Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the
“Company”) today announced financial and operating results for the
third quarter ended September 30, 2024.
THIRD QUARTER 2024
HIGHLIGHTS
- As previously announced, closed
merger with Endeavor Energy Resources, L.P. ("Endeavor") on
September 10, 2024
- Average production of 321.1 MBO/d
(571.1 MBOE/d)
- Net cash provided by operating
activities of $1.2 billion; Operating Cash Flow Before Working
Capital Changes (as defined and reconciled below) of $1.4
billion
- Cash capital expenditures of $688
million
- Free Cash Flow (as defined and
reconciled below) of $708 million; Adjusted Free Cash Flow (as
defined and reconciled below) of $1.0 billion
- Declared Q3 2024 base cash dividend
of $0.90 per share payable on November 21, 2024; implies a
2.0% annualized yield based on November 1, 2024 closing share
price of $175.81
- Repurchased 2,919,763 shares of
common stock in Q3 2024 for $515 million, excluding excise tax (at
a weighted average price of $176.40 per share); repurchased
1,029,191 shares of common stock to date in Q4 2024 for $185
million, excluding excise tax (at a weighted average price of
$180.13 per share)
- Total Q3 2024 return of capital of
$780 million; represents ~78% of Adjusted Free Cash Flow (as
defined and reconciled below) from stock repurchases and the
declared Q3 2024 base dividend
- As previously announced, Board
approved a $2.0 billion increase to share repurchase authorization
to $6.0 billion from $4.0 billion previously
TRP ENERGY (“TRP”) TRADE
- On November 3rd, Diamondback and TRP entered into a definitive
agreement under which Diamondback will trade certain Delaware Basin
assets and pay approximately $238 million in cash to TRP in
exchange for TRP’s Midland Basin assets
- TRP’s Midland Basin assets are made up of ~15,000 net acres
across Upton and Reagan counties and consist of 55 remaining
undeveloped operated locations, the majority of which immediately
compete for capital
- The asset also includes 18 Drilled Uncompleted Wells
("DUCs") which provide for additional capital allocation
flexibility
- The trade is expected to be accretive to both Cash Flow
and Free Cash Flow per share and enhances Diamondback's near-term
oil production profile
- Expected to close in December 2024, subject to customary
regulatory approvals and closing conditions
- Jefferies LLC is serving as financial advisor to Diamondback.
Kirkland & Ellis LLP is serving as legal advisor to
Diamondback. J.P. Morgan Securities LLC, Moelis & Company and
RBC Capital Markets are acting as financial advisors to TRP.
Clifford Chance US LLP is serving as legal advisor to TRP.
OPERATIONS UPDATE
The tables below provide a summary of operating
activity for the third quarter of 2024.
|
Total Activity (Gross Operated): |
|
|
|
|
|
|
Number of WellsDrilled |
|
Number of WellsCompleted |
|
|
Midland Basin |
71 |
|
87 |
|
|
Delaware Basin |
5 |
|
8 |
|
|
Total |
76 |
|
95 |
|
|
Total Activity (Net Operated): |
|
|
|
|
|
|
Number of WellsDrilled(1) |
|
Number of WellsCompleted(1) |
|
|
Midland Basin |
67 |
|
95 |
|
|
Delaware Basin |
4 |
|
7 |
|
|
Total |
71 |
|
102 |
|
|
(1) Includes two additional net wells drilled and nine additional
net wells completed, respectively, from interests acquired in the
Endeavor Acquisition during the first six months of 2024. |
|
|
|
|
|
|
|
During the third quarter of 2024, Diamondback
drilled 71 gross wells in the Midland Basin and five gross wells in
the Delaware Basin. The Company turned 87 operated wells to
production in the Midland Basin and eight gross wells in the
Delaware Basin, with an average lateral length of 12,238 feet.
Operated completions during the third quarter consisted of 22
Wolfcamp A wells, 21 Lower Spraberry wells, 15 Jo Mill wells, 14
Wolfcamp B wells, 12 Middle Spraberry wells, four Dean wells, four
Third Bone Spring wells and three Upper Spraberry wells.
For the first nine months of 2024, Diamondback
drilled 211 gross wells in the Midland Basin and 24 gross wells in
the Delaware Basin. The Company turned 267 operated wells to
production in the Midland Basin and 15 operated wells to production
in the Delaware Basin. The average lateral length for wells
completed during the first nine months of 2024 was 11,645 feet, and
consisted of 72 Lower Spraberry wells, 61 Wolfcamp A wells, 45
Wolfcamp B wells, 40 Jo Mill wells, 34 Middle Spraberry wells, nine
Wolfcamp D wells, nine Dean wells, six Upper Spraberry wells, four
Third Bone Spring wells, one Second Bone Spring well and one
Barnett well.
FINANCIAL UPDATE
Diamondback's third quarter 2024 net income was
$659 million, or $3.19 per diluted share. Adjusted net income (as
defined and reconciled below) for the third quarter was $698
million, or $3.38 per diluted share.
Third quarter 2024 net cash provided by
operating activities was $1.2 billion. Through the first nine
months of 2024, Diamondback's net cash provided by operating
activities was $4.1 billion.
During the third quarter of 2024, Diamondback
spent $633 million on operated and non-operated drilling and
completions, $52 million on infrastructure and environmental and $3
million on midstream, for total cash capital expenditures of $688
million. Through the first nine months of 2024, Diamondback spent
$1.8 billion on operated and non-operated drilling and
completions, $128 million on infrastructure and environmental and
$8 million on midstream, for total cash capital expenditures of
$1.9 billion.
Third quarter 2024 Consolidated Adjusted EBITDA
(as defined and reconciled below) was $1.8 billion. Adjusted
EBITDA net of non-controlling interest (as defined and reconciled
below) for the third quarter was $1.7 billion.
Diamondback's third quarter 2024 Free Cash Flow
(as defined and reconciled below) was $708 million. Adjusted
Free Cash Flow (as reconciled and defined below) for the third
quarter was $1.0 billion. Through September 30, 2024,
Diamondback's Free Cash Flow was $2.3 billion, with $2.7 billion of
Adjusted Free Cash Flow over the same period.
Third quarter 2024 average unhedged realized
prices were $73.13 per barrel of oil, $(0.26) per Mcf of natural
gas and $17.70 per barrel of natural gas liquids ("NGLs"),
resulting in a total equivalent unhedged realized price of $44.80
per BOE.
