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Diamondback Energy logoDiamondback Energy FANG

Diamondback Energy said net income attributable to Diamondback Energy, Inc. for Q2 2024 was $837 million ($4.66 per diluted share), free cash flow was $816 million, and adjusted free cash flow was $841 million. Net cash provided by operating activities for the same quarter was $1.5 billion.

8-KResults of Operations and Financial ConditionFiled Period of report Summary published (UTC)

Key points

AI summary
  1. Diamondback Energy said net income attributable to Diamondback Energy, Inc. for Q2 2024 was $837 million ($4.66 per diluted share), free cash flow was $816 million, and adjusted free cash flow was $841 million. Net cash provided by operating activities for the same quarter was $1.5 billion.

  2. The company said its board declared a base cash dividend of $0.90 per share and a variable cash dividend of $1.44 per share for Q2, payable on August 22, 2024. As of August 2, 2024, it had repurchased 19,337,765 shares for a total of about $2.4 billion and had about $1.6 billion remaining under its authorization.

  3. The company said standalone cash was $6.9 billion as of June 30, 2024, including $5.5 billion raised in its senior note offering in April 2024. It said consolidated total debt was $12.2 billion and consolidated net debt was $5.3 billion.

Summary

AI-written

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call. Some paragraphs were omitted because their support in the source could not be confirmed.

Q2 Net Income and Free Cash Flow

Diamondback Energy said net income attributable to Diamondback Energy, Inc. for Q2 2024 was $837 million ($4.66 per diluted share), free cash flow was $816 million, and adjusted free cash flow was $841 million. Net cash provided by operating activities for the same quarter was $1.5 billion.

Source · Based on the filing body and exhibits

Dividend Declarations and Share Repurchase Update

The company said its board declared a base cash dividend of $0.90 per share and a variable cash dividend of $1.44 per share for Q2, payable on August 22, 2024. As of August 2, 2024, it had repurchased 19,337,765 shares for a total of about $2.4 billion and had about $1.6 billion remaining under its authorization.

Source · Based on the filing body and exhibits

Cash and Debt as of June 30, 2024

The company said standalone cash was $6.9 billion as of June 30, 2024, including $5.5 billion raised in its senior note offering in April 2024. It said consolidated total debt was $12.2 billion and consolidated net debt was $5.3 billion.

Source · Based on the filing body and exhibits

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.

Source: SEC EDGAR (U.S. Securities and Exchange Commission). Item captions are the SEC's. The summary is for reference only and is not investment advice.