Diamondback Energy ( (FANG) ) has released its Q1 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 based in Midland, Texas, focusing on the acquisition, development, exploration, and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas.
In its first quarter of 2025 operational update, Diamondback Energy reported an average production of 475.9 thousand barrels of oil per day and 850.7 thousand barrels of oil equivalent per day. The company highlighted its strategic flexibility to continue its stock repurchase program amidst market volatility.
Key financial metrics for the quarter included average unhedged realized prices of $70.95 per barrel of oil and $2.11 per Mcf of natural gas. The company also reported a total gain on derivatives of $226 million, comprising both realized and unrealized hedge gains. Diamondback executed significant share repurchases, buying back over 3.6 million shares in the first quarter and continuing into the second quarter.
Looking ahead, Diamondback Energy is closely monitoring market conditions and has indicated its readiness to adjust its operating plan to maximize free cash flow if commodity prices remain low. The company aims to lower its breakeven oil price through capital and operating cost reductions, reflecting a strategic focus on financial resilience.