Diamondback's cash operating costs for the third
quarter of 2024 were $11.49 per BOE, including lease operating
expenses ("LOE") of $6.01 per BOE, cash general and administrative
("G&A") expenses of $0.63 per BOE, production and ad valorem
taxes of $2.91 per BOE and gathering, processing and transportation
expenses of $1.94 per BOE.
As of September 30, 2024, Diamondback had
$201 million in standalone cash and $115 million in
borrowings outstanding under its revolving credit facility, with
approximately $2.4 billion available for future borrowings under
the facility and approximately $2.6 billion of total liquidity. As
of September 30, 2024, the Company had consolidated total debt
of $13.1 billion and consolidated net debt (as defined and
reconciled below) of $12.7 billion, up from consolidated total debt
of $12.2 billion and up from consolidated net debt of $5.3 billion
as of June 30, 2024. Effective in September 2024, the Company's
borrowing base and elected commitment was increased to $2.5 billion
from $1.6 billion previously.
DIVIDEND DECLARATIONS
Diamondback announced today that the Company's
Board of Directors declared a base cash dividend of $0.90 per
common share for the third quarter of 2024 payable on
November 21, 2024 to stockholders of record at the close of
business on November 14, 2024.
Future base and variable dividends remain
subject to review and approval at the discretion of the Company's
Board of Directors.
COMMON STOCK REPURCHASE PROGRAM
During the third quarter of 2024, Diamondback
repurchased ~2.9 million shares of common stock at an average share
price of $176.40 for a total cost of approximately $515 million,
excluding excise tax. To date, Diamondback has repurchased ~23.3
million shares of common stock at an average share price of $133.48
for a total cost of approximately $3.1 billion and has
approximately $2.9 billion remaining on its current share buyback
authorization. Subject to factors discussed below, Diamondback
intends to continue to purchase common stock under the common stock
repurchase program opportunistically with cash on hand, free cash
flow from operations and proceeds from potential liquidity events
such as the sale of assets. This repurchase program has no time
limit and may be suspended from time to time, modified, extended or
discontinued by the Board at any time. Purchases under the
repurchase program may be made from time to time in privately
negotiated transactions, or in open market transactions in
compliance with Rule 10b-18 under the Securities Exchange Act of
1934, as amended, and will be subject to market conditions,
applicable regulatory and legal requirements and other factors. Any
common stock purchased as part of this program will be retired.
UPDATED 2024 GUIDANCE
Below is Diamondback's guidance for the full
year 2024, which includes fourth quarter production, unit costs and
capital guidance. The Company's production and capital guidance for
the full year 2024 has been updated to give effect to the Endeavor
merger, which was completed on September 10, 2024.
|
2024 Guidance |
2024 Guidance |
|
Diamondback Energy, Inc. |
Viper Energy, Inc. |
|
|
|
2024 Net production -
MBOE/d |
587 - 590 (from 462 - 470) |
48.75 - 49.25 |
2024 Oil production -
MBO/d |
335 - 337 (from 273 - 276) |
27.00 - 27.25 |
Q4 2024 Oil production - MBO/d
(total - MBOE/d) |
470 - 475 (840 - 850) |
29.25 - 29.75 (52.50 - 53.00) |
|
|
|
Q4 2024 Unit costs
($/BOE) |
|
|
Lease operating expenses,
including workovers |
$5.90 - $6.20 |
|
G&A |
|
|
Cash G&A |
$0.55 - $0.65 |
|
Non-cash equity-based compensation |
$0.25 - $0.40 |
|
DD&A |
$14.00 - $15.00 |
|
Interest expense (net of
interest income) |
$0.25 - $0.50 |
|
Gathering, processing and
transportation |
$1.60 - $1.80 |
|
|
|
|
Production and ad valorem
taxes (% of revenue) |
~7% |
|
Corporate tax rate (% of
pre-tax income) |
23% |
|
Cash tax rate (% of pre-tax
income) |
15% - 18% |
|
Cash taxes ($ - million) |
$240 - $300 |
$13 - $18 |
|
|
|
Capital Budget ($ -
million) |
|
|
2024 Total capital
expenditures |
$2,875 - $3,000 (from $2,350 - $2,450) |
|
Q4 2024 Capital
expenditures |
$950 - $1,050 |
|
|
|
|
Q4 2024 Gross horizontal wells
drilled (net) |
105 - 125 (100 - 118) |
|
Q4 2024 Gross horizontal wells
completed (net) |
110 - 130 (102 - 120) |
|
|
|
|
CONFERENCE CALL
Diamondback will host a conference call and
webcast for investors and analysts to discuss its results for the
third quarter of 2024 on Tuesday, November 5, 2024 at 8:00 a.m. CT.
Access to the webcast, and replay which will be available following
the call, may be found here. The live webcast of the earnings
conference call will also be available via Diamondback’s website at
www.diamondbackenergy.com under the “Investor Relations” section of
the site.
About Diamondback Energy, Inc.
Diamondback is an independent oil and natural
gas company headquartered in Midland, Texas focused on the
acquisition, development, exploration and exploitation of
unconventional, onshore oil and natural gas reserves primarily in
the Permian Basin in West Texas. For more information, please visit
www.diamondbackenergy.com.
Forward-Looking Statements
This news release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act
and Section 21E of the Exchange Act, which involve risks,
uncertainties, and assumptions. All statements, other than
statements of historical fact, including statements regarding
Diamondback’s: future performance; business strategy; future
operations (including drilling plans and capital plans); estimates
and projections of revenues, losses, costs, expenses, returns, cash
flow, and financial position; reserve estimates and its ability to
replace or increase reserves; anticipated benefits or other effects
of strategic transactions (including the recently completed
Endeavor merger and other acquisitions or divestitures); and plans
and objectives of management (including plans for future cash flow
from operations and for executing environmental strategies) are
forward-looking statements. When used in this news release, the
words “aim,” “anticipate,” “believe,” “continue,” “could,”
“estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,”
“may,” “model,” “outlook,” “plan,” “positioned,” “potential,”
“predict,” “project,” “seek,” “should,” “target,” “will,” “would,”
and similar expressions (including the negative of such terms) as
they relate to Diamondback are intended to identify forward-looking
statements, although not all forward-looking statements contain
such identifying words. Although Diamondback believes that the
expectations and assumptions reflected in its forward-looking
statements are reasonable as and when made, they involve risks and
uncertainties that are difficult to predict and, in many cases,
beyond Diamondback’s control. Accordingly, forward-looking
statements are not guarantees of future performance and
Diamondback’s actual outcomes could differ materially from what
Diamondback has expressed in its forward-looking statements.
