Diamondback Energy Reports Q3 2026 Results, Boosts Base Dividend and Raises FY Guidance

Summary of Filing

On November 2, 2026, Diamondback Energy, Inc. (NASDAQ: FANG) filed a Current Report on Form 8-K under Item 2.02 (Results of Operations and Financial Condition) disclosing its operational and financial results for the third quarter ended September 30, 2026.

Key Financial and Operational Highlights

• Production: Third quarter average oil production was 525 MBO/d, with total production reaching 1,034 MBOE/d.
• Cash Flow & Capital Expenditures:
  • Net cash provided by operating activities totaled $2.6 billion; operating cash flow before working capital changes stood at $3.2 billion.
  • Cash capital expenditures were $1.0 billion.
  • Free Cash Flow was $2.1 billion, with Adjusted Free Cash Flow at $2.2 billion.
• Capital Return Program:
  • Increased annual base cash dividend by 7.3% to $4.72 per share (an 18% YoY increase), payable November 19, 2026.
  • Repurchased 1.3 million shares of common stock in Q3 2026 for approximately $251 million, plus an additional 389,841 shares in Q4 to date for ~$73 million.
• Balance Sheet & Debt Management:
  • Redeemed all $698 million principal amount of 2026 Senior Notes at par on October 1, 2026.
  • Repurchased $106 million of 2054/2064 Senior Notes at 94.9% of par in Q3, with an additional $195 million repurchased at 91.0% of par in early Q4.
• Strategic Investments: Acquired a 7.5% equity interest in the Solitude Pipeline System, a Permian-to-Katy natural gas pipeline.

Updated 2026 Guidance

• Full-Year 2026:
  • Annual oil production guidance increased to ~524 MBO/d (up from 522+ MBO/d).
  • Total production increased to ~1,015 MBOE/d (up from 1,000+ MBOE/d).
  • Full-year cash CapEx adjusted to $3.95–$4.00 billion (from ~$3.9 billion).
• Q4 2026:
  • Oil production expected between 518–528 MBO/d (1,025–1,045 MBOE/d).
  • Cash capital expenditures expected between $1,000–$1,050 million.