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DIAMONDBACK ENERGY, INC.

(FANG)
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Diamondback Energy tops profit estimates on higher crude prices

05/03/2021 | 05:56pm EDT

May 3 (Reuters) - Permian basin-focused shale producer Diamondback Energy Inc topped market expectations for quarterly profit on Monday as COVID-19 vaccine rollouts and easing travel restrictions boosted oil prices.

A 27% surge in crude prices this year has lifted earnings of U.S. oil firms after the pandemic led to one of the worst downturns in the sector's history.

Midland, Texas-based Diamondback's average price for its oil and gas, excluding hedges, rose 54.5% sequentially in the first quarter to $42.36 per barrel of oil equivalent.

The company posted quarterly production of 307,422 barrels of oil equivalent per day (boepd), 2.8% higher than the previous quarter.

Diamondback also said on Monday it would sell its Williston Basin assets in North Dakota and Montana for about $745 million and some Southern Midland Basin acreage for $87 million without disclosing the buyer.

It had previously signaled that it could sell the Williston operations, which it had acquired in its $2.2 billion acquisition of Denver-based rival QEP Resources in March.

Oasis Petroleum Inc said in a separate statement it would buy the Williston assets from Diamondback.

The asset sales promoted Diamondback to trim its full-year production forecast to between 350,000 boepd and 360,000 boepd, from 360,000 boepd to 370,000 boepd previously.

Adjusted net income attributable to the company came in at $379 million, or $2.30 per share, for the three months ended March 31, compared with $130 million, or 82 cents per share, in the fourth quarter.

Analysts were expecting a figure of $1.80 per share, according to Refinitiv IBES data. (Reporting by Arunima Kumar in Bengaluru; Editing by Aditya Soni)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DIAMONDBACK ENERGY, INC. 3.56% 82.23 Delayed Quote.64.88%
LONDON BRENT OIL 1.11% 69.54 Delayed Quote.31.95%
OASIS PETROLEUM INC. -2.36% 74.89 End-of-day quote.102.08%
WTI 1.14% 66.29 Delayed Quote.34.81%
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Financials (USD)
Sales 2021 4 894 M - -
Net income 2021 1 427 M - -
Net Debt 2021 6 024 M - -
P/E ratio 2021 9,88x
Yield 2021 1,98%
Capitalization 14 444 M 14 444 M -
EV / Sales 2021 4,18x
EV / Sales 2022 3,47x
Nbr of Employees 732
Free-Float 86,6%
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Technical analysis trends DIAMONDBACK ENERGY, INC.
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 35
Average target price 98,97 $
Last Close Price 79,80 $
Spread / Highest target 56,6%
Spread / Average Target 24,0%
Spread / Lowest Target -12,3%
EPS Revisions
Managers and Directors
NameTitle
Travis D. Stice Chief Executive Officer & Director
Matthew Kaes Van't Hof CFO & Executive VP-Business Development
Steven Emory West Chairman
David L. Cannon Senior Vice President-Geoscience & Technology
Daniel N. Wesson Executive Vice President-Operations
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