Factors that could cause the outcomes to differ
materially include (but are not limited to) the following: changes
in supply and demand levels for oil, natural gas, and natural gas
liquids, and the resulting impact on the price for those
commodities; the impact of public health crises, including epidemic
or pandemic diseases and any related company or government policies
or actions; actions taken by the members of OPEC and Russia
affecting the production and pricing of oil, as well as other
domestic and global political, economic, or diplomatic
developments, including any impact of the ongoing war in Ukraine
and the Israel-Hamas war on the global energy markets and
geopolitical stability; instability in the financial markets;
inflationary pressures; higher interest rates and their impact on
the cost of capital; regional supply and demand factors, including
delays, curtailment delays or interruptions of production, or
governmental orders, rules or regulations that impose production
limits; federal and state legislative and regulatory initiatives
relating to hydraulic fracturing, including the effect of existing
and future laws and governmental regulations; physical and
transition risks relating to climate change; those risks described
in Item 1A of Diamondback’s Annual Report on Form 10-K, filed with
the SEC on February 22, 2024, and those risks disclosed in its
subsequent filings on Forms 10-Q and 8-K, which can be obtained
free of charge on the SEC’s website at http://www.sec.gov and
Diamondback’s website at www.diamondbackenergy.com/investors.
In light of these factors, the events
anticipated by Diamondback’s forward-looking statements may not
occur at the time anticipated or at all. Moreover, Diamondback
operates in a very competitive and rapidly changing environment and
new risks emerge from time to time. Diamondback cannot predict all
risks, nor can it assess the impact of all factors on its business
or the extent to which any factor, or combination of factors, may
cause actual results to differ materially from those anticipated by
any forward-looking statements it may make. Accordingly, you should
not place undue reliance on any forward-looking statements. All
forward-looking statements speak only as of the date of this letter
or, if earlier, as of the date they were made. Diamondback does not
intend to, and disclaims any obligation to, update or revise any
forward-looking statements unless required by applicable law.
|
Diamondback Energy, Inc. |
Condensed Consolidated Balance Sheets |
(unaudited, in millions, except share
amounts) |
|
|
|
|
|
September 30, |
|
December 31, |
|
|
2024 |
|
|
|
2023 |
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents ($169 million and $26 million related to
Viper) |
$ |
370 |
|
|
$ |
582 |
|
Restricted cash |
|
3 |
|
|
|
3 |
|
Accounts receivable: |
|
|
|
Joint interest and other, net |
|
233 |
|
|
|
192 |
|
Oil and natural gas sales, net ($109 million and $109 million
related to Viper) |
|
1,197 |
|
|
|
654 |
|
Inventories |
|
126 |
|
|
|
63 |
|
Derivative instruments |
|
42 |
|
|
|
17 |
|
Prepaid expenses and other current assets |
|
51 |
|
|
|
110 |
|
Total current assets |
|
2,022 |
|
|
|
1,621 |
|
Property and equipment: |
|
|
|
Oil and natural gas properties, full cost method of accounting
($21,971 million and $8,659 million excluded from amortization at
September 30, 2024 and December 31, 2023, respectively)
($4,771 million and $4,629 million related to Viper and $1,623
million and $1,769 million excluded from amortization related to
Viper) |
|
79,718 |
|
|
|
42,430 |
|
Other property, equipment and land |
|
1,417 |
|
|
|
673 |
|
Accumulated depletion, depreciation, amortization and impairment
($1,016 million and $866 million related to Viper) |
|
(18,082 |
) |
|
|
(16,429 |
) |
Property and equipment, net |
|
63,053 |
|
|
|
26,674 |
|
Funds held in escrow |
|
43 |
|
|
|
— |
|
Equity method investments |
|
377 |
|
|
|
529 |
|
Derivative instruments |
|
38 |
|
|
|
1 |
|
Deferred income taxes,
net |
|
62 |
|
|
|
45 |
|
Investment in real estate,
net |
|
81 |
|
|
|
84 |
|
Other assets |
|
71 |
|
|
|
47 |
|
Total assets |
$ |
65,747 |
|
|
$ |
29,001 |
|
Liabilities and Stockholders’ Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable - trade |
$ |
198 |
|
|
$ |
261 |
|
Accrued capital expenditures |
|
641 |
|
|
|
493 |
|
Current maturities of long-term debt |
|
1,000 |
|
|
|
— |
|
Other accrued liabilities |
|
857 |
|
|
|
475 |
|
Revenues and royalties payable |
|
1,444 |
|
|
|
764 |
|
Derivative instruments |
|
34 |
|
|
|
86 |
|
Income taxes payable |
|
289 |
|
|
|
29 |
|
Total current liabilities |
|
4,463 |
|
|
|
2,108 |
|
Long-term debt ($822 million
and $1,083 million related to Viper) |
|
11,923 |
|
|
|
6,641 |
|
Derivative instruments |
|
79 |
|
|
|
122 |
|
Asset retirement
obligations |
|
493 |
|
|
|
239 |
|
Deferred income taxes |
|
9,952 |
|
|
|
2,449 |
|
Other long-term
