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