Free Post Earnings Research Report: Diamondback Energy’s Q3 Results Improved and Outshined Estimates
LONDON, UK / ACCESSWIRE / December 15, 2017 / Active-Investors free earnings report on Diamondback Energy, Inc. (NASDAQ: FANG) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=FANG. The Company posted its financial results on November 06, 2017, for the third quarter fiscal 2017 (Q3 FY17). The Midland, Texas-based Company's total revenues and adjusted net income per diluted share grew on a y-o-y basis, topping Wall Street's estimates. Register today and get free access to our complimentary member's area where many more reports are available:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Diamondback Energy most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:
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Earnings Highlights and Summary
During Q3 FY17, Diamondback Energy total operating revenues came in at $301.25 million, which was higher than $142.13 million recorded at the end of Q3 FY16. Total revenues for the reported quarter outperformed market expectations of $299.9 million.
The energy exploration and production Company reported net income attributable to Diamondback Energy of $73.02 million, or $0.74 per diluted share, in Q3 FY17 versus net loss attributable to Diamondback Energy of $2.23 million, or $0.03 loss per diluted share, in Q3 FY16. The Company's adjusted net income attributable to Diamondback Energy surged during Q3 FY17 to $131.07 million, or $1.33 per diluted share, from $122.56 million, or $1.25 per share, in the prior year's comparable quarter. Meanwhile, market analysts had forecasted adjusted net income of $1.25 per share for Q3 FY17.
Operating Metrics
Diamondback Energy total expenses during Q3 FY17 increased to $158.61 million from $135.44 million in the past year's comparable quarter. The Company's cash operating costs reduced to $7.67 per BOE during Q3 FY17 from $9.15 per BOE in Q3 FY16.
The Company reported income from operations of $142.64 million in Q3 FY17 versus $6.69 million in Q3 FY16. Furthermore, adjusted EBITDA attributable to Diamondback Energy came in at $232.46 million for Q3 FY17 compared to $218.43 million in the year-ago same period.
In Q3 FY17, Diamondback Energy' oil production volume increased to 5.68 thousand barrels per day (MBbls) from 3.00 MBbls in Q3 FY16. Natural gas production volume totaled 5.94 million cubic feet (MMcf) for Q3 FY17 versus 2.67 MMcf in the prior year's comparable quarter. Natural gas liquids (NGL) production volume increased during Q3 FY17 to 1,155 thousand barrels (MBbls) from 687 MBbls in Q3 FY16. Oil Equivalents production volume was 7,823 million barrels of oil equivalent (MBOE) in Q3 FY17, up from 4,133 MBOE in the prior year's same quarter. Average daily production was 85,029 barrels of oil equivalent per day (BOE/d) during Q3 FY17, up from 44,923 (BOE/d) in Q3 FY16.
During Q3 FY17, Diamondback Energy averaged nine rigs, drilled 42 gross horizontal wells and turned 24 operated horizontal wells to production.
Cash Matters and Balance Sheet
For the nine months ended on September 30, 2017, Diamondback Energy's net cash provided by operating activities was $638.02 million compared to $226.35 million in the prior year's corresponding period. The Company's cash and cash equivalents balance stood at $30.21 million, as on September 30, 2017, compared to $1.67 billion, at the close of books on December 31, 2016. Additionally, the Company's total long-term debt increased to $1.26 billion as on September 30, 2017, from $1.11 billion as on December 31, 2016.
Guidance
In its guidance for FY17, Diamondback Energy raised total net production to the range of 77.5 MBoe/d to 78.5 MBoe/d from the prior year's guidance range of 74.0 MBoe/d to 78.0 MBoe/d. Furthermore, the Company narrowed capital expenditure guidance range for FY17 to $850 million to $900 million from prior year range of $800 million to $950 million.
Stock Performance Snapshot
December 14, 2017 - At Thursday's closing bell, Diamondback Energy's stock slightly declined 0.50%, ending the trading session at $111.03.
Volume traded for the day: 827.17 thousand shares.
Stock performance in the last month – up 2.55%; previous three-month period – up 18.15%; past twelve-month period – up 9.38%; and year-to-date – up 9.87%
After yesterday's close, Diamondback Energy's market cap was at $10.90 billion.
Price to Earnings (P/E) ratio was at 26.88.
The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry.
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