Diamondback Energy Stock Dips After Q2 EPS Miss Estimates

Diamondback Energy, Inc. (NASDAQ:FANG) released its second-quarter results after Monday's closing bell. Here's a look at the details from the report. 

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The Details: Diamondback Energy reported quarterly earnings of $2.67 per share, which missed the analyst consensus estimate of $2.92

Quarterly revenue came in at $3.67 billion, which beat the Street estimate of $3.36 billion and is up from revenue of $2.48 billion from the same period last year.

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Diamondback Energy reported:

• Average oil production of 495.7 MBO/d (919.9 MBOE/d).
• Net cash provided by operating activities of $1.7 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $2.1 billion.
• Cash capital expenditures of $864 million.
• Adjusted Free Cash Flow of $1.3 billion.

“We continue to believe that, at current oil prices, U.S. shale oil production has likely peaked and activity levels in the Lower 48 will remain depressed. The U.S. oil-directed rig count has declined by approximately 60 rigs this year (59 rigs in the second quarter alone) and the Permian Basin active completion crew count has declined to around 70 active crews, down over 25% from 2024,” the company wrote in a letter to shareholders.

Diamondback Energy will host a conference call to discuss the results on Tuesday at 9 a.m. ET.

FANG Price Action: According to data from Benzinga Pro, Diamondback Energy stock was down 1.68% at $145.30 in Monday's extended trading. 

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