Quarterly ResultMay 4, 2026, 04:04 PM
Diamondback Energy Raises 2026 Oil Production Guidance to 520+ MBO/d
AI Summary
Diamondback Energy announced strong first quarter 2026 financial and operating results, including average oil production of 521.0 MBO/d and $1.7 billion in Free Cash Flow. The company increased its base cash dividend by 5% to $1.10 per share and repurchased 3.3 million shares for $548 million. Furthermore, Diamondback raised its full-year 2026 oil production guidance to 520+ MBO/d, reflecting anticipated organic growth, and updated its cash capital expenditures guidance.
Key Highlights
- Q1 2026 average oil production was 521.0 MBO/d.
- Generated $1.7 billion in Free Cash Flow and $1.7 billion in Adjusted Free Cash Flow in Q1.
- Repurchased 3.3 million shares for approximately $548 million in Q1.
- Increased Q1 2026 base cash dividend by 5% to $1.10 per share.
- Raised annual oil production guidance to 520+ MBO/d from 500-510 MBO/d.
- Updated full year cash capital expenditures guidance to ~$3.90 billion.
- Adjusted net income for Q1 2026 was $1,198 million, or $4.23 per diluted share.
- Retired $777 million in Senior Notes and repaid $550 million term loan.