Summary
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 $76.42 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 million, 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.
Key Highlights
- 1Q4 2023 unhedged realized oil prices averaged $76.42/bbl, natural gas $1.29/Mcf, and NGLs $19.96/bbl.
- 2Q4 2023 realized hedged prices for oil were $75.59/bbl, natural gas $1.31/Mcf, and NGLs $19.96/bbl.
- 3Anticipated net loss of $48 million on cash settlements of derivative instruments for Q4 2023.
- 4Anticipated net gain of $147 million on non-cash derivative instruments for Q4 2023.
- 5Total net gain on derivative instruments expected to be $99 million for Q4 2023.
- 6Q4 2023 weighted average basic and diluted shares outstanding were 178,811 thousand.