DIAMONDBACK ENERGY Reports Q2 2023 Earnings Results
August 3, 2023
☀️Earnings Overview
On July 31, 2023, Diamondback Energy ($NASDAQ:FANG) reported their earnings results for the second quarter of the fiscal year 2023, ending June 30, 2023. Total revenue for the quarter was USD 1.9 billion, a decrease of 31.4% from the same period last year. Net income for the quarter was USD 0.56 billion, a decrease of 60.6% year-on-year.
Stock Price
DIAMONDBACK ENERGY reported its Q2 2023 earnings results on Monday, with stock opening at $145.0 and closing at $147.3, up by 1.2% from its previous closing price of $145.6. This marks the stock’s highest closing price since the beginning of the quarter, with the company’s earnings showing an increase in quarterly revenue and a decrease in operating expenses. This decrease in operating costs was largely attributed to improvements in cost efficiency and lower overhead costs. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Diamondback Energy. More…
| Total Revenues | Net Income | Net Margin |
| 8.19k | 3.48k | 44.3% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Diamondback Energy. More…
| Operations | Investing | Financing |
| 6.3k | -3.97k | -2.37k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Diamondback Energy. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 27.59k | 11.38k | 86.79 |
Key Ratios Snapshot
Some of the financial key ratios for Diamondback Energy are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 34.1% | 81.0% | 57.8% |
| FCF Margin | ROE | ROA |
| 20.7% | 19.1% | 10.7% |
Analysis
GoodWhale provides an in-depth analysis of DIAMONDBACK ENERGY’s financials to help investors determine its risk rating. Based on our evaluation, DIAMONDBACK ENERGY is a medium risk investment in terms of financial and business aspects. We have detected 2 risk warnings in its income sheet and balance sheet. To gain access to this information, you will need to become a registered user to check it out. As a registered user, you will also have access to our regularly updated insights, reports, and trends regarding DIAMONDBACK ENERGY’s financial profile. With GoodWhale, you can have the confidence to make sound decisions when assessing investments. More…
Peers
The oil and gas industry is a highly competitive sector with many firms vying for market share. Among the top competitors in this industry are Diamondback Energy Inc, Pioneer Natural Resources Co, Hess Corp, and Continental Resources Inc. All of these companies are engaged in a fierce battle to gain an advantage over the others in terms of production, reserves, and market share. While each company has its own strengths and weaknesses, they all share one common goal: to be the leading firm in the oil and gas industry.
– Pioneer Natural Resources Co ($NYSE:PXD)
Pioneer Natural Resources Co is an oil and gas exploration and production company with operations in the United States, South Africa, and Trinidad and Tobago. The company has a market cap of 58.25B as of 2022 and a return on equity of 21.22%. Pioneer Natural Resources is engaged in the business of exploring for, developing, and producing oil and gas properties. The company was founded in 1997 and is headquartered in Irving, Texas.
– Hess Corp ($NYSE:HES)
Hess Corp is an American oil and gas company with a market cap of 38.67B as of 2022. The company has a Return on Equity of 29.47%. Hess Corp is involved in the exploration, production, transportation, and sale of crude oil and natural gas. The company also has refining and marketing operations.
– Continental Resources Inc ($NYSE:CLR)
Continental Resources, Inc. is an oil and natural gas exploration and production company with operations in the United States. The company has a market cap of $26.51 billion and a return on equity of 30.54%. Continental Resources is engaged in the exploration, development and production of crude oil and natural gas. The company’s operations are primarily focused in the Bakken and Three Forks shale plays in the Williston Basin in North Dakota and Montana.
Summary
DIAMONDBACK ENERGY reported earnings for Q2 of fiscal year 2023 on July 31, 2023. Total revenue decreased 31.4% year-on-year to USD 1.9 billion and net income decreased 60.6% to USD 0.56 billion. This indicates that investors should proceed with caution when considering DIAMONDBACK ENERGY stocks as the company struggles to post positive returns. Analysts should closely watch the company’s performance in the upcoming quarters to better understand the trajectory of its business and potential opportunities for investors.
