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Diamondback Energy, Inc. 8-K Report, Financial Results (Apr 10, 2024)

Reports
Earnings & Results
Filing Date
Filed April 10, 2024
Period End
April 10, 2024
Security
FANG
In the record · 2016–202610-K1210-Q328-K174

FANG filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 174 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Feb ’19Feb ’19
  2. Deal closed8-K · Mar ’21Mar ’21
  3. Material agreement8-K · Dec ’22Dec ’22
  4. Leadership change8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed April 10, 2024. Cited figures are marked; the original filing is the authoritative source.

Diamondback Energy, Inc. (FANG) filed an 8-K on April 10, 2024, providing preliminary insights into its first quarter 2024 performance, specifically focusing on realized commodity prices and derivative activities.

The report indicates that the company's average unhedged realized oil price for Q1 2024 was $75.06a per barrel, with hedged prices at $74.13 per barrel. For natural gas, unhedged realized prices were $0.99 per Mcf, and hedged prices were $1.36 per Mcf. Natural gas liquids (NGLs) saw consistent realized prices of $21.26 per barrel, whether hedged or unhedged.

The filing also details the company's expected derivative instrument activity for the quarter, anticipating a total net loss of $48 millionb. This includes a $16 million loss on commodity contracts and a $32 million loss on interest rate swaps.

The net cash paid on commodity derivative settlements is projected to be $4 millionc. The company also reported its weighted average basic and diluted shares outstanding for Q1 2024, which stood at 178,477 thousand.

02—Key points

Key Highlights

  1. Q1 2024 unhedged realized oil price: $75.06/bbl.
  2. Q1 2024 hedged realized oil price: $74.13/bbl.
  3. Q1 2024 unhedged realized natural gas price: $0.99/Mcf.
  4. Q1 2024 hedged realized natural gas price: $1.36/Mcf.
  5. Q1 2024 realized NGL price: $21.26/bbl (hedged and unhedged).
  6. Anticipated net loss on derivative instruments for Q1 2024: $48 million (including $16M commodity, $32M interest rate swaps).
  7. Weighted average diluted shares outstanding for Q1 2024: 178,477 thousand.

03—Questions

Frequently Asked Questions

  1. What were Diamondback's realized commodity prices in Q1 2024?

    For the first quarter of 2024, Diamondback reported average unhedged realized prices of $75.06 per barrel for oil, $0.99 per Mcf for natural gas, and $21.26 per barrel for natural gas liquids (NGLs). Hedged prices were $74.13 per barrel for oil, $1.36 per Mcf for natural gas, and $21.26 per barrel for NGLs.

  2. What is the impact of derivatives on Diamondback's Q1 2024 results?

    Diamondback anticipates a total net loss of $48 million on derivative instruments for Q1 2024. This includes a $16 million loss on commodity contracts and a $32 million loss on interest rate swaps. The net cash paid on commodity derivative settlements is expected to be $4 million.

  3. How many shares outstanding did Diamondback have in Q1 2024?

    For the first quarter of 2024, Diamondback reported weighted average basic and diluted shares outstanding of 178,477 thousand.

04—Continue

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