8-KEarnings & Results

Diamondback Energy, Inc. 8-K Report, Financial Results (Oct 10, 2023)

Filed October 10, 2023For Securities:FANG

Summary

Diamondback Energy, Inc. (FANG) filed an 8-K on October 10, 2023, providing a financial snapshot for the third quarter ended September 30, 2023. The report details realized commodity prices, derivative activity, and weighted average share counts. Investors should note the average unhedged realized oil price of $81.57 per barrel and natural gas price of $1.62 per Mcf, with hedged prices showing a slight variation, indicating the impact of their hedging strategy. The company anticipates a net loss on derivative instruments, both cash and non-cash, totaling $76 million for the quarter. The filing also provides the weighted average basic and diluted shares outstanding for the period, which stood at 178,872,000 shares. While this 8-K focuses on specific financial metrics rather than comprehensive results, it offers key data points for understanding the company's operational and financial positioning in Q3 2023, particularly concerning commodity price realization and derivative impacts.

Key Highlights

  • 1Q3 2023 average unhedged realized oil price: $81.57/bbl.
  • 2Q3 2023 average unhedged realized natural gas price: $1.62/Mcf.
  • 3Q3 2023 average unhedged realized NGL price: $21.02/bbl.
  • 4Anticipated net loss on derivative instruments for Q3 2023: $76 million (comprising $36 million on commodity contracts and $40 million on interest rate swaps).
  • 5Anticipated net cash paid on settlement of commodity derivatives: $24 million for Q3 2023.
  • 6Q3 2023 weighted average basic and diluted shares outstanding: 178,872,000 shares.

Frequently Asked Questions

For the third quarter of 2023, Diamondback's average unhedged realized prices were $81.57 per barrel of oil, $1.62 per Mcf of natural gas, and $21.02 per barrel of natural gas liquids (NGLs). Hedged prices were slightly different due to derivative instruments, with oil at $80.51 per barrel.

Diamondback anticipates a net loss of $76 million on derivative instruments for Q3 2023, including a $36 million loss on commodity contracts and a $40 million loss on interest rate swaps. They also expect to have paid $24 million in cash for the settlement of commodity contracts.

The weighted average basic and diluted shares outstanding for the three months ended September 30, 2023, were 178,872,000 shares.

No, this specific 8-K filing (Item 2.02) focuses on realized commodity prices, derivative activity, and share counts for the quarter ended September 30, 2023. It does not provide comprehensive financial results such as revenue or earnings per share, which are typically reported in a full earnings release or Form 10-Q.