Output up: 156% increase year-over-year
Company announces $2 billion share buyback program
By Richard Rostad, analyst, Oil & Gas 360

Diamondback Energy (ticker: FANG) announced first quarter results today, showing a mere $10 million in income, or $0.06 per share.

While Diamondback did make a profit this quarter, unlike some other E&P firms, it was significantly hindered by derivative losses. If these and other special charges are excluded Diamondback earned an adjusted $229 million in the quarter, $1.39 per share.

The company produced 262.6 MBOEPD in the quarter, up 44% sequentially and 156% year-over-year. This drastic growth is mostly due to the company’s acquisition of Energen, which closed in late November. Output is ...

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