Loading...
•
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.
Diamondback
Diamondback
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.
- DD&A is expected to be $14.00 - $15.00 per BOE.