liabilities |
|
18 |
|
|
|
12 |
|
Total liabilities |
|
26,928 |
|
|
|
11,571 |
|
Stockholders’ equity: |
|
|
|
Common stock, $0.01 par value; 800,000,000 shares authorized;
292,742,664 and 178,723,871 shares issued and outstanding at
September 30, 2024 and December 31, 2023,
respectively |
|
3 |
|
|
|
2 |
|
Additional paid-in capital |
|
34,007 |
|
|
|
14,142 |
|
Retained earnings (accumulated deficit) |
|
3,427 |
|
|
|
2,489 |
|
Accumulated other comprehensive income (loss) |
|
(8 |
) |
|
|
(8 |
) |
Total Diamondback Energy, Inc. stockholders’ equity |
|
37,429 |
|
|
|
16,625 |
|
Non-controlling interest |
|
1,390 |
|
|
|
805 |
|
Total equity |
|
38,819 |
|
|
|
17,430 |
|
Total liabilities and stockholders' equity |
$ |
65,747 |
|
|
$ |
29,001 |
|
|
Diamondback Energy, Inc. |
Condensed Consolidated Statements of
Operations |
(unaudited, $ in millions except per share data, shares in
thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues: |
|
|
|
|
|
|
|
Oil, natural gas and natural gas liquid sales |
$ |
2,354 |
|
|
$ |
2,265 |
|
|
$ |
6,629 |
|
|
$ |
6,063 |
|
Sales of purchased oil |
|
282 |
|
|
|
59 |
|
|
|
698 |
|
|
|
59 |
|
Other operating income |
|
9 |
|
|
|
16 |
|
|
|
28 |
|
|
|
62 |
|
Total revenues |
|
2,645 |
|
|
|
2,340 |
|
|
|
7,355 |
|
|
|
6,184 |
|
Costs and
expenses: |
|
|
|
|
|
|
|
Lease operating expenses |
|
316 |
|
|
|
226 |
|
|
|
825 |
|
|
|
618 |
|
Production and ad valorem taxes |
|
153 |
|
|
|
118 |
|
|
|
413 |
|
|
|
421 |
|
Gathering, processing and transportation |
|
102 |
|
|
|
73 |
|
|
|
261 |
|
|
|
209 |
|
Purchased oil expense |
|
280 |
|
|
|
59 |
|
|
|
696 |
|
|
|
59 |
|
Depreciation, depletion, amortization and accretion |
|
742 |
|
|
|
442 |
|
|
|
1,694 |
|
|
|
1,277 |
|
General and administrative expenses |
|
49 |
|
|
|
34 |
|
|
|
141 |
|
|
|
111 |
|
Merger and integration expense |
|
258 |
|
|
|
1 |
|
|
|
273 |
|
|
|
11 |
|
Other operating expenses |
|
35 |
|
|
|
47 |
|
|
|
68 |
|
|
|
113 |
|
Total costs and expenses |
|
1,935 |
|
|
|
1,000 |
|
|
|
4,371 |
|
|
|
2,819 |
|
Income (loss) from
operations |
|
710 |
|
|
|
1,340 |
|
|
|
2,984 |
|
|
|
3,365 |
|
Other income
(expense): |
|
|
|
|
|
|
|
Interest expense, net |
|
(18 |
) |
|
|
(37 |
) |
|
|
(101 |
) |
|
|
(130 |
) |
Other income (expense), net |
|
89 |
|
|
|
33 |
|
|
|
87 |
|
|
|
61 |
|
Gain (loss) on derivative instruments, net |
|
131 |
|
|
|
(76 |
) |
|
|
101 |
|
|
|
(358 |
) |
Gain (loss) on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
(4 |
) |
Income (loss) from equity investments, net |
|
6 |
|
|
|
9 |
|
|
|
23 |
|
|
|
39 |
|
Total other income (expense), net |
|
208 |
|
|
|
(71 |
) |
|
|
112 |
|
|
|
(392 |
) |
Income (loss) before
income taxes |
|
918 |
|
|
|
1,269 |
|
|
|
3,096 |
|
|
|
2,973 |
|
Provision for (benefit from) income taxes |
|
210 |
|
|
|
276 |
|
|
|
685 |
|
|
|
648 |
|
Net income
(loss) |
|
708 |
|
|
|
993 |
|
|
|
2,411 |
|
|
|
2,325 |
|
Net income (loss) attributable to non-controlling interest |
|
49 |
|
|
|
78 |
|
|
|
147 |
|
|
|
142 |
|
Net income (loss)
attributable to Diamondback Energy, Inc. |
$ |
659 |
|
|
$ |
915 |
|
|
$ |
2,264 |
|
|
$ |
2,183 |
|
|
|
|
|
|
|
|
|
Earnings (loss) per
common share: |
|
|
|
|
|
|
|
Basic |
$ |
3.19 |
|
|
$ |
5.07 |
|
|
$ |
12.00 |
|
|
$ |
12.01 |
|
Diluted |
$ |
3.19 |
|
|
$ |
5.07 |
|
|
$ |
12.00 |
|
|
$ |
12.01 |
|
Weighted average
common shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
204,730 |
|
|
|
178,872 |
|
|
|
187,253 |
|
|
|
180,400 |
|
Diluted |
|
204,730 |
|
|
|
178,872 |
|
|
|
187,253 |
|
|
|
180,400 |
|
|
Diamondback Energy, Inc. |
Condensed Consolidated Statements of Cash
Flows |
(unaudited, in millions) |
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating
activities: |
|
|
|
|
|
|
|
Net income (loss) |
$ |
708 |
|
|
$ |
993 |
|
|
$ |
2,411 |
|
|
$ |
2,325 |
|
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities: |
|
|
|
|
|
|
|
Provision for (benefit from) deferred income taxes |
|
51 |
|
|
|
10 |
|
|
|
180 |
|
|
|
185 |
|
Depreciation, depletion, amortization and accretion |
|
742 |
|
|
|
442 |
|
|
|
1,694 |
|
|
|
1,277 |
|
(Gain) loss on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
(2 |
) |
|
|
4 |
|
(Gain) loss on derivative instruments, net |
|
(131 |
) |
|
|
76 |
|
|
|
(101 |
) |
|
|
358 |
|
Cash received (paid) on settlement of derivative instruments |
|
(4 |
) |
|
|
(24 |
) |
|
|
(36 |
) |
|
|
(62 |
) |
(Income) loss from equity investment, net |
|
(6 |
) |
|
|
(9 |
) |
|
|
(23 |
) |
|
|
(39 |
) |
Equity-based compensation expense |
|
16 |
|
|
|
13 |
|
|
|
49 |
|
|
|
40 |
|
Other |
|
20 |
|
|
|
3 |
|
|
|
77 |
|
|
|
(23 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
106 |
|
|
|
(256 |
) |
|
|
61 |
|
|
|
(218 |
) |
Income tax receivable |
|
— |
|
|
|
103 |
|
|
|
12 |
|
|
|
267 |
|
Prepaid expenses and other current assets |
|
(11 |
) |
|
|
(8 |
) |
|
|
78 |
|
|
|
5 |
|
Accounts payable and accrued liabilities |
|
(395 |
