Diamondback Energy, Inc. (NASDAQ:FANG) reported fourth-quarter financial results after the bell Tuesday. Here’s a look at the highlights.Â
The Details:
Diamondback Energy reported quarterly adjusted earnings of $4.74 per share, which beat the analyst consensus estimate of $4.66 by 1.72%.
The company reported quarterly sales of $2.23 billion, beating an analyst consensus estimate of $2.17 billion by 2.67% and representing a 9.75% increase over sales of $2.03 billion in the same period last year.
Diamondback said fourth-quarter oil and total production, at 273.1 MBO/d and 462.6 MBOE/d, respectively, were both above the high end of its guidance ranges. Full-year oil production was approximately 263.5 MBO/d, up almost 18% year-over-year.
“The fourth quarter of 2023 rounded out a great year for Diamondback Energy and our stockholders. We seamlessly integrated our acquisitions of Lario and FireBird, exceeded production guidance, generated $5.9 billion of Net Cash Provided by Operating Activities, $2.9 billion of Free Cash Flow and returned $2.3 billion of that Free Cash Flow back to our stockholders via our $3.38 per share of base dividends, $838 million of share repurchases and $4.74 per share of variable dividends,” Diamondback CEO Travis D. Stice said in a letter to shareholders.
Diamondback Energy will host a conference call at 9 a.m. ET Wednesday to discuss the financial results further.
Outlook:
Diamondback Energy expects full-year 2024 oil production of between 270 and 275 MBO/D and cash capital expenditures of between $2.3 billion and $2.55 billion.
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FANG Price Action: According to Benzinga Pro, Diamondback Energy shares are trading up 1.43% after-hours at $180.60 at the time of publication.
Image: Ted Erski from Pixabay.
