Diamondback Energy, Inc. Announces Fourth Quarter and Full Year 2024 Financial and Operating Results; Increases Base Dividend

Core Points - Diamondback Energy, Inc. reported strong financial and operational results for Q4 and full year 2024, highlighting significant increases in production and cash flow [1][2][3] Financial Highlights - Q4 2024 net income was $1.1 billion, or$3.67 per diluted share, with adjusted net income also at $1.1 billion, or$3.64 per diluted share [11] - For the full year 2024, net income reached $3.3 billion, or$15.53 per diluted share, with adjusted net income at $3.6 billion, or$16.57 per diluted share [11] - Q4 2024 net cash provided by operating activities was $2.3 billion, while for the full year it was$6.4 billion [12] - Free Cash Flow for Q4 2024 was $1.3 billion, with adjusted Free Cash Flow at$1.4 billion; for the full year, Free Cash Flow was $3.6 billion, and adjusted Free Cash Flow was$4.0 billion [15] Operational Highlights - Average production in Q4 2024 was 475.9 MBO/d (883.4 MBOE/d) [6] - For the full year 2024, average production was 337.0 MBO/d (598.3 MBOE/d) [6] - The company drilled 131 gross wells in the Midland Basin and 6 in the Delaware Basin during Q4 2024, with a total of 342 gross wells drilled in 2024 [10][9] Dividend and Share Repurchase - The company increased its annual base dividend by 11% to $4.00 per share, declaring a Q4 2024 cash dividend of$1.00 per share [6][19] - In Q4 2024, Diamondback repurchased approximately 2.3 million shares for $402 million, and to date has repurchased about 25.8 million shares for a total cost of approximately$3.5 billion [20] Reserves and Guidance - Proved reserves as of December 31, 2024, were 3,557 MMBOE, a 63% increase year-over-year, with proved developed producing reserves up 59% [22] - The company provided 2025 oil production guidance of 485 - 498 MBO/d (883 - 909 MBOE/d) and cash capital expenditures guidance of $3.8 -$4.2 billion [28][30]