) |
|
|
(28 |
) |
|
|
(490 |
) |
|
|
46 |
|
Income taxes payable |
|
(36 |
) |
|
|
23 |
|
|
|
(51 |
) |
|
|
4 |
|
Revenues and royalties payable |
|
95 |
|
|
|
53 |
|
|
|
109 |
|
|
|
139 |
|
Other |
|
54 |
|
|
|
(33 |
) |
|
|
104 |
|
|
|
(12 |
) |
Net cash provided by (used in) operating
activities |
|
1,209 |
|
|
|
1,358 |
|
|
|
4,072 |
|
|
|
4,296 |
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
Drilling, completions, infrastructure and midstream additions to
oil and natural gas properties |
|
(688 |
) |
|
|
(684 |
) |
|
|
(1,934 |
) |
|
|
(2,052 |
) |
Property acquisitions |
|
(7,791 |
) |
|
|
(168 |
) |
|
|
(7,994 |
) |
|
|
(1,193 |
) |
Proceeds from sale of assets |
|
207 |
|
|
|
868 |
|
|
|
459 |
|
|
|
1,400 |
|
Other |
|
106 |
|
|
|
(1 |
) |
|
|
103 |
|
|
|
(14 |
) |
Net cash provided by (used in) investing
activities |
|
(8,166 |
) |
|
|
15 |
|
|
|
(9,366 |
) |
|
|
(1,859 |
) |
Cash flows from financing
activities: |
|
|
|
|
|
|
|
Proceeds under term loan agreement |
|
1,000 |
|
|
|
— |
|
|
|
1,000 |
|
|
|
— |
|
Proceeds from borrowings under credit facilities |
|
1,011 |
|
|
|
1,015 |
|
|
|
1,185 |
|
|
|
4,466 |
|
Repayments under credit facilities |
|
(1,073 |
) |
|
|
(1,332 |
) |
|
|
(1,333 |
) |
|
|
(4,368 |
) |
Proceeds from senior notes |
|
— |
|
|
|
— |
|
|
|
5,500 |
|
|
|
— |
|
Repayment of senior notes |
|
— |
|
|
|
— |
|
|
|
(25 |
) |
|
|
(134 |
) |
Repurchased shares under buyback program |
|
(515 |
) |
|
|
(56 |
) |
|
|
(557 |
) |
|
|
(709 |
) |
Repurchased shares/units under Viper's buyback program |
|
— |
|
|
|
(10 |
) |
|
|
— |
|
|
|
(67 |
) |
Proceeds from partial sale of investment in Viper Energy, Inc. |
|
— |
|
|
|
— |
|
|
|
451 |
|
|
|
— |
|
Net proceeds from Viper's issuance of common stock |
|
476 |
|
|
|
— |
|
|
|
476 |
|
|
|
— |
|
Dividends paid to stockholders |
|
(416 |
) |
|
|
(149 |
) |
|
|
(1,316 |
) |
|
|
(841 |
) |
Dividends/distributions to non-controlling interest |
|
(59 |
) |
|
|
(25 |
) |
|
|
(157 |
) |
|
|
(84 |
) |
Other |
|
(5 |
) |
|
|
(7 |
) |
|
|
(142 |
) |
|
|
(34 |
) |
Net cash provided by (used in) financing
activities |
|
419 |
|
|
|
(564 |
) |
|
|
5,082 |
|
|
|
(1,771 |
) |
Net increase (decrease) in
cash and cash equivalents |
|
(6,538 |
) |
|
|
809 |
|
|
|
(212 |
) |
|
|
666 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
6,911 |
|
|
|
21 |
|
|
|
585 |
|
|
|
164 |
|
Cash, cash equivalents and
restricted cash at end of period |
$ |
373 |
|
|
$ |
830 |
|
|
$ |
373 |
|
|
$ |
830 |
|
|
Diamondback Energy, Inc. |
Selected Operating Data |
(unaudited) |
|
|
|
|
|
|
|
Three Months Ended |
|
September 30, 2024 |
|
June 30, 2024 |
|
September 30, 2023 |
Production
Data: |
|
|
|
|
|
Oil (MBbls) |
|
29,537 |
|
|
|
25,129 |
|
|
|
24,482 |
|
Natural gas (MMcf) |
|
66,519 |
|
|
|
51,310 |
|
|
|
49,423 |
|
Natural gas liquids (MBbls) |
|
11,918 |
|
|
|
9,514 |
|
|
|
8,943 |
|
Combined volumes (MBOE)(1) |
|
52,541 |
|
|
|
43,195 |
|
|
|
41,662 |
|
|
|
|
|
|
|
Daily oil volumes (BO/d) |
|
321,054 |
|
|
|
276,143 |
|
|
|
266,109 |
|
Daily combined volumes (BOE/d) |
|
571,098 |
|
|
|
474,670 |
|
|
|
452,848 |
|
|
|
|
|
|
|
Average
Prices: |
|
|
|
|
|
Oil ($ per Bbl) |
$ |
73.13 |
|
|
$ |
79.51 |
|
|
$ |
81.57 |
|
Natural gas ($ per Mcf) |
$ |
(0.26 |
) |
|
$ |
0.10 |
|
|
$ |
1.62 |
|
Natural gas liquids ($ per Bbl) |
$ |
17.70 |
|
|
$ |
17.97 |
|
|
$ |
21.02 |
|
Combined ($ per BOE) |
$ |
44.80 |
|
|
$ |
50.33 |
|
|
$ |
54.37 |
|
|
|
|
|
|
|
Oil, hedged ($ per Bbl)(2) |
$ |
72.32 |
|
|
$ |
78.55 |
|
|
$ |
80.51 |
|
Natural gas, hedged ($ per Mcf)(2) |
$ |
0.60 |
|
|
$ |
1.03 |
|
|
$ |
1.62 |
|
Natural gas liquids, hedged ($ per Bbl)(2) |
$ |
17.70 |
|
|
$ |
17.97 |
|
|
$ |
21.02 |
|
Average price, hedged ($ per BOE)(2) |
$ |
45.43 |
|
|
$ |
50.89 |
|
|
$ |
53.74 |
|
|
|
|
|
|
|
Average Costs per
BOE: |
|
|
|
|
|
Lease operating expenses |
$ |
6.01 |
|
|
$ |
5.88 |
|
|
$ |
5.42 |
|
Production and ad valorem taxes |
|
2.91 |
|
|
|
3.26 |
|
|
|
2.83 |
|
Gathering, processing and transportation expense |
|
1.94 |
|
|
|
1.90 |
|
|
|
1.75 |
|
General and administrative - cash component |
|
0.63 |
|
|
|
0.63 |
|
|
|
0.51 |
|
Total operating expense - cash |
$ |
11.49 |
|
|
$ |
11.67 |
|
|
$ |
10.51 |
|
|
|
|
|
|
|
General and administrative - non-cash component |
$ |
0.30 |
|
|
$ |
0.44 |
|
|
$ |
0.31 |
|
Depreciation, depletion, amortization and accretion per BOE |
$ |
14.12 |
|
|
$ |
11.18 |
|
|
$ |
10.61 |
|
Interest expense, net |
$ |
0.34 |
|
|
$ |
1.02 |
|
|
$ |
0.89 |
|
(1) Bbl equivalents are
calculated using a conversion rate of six Mcf per one
Bbl.(2) Hedged prices reflect the effect of our
commodity derivative transactions on our average sales prices and
include gains and losses on cash settlements for matured commodity
derivatives, which we do not designate for hedge accounting. Hedged
prices exclude gains or losses resulting from the early settlement
of commodity derivative contracts.
