$FANG · Diamondback Energy, Inc.
Diamondback Energy reported Q3 2026 results with revenue of $5.431B, GAAP EPS of $5.69, and adjusted EPS of $5.86. The company generated $2.2B in Adjusted Free Cash Flow, raised its annual base dividend 7.3% to $4.72 per share, and repurchased $251M in stock. Full-year 2026 capex guidance was increased to $3.95-$4.00B and oil production guidance raised to ~524 MBO/d.
- Q3 revenue of $5.431B vs $3.924B YoY, driven by realized oil price of $87.30/Bbl vs $64.60/Bbl.
- Adjusted net income of $1.649B ($5.86/share); GAAP net income $1.603B ($5.69/share).
- Adjusted Free Cash Flow of $2.2B; $251M in share repurchases (1.3M shares) and $106M debt buyback.
- Annual base dividend raised 7.3% to $4.72/share, an 18% YoY increase; Q3 dividend of $1.18/share payable Nov 19.
- Full-year capex guidance raised to $3.95-$4.00B (from ~$3.9B); oil production guidance raised to ~524 MBO/d (from 522+).
FANG closed regular session at $199.74, down 5.82% on the day. Extended-hours last trade at $201.00 (+0.63% vs close), suggesting a modest positive drift post-release. The dividend hike and strong FCF may be offsetting concern over the capex guidance increase.
Diamondback's simultaneous dividend hike, buyback, and capex increase captures the tension between shareholder returns and growth spending that defines the current Permian E&P playbook.
Diamondback's $2.2B in adjusted FCF and 7.3% dividend hike reinforce the Permian pure-play capital-returns model. The Solitude Pipeline equity stake signals midstream integration similar to peers expanding gas takeaway ahead of LNG export growth.
Full-year capex raised to $3.95-$4.00B from ~$3.9B, signaling higher spending. A $1.4B impairment of oil and natural gas properties was recorded in the nine-month period. Realized natural gas prices remain weak at $1.12/Mcf.