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Diamondback Energy (NASDAQ:FANG) +1.6% post-market Tuesday after reporting better than expected Q4 adjusted earnings, helped by strong gains in oil and gas production.
Q4 net income fell to $960M, or $5.34/share, from $1.01B, or $5.62/share, in the year-earlier quarter, while revenues rose 10% Y/Y to $2.23B.
Diamondback (FANG) reported production jumped 18% Y/Y to 462.6K boe/day, including 273.1K bbl/day of oil, from 391.4K boe/day in the year-ago quarter.
The company drilled 80 gross wells in the Midland Basin and four gross wells in the Delaware Basin during Q4, and turned 50 operated wells to production in the Midland Basin and nine gross well in the Delaware Basin.
The strong production helped offset a decline in prices, and the company’s unhedged realized price for oil fell to $76.42/bbl from $80.37/bbl in the year-ago quarter.
For the full year, Diamondback (FANG) sees total production of 458K-466K boe/day, including oil production of 270K-275K bbl/day; for Q1, the company expects total output of 458K-464K boe/day, including 270k-274K bbl/day of oil.
The company said it expects to drill 265-285 gross wells and complete 300-320 gross wells with an average lateral length of ~11.5K ft in 2024.
Also: Letter to stockholders issued by Diamondback Energy