2022 oil production - MBO/d (total - MBOE/d) 218 - 222 (369 - 376)
- Gross horizontal wells drilled (net) 270 - 290 (248 - 267)
- Gross horizontal wells completed (net) 260 - 280 (240 - 258)
Challenges Ahead
- Lease operating expenses, including workovers $4.00 - $4.50
- Cash G&A $0.65 - $0.80
- Non-cash equity-based compensation $0.40 - $0.50
- DD&A $8.75 - $9.75
- Interest expense (net of interest income) $1.10 - $1.30