Diamondback Energy Inc.
Diamondback Energy Reports Q1 2024 Financial Results and Declares Dividend
Summary
Diamondback Energy, Inc. announced its financial and operating results for the first quarter of 2024, reporting a net income of $768 million. The company also declared a base cash dividend of $0.90 per share and a variable cash dividend of $1.07 per share for the first quarter. Diamondback repurchased 279,266 shares of common stock in Q1 2024 for $42 million. The company's first quarter 2024 average production was 273.3 MBO/d (461.1 MBOE/d). Free cash flow for the quarter was $791 million. The company also announced its full year 2024 guidance, which includes net production guidance of 458 - 466 MBOE/d.
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About Diamondback Energy Inc.
Diamondback Energy Inc. is a publicly traded company that engages in the acquisition, development, exploration, and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin of West Texas. Its primary function is to extract hydrocarbon resources, which includes both crude oil and natural gas, through advanced drilling and recovery techniques. Diamondback Energy leverages its extensive portfolio of assets across the prolific Permian Basin, which is renowned for its rich oil and gas deposits and low-cost production benefits. The company plays a significant role in the energy sector by providing essential natural resources that fuel modern economies. Its strategic focus on high-margin assets and efficient operational practices make it a notable player in the United States energy market. Diamondback's operations impact sectors involved in energy supply, industrial production, and transportation. Headquartered in Midland, Texas, Diamondback Energy is committed to sustainable growth and maximizing shareholder value, ensuring its ongoing contribution to the energy landscape and the broader commodities market.
Official SEC Documents
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