Diamondback Energy Q4 earnings, revenues edge higher
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Diamondback Energy (NASDAQ:FANG) +0.4% post-market Tuesday after narrowly beating Q4 adjusted earnings estimates, helped by higher crude oil prices during the quarter.
Q4 net income edged higher to $1.01B, or $5.62/share, from $1B, or $5.50/share, on revenues of $2.03B, roughly flat compared to sales of $2.02B, in the year-earlier quarter.
The company said Q4 oil production aaveraged 226.1K bbl/day, or 391.4K boe/day, while its average unhedged realized price was at $55.76/boe in the quarter, 1.3% less than a year ago.
For Q1 2023, Diamondback (FANG) said it expects production of 248K-252K bbl/day of oil, or 415K-422K boe/day, on capital spending of $625M-$675M.
For FY 2023, the company guided for oil production of 255K-262K bbl/day, or 439K-449K boe/day, on $2.5B-$2.7B capex; the company expects to drill 325-345 gross (293-311 net) wells and complete 330-350 gross (297-315 net) wells.
"We expect to further strengthen our investment grade balance sheet by reducing debt through cash flow and our increased target of at least $1 billion of non-core asset sales," CEO Travis Stice said.
Diamondback Energy (FANG) shares have gained 2% so far this year and 9% during the past 12 months.