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Mar 31, 2023
Diamondback Q1 2023 Earnings Report
Announced financial and operating results for the first quarter ended March 31, 2023.
Key Takeaways
Diamondback Energy reported a net income of $712 million, or $3.88 per diluted share, and an adjusted net income of $751 million, or $4.10 per diluted share, for Q1 2023. The company's net cash provided by operating activities was $1.43 billion, with cash capital expenditures totaling $657 million, resulting in a free cash flow of $646 million. Average production reached 425.0 MBOE/d.
Average production of 251.4 MBO/d (425.0 MBOE/d)
Net cash provided by operating activities of $1.43 billion; Operating Cash Flow Before Working Capital Changes of $1.30 billion
Cash capital expenditures of $657 million
Free Cash Flow of $646 million
Diamondback
Diamondback
Forward Guidance
Diamondback's guidance for the full year 2023 includes second quarter production, cash tax and capital guidance.
Positive Outlook
- Net production - MBOE/d: 430 - 440
- Oil production - MBO/d: 256 - 262
- Q2 2023 oil production - MBO/d (total - MBOE/d): 258 - 261 (430 - 436)
- Gross horizontal wells drilled (net): 325 - 345 (293 - 311)
- Gross horizontal wells completed (net): 330 - 350 (297 - 315)
Challenges Ahead
- Lease operating expenses, including workovers: $5.00 - $5.50
- Cash G&A: $0.65 - $0.80
- Non-cash equity-based compensation: $0.40 - $0.50
- DD&A: $9.25 - $10.25
- Interest expense (net of interest income): $1.30 - $1.40