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Jun 30, 2023
Diamondback Q2 2023 Earnings Report
Announced second quarter 2023 financial and operating results.
Key Takeaways
Diamondback Energy reported a net income of $556 million, or $3.05 per diluted share, and adjusted net income of $669 million, or $3.68 per diluted share, for the second quarter of 2023. The company's net cash provided by operating activities was $1.51 billion, with free cash flow of $547 million.
Average production of 263.1 MBO/d (449.9 MBOE/d)
Net cash provided by operating activities of $1.51 billion
Cash capital expenditures of $711 million
Free Cash Flow of $547 million
Forward Guidance
Diamondback is raising the midpoints of both total and net oil production for the full year 2023 due to production outperformance year-to-date as well as narrowing unit costs, capital expenditures and activity levels due to increased confidence in its forward outlook.
Positive Outlook
- Net production - MBOE/d 435 - 445
- Oil production - MBO/d 260 - 262
- Lease operating expenses $4.90 - $5.40
- Cash G&A $0.60 - $0.75
- Drilling, completion, capital workovers, and non-operated properties $2,330 - $2,365
Challenges Ahead
- Non-cash equity-based compensation $0.35 - $0.45
- DD&A $10.00 - $10.75
- Interest expense (net of interest income) $1.20 - $1.30
- Gathering and transportation $1.80 - $2.00
Historical Earnings Impact
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Avg. Return Before/After Earnings
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