01—Abstract
Summary
Summary of the 8-K filed January 10, 2024. Cited figures are marked; the original filing is the authoritative source.
Diamondback Energy, Inc. (FANG) has filed an 8-K report on January 10, 2024, providing preliminary operational and financial data for the fourth quarter of 2023.
The filing details realized commodity prices, derivative instrument activity, and weighted average shares outstanding. Key financial indicators released include unhedged realized oil prices at $76.42a per barrel, natural gas at $1.29 per Mcf, and NGLs at $19.96 per barrel for Q4 2023.
The company anticipates a net loss on cash settlements for derivative instruments of $48 millionb, offset by a net gain on non-cash derivative instruments of $147 million, resulting in a total net gain of $99 million from derivative instruments. Basic and diluted weighted average shares outstanding remained consistent at 178,811 thousand for the quarter.
02—Key points
Key Highlights
- Q4 2023 unhedged realized oil prices averaged $76.42/bbl, natural gas $1.29/Mcf, and NGLs $19.96/bbl.
- Q4 2023 realized hedged prices for oil were $75.59/bbl, natural gas $1.31/Mcf, and NGLs $19.96/bbl.
- Anticipated net loss of $48 million on cash settlements of derivative instruments for Q4 2023.
- Anticipated net gain of $147 million on non-cash derivative instruments for Q4 2023.
- Total net gain on derivative instruments expected to be $99 million for Q4 2023.
- Q4 2023 weighted average basic and diluted shares outstanding were 178,811 thousand.
03—Questions
Frequently Asked Questions
What were Diamondback's average realized commodity prices for the fourth quarter of 2023?
For the fourth quarter of 2023, Diamondback's average unhedged realized prices were $76.42 per barrel for oil, $1.29 per Mcf for natural gas, and $19.96 per barrel for natural gas liquids (NGLs).
How did derivative instruments impact Diamondback's financial results in Q4 2023?
Diamondback anticipates a net loss of $48 million from cash settlements of derivative instruments, but this is expected to be more than offset by a net gain of $147 million from non-cash derivative instruments. This results in a projected total net gain of $99 million on derivative instruments for the quarter.
What was Diamondback's share count for the fourth quarter of 2023?
The weighted average basic and diluted shares outstanding for the three months ended December 31, 2023, were 178,811 thousand.
Does this filing provide full financial statements for Q4 2023?
No, this 8-K filing provides specific operational and financial data points for the fourth quarter of 2023, such as realized prices and derivative activity, but it does not contain the complete set of financial statements. Investors should refer to the subsequent Form 10-Q for detailed financial reporting.
04—Continue