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Investing.com -- Diamondback Energy (NASDAQ:FANG) reported first quarter earnings and revenue that exceeded analyst expectations, driven by higher oil and gas production. FANG shares were trading 2.5% higher after-hours Monday.
The oil and gas producer posted adjusted earnings of $4.54 per share, surpassing the consensus estimate of $3.69. Revenue rose to $4.05 billion, beating expectations of $3.63 billion.
Diamondback’s average oil production increased to 475,944 barrels per day in Q1, up from 273,341 barrels per day in the same quarter last year. Total (EPA:TTEF) production averaged 850,656 barrels of oil equivalent per day, compared to 461,110 BOE/d a year ago.
The company declared a Q1 base cash dividend of $1.00 per share, payable on May 22. Diamondback repurchased 3.7 million shares for $575 million during the quarter.
For full year 2025, Diamondback lowered its oil production guidance to 480,000-495,000 barrels per day, citing recent commodity price volatility. It also reduced its capital expenditure forecast to $3.4-$3.8 billion.
The company ended the quarter with $1.3 billion in cash and $14.1 billion in total debt. Diamondback generated free cash flow of $1.5 billion in Q1.