FANG Diamondback Energy, Inc.
Price Chart
Executive Summary
Diamondback Energy reported Q1 2026 adjusted EPS of $4.23, 19% above consensus of $3.55, and raised full-year oil production guidance to 520+ MBOd (from 500-510). Despite a $1.4B non-cash impairment weighing on GAAP net income ($0.08/share), strong underlying operations generated $1.7B of free cash flow, supporting a 5% dividend increase and opportunistic share repurchases. The raised production outlook and capital return signal confidence in the Permian Basin growth trajectory.
Key Financial Metrics
Actionable Insight
The strong operational beat and raised production guidance are likely to drive near-term bullish momentum, especially given the expanded buyback authorization. Monitor oil price outlook (the company increased capex by $150M to $3.9B) for potential margin pressure. The dividend increase and debt reduction provide downside support.
Key Facts
- Adjusted EPS $4.23 vs consensus $3.55 (+19% beat)
- Oil production averaged 521 MBOd, above guidance range of 502-512 MBOd
- Raised full-year oil production guidance to 520+ MBOd (from 500-510), total BOE to 972+ (from 926-962)
- Free cash flow of $1.7 billion; adjusted free cash flow also $1.7 billion
- Increased Q1 2026 base dividend 5% to $1.10/share, now $4.40 annualized (+10% YoY)
- Repurchased 3.3 million shares for $548 million in Q1; $2.1B remaining on $8.0B authorization
- Consolidated net debt reduced by ~$0.7B sequentially to $13.9B; retired $777M of senior notes at 81.1% of par
- GAAP net income of $25M due to $1.4B non-cash impairment (SEC price deck driven); company expects this to be the last impairment from price rollthrough
Financial Impact
Beat consensus on adjusted EPS by 19% ($4.23 vs $3.55); Q1 free cash flow $1.7B, implying ~$2.9B annualized; raised production guidance implies 5% organic YoY growth
Risk Factors
- Higher full-year capex ($3.9B) could pressure cash flow if oil prices decline
- Commodity price volatility remains the primary risk; the company's hedge book provides limited coverage beyond Q2 2026
- GAAP net income heavily impacted by impairments; future SEC price deck changes could trigger further charges
Market Snapshot
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001539838-26-000073 |
| Document: diamondbackex992-5x4x26.htm | 0001539838-26-000073 |
| Document: fang-20260504.htm | 0001539838-26-000073 |
| Document: 0001539838-26-000073-index-headers.html | 0001539838-26-000073 |
| Document: 0001539838-26-000073-index.html | 0001539838-26-000073 |
| Document: 0001539838-26-000073.txt | 0001539838-26-000073 |
| 8-K Data (Synthetic) | 0001539838-26-000073 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 8, 2026
1d ago
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Insider Cluster
| $198.18 awaiting T+1 | awaiting T+1 | — | $194.24 (+1.99%) |
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Jun 5, 2026
4d ago
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Insider Cluster
| $202.50 awaiting T+1 | awaiting T+1 | — | $194.24 (+4.08%) |
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Jun 4, 2026
5d ago
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Insider Cluster
| $202.50 awaiting T+1 | awaiting T+1 | — | $194.24 (−4.08%) |
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Jun 2, 2026
7d ago
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Insider Cluster
| $210.42 $202.44 | ▼ −3.79% | ▼ −4.19% | $194.24 (−7.69%) |
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May 20, 2026
20d ago
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8-K
| $200.42 $200.81 | ▲ +0.19% | ▼ −0.25% | $194.24 (−3.08%) |
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May 19, 2026
21d ago
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Insider Cluster
| $204.31 $200.42 | ▼ −1.90% | ▼ −2.10% | $194.24 (−4.93%) |
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May 4, 2026
5w ago
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8-K
| $205.40 $195.00 | ▼ −5.06% | ▼ −6.45% | $194.24 (−5.43%) |
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May 4, 2026
5w ago
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Press Release
| $205.40 $195.00 | ▼ −5.06% | ▼ −6.45% | $194.24 (−5.43%) |
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Apr 13, 2026
8w ago
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8-K
| $186.49 $185.83 | ▼ −0.35% | ▼ −1.13% | $194.24 (+4.16%) |
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Apr 13, 2026
8w ago
|
8-K
| $186.49 $185.83 | ▼ −0.35% | ▼ −1.13% | $194.24 (+4.16%) |
US Market Status
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