Diamondback Energy, Inc. reported significant financial growth in its third quarter of 2025, with total revenues reaching $3.9 billion, a 48% increase from $2.6 billion in the same period last year. The company's net income for the quarter was $1.0 billion, translating to earnings of $3.51 per share, compared to $659 million and $3.19 per share in the third quarter of 2024. This growth was primarily driven by a substantial increase in oil sales, which rose to $2.99 billion from $2.16 billion year-over-year, alongside a notable rise in production volumes.
In comparison to the previous fiscal period, Diamondback's operational metrics showed marked improvement. The company reported an average production of 942.9 MBOE/d, up from 919.9 MBOE/d in the second quarter of 2025. The increase in production was attributed to the successful integration of assets from recent acquisitions, including the Endeavor and Double Eagle acquisitions, which contributed significantly to the overall production growth. The company also turned 137 gross operated horizontal wells to production during the quarter.
Strategically, Diamondback has been active in acquisitions and divestitures, completing the Sitio Acquisition in August 2025, valued at approximately $4.0 billion. This acquisition added significant mineral and royalty interests to the company’s portfolio. Additionally, the company divested its 27.5% equity interest in EPIC Crude Holdings for $504 million and sold its subsidiary Environmental Disposal Systems to Deep Blue for $694 million. These transactions are part of Diamondback's strategy to optimize its asset base and enhance operational efficiency.
Operationally, the company reported a cash operating cost of $10.05 per BOE, with lease operating expenses at $5.65 per BOE. The company maintained a disciplined approach to capital expenditures, with $774 million spent in the third quarter, focusing on drilling and completion activities. As of September 30, 2025, Diamondback had approximately $2.4 billion in liquidity, including $106 million in cash and cash equivalents, and $2.3 billion available under its credit facility.
Looking ahead, Diamondback Energy anticipates continued growth, raising its annual BOE production guidance to between 910 and 920 MBOE/d. The company plans to maintain operational flexibility while moderating oil production volumes through the end of 2025. The management remains focused on maximizing shareholder returns through its stock repurchase program, which has been increased to $8.0 billion, and expects to generate significant cash flow from operations to support its capital requirements and debt reduction efforts.
About Diamondback Energy, Inc.
Diamondback Energy, Inc. is an independent oil and natural gas company focused on acquiring, developing, and exploiting unconventional reserves primarily in the Permian Basin, West Texas. It specializes in horizontal drilling and production of oil, natural gas, and liquids, leveraging extensive acreage, advanced technology, and operational control. The company emphasizes capital discipline, resource optimization, strategic acquisitions, and environmental responsibility to deliver sustainable growth and value.
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