Diamondback Energy Q1 2025 Earnings Summary

Diamondback Energy reported net income of $1.4 billion ($4.83 per diluted share) in Q1 2025, up from $768 million ($4.28 per share) in Q1 2024, driven by strong production and commodity prices. Adjusted net income was $1.32 billion ($4.54 per share). Total revenue rose to $4.05 billion from $2.23 billion a year ago.
Production averaged 851 MBOE/d, with oil output at 476 MBO/d. The company realized average unhedged prices of $70.95 per barrel of oil and $47.77 per BOE overall. Adjusted EBITDA was $2.8 billion, with free cash flow of $1.5 billion and adjusted free cash flow of $1.6 billion.
Diamondback repurchased 3.7 million shares for $575 million and declared a $1.00 per share dividend, returning 55% of adjusted free cash flow to shareholders in Q1. As of March 31, 2025, the company had $1.3 billion in standalone cash and $12.3 billion in net debt.
Due to commodity price volatility, full-year capital guidance was reduced to $3.4–$3.8 billion (down from $3.8–$4.2 billion). Oil production is now guided at 480–495 MBO/d, with improved capital efficiency (~49.4 MBO per $MM of CAPEX). Q2 capex is expected to be $800–$900 million.
The company closed the Double Eagle acquisition on April 1 and a drop-down to Viper Energy on May 1. Diamondback plans to remain flexible on capital allocation, with the ability to adjust based on future market conditions.

Diamondback Energy Announces Q1 2025 Operational Update Amid Market Volatility

MIDLAND, TEXAS – Diamondback Energy, Inc. (NASDAQ: FANG) has released its first quarter 2025 operational update, reporting average daily oil production of 475,944 barrels, totaling 850,656 BOE/day. The company realized unhedged oil prices at $70.95 per barrel, generating $226 million in derivative gains, including $85 million in cash gains.

Capital expenditures reached $942 million, and 3.66 million shares were repurchased during the quarter for $575 million. An additional 1.56 million shares have been bought in Q2 for $200 million to date. Diamondback currently has approximately 293 million shares outstanding, post-Double Eagle acquisition.

The company highlighted flexibility in its 2025 operating plan, citing readiness to adjust activity levels if low commodity prices persist, and emphasized efforts to lower its breakeven oil price through cost reductions.

Average hedged combined prices stood at $48.89 per BOE, with $70.06 for oil, $3.34 for natural gas, and $23.94 for NGLs.

Diamondback Energy Files Updated Pro Forma Financials Reflecting Endeavor Acquisition

MIDLAND, TX – April 7, 2025 – Diamondback Energy, Inc. (NASDAQ: FANG) has filed an amended Form 8-K/A with the U.S. Securities and Exchange Commission to provide updated pro forma financial information related to its acquisition of Endeavor Parent, LLC, completed on September 10, 2024.

This latest filing includes an unaudited pro forma condensed combined statement of operations for the full year ended December 31, 2024, offering investors a clearer view of Diamondback’s consolidated performance following the transformative acquisition. The report builds on a prior filing from September 19, 2024, which included financial data for earlier periods.

The $26 billion acquisition of Endeavor—an independent oil and gas producer headquartered in Texas—was executed under the terms of a Merger Agreement involving two wholly owned merger subsidiaries of Diamondback. The move significantly expands Diamondback’s footprint in the Permian Basin.

Exhibit Filed:

Exhibit 99.1: Unaudited pro forma combined statement of operations for 2024.

As part of the update, Diamondback reaffirmed that this latest financial disclosure complies with Item 9.01(b) of Form 8-K, reflecting the company’s commitment to transparency post-acquisition.

About Diamondback Energy: Diamondback Energy, Inc. is an independent oil and natural gas company headquartered in Midland, Texas, focused on the acquisition, development, exploration, and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas.

Diamondback Energy Completes $1.2 Billion Senior Notes Offering

Midland, TX – March 20, 2025 – Diamondback Energy, Inc. (Nasdaq: FANG) has completed its public offering of $1.2 billion aggregate principal amount of 5.550% Senior Notes due 2035. The Notes were issued under the company’s Shelf Registration Statement and detailed in a March 10, 2025 prospectus.

The Notes, guaranteed by subsidiary Diamondback E&P LLC, are senior unsecured obligations and rank equally with existing senior debt. They are redeemable at the company’s option, either at a premium before January 1, 2035, or at par thereafter.

The offering was executed under an Indenture with Computershare Trust Company, and a related legal opinion has been filed with the SEC.

Proceeds are expected to support general corporate purposes, including debt refinancing and potential strategic initiatives.

Diamondback Energy announced the pricing of a $1.2 billion senior notes offering at 5.550% due 2035. The company entered into an underwriting agreement with BofA Securities, Barclays, PNC Capital Markets, and TD Securities. The net proceeds, approximately $1.19 billion, will be used for general corporate purposes, including funding part of the pending acquisition of certain subsidiaries of Double Eagle IV Midco. The offering is expected to close on March 20, 2025, subject to customary conditions.

Diamondback Energy Announces $3 Billion Midland Basin Acquisition

Diamondback Energy, Inc. (NASDAQ: FANG) has announced a definitive agreement to acquire assets from Double Eagle IV Midco, LLC for $3 billion in cash and approximately 6.9 million shares of Diamondback common stock. The deal, set to close on April 1, 2025, includes acquiring all outstanding interests of DE Permian, LLC, DE IV Combo, LLC, and DE IV Operating, LLC, expanding Diamondback’s position in the Midland Basin.

The cash portion of the acquisition will be funded through a combination of cash on hand, credit facility borrowings, and proceeds from potential term loans or senior notes offerings. The transaction is subject to regulatory approval and customary closing conditions.