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Sep 30, 2023
Diamondback Q3 2023 Earnings Report
Diamondback's financial performance was marked by solid production and strategic capital allocation.
Key Takeaways
Diamondback Energy, Inc. reported a net income of $915 million for Q3 2023, with average production of 452.8 MBOE/d. The company generated $1.4 billion in net cash from operating activities and $820 million in free cash flow. Diamondback also completed a joint venture and divestiture, exceeding its non-core asset sale target.
Average production reached 452.8 MBOE/d.
Net cash provided by operating activities totaled $1.4 billion.
Free cash flow amounted to $820 million.
Completed joint venture with Five Point Energy LLC and divestiture of Delaware Basin oil gathering assets.
Forward Guidance
Diamondback is raising both total and net oil production for the full year 2023 due to production outperformance year-to-date as well as narrowing unit costs, capital expenditures and activity levels.
Positive Outlook
- Raising total and net oil production guidance for 2023.
- Narrowing unit costs.
- Adjusting capital expenditures.
- Adjusting activity levels.
- Strong production outperformance year-to-date.
Challenges Ahead
- Q4 2023 Cash taxes ($ - million) $13.0 - $17.0
- Q4 2023 Capital expenditures $610 - $650
- Unit costs ($/BOE) Lease operating expenses, including workovers $5.10 - $5.40
- Unit costs ($/BOE) Cash G&A $0.55 - $0.65
- Unit costs ($/BOE) Non-cash equity-based compensation $0.30 - $0.40
Historical Earnings Impact
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Avg. Return Before/After Earnings
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