Diamondback Energy Inc.
Diamondback Energy Reports Third Quarter 2024 Financial Results
Summary
Diamondback Energy, Inc. reported its financial results for the third quarter of 2024 under Item 2.02 of Form 8-K. The company's average unhedged realized prices were $73.13 per barrel of oil, $(0.26) per Mcf of natural gas, and $17.70 per barrel of natural gas liquids (NGLs). Hedged prices were slightly lower at $72.32 per barrel of oil, $0.60 per Mcf of natural gas, and $17.70 per barrel of NGLs. Diamondback anticipates a net loss on cash settlements for derivative instruments of $4 million and a net non-cash gain on derivative instruments of $135 million for the quarter. Basic and diluted weighted average shares outstanding were both 204,730 thousand for the third quarter.
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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.
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