Diamondback Energy, Inc. reported significant financial growth in its first quarter of 2025, with total revenues reaching $4.048 billion, a substantial increase from $2.227 billion in the same period of 2024. The company's net income for the quarter was $1.491 billion, compared to $809 million a year earlier, reflecting a 84% year-over-year increase. This growth was primarily driven by a 74% rise in oil, natural gas, and natural gas liquids revenues, which totaled $3.657 billion, up from $2.101 billion in the first quarter of 2024. The increase in production volumes, largely attributed to the Endeavor Acquisition, played a crucial role in this financial performance.
In terms of operational metrics, Diamondback's average production for the quarter was 850.7 MBOE/d, with oil production alone accounting for 42.8 million barrels. The company drilled 124 gross horizontal wells in the Midland Basin and turned 123 wells to production. The total cash operating costs were reported at $10.48 per BOE, which included lease operating expenses of $5.33 per BOE. The company also repurchased $575 million of its common stock during the quarter, with approximately $2.1 billion remaining available for future repurchases under its stock buyback program.
Strategically, Diamondback completed the Endeavor Acquisition in September 2024, which significantly expanded its operational footprint in the Permian Basin. The company also engaged in a notable asset exchange with TRP Energy, LLC, enhancing its inventory of near-term drilling locations. In addition, the company announced a cash dividend of $1.00 per share for the first quarter of 2025, reflecting its commitment to returning capital to shareholders.
Looking ahead, Diamondback has adjusted its capital budget for 2025 to between $3.40 billion and $3.80 billion, prioritizing free cash flow generation in light of recent commodity price volatility. The company plans to drill approximately 385 to 435 gross horizontal wells throughout the year. Despite the challenges posed by fluctuating oil and natural gas prices, Diamondback remains focused on maintaining operational efficiency and maximizing shareholder returns.
About Diamondback Energy, Inc.
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