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.