Diamondback Energy ( (FANG) ) has released its Q4 earnings. Here is a breakdown of the information Diamondback Energy presented to its investors.
Diamondback Energy, Inc. is an independent oil and natural gas company based in Midland, Texas, focusing on the acquisition, development, and exploration of unconventional onshore oil and natural gas reserves, primarily in the Permian Basin.
Diamondback Energy has reported its financial results for the fourth quarter and full year of 2024, showcasing significant production and financial achievements. The company increased its annual base dividend by 11% and declared a Q4 dividend of $1.00 per share. Additionally, the company completed a merger with Endeavor Energy Resources and closed a transaction with TRP Energy.
For the fourth quarter of 2024, Diamondback Energy achieved an average production of 475.9 MBO/d, generating $2.3 billion in net cash from operating activities. The company’s free cash flow for the quarter was $1.3 billion, with adjusted free cash flow reaching $1.4 billion. Throughout 2024, the company repurchased over 5.5 million shares of common stock, returning $2.3 billion to shareholders, which represents approximately 57% of the adjusted free cash flow.
Looking ahead, Diamondback Energy has provided guidance for 2025, expecting oil production to range between 485 and 498 MBO/d. The company plans to invest $3.8 to $4.2 billion in cash capital expenditures, with a focus on drilling and completing wells in the Midland and Delaware Basins.
With a strong financial position and strategic acquisitions, Diamondback Energy is poised for continued growth in 2025, supported by its robust production capabilities and disciplined capital management.