Diamondback Q2 net income $837M, EPS $4.66; raises FY2024 oil production, lowers capex

Diamondback Energy, Inc.

2024-Q2 EPS reported $8.93 revenue$4,710,000,000

Q2 net income $837M ($4.66 diluted EPS); adjusted net income $813M ($4.52 adj. EPS).
Average production 276.1 MBO/d (474.7 MBOE/d); Free Cash Flow $816M.
Declared Q2 base dividend $0.90/share plus variable $1.44/share payable Aug 22; total return of capital $421M.
Raised FY2024 oil production guidance to 273-276 MBO/d (from 270-275); lowered capex midpoint to $2.35-2.45B.
Pending Endeavor merger expected to close Q3/Q4 2024; received ~$375M from Remuda JV sale (10.1M Energy Transfer units).

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