Diamondback Energy Reports Third Quarter 2023 Earnings: Revenues Beat Expectations, EPS In Line
November 15, 2023
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Diamondback Energy ($NASDAQ:FANG), the Texas-based oil and gas exploration and production company, released their Third Quarter 2023 Earnings Report recently. The report showed that their revenues surpassed expectations, while their earnings per share (EPS) were in line with forecasts. Diamondback Energy is a leading onshore oil and natural gas development company focused on the exploration, production, and development of crude oil, natural gas, and natural gas liquids in the Permian Basin of West Texas and Southeastern New Mexico. Diamondback Energy has a strong track record of delivering consistent results through a focus on operational excellence and cost discipline.
Earnings
DIAMONDBACK ENERGY recently reported their third quarter earnings ending June 30 2021. The overall result was mixed, as total revenue exceeded expectations at 1679.0M USD, yet net income fell short at 311.0M USD. This marks a 39.3% decrease in total revenue and a 78.0% decrease in net income from the previous year. Despite these decreases, DIAMONDBACK ENERGY has seen total revenue steadily increase from 1679.0M USD three years ago to 1896.0M USD today.
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% |
Market Price
DIAMONDBACK ENERGY stocks opened at $159.0 and closed at $159.2, up 0.6% from the previous closing price of 158.2. The news was well-received by investors, as the results were in line with market expectations. Live Quote…
Analysis
GoodWhale conducted an analysis of DIAMONDBACK ENERGY‘s fundamentals and found that it was strong in dividend and growth, and medium in asset and profitability. This lead us to classify DIAMONDBACK ENERGY as a ‘rhino’, meaning that the company has achieved moderate revenue or earnings growth. This sort of company may be of interest to investors looking for moderate growth potential at a relatively low risk; DIAMONDBACK ENERGY has an intermediate health score of 6/10 with regard to its cashflows and debt, meaning it should be able to safely ride out any crisis without the risk of bankruptcy. More…
Peers
The oil and gas industry is a highly competitive sector with many firms vying for market share. Among the top competitors in this industry are Diamondback Energy Inc, Pioneer Natural Resources Co, Hess Corp, and Continental Resources Inc. All of these companies are engaged in a fierce battle to gain an advantage over the others in terms of production, reserves, and market share. While each company has its own strengths and weaknesses, they all share one common goal: to be the leading firm in the oil and gas industry.
– Pioneer Natural Resources Co ($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
All in all, Diamondback Energy appears to be in a strong financial position, and its success in the Permian Basin makes it a compelling investment option in the energy sector.
