MIDLAND, Texas - Diamondback (NASDAQ:FANG) Energy, Inc. (NASDAQ:FANG) reported second-quarter earnings that beat analyst expectations, but the stock slipped in after-hours trading.
The oil and gas producer posted adjusted earnings of $4.52 per share, surpassing the consensus estimate of $4.50. Revenue came in at $2.48 billion, well above analysts' projections of $2.2 billion.
Diamondback's average daily oil production rose to 276,143 barrels in Q2, up from 263,143 barrels in the same period last year. Total production increased to 474,670 barrels of oil equivalent per day (BOE/d), compared to 449,912 BOE/d a year ago.
"Our second quarter results demonstrate the strength of our assets and operational execution," said Travis Stice, Chairman and CEO of Diamondback. "We continue to deliver on our commitment to capital efficiency and shareholder returns."
The company raised its full-year 2024 production guidance, citing outperformance year-to-date. It now expects total production of 462,000 to 470,000 BOE/d, up from its previous forecast of 458,000 to 466,000 BOE/d.
Diamondback also lowered its capital expenditure guidance for 2024 to a range of $2.35 billion to $2.45 billion, down from $2.3 billion to $2.55 billion previously, citing continued cost control and efficiency gains.
Despite the strong results, Diamondback's stock dipped 1.7% in after-hours trading following the earnings release. The company declared a Q2 base cash dividend of $0.90 per share and a variable cash dividend of $1.44 per share.
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