Diamondback Energy, Inc. reported significant financial performance in its latest quarterly filing, with total revenues reaching $5.56 billion for the three months ended June 30, 2026, a substantial increase from $3.68 billion in the same period last year. The company's net income for the quarter was $2.06 billion, compared to $739 million in the prior year, reflecting a notable rise in profitability. Earnings per share also saw a marked increase, with basic and diluted earnings per share at $6.65, up from $2.38 in the previous year.
The company experienced a 23% increase in total oil, natural gas, and natural gas liquids revenues for the first half of 2026, totaling $8.61 billion, compared to $6.97 billion in the same period of 2025. This growth was driven primarily by a 13% increase in production volumes, attributed to acquisitions such as Viper’s Sitio Acquisition and the Double Eagle Acquisition, which contributed significantly to the company’s operational capacity. Additionally, the average price of oil sold increased to $85.26 per barrel, compared to $66.99 in the prior year.
Strategically, Diamondback has been active in acquisitions and divestitures, including the divestiture of non-Permian assets by its subsidiary Viper for approximately $610 million. The proceeds from this transaction were utilized to repay debt and for general corporate purposes. Furthermore, the company announced an increase in its stock repurchase program from $8 billion to $16 billion, reflecting its commitment to returning capital to shareholders. The company also declared a cash dividend of $1.10 per share for the second quarter of 2026.
Operationally, Diamondback reported an average production of 1,017.7 MBOE/d, surpassing the 1 million BOE/d milestone. The company drilled 97 gross horizontal wells in the Midland Basin and turned 168 gross operated horizontal wells to production during the quarter. As of June 30, 2026, Diamondback held approximately 902,005 net acres in the Permian Basin, with a focus on horizontal development in key formations.
Looking ahead, Diamondback has increased its annual production guidance by 3% to approximately 1,000 MBOE/d, driven by favorable market conditions and operational efficiencies. The company remains focused on optimizing its drilling activities and capital expenditures in response to evolving market dynamics, while also managing its debt levels and maintaining liquidity to support future growth initiatives.
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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