Free Post Earnings Research Report: Diamondback’s Quarterly Revenue Soared 116%; Earnings Rocketed 263%
Stock Monitor: Bellatrix Exploration Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 20, 2018 / Active-Investors.com has just released a free earnings report on Diamondback Energy, Inc. (NASDAQ: FANG) ("Diamondback"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=FANG. Diamondback reported its fourth quarter and fiscal 2017 operating and financial results on February 13, 2018. The energy exploration and production Company surpassed revenue and earnings estimates and provided guidance for FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
www.active-investors.com/registration-sg
Active-Investors.com is currently working on the research report for Bellatrix Exploration Ltd (NYSE: BXE), which also belongs to the Basic Materials sector as the Company Diamondback Energy. Do not miss out and become a member today for free to access this upcoming report at:
www.active-investors.com/registration-sg/?symbol=BXE
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 our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/?symbol=FANG
Earnings Highlights and Summary
For the fourth quarter 2017, Diamondback's revenues soared 116% to $399.19 million compared to $185.01 million in Q4 2016. The Company's reported numbers beat analysts' estimates of $370.7 million.
For the full year (FY) 2017, Diamondback's revenue totaled $1.21 billion, reflecting growth of 128% compared to revenue of $527.11 million in FY16.
During Q4 2017, Diamondback's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) totaled $301.89 million, up 118% compared to $138.31 million in Q4 2016. The Company's adjusted EBITDA was $928.04 million for FY17, up 139% from $387.54 million in FY16.
For Q4 2017, Diamondback reported net income of $114.56 million, or $1.16 per diluted share, compared to $25.60 million, or $0.32 per diluted share, for Q4 2016. The Company's adjusted earnings were $1.56 per diluted share in the reported quarter. Diamondback's earnings beat Wall Street's estimates of $1.52 per share.
For FY17, Diamondback's net income totaled $482.26 million or $4.94 per diluted share, compared to GAAP net loss of $165.03 million, or $2.20 per diluted share, for FY16.
Operating Details
Diamondback's production was 92.9 million barrel of oil equivalent per day (Mboe/d) (74% oil) for Q4 2017, up 79% compared to 51.9 Mboe/d in Q4 2016, and up 9%. The Company's average daily production was 79.2 Mboe/d (74% oil) for FY17, up 84% from 43.0 Mboe/d (73% oil) in FY16.
During Q4 2017, Diamondback's average realized prices were $53.59 per barrel of oil, $2.40 per Mcf of natural gas, and $27.43 per barrel of natural gas liquids, resulting in a total equivalent unhedged price of $45.31/ barrel of oil equivalent(boe), up 18% from $38.72/boe in the prior year's same quarter.
Diamondback's cash operating costs were $8.28 per boe for Q4 2017, including lease operating expenses (LOE) of $4.50 per boe; cash general and administrative (G&A) expenses of $0.59 per boe; and taxes and transportation of $3.19 per boe.
During Q4 2017, Diamondback drilled 46 gross horizontal wells and turned 38 operated horizontal wells to production. The average completed lateral length for the reported quarter wells was 10,091 feet, up from 9,603 feet in Q3 2017. The Company's operated completions consisted of 19 Lower Spraberry wells, 15 Wolfcamp A wells, and 4 Wolfcamp B wells during Q4 2017. Diamondback operated 10 rigs and 4 dedicated frac spreads during the reported quarter.
Diamondback's proved reserves as of December 31, 2017, were 335.4 Million Barrels of Oil Equivalent (MMboe) (62% of Proved Developing Producing (PDP), 70% of oil), up 63% on a y-o-y basis The Company's proved developed finding and development (PD F&D) costs were $9.09/boe for FY17.
Cash Matters
As of December 31, 2017, Diamondback had $88 million in standalone cash and $397 million outstanding on its revolving credit facility. On January 24, 2018, the Company priced a $300 million tack-on to its Senior Notes due 2025, with net proceeds of $308 million used to pay down a portion of its borrowings under its revolving credit facility.
During Q4 2017, Diamondback spent $246 million on drilling, completion, and non-operated properties, and $61 million on infrastructure. For FY17, the Company spent $737 million on drilling, completion, and non-operated properties, and $124 million on infrastructure while generating free cash flow of $28 million, excluding acquisitions.
Outlook
For FY18, Diamondback is forecasting to be in the range of 108.0 and 116.0 Mboe/d with an estimated capital spending for drilling, completion, infrastructure, and non-operated properties of $1.30 billion to $1.50 billion. During FY18, Diamondback expects to complete between 170 and 190 gross operated horizontal wells from a 10 to 12 rig program.
Stock Performance Snapshot
March 19, 2018 - At Monday's closing bell, Diamondback Energy's stock fell 2.29%, ending the trading session at $122.63.
Volume traded for the day: 1.60 million shares, which was above the 3-month average volume of 1.32 million shares.
Stock performance in the last three-month – up 10.45%; previous six-month period – up 30.50%; and past twelve-month period – up 17.14%
After yesterday's close, Diamondback Energy's market cap was at $12.31 billion.
Price to Earnings (P/E) ratio was at 24.76.
The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry.
Active-Investors:
Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
A-I has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email info@active-investors.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
NO WARRANTY
A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.
CONTACT
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Email: info@active-investors.com
Phone number: 73 29 92 6381
Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: Active-Investors