NON-GAAP FINANCIAL MEASURES
ADJUSTED EBITDA
Adjusted EBITDA is a supplemental non-GAAP
financial measure that is used by management and external users of
our financial statements, such as industry analysts, investors,
lenders and rating agencies. The Company defines Adjusted EBITDA as
net income (loss) attributable to Diamondback Energy, Inc., plus
net income (loss) attributable to non-controlling interest ("net
income (loss)") before non-cash (gain) loss on derivative
instruments, net, interest expense, net, depreciation, depletion,
amortization and accretion, depreciation and interest expense
related to equity method investments, (gain) loss on extinguishment
of debt, if any, non-cash equity-based compensation expense,
capitalized equity-based compensation expense, merger and
integration expenses, other non-cash transactions and provision for
(benefit from) income taxes, if any. Adjusted EBITDA is not a
measure of net income as determined by United States generally
accepted accounting principles ("GAAP"). Management believes
Adjusted EBITDA is useful because the measure allows it to more
effectively evaluate the Company’s operating performance and
compare the results of its operations from period to period without
regard to its financing methods or capital structure. The Company
adds the items listed above to net income (loss) to determine
Adjusted EBITDA because these amounts can vary substantially from
company to company within its industry depending upon accounting
methods and book values of assets, capital structures and the
method by which the assets were acquired. Further, the Company
excludes the effects of significant transactions that may affect
earnings but are unpredictable in nature, timing and amount,
although they may recur in different reporting periods. Adjusted
EBITDA should not be considered as an alternative to, or more
meaningful than, net income as determined in accordance with GAAP
or as an indicator of the Company’s operating performance or
liquidity. Certain items excluded from Adjusted EBITDA are
significant components in understanding and assessing a company’s
financial performance, such as a company’s cost of capital and tax
structure, as well as the historic costs of depreciable assets. The
Company’s computation of Adjusted EBITDA may not be comparable to
other similarly titled measures of other companies or to such
measure in our credit facility or any of our other contracts.
The following tables present a reconciliation of
the GAAP financial measure of net income (loss) attributable to
Diamondback Energy, Inc. to the non-GAAP financial measure of
Adjusted EBITDA:
Diamondback Energy, Inc. |
Reconciliation of Net Income (Loss) to Adjusted
EBITDA |
(unaudited, in millions) |
|
|
|
|
|
|
|
Three Months Ended |
|
September 30, 2024 |
|
June 30, 2024 |
|
September 30, 2023 |
Net income (loss) attributable to Diamondback Energy,
Inc. |
$ |
659 |
|
|
$ |
837 |
|
|
$ |
915 |
|
Net income (loss) attributable to non-controlling interest |
|
49 |
|
|
|
57 |
|
|
|
78 |
|
Net income
(loss) |
|
708 |
|
|
|
894 |
|
|
|
993 |
|
Non-cash (gain) loss on derivative instruments, net |
|
(135 |
) |
|
|
(46 |
) |
|
|
52 |
|
Interest expense, net |
|
18 |
|
|
|
44 |
|
|
|
37 |
|
Depreciation, depletion, amortization and accretion |
|
742 |
|
|
|
483 |
|
|
|
442 |
|
Depreciation and interest expense related to equity method
investments |
|
15 |
|
|
|
23 |
|
|
|
18 |
|
Non-cash equity-based compensation expense |
|
24 |
|
|
|
26 |
|
|
|
21 |
|
Capitalized equity-based compensation expense |
|
(8 |
) |
|
|
(7 |
) |
|
|
(8 |
) |
Merger and integration expenses |
|
258 |
|
|
|
3 |
|
|
|
1 |
|
Other non-cash transactions |
|
(72 |
) |
|
|
6 |
|
|
|
(12 |
) |
Provision for (benefit from) income taxes |
|
210 |
|
|
|
252 |
|
|
|
276 |
|
Consolidated Adjusted
EBITDA |
|
1,760 |
|
|
|
1,678 |
|
|
|
1,820 |
|
Less: Adjustment for non-controlling interest |
|
104 |
|
|
|
103 |
|
|
|
78 |
|
Adjusted EBITDA
attributable to Diamondback Energy, Inc. |
$ |
1,656 |
|
|
$ |
1,575 |
|
|
$ |
1,742 |
|
ADJUSTED NET INCOME
Adjusted net income is a non-GAAP financial
measure equal to net income (loss) attributable to Diamondback
Energy, Inc. plus net income (loss) attributable to non-controlling
interest ("net income (loss)") adjusted for non-cash (gain) loss on
derivative instruments, net, (gain) loss on extinguishment of debt,
if any, merger and integration expense, other non-cash transactions
and related income tax adjustments, if any. The Company’s
computation of adjusted net income may not be comparable to other
similarly titled measures of other companies or to such measure in
our credit facility or any of our other contracts. Management
believes adjusted net income helps investors in the oil and natural
gas industry to measure and compare the Company's performance to
other oil and natural gas companies by excluding from the
calculation items that can vary significantly from company to
company depending upon accounting methods, the book value of assets
and other non-operational factors. Further, in order to allow
investors to compare the Company's performance across periods, the
Company excludes the effects of significant transactions that may
affect earnings but are unpredictable in nature, timing and amount,
although they may recur in different reporting periods.
