Diamondback Energy (FANG) Tops Q4 EPS by 12c

Diamondback Energy (NASDAQ: FANG) reported Q4 EPS of $1.93, $0.12 better than the analyst estimate of $1.81.

• Q4 2019 average production of 195.0 MBO/d (301.3 MBOE/d), with average oil production up 5% over Q3 2019 and 50% over Q4 2018
• Q4 2019 net loss of $(487) million, which includes a $790 million impairment due to lower SEC commodity pricing; adjusted net income (as defined and reconciled below) of $308 million, or $1.93 per diluted share
• Q4 2019 Consolidated Adjusted EBITDA (as defined and reconciled below) of $869 million; adjusted EBITDA net of non-controlling interest of $827 million
• Q4 2019 capital expenditures of $748 million; turned 78 gross operated horizontal wells to production
• Approved a 100% increase in the annual cash dividend policy to $1.50 per common share starting with Q4 2019 payment, subject to discretion of the Board
• Declared Q4 2019 cash dividend of $0.375 per share payable on March 10, 2020; implies a 2.0% annualized yield based on the February 14, 2020 share closing price of $74.97
• Repurchased 2,415,000 shares in Q4 2019 for ~$199 million
• Closed inaugural offering of $3.0 billion of investment grade notes; proceeds used to fully redeem $1.25 billion of 4.75% notes and pay down a portion of outstanding credit facility borrowings
• Q4 2019 unhedged realized oil prices of $54.74/Bbl, representing ~96% of WTI and up 6% versus Q3 2019; expect to realize ~98-101% of WTI in 2020
• Successfully traded majority of operated New Mexico acreage in the Northern Delaware Basin for operated Texas acreage in both the Midland and Delaware Basin; less than 0.1% of current net acreage now on federal land
• Closed previously announced Drop-Down transaction to subsidiary Viper Energy Partners LP (NASDAQ: VNOM) ("Viper")

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

You May Also Be Interested In

• Fisker (FSR) files form 10-K, sees more job cuts, reiterates going concern doubts
• LuxUrban Hotels (LUXH) Files $50M Mixed Shelf
• O'Reilly Automotive (ORLY) Misses Q1 EPS by 7c, Offers Guidance