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Diamondback Energy surpasses 1 million BOE/d and boosts guidance
Second-quarter revenue rose 51.2% year over year to $5.56 billion, as adjusted EPS of $6.48 beat the $6.08 consensus and free cash flow reached $2.3 billion.
Diamondback Energy topped 1 million barrels of oil equivalent per day (BOE/d) for the first time in company history, a milestone it reached alongside soaring oil conditions this year, MarketBeat Ratings reports. The Texas-based producer also raised full-year guidance again to more than 1 million BOE/d and 522,000 barrels of oil per day.
For the second quarter, Diamondback posted 51.2% year-over-year revenue growth to $5.56 billion, compared with an analyst expectation of about $4.89 billion, according to MarketBeat Ratings. Adjusted earnings per share came in at $6.48, above the $6.08 consensus, while net income more than doubled to $1.88 billion, or $6.65 per diluted share.
Output averaged 525,000 barrels per day of oil during the quarter, pushing total production past the 1 million BOE/d threshold, the outlet said. Management guided for capital spending to stay roughly steady at about $3.9 billion, implying more production within the same spending plan.
Diamondback returned more cash to shareholders as well, with free cash flow of $2.3 billion for the quarter, up from $1.7 billion in the prior quarter and $1.2 billion a year earlier, MarketBeat Ratings reports. During the quarter it repurchased about $141 million of shares, cut net debt by $1.6 billion to $12.3 billion, and doubled its buyback authorization to $16 billion from $8 billion, with about $9.9 billion remaining available as of July 31. The board also raised the quarterly dividend to $1.10 per share, putting the yield at around 2.1%.