The following table presents a reconciliation of
the GAAP financial measure of net income (loss) attributable to
Diamondback Energy, Inc. to the non-GAAP measure of adjusted net
income:
Diamondback Energy, Inc. |
Adjusted Net Income |
(unaudited, $ in millions except per share data, shares in
thousands) |
|
|
|
Three Months Ended September 30, 2024 |
|
Amounts |
|
Amounts PerDiluted Share |
Net income (loss) attributable to Diamondback Energy,
Inc.(1) |
$ |
659 |
|
|
$ |
3.19 |
|
Net income (loss) attributable to non-controlling interest |
|
49 |
|
|
|
0.24 |
|
Net income
(loss)(1) |
|
708 |
|
|
|
3.43 |
|
Non-cash (gain) loss on derivative instruments, net |
|
(135 |
) |
|
|
(0.66 |
) |
Merger and integration expense |
|
258 |
|
|
|
1.26 |
|
Other non-cash transactions |
|
(72 |
) |
|
|
(0.35 |
) |
Adjusted net income excluding above items(1) |
|
759 |
|
|
|
3.68 |
|
Income tax adjustment for above items |
|
(12 |
) |
|
|
(0.06 |
) |
Adjusted net
income(1) |
|
747 |
|
|
|
3.62 |
|
Less: Adjusted net income attributable to non-controlling
interest |
|
49 |
|
|
|
0.24 |
|
Adjusted net income
attributable to Diamondback Energy,
Inc.(1) |
$ |
698 |
|
|
$ |
3.38 |
|
|
|
|
|
Weighted average
common shares outstanding: |
|
|
|
Basic |
|
|
204,730 |
|
Diluted |
|
|
204,730 |
|
(1) The Company’s earnings (loss) per diluted
share amount has been computed using the two-class method in
accordance with GAAP. The two-class method is an earnings
allocation which reflects the respective ownership among holders of
common stock and participating securities. Diluted earnings per
share using the two-class method is calculated as (i) net income
attributable to Diamondback Energy, Inc, (ii) less the reallocation
of $6 million in earnings attributable to participating securities,
(iii) divided by diluted weighted average common shares
outstanding.
OPERATING CASH FLOW BEFORE WORKING
CAPITAL CHANGES AND FREE CASH FLOW
Operating cash flow before working capital
changes, which is a non-GAAP financial measure, represents net cash
provided by operating activities as determined under GAAP without
regard to changes in operating assets and liabilities. The Company
believes operating cash flow before working capital changes is a
useful measure of an oil and natural gas company’s ability to
generate cash used to fund exploration, development and acquisition
activities and service debt or pay dividends. The Company also uses
this measure because changes in operating assets and liabilities
relate to the timing of cash receipts and disbursements that the
Company may not control and may not relate to the period in which
the operating activities occurred. This allows the Company to
compare its operating performance with that of other companies
without regard to financing methods and capital structure.
Free Cash Flow, which is a non-GAAP financial
measure, is cash flow from operating activities before changes in
working capital in excess of cash capital expenditures. The Company
believes that Free Cash Flow is useful to investors as it provides
measures to compare both cash flow from operating activities and
additions to oil and natural gas properties across periods on a
consistent basis as adjusted for non-recurring tax impacts from
divestitures, merger and integration expenses, the early
termination of derivative contracts and settlements of treasury
locks. These measures should not be considered as an alternative
to, or more meaningful than, net cash provided by operating
activities as an indicator of operating performance. The Company's
computation of Free Cash Flow may not be comparable to other
similarly titled measures of other companies. The Company uses Free
Cash Flow to reduce debt, as well as return capital to stockholders
as determined by the Board of Directors.
The following tables present a reconciliation of the GAAP
financial measure of net cash provided by operating activities to
the non-GAAP measure of operating cash flow before working capital
changes and to the non-GAAP measure of Free Cash Flow:
Diamondback Energy, Inc. |
Operating Cash Flow Before Working Capital Changes and Free
Cash Flow |
(unaudited, in millions) |
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net cash provided by
operating activities |
$ |
1,209 |
|
|
$ |
1,358 |
|
|
$ |
4,072 |
|
|
$ |
4,296 |
|
Less: Changes in cash due to
changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
106 |
|
|
|
(256 |
) |
|
|
61 |
|
|
|
(218 |
) |
Income tax receivable |
|
— |
|
|
|
103 |
|
|
|
12 |
|
|
|
267 |
|
Prepaid expenses and other current assets |
|
(11 |
) |
|
|
(8 |
) |
|
|
78 |
|
|
|
5 |
|
Accounts payable and accrued liabilities |
|
(395 |
) |
|
|
(28 |
) |
|
|
(490 |
) |
|
|
46 |
|
Income taxes payable |
|
(36 |
) |
|
|
23 |
|
|
|
(51 |
) |
|
|
4 |
|
Revenues and royalties payable |
|
95 |
|
|
|
53 |
|
|
|
109 |
|
|
|
139 |
|
Other |
|
54 |
|
|
|
(33 |
) |
|
|
104 |
|
|
|
(12 |
) |
Total working capital
changes |
|
(187 |
) |
|
|
(146 |
) |
|
|
(177 |
) |
|
|
231 |
|
Operating cash flow
before working capital changes |
|
1,396 |
|
|
|
1,504 |
|
|
|
4,249 |
|
|
|
4,065 |
|
Drilling, completions, infrastructure and midstream additions to
oil and natural gas properties |
|
(688 |
) |
|
|
(684 |
) |
|
|
(1,934 |
) |
|
|
(2,052 |
) |
Total Cash
CAPEX |
|
(688 |
) |
|
|
(684 |
) |
|
|
(1,934 |
) |
|
|
(2,052 |
) |
Free Cash
Flow |
|
708 |
|
|
|
820 |
|
|
|
2,315 |
|
|
|
2,013 |
|
Tax impact from divestitures(1) |
|
— |
|
|
|
64 |
|
|
|
— |
|
|
|
64 |
|
Merger and integration expenses |
|
258 |
|
|
|
— |
|
|
|
273 |
|
|
|
— |
|
Early termination of derivatives |
|
37 |
|
|
|
— |
|
|
|
37 |
|
|
|
— |
|
Treasury locks |
|
— |
|
|
|
— |
|
|
|
25 |
|
|
|
— |
|
Adjusted Free Cash
Flow |
$ |
1,003 |
|
|
$ |
884 |
|
|
$ |
2,650 |
|
|
$ |
2,077 |
|
(1) Includes the tax impact for the disposal of
certain Midland Basin water assets and Delaware Basin oil gathering
assets.
