Diamondback Energy said it entered into a Merger Agreement on February 11, 2024 to acquire Endeavor for a base cash amount of $8.0 billion (subject to adjustments) and approximately 117.27 million shares of common stock. The company said it expects the acquisition to close in Q4 2024.

1. 01

   Diamondback Energy said it entered into a Merger Agreement on February 11, 2024 to acquire Endeavor for a base cash amount of $8.0 billion (subject to adjustments) and approximately 117.27 million shares of common stock. The company said it expects the acquisition to close in Q4 2024.

2. 02

   The company said its oil, natural gas and natural gas liquids revenues for Q1 2024 fell $64 million from the prior quarter to $2.1 billion. Compared with the same period a year earlier, revenues rose $199 million (10%), and the company cited $191 million from the 10% increase in combined volumes as the main driver.

3. 03

   The company said it issued the April 2024 Notes in an aggregate principal amount of $5.5 billion on April 18, 2024 and plans to use the net proceeds to fund part of the cash consideration for the Endeavor acquisition. It also said it sold 13.23 million shares of Viper Class A Common Stock during Q1 2024, raising net proceeds of about $451 million, which it also plans to use for part of the same cash consideration.

4. 04

   The company said its liquidity was about $2.5 billion as of March 31, 2024, consisting of $876 million in standalone cash and $1.6 billion available under its credit facility. In Q1 2024, it paid dividends of $548 million and repurchased common stock for $42 million (excluding excise tax), leaving about $1.6 billion available under its repurchase program.

Key figures

Quarter ended March 31, 2024

Revenue

$2.2B

Operating income

$1.1B

Net income

$768M

EPS

$4.28

Operating cash flow

$1.3B

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.