Diamondback Reports Mixed Q3 Results

Investing.com

Mon, Nov 7, 2022, 12:18 PM1 min read

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By Yasin Ebrahim

Investing.com -- Diamondback reported Monday mixed third-quarter results as earnings missed, but revenue beat analyst estimates as energy prices jumped.

Diamondback Energy Inc (NASDAQ:FANG) was down 0.6% in afterhours earnings following the report.

The firm announced earnings per share of $6.48 on revenue of $2.44B. Analysts polled by Investing.com anticipated EPS of $6.56 on revenue of $2.4B.

Total production fell to 35.9 MBOE/d from 37.2 MBOE/d a year earlier.

Looking ahead, the company touted optimism over its pending acquisition, announced earlier this month, of the assets of FireBird Energy. "We expect this asset to compete for capital right away following closing and provide over a decade of high-quality inventory in the Midland Basin," it added.

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Diamondback Reports Mixed Q3 Results

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