Diamondback Energy reports Q4 EPS $3.64, consensus $3.38
Reports Q4 revenue $3.71B, consensus $3.55B…2024 was arguably the most transformational year in the Company’s history. In February, we announced the $26 billion merger with Endeavor Energy, creating the must own Permian Pure Play. The merger not only made Diamondback bigger, with a combined 722,000 net acres in the core of the Midland Basin, but better, giving Diamondback the ability to bring its industry leading operational structure onto a world class asset with differentiated inventory quality and duration. The deal closed on September 10th, and since then the combined Diamondback team has seamlessly integrated, sharing best practices and immediately delivering on the operational synergies we highlighted to the market at deal announcement. Even considering the potential challenges that come with a large integration, our team was able to remain focused and execute each quarter. In 2024, our daily average production was 598 MBOE/d (56% oil) with capital expenditures of $2.9 billion. We generated $6.4 billion of net cash provided by operating activities and $4.0 billion of Adjusted Free Cash Flow of which $2.3 billion, or approximately 57%, was returned to stockholders through our stable and growing base dividend, variable dividends and buyback program. We repurchased nearly $1 billion worth of stock in 2024 as our buyback program allowed us to effectively buy during periods of market weakness and be an anchor order in the secondary offering completed last September.