Diamondback Energy, Inc. (NASDAQ:FANG) shares slipped in Monday's extended trading after the company released its fourth-quarter earnings report, missing bottom-line estimates.
Here's a look at the details from the quarter.
The Details: Diamondback Energy reported quarterly earnings of $1.74 per share, which missed the consensus estimate of $2.08.
Quarterly revenue came in at $3.38 billion, which beat the Street estimate of $3.31 billion and was down from $3.71 billion in the same period last year.
The company reported the following fourth quarter highlights:
- Average oil production of 512.8 MBO/d (969.1 MBOE/d)
- Net cash provided by operating activities of $2.3 billion; Operating Cash Flow Before Working Capital Changes of $1.9 billion
- Cash capital expenditures of $943 million
- Adjusted Free Cash Flow of $1.2 billion
“We drilled 463 wells utilizing an average of 15 drilling rigs. Just two years ago, we would have needed around 22 rigs to drill that many wells, a testament to the efficiencies gained throughout the organization. Additionally, we completed 503 wells at an average lateral length of over 12,100 feet,” CEO Kaes Van’t Hof said in a letter to shareholders.
FANG Stock Price: According to data from Benzinga Pro, Diamondback Energy stock fell 2.89% to $168.80 in Monday's extended trading.
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