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MIDLAND, Texas - Diamondback Energy, Inc. (NASDAQ:FANG) reported second quarter adjusted earnings of $2.67 per share, falling short of analyst expectations of $2.86, while revenue outperformed at $3.68 billion compared to the consensus estimate of $3.38 billion.
FANG shares were trading 2% lower after-hours following the release.
The oil producer posted average oil production of 495,700 barrels per day (919,900 BOE/d) for the quarter ended June 30, 2025. Net cash provided by operating activities reached $1.7 billion, with free cash flow of $1.2 billion. The company declared a quarterly base cash dividend of $1.00 per share, representing a 2.7% annualized yield based on the August 1 closing price.
Diamondback narrowed its full-year oil production guidance to 485,000-492,000 barrels per day while increasing total production guidance by 2% to 890,000-910,000 BOE/d. The company also reduced its 2025 capital expenditure forecast to $3.4-$3.6 billion, $100 million below its previous midpoint and $500 million (13%) lower than its original 2025 guidance.
During the quarter, Diamondback repurchased approximately 3 million shares for $398 million at an average price of $133.15 per share. The company’s board approved a $2 billion increase to its share repurchase authorization, bringing the total to $8 billion with approximately $3.5 billion remaining available.
Second quarter average unhedged realized prices were $63.23 per barrel of oil, $0.88 per Mcf of natural gas, and $18.13 per barrel of natural gas liquids, resulting in a total equivalent unhedged realized price of $39.61 per BOE.
As of June 30, Diamondback had $191 million in standalone cash and $595 million in borrowings outstanding under its revolving credit facility, with approximately $2.1 billion of total liquidity.
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