The earnings call highlighted significant operational improvements and strategic asset trades that enhance Diamondback's efficiency and free cash flow. However, the company remains cautious about macroeconomic conditions and is seeking to address shareholder concerns regarding gas and electricity margins.

Company Guidance

During the Diamondback Energy Q3 2024 earnings call, management provided guidance emphasizing capital efficiency and free cash flow generation. They highlighted a reduction in their corporate breakeven from $40 to $37 per barrel, and stressed the importance of maintaining a low reinvestment rate. The company plans to execute its 2025 program with 18 rigs and four frac fleets, compared to previous expectations of 22 to 24 rigs, indicating operational efficiencies. Well costs have decreased to $600 per foot, reflecting continued improvements. Diamondback's focus remains on maintaining flexibility to adapt to macroeconomic conditions, prioritizing free cash flow over capital expenditure, while also actively considering asset monetization opportunities, including a significant mineral interest drop-down to Viper in early 2025.

Reduction in Corporate Breakeven

Diamondback's post-dividend breakeven has been reduced from $40 a barrel to $37 a barrel, indicating improved financial efficiency.

Operational Efficiency Gains

The company has achieved significant efficiency gains, allowing it to execute the 2025 program with 18 rigs instead of the previously expected 22 to 24, and 4 frac fleets versus 5, resulting in cost savings.

Successful TRP Asset Trade

Diamondback successfully traded third and fourth quartile inventory for first and second quartile inventory, improving capital efficiency and gaining 18 DUCs and 55 top quartile locations.

Free Cash Flow Focus

Diamondback continues to prioritize free cash flow generation over capital expenditure, with a focus on maintaining the highest barrels produced per dollar of CapEx.

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Diamondback (FANG) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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FANG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 25, 2025	2024 (Q4)	3.48 / -	4.74	―	―	―
Nov 04, 2024	2024 (Q3)	4.02 / 3.38	5.49	-38.43% (-2.11)
Aug 05, 2024	2024 (Q2)	4.50 / 4.52	3.68	22.83% (+0.84)
Apr 30, 2024	2024 (Q1)	4.47 / 4.50	4.1	9.76% (+0.40)
Feb 20, 2024	2023 (Q4)	4.70 / 4.74	5.29	-10.40% (-0.55)
Nov 06, 2023	2023 (Q3)	5.01 / 5.49	6.48	-15.28% (-0.99)
Jul 31, 2023	2023 (Q2)	3.88 / 3.68	7.07	-47.95% (-3.39)
May 01, 2023	2023 (Q1)	4.33 / 4.10	5.2	-21.15% (-1.10)
Feb 21, 2023	2022 (Q4)	5.21 / 5.29	3.63	45.73% (+1.66)
Nov 07, 2022	2022 (Q3)	6.45 / 6.48	2.94	120.41% (+3.54)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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FANG Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 04, 2024	$178.87	$174.76	-2.30%
Aug 05, 2024	$182.07	$186.51	+2.44%
Apr 30, 2024	$195.81	$190.83	-2.54%
Feb 20, 2024	$170.47	$172.09	+0.95%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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