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Diamondback Energy Reports Strong Q3 2024 Results
Company Announcements

Diamondback Energy Reports Strong Q3 2024 Results

Diamondback Energy ( (FANG) ) has released its Q3 earnings. Here is a breakdown of the information Diamondback Energy presented to its investors.

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Diamondback Energy, Inc. is an independent oil and natural gas company headquartered in Midland, Texas, focusing primarily on the acquisition, development, exploration, and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas.

In its third-quarter 2024 financial results, Diamondback Energy reported a successful merger with Endeavor Energy Resources, resulting in significant operational and financial achievements. The company’s production averaged 321.1 MBO/d, and it generated a substantial operating cash flow, reinforcing its robust financial position.

Key highlights from the quarter include net cash provided by operations amounting to $1.2 billion, with free cash flow reaching $708 million. Diamondback also declared a quarterly dividend of $0.90 per share and executed substantial share repurchases. Additionally, the company announced an asset trade agreement with TRP Energy, enhancing its Midland Basin position.

Diamondback’s financial metrics show strong performance with a net income of $659 million and adjusted net income of $698 million for the third quarter. The company continues to focus on strategic capital expenditures and has increased its share repurchase authorization to $6 billion, demonstrating a commitment to returning capital to shareholders.

Looking forward, Diamondback Energy remains focused on optimizing its asset portfolio and production efficiency, with expectations of closing the TRP trade by December 2024. The company is poised to capitalize on its strategic moves to enhance shareholder value and maintain its position as a leader in the Permian Basin.

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