Diamondback (FANG) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

May 04, 2026

After Close (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

2.22

Last Year’s EPS

4.54

Same Quarter Last Year

Analyst Consensus

Strong Buy

Based on 22 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 23, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call skewed positive: management disclosed a meaningful organic resource expansion (Barnett) with strong early productivity metrics (substantial per-foot and EUR uplifts), material operational efficiency gains (continuous pumping, longer laterals) and promising early surfactant results that together point to upside in NAV and returns if costs and execution track targets. Key near-term risks include elevated Barnett unit costs today (with a clear roadmap to reduce them), increased gas exposure requiring marketing/realization solutions, modest OpEx headwinds, supply‑chain/tariff uncertainty, and noncash accounting-driven reserve/impairment impacts tied to lower commodity prices. Overall, the positives (resource, productivity, efficiency, pilot uplifts and inventory depth) noticeably outweigh the negatives, while the negatives are mostly execution, price- and accounting-related and are addressable over time.

Company Guidance

Diamondback guided a $3.75 billion 2026 capital plan (with ~$150 million initially allocated to the newly disclosed Barnett program), saying Barnett adds ~900 gross locations and will see roughly 30 gross wells drilled (≈10 turned to sales) in 2026, ramping to ~100 gross wells in 2027; Barnett delineation currently runs near $1,000/ft with a target to get to ~$800/ft (versus core Midland development at roughly $510–$520/ft), and Barnett productivity looks materially higher (≈36 MBOE per 1,000 ft 12‑month cum vs ~22 for core, ~75 BO/ft EUR vs ~50 BO/ft for core, ~67% oil mix over 12 months and initial GORs ~3,000), the company expects nearly two decades of inventory at 2026 activity levels, average lateral lengths rose ~600 ft y/y, completion efficiency is improving (continuous‑pumping fleets averaging ~4,500 ft/day with peaks >5,500), drills averaged >8 days spud‑to‑TD with some sub‑6‑day wells, surfactant pilots (60 treatments at ≈$0.5M each) have shown ~100 bbl/d average pops (some multi‑hundreds), LOE and GP&T guidance model a small uptick (power costs may add ~$0.10–$0.20/boe), PDP/PUD mix is ~70%/30%, and reserve/impairment movements were largely price‑driven (analysts noted ~130 MMbbl of price‑related revisions).

Material Resource Expansion — Barnett Opportunity

Revealed a ~900 gross location Barnett position added organically to the portfolio; management allocated $150 million of the $3.75 billion 2026 budget to initial Barnett activity. Plan ramps: ~30 gross wells drilled in 2026 (with ~10 completions) and a significant step-up to ~100 gross wells in 2027.

Strong Barnett Productivity vs. Core Midland

Barnett wells show materially higher productivity: ~36 MBOE per 1,000 ft 12-month cum versus ~22 MBOE per 1,000 ft for core Midland (≈63.6% higher) and management estimates Barnett EUR ≈75 BO/ft vs core ≈50 BO/ft (≈50% uplift in BO/ft). Barnett 12-month oil mix ~67% (flatter GOR profile vs core).

Pathway to Competitive Well Costs in Barnett

Current Barnett well costs ~ $1,000/ft with a target to reduce to ~$800/ft through development-mode execution (multi-pad, simul-frac, extended laterals ~15,000 ft+) and operational learnings — bringing costs down toward this target would make returns competitive versus core Midland (~$510–$520/ft).

Inventory Depth and Lateral-Length Gains

Company reiterated ~two decades (nearly 20 years) of inventory at 2026 activity pace. Average lateral length increased by ~600 ft year-over-year, contributing to higher per‑well productivity and capital efficiency.

Surfactant Trials Showing High Early ROI

60-well surfactant production pilot deployed in H2 2025; typical treatment cost ~ $0.5 million per well. Early results show average production uplifts of ~100 barrels/day on treated wells, with several cases delivering multi-hundred b/d uplifts — indicating potentially high-return remedial interventions.

Drilling and Completion Efficiency Improvements

Continuous‑pumping simul-frac fleets averaging ~4,500 completed lateral feet/day (with observed peaks >5,500 ft/day). Team achieving sub-6 day wells on occasion with company average spud-to-TD ~8+ days and expects further cycle- and cost-reductions; these efficiencies have potential to reduce cycle time, lower service intensity and improve capital efficiency.

Balance Sheet / Capital Discipline

Management emphasized no external capital raises for Barnett buildout and continued shareholder returns while adding inventory. Capital allocation philosophy remains conservative with ability to hold or reallocate DUCs and capital based on macro conditions.

Reserve & Bookings Transparency

Reserve profile remains weighted toward PDP (≈70% PDP / 30% PUD). Management stated recent reserve revisions were primarily price-driven and from PUD timing adjustments rather than material performance deterioration.

Diamondback (FANG) Earnings, Revenues Date & History

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FANG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 04, 2026	2026 (Q1)	2.22 / -	4.54	―	―	―
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)
Feb 20, 2024	2023 (Q4)	4.70 / 4.74	5.29	-10.40% (-0.55)

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
Feb 23, 2026	$173.82	$172.52	-0.75%
Nov 03, 2025	$140.30	$138.47	-1.31%
Aug 04, 2025	$145.72	$143.65	-1.42%
May 05, 2025	$130.32	$129.24	-0.83%

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.