Financial PerformanceFANG reported a strong quarter with a total/oil production beat driving a DCFPS and FCF beat, yet it was associated with higher capex due to an acceleration of activity.
Operational EfficiencyWith continued operational execution and improved efficiency gains, FANG enhanced its 2024 standalone outlook with oil production guidance increased by 0.7% while lowering its total capex by 1.0%.
Outlook And GuidanceAnalyst reaffirms Buy rating as FANG is positioned with a strong sustainable FCF yield, which benefits from the Endeavor deal.