Diamondback (FANG) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Aug 03, 2026

After Close (Confirmed)

Period Ending

2026 (Q2)

Consensus EPS Forecast

5.78

Last Year’s EPS

2.67

Same Quarter Last Year

Analyst Consensus

Strong Buy

Based on 25 Analysts Ratings

Earnings Call Summary

Q1 2026

Earnings Call Date:May 04, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call conveys a constructive and proactive tone: Diamondback is pivoting to measured growth (adding rigs and a fifth frac crew) in response to a supportive macro environment while demonstrating operational execution (Q1 production beat, completion uplifts, and drilling cost improvements). The company is prioritizing capital efficiency and balance sheet repair—net debt targets brought forward, dividend increased, and a disciplined buyback posture—while acknowledging near-term risks from negative Waha differentials, market volatility, and potential service capacity constraints. Overall, the positives around production, cost improvement, cash generation, and balance-sheet optionality materially outweigh the operational and macro headwinds.

Company Guidance

During the call Diamondback reiterated a baseline oil production target of roughly 520,000+ bbl/d (Q1 was ~520k), said it will add 2–3 rigs (≈1.5 net rigs) and a fifth completion crew (five frac fleets running consistently), expects each crew to complete ~100 wells/year, and plans to draw DUCs from a Q1 peak just over ~200 then rebuild to a carry of a couple hundred DUCs; full‑year average lateral length is expected to be ~12.9k ft (Q1 ~11.5k ft) with ~6.2 million ft of lateral drilling implied (back‑half ~1.5–1.6M ft/quarter), drilling cost targets improved to ~$300/ft (from ~$360/ft) with Barnett drilling under ~$400/ft, the reinvestment rate fell from 44% to ~34% at current strip, pro forma net debt is ~$12.7B with a $10B net‑debt target sooner than the prior 12–18 month outlook, buybacks to date totaled 42M shares for ~$6B (~$148/share), and the company bumped the base dividend while keeping a fixed return framework and prioritizing debt paydown and capital efficiency.

Move to Growth (Green-Light Framework)

Added 2–3 rigs and reinstated a fifth completion crew to accelerate production; net to Diamondback ~1.5 net rigs. Acceleration focused on Barnett development to capture high-return inventory and drive near-term oil growth.

Strong Q1 Production and Well Performance

Reported a production beat in Q1 with oil around ~520,000 bbl/d and guidance of 520k+ bbl/d as the new baseline. Outperformance attributed to improved completion designs, lower downtime, automation/AI, and production workovers.

Surfactant and Completions Uplifts

Surfactant tests (≈50 wells) averaged ≈100 bbl/d uplift on average, with several wells seeing 400–500 bbl/d gains, indicating material upside from completion optimization and ongoing deployment.

Improving Drilling Cost and Capital Efficiency

Wolfcamp D drilling goal reduced from $360/ft to $300/ft (a $60/ft, ~16.7% improvement) and Barnett wells drilled under $400/ft against an $800/well cost target. Team setting records on multi-mile laterals and driving above-ground and subsurface efficiency gains.

Lower Reinvestment Rate

Reinvestment rate fell from 44% to 34% at the current strip (10 percentage point decrease; ≈22.7% relative reduction), increasing free cash flow per share and financial optionality.

Balance Sheet Progress and Liability Management

Pro forma net debt down to $12.7B with a goal to reach $10B earlier than prior 12–18 month target (potentially within months). Plan to build cash into Q4, call $750M 2026 notes, and consider further liability management for maturities before 2030.

Return of Capital Commitment

Maintained fixed return-of-capital framework, modestly bumped the dividend, and signaled potential moderation of buybacks while preserving flexibility. Historical buybacks: 42M shares for $6B (~$148/share) demonstrating strong buyback execution.

Crude Marketing and Takeaway Positioning

Strong crude takeaway/marketing: ~300k bbl/d to Corpus Christi (EPIC/Gray Oak) and ~100k bbl/d via Wink to Webster, with some dated Brent exposure—helping realize stronger realized crude pricing in Q1.

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
Aug 03, 2026	2026 (Q2)	5.78 / -	2.67	―	―	―
May 04, 2026	2026 (Q1)	3.74 / 4.23	4.54	-6.83% (-0.31)
Feb 23, 2026	2025 (Q4)	2.00 / 1.74	3.64	-52.20% (-1.90)
Nov 03, 2025	2025 (Q3)	2.94 / 3.08	3.38	-8.88% (-0.30)
Aug 04, 2025	2025 (Q2)	2.77 / 2.67	4.52	-40.93% (-1.85)
May 05, 2025	2025 (Q1)	4.18 / 4.54	4.5	0.89% (+0.04)
Feb 24, 2025	2024 (Q4)	3.34 / 3.64	4.74	-23.21% (-1.10)
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)

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

FANG Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
May 04, 2026	$212.52	$205.05	-3.51%
Feb 23, 2026	$171.84	$170.56	-0.75%
Nov 03, 2025	$138.71	$136.89	-1.31%
Aug 04, 2025	$144.06	$142.01	-1.42%

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.