Loading...
•
Jun 30, 2021
Diamondback Q2 2021 Earnings Report
Announced financial and operating results for the second quarter ended June 30, 2021.
Key Takeaways
Diamondback Energy reported a strong second quarter, generating $578 million in Free Cash Flow with improved capital efficiency. The company is cutting its 2021 capital budget by $100 million due to cost control and volume outperformance.
Q2 2021 average production of 242.5 MBO/d (401.5 MBOE/d).
Generated Q2 2021 cash flow from operating activities of $954 million; Operating Cash Flow Before Working Capital Changes of $944 million, or $5.19 per diluted share.
Q2 2021 cash capital expenditures of $366 million.
Generated Q2 2021 Free Cash Flow of $578 million, or $3.18 per diluted share.
Forward Guidance
Diamondback provided updated guidance for the full year 2021 and initiated third quarter production and capital guidance.
Positive Outlook
- Increasing full year 2021 oil production guidance to 219 - 222 MBO/d (363 - 370 MBOE/d), up from 212 - 216 MBO/d (350 - 360 MBOE/d) previously.
- Lowering full year 2021 cash CAPEX guidance to $1.525 - $1.625 billion, down 6% at the midpoint from $1.60 - $1.75 billion previously.
- Initiating Q3 2021 oil production guidance of 233 - 239 MBO/d (388 - 398 MBOE/d); includes 15 - 17 MBO/d (25 - 29 MBOE/d) attributable to a full quarter of estimated net Q3 2021 Williston Basin production.
- Initiating Q3 2021 Permian Basin oil production guidance of 218 - 222 MBO/d (363 - 370 MBOE/d).
- Q3 2021 cash CAPEX guidance of $430 - $480 million.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...