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Sep 30, 2024
Diamondback Q3 2024 Earnings Report
Diamondback's financial performance was marked by strong production and strategic capital allocation.
Key Takeaways
Diamondback Energy, Inc. reported net income of $659 million, or $3.19 per diluted share, and net cash provided by operating activities of $1.2 billion for the third quarter of 2024. The company closed its merger with Endeavor Energy Resources, repurchased shares, and announced a trade agreement with TRP Energy.
Closed merger with Endeavor Energy Resources on September 10, 2024.
Average production of 571.1 MBOE/d.
Net cash provided by operating activities of $1.2 billion.
Repurchased 2,919,763 shares of common stock for $515 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Diamondback provided updated guidance for the full year 2024, incorporating the Endeavor merger completed on September 10, 2024.
Positive Outlook
- Net production is expected to be 587 - 590 MBOE/d.
- Oil production is projected to be 335 - 337 MBO/d.
- Q4 oil production is anticipated to be 470 - 475 MBO/d.
- Gathering, processing and transportation costs are estimated at $1.60 - $1.80 per BOE.
- Gross horizontal wells drilled (net) in Q4 are forecasted to be 105 - 125.
Challenges Ahead
- Total capital expenditures are projected to be $2,875 - $3,000 million.
- Q4 capital expenditures are expected to be $950 - $1,050 million.
- Cash taxes are estimated to be $240 - $300 million.
- Corporate tax rate is projected at approximately 23% of pre-tax income.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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