Latest news with #DiamondbackEnergyInc
Washington Post
24-02-2025
- Business
- Washington Post
Diamondback: Q4 Earnings Snapshot
MIDLAND, Texas — MIDLAND, Texas — Diamondback Energy Inc. (FANG) on Monday reported fourth-quarter net income of $1.07 billion. The Midland, Texas-based company said it had net income of $3.67 per share. Earnings, adjusted for non-recurring gains, were $3.64 per share. The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $3.26 per share.
Yahoo
18-02-2025
- Business
- Yahoo
Diamondback Expands Permian Oil Assets in Double Eagle Deal
(Bloomberg) -- Diamondback Energy Inc. will expand its oil assets in the Permian Basin after agreeing to acquire some subsidiaries of Double Eagle IV Midco LLC, a significant asset boost for the top independent oil and gas producer in North America's most prolific shale patch. Why Barcelona Bought the Building That Symbolizes Its Housing Crisis Progressive Portland Plots a Comeback Por qué Barcelona compró el edificio que simboliza su crisis inmobiliaria A Filmmaker's Surreal Journey Into His Own Private Winnipeg How to Build a Neurodiverse City The transaction will be paid for with $3 billion of cash and 6.9 million shares of Diamondback common stock, according to a statement on Tuesday. The company is also committed to selling at least $1.5 billion of non-core assets to help maintain a strong balance sheet. The transaction is the latest in a flurry of mergers and acquisitions in the Permian, which straddles West Texas and New Mexico. As the industry matures and production growth slows, the largest players have been seeking greater efficiency by increasing the scale of their operations. 'Double Eagle is the most attractive asset remaining in the Midland Basin,' Travis Stice, chairman and chief executive officer of Diamondback, said in the statement. 'This largely undeveloped asset adds high-quality inventory that immediately competes for capital.' Diamondback will add only one drilling rig to its operations after the deal, despite significantly expanding its footprint in an underdeveloped part of the Permian, according to a slide presentation. The Midland, Texas-based firm has planned to hold output growth in 2025 to about 2% as the company prioritizes free cash flow over capital spending. Shale drillers are trying to avoid getting caught in an oil glut as the global crude market risks oversupply. Last year, Diamondback bought fellow Permian producer Endeavor Energy Resources LP in a $26 billion deal that created the largest explorer focused exclusively on the Permian. (Updates with more details) The Undocumented Workers Who Helped Build Elon Musk's Texas Gigafactory The Unicorn Boom Is Over, and Startups Are Getting Desperate Japan Perfected 7-Eleven. Why Can't the US Get It Right? The NBA Has Fallen Into an Efficiency Trap Before DeepSeek Blew Up, Chatbot Arena Announced Its Arrival ©2025 Bloomberg L.P. Sign in to access your portfolio
