Diamondback Energy (NASDAQ: FANG) reported Q4 EPS of $3.63, $0.23 better than the analyst estimate of $3.40. Revenue for the quarter came in at $2.02 billion, versus $769 million reported last year.

• Average production of 226.3 MBO/d (387.1 MBOE/d)
• Permian Basin production of 224.4 MBO/d (383.5 MBOE/d)
• Cash flow from operating activities of $1,167 million; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $1,206 million
• Cash capital expenditures of $434 million; Q4 2021 activity-based capital expenditures incurred of approximately $427 million
• Free Cash Flow (as defined and reconciled below) of $772 million
• Increasing annual dividend by 20.0% to $2.40 per share; declared Q4 2021 cash dividend of $0.60 per share payable on March 11, 2022; implies a 1.8% annualized yield based on the February 18, 2022 share closing price of $131.47
• Repurchased 3,858,931 shares of common stock (~2.1% of prior quarter shares outstanding) in Q4 2021 for ~$409 million ($105.96 / share)
• Total return of capital of $515 million (67% of Q4 2021 Free Cash Flow) from stock repurchases and the declared Q4 2021 dividend; above commitment to return at least 50% of Free Cash Flow to stockholders
• Flared 1.55% (1.32% excluding QEP Permian) of gross natural gas production in the fourth quarter of 2021

GUIDANCE:

• Full year 2022 oil production guidance of 218 - 222 MBO/d (369 - 376 MBOE/d)
• Full year 2022 cash CAPEX guidance of $1.75 - $1.90 billion
• Assuming current strip commodity prices and the midpoint of Diamondback's production and operating cost guidance, the Company expects to generate approximately $5.8 billion of net cash provided by operating activities in 2022
• Assuming the net cash provided by operating activities guidance above and the midpoint of 2022 CAPEX guidance, the Company expects to generate approximately $4.0 billion of Free Cash Flow in 2022
• The Company expects to drill between 270 and 290 gross (248 – 267 net) wells and complete between 260 and 280 gross (240 – 258 net) wells with an average lateral length of approximately 10,200 feet in 2022
• Q1 2022 oil production guidance of 218 - 222 MBO/d (369 - 376 MBOE/d)
• Q1 2022 cash CAPEX guidance of $435 - $475 million

For earnings history and earnings-related data on Diamondback Energy (FANG) click here.