NET DEBT
The Company defines the non-GAAP measure of net
debt as total debt (excluding debt issuance costs, discounts,
premiums and unamortized basis adjustments) less cash and cash
equivalents. Net debt should not be considered an alternative to,
or more meaningful than, total debt, the most directly comparable
GAAP measure. Management uses net debt to determine the Company's
outstanding debt obligations that would not be readily satisfied by
its cash and cash equivalents on hand. The Company believes this
metric is useful to analysts and investors in determining the
Company's leverage position because the Company has the ability to,
and may decide to, use a portion of its cash and cash equivalents
to reduce debt.
Diamondback Energy, Inc. |
Net Debt |
(unaudited, in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,2024 |
|
Net
Q3PrincipalBorrowings/(Repayments) |
|
June 30,2024 |
|
March 31,2024 |
|
December 31,2023 |
|
September 30,2023 |
|
(in millions) |
Diamondback Energy, Inc.(1) |
$ |
12,284 |
|
|
$ |
1,115 |
|
|
$ |
11,169 |
|
|
$ |
5,669 |
|
|
$ |
5,697 |
|
|
$ |
5,697 |
|
Viper Energy, Inc.(1) |
|
830 |
|
|
|
(177 |
) |
|
|
1,007 |
|
|
|
1,103 |
|
|
|
1,093 |
|
|
|
680 |
|
Total
debt |
|
13,114 |
|
|
$ |
938 |
|
|
|
12,176 |
|
|
|
6,772 |
|
|
|
6,790 |
|
|
|
6,377 |
|
Cash and cash equivalents |
|
(370 |
) |
|
|
|
|
(6,908 |
) |
|
|
(896 |
) |
|
|
(582 |
) |
|
|
(827 |
) |
Net debt |
$ |
12,744 |
|
|
|
|
$ |
5,268 |
|
|
$ |
5,876 |
|
|
$ |
6,208 |
|
|
$ |
5,550 |
|
(1) Excludes debt issuance costs, discounts, premiums
and unamortized basis adjustments.
DERIVATIVES
As of November 1, 2024, the Company had the
following outstanding consolidated derivative contracts, including
derivative contracts at Viper Energy, Inc. The Company’s derivative
contracts are based upon reported settlement prices on commodity
exchanges, with crude oil derivative settlements based on New York
Mercantile Exchange West Texas Intermediate pricing and Crude Oil
Brent pricing and with natural gas derivative settlements based on
the New York Mercantile Exchange Henry Hub pricing. When
aggregating multiple contracts, the weighted average contract price
is disclosed.
|
Crude Oil (Bbls/day, $/Bbl) |
|
Q4 2024 |
|
Q1 2025 |
|
Q2 2025 |
|
Q3 2025 |
|
Q4 2025 |
|
FY2026 |
Long Puts - Crude Brent Oil |
82,000 |
|
52,000 |
|
33,000 |
|
10,000 |
|
— |
|
— |
Long Put Price ($/Bbl) |
$57.44 |
|
$60.00 |
|
$60.00 |
|
$60.00 |
|
— |
|
— |
Deferred Premium ($/Bbl) |
$-1.52 |
|
$-1.48 |
|
$-1.50 |
|
$-1.63 |
|
— |
|
— |
Long Puts - WTI (Magellan East Houston) |
35,000 |
|
58,000 |
|
46,000 |
|
22,000 |
|
— |
|
— |
Long Put Price ($/Bbl) |
$57.57 |
|
$56.21 |
|
$55.22 |
|
$55.00 |
|
— |
|
— |
Deferred Premium ($/Bbl) |
$-1.61 |
|
$-1.58 |
|
$-1.56 |
|
$-1.64 |
|
— |
|
— |
Long Puts - WTI (Cushing) |
125,000 |
|
138,000 |
|
109,000 |
|
38,000 |
|
— |
|
— |
Long Put Price ($/Bbl) |
$57.28 |
|
$56.63 |
|
$55.73 |
|
$55.00 |
|
— |
|
— |
Deferred Premium ($/Bbl) |
$-1.61 |
|
$-1.58 |
|
$-1.56 |
|
$-1.50 |
|
— |
|
— |
Costless Collars - WTI (Cushing) |
46,000 |
|
13,000 |
|
— |
|
— |
|
— |
|
— |
Long Put Price ($/Bbl) |
$60.87 |
|
$60.00 |
|
— |
|
— |
|
— |
|
— |
Short Call Price ($/Bbl) |
$89.91 |
|
$89.55 |
|
— |
|
— |
|
— |
|
— |
Basis Swaps - WTI (Midland) |
43,000 |
|
58,000 |
|
45,000 |
|
45,000 |
|
45,000 |
|
— |
$1.18 |
|
$1.10 |
|
$1.08 |
|
$1.08 |
|
$1.08 |
|
— |
Roll Swaps - WTI |
40,000 |
|
— |
|
— |
|
— |
|
— |
|
— |
$0.82 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Natural Gas (Mmbtu/day, $/Mmbtu) |
|
Q4 2024 |
|
Q1 2025 |
|
Q2 2025 |
|
Q3 2025 |
|
Q4 2025 |
|
FY 2026 |
Costless Collars - Henry Hub |
398,261 |
|
690,000 |
|
630,000 |
|
630,000 |
|
630,000 |
|
80,000 |
Long Put Price ($/Mmbtu) |
$2.78 |
|
$2.53 |
|
$2.49 |
|
$2.49 |
|
$2.49 |
|
$2.50 |
Ceiling Price ($/Mmbtu) |
$6.53 |
|
$5.41 |
|
$5.46 |
|
$5.46 |
|
$5.46 |
|
$5.95 |
Natural Gas Swaps - Henry Hub |
13,370 |
|
— |
|
— |
|
— |
|
— |
|
— |
$3.23 |
|
— |
|
— |
|
— |
|
— |
|
— |
Natural Gas Basis Swaps - Waha Hub |
471,630 |
|
650,000 |
|
590,000 |
|
590,000 |
|
590,000 |
|
10,000 |
$-1.11 |
|
$-0.80 |
|
$-0.83 |
|
$-0.83 |
|
$-0.83 |
|
$-1.25 |
Investor Contact:Adam Lawlis+1
432.221.7467alawlis@diamondbackenergy.com
Diamondback Energy (NASDAQ:FANG)
過去 株価チャート
から 11 2024 まで 12 2024
Diamondback Energy (NASDAQ:FANG)
過去 株価チャート
から 12 2023 まで 12 2024