Diamondback Energy, Inc. (NASDAQ:FANG) shares are trading lower in Monday’s after-hours session on the heels of the company’s second-quarter report. Here’s a rundown of the results.
What Happened: Diamondback Energy reported quarterly sales of $1.92 billion which beat the analyst consensus estimate of $1.91 billion. The company’s top-line results represented a 30.67% decrease over sales of $2.77 billion the same period last year.
Second-quarter production came in at 263.1 MBO/d.
In a letter to the shareholders, the company highlighted the strength of this production metric, stating, “Diamondback continued to execute and exceed expectations in the second quarter, with both oil and total production above the high end of our second quarter guidance ranges.”
“As a result of this year-to-date outperformance and our continued confidence in the forward outlook, we are increasing our full year oil and total production estimates to the high end of their respective annual ranges. The midpoint of annual daily oil production moves to 261 MBO/d from 259 MBO/d, while the midpoint of annual total daily production moves to 440 MBOE/d from 435 MBOE/d.”
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FANG Price Action: shares were down 0.90% after hours at $146.00 at the time of publication, according to Benzinga Pro.
Image by Ratfink1973 from Pixabay
