Diamondback Energy, Inc. (FANG) — Company Research

Last Updated: 1 September 2026

Diamondback Energy is the largest pure-play operator in the Permian Basin, and 2026 has handed it one of the most extreme earnings sequences in its history. A collapse in commodity prices through 2025 forced a $3.65bn non-cash ceiling-test write-down in the fourth quarter, turning that quarter into a $5.11 per-share loss; a further $1.40bn impairment followed in the first quarter of 2026, leaving GAAP earnings of just $0.08 per share. Then, in the second quarter, the disruption of oil flows through the Strait of Hormuz produced what management called the largest supply shock in the history of the global oil market, Diamondback's realised oil price jumped to $96.82 a barrel, production crossed one million barrels of oil equivalent per day for the first time, and diluted earnings came in at $6.65. This report sets out the audited figures behind that swing, the balance sheet left over from the Endeavor acquisition, and the structural issues, negative Waha gas pricing and Permian water disposal among them, that persist regardless of where oil trades next quarter.

1. Company Snapshot

Field	Value
Ticker / Exchange	FANG, Nasdaq Global Select Market
Headquarters	Midland, Texas, United States
Sector / Industry	Energy, oil and natural gas exploration and production
CEO / Leadership	Kaes Van't Hof, Chief Executive Officer and Director (succeeded Travis Stice at the 2025 annual meeting). Jere W. Thompson III, EVP and Chief Financial Officer. Daniel N. Wesson, EVP and Chief Operating Officer. Travis D. Stice became non-executive Chairman on 20 May 2026.
Employees	1,762 full-time at 31 December 2025, none unionised
Revenue (FY2025)	$15,026m, up 35.8% on FY2024
Net income (FY2025)	$1,547m consolidated, including a $3,652m non-cash impairment
GAAP diluted EPS (FY2025)	$5.73, against adjusted EPS of $13.37
Market capitalisation	~$57.3bn (280.0m shares at the $204.66 close, 1 September 2026)
Production (Q2 2026)	1,017,659 BOE/d, of which 525,176 barrels of oil per day (51.6% oil)
Proved reserves	3,618 MMBOE at 31 December 2025, 49% oil
Acreage	~869,036 net Permian acres at 31 December 2025 (Midland 774,645, Delaware 94,391)
Incorporation	Delaware, IPO October 2012

Diamondback's operating scale is now a direct product of consolidation: the $26bn Endeavor Energy Resources acquisition closed on 10 September 2024 and the Double Eagle transaction closed on 1 April 2025. Both are the reason revenue grew 36% in 2025 while the wider large-cap exploration and production peer group shrank. You can follow the price action on our Live Charts page.

2. Bull Case and Bear Case

Bull Case

• Lowest-cost position in the best basin: Diamondback carries 8,854 gross drilling locations it states are economic at roughly $50 per barrel WTI, proved-developed finding and development costs have fallen from $10.87 per BOE in 2019 to $8.52 in 2025, and Midland Basin well costs are budgeted at $550 per lateral foot in 2026, down 2% year on year.
• Cash generation at scale: trailing twelve-month operating cash flow was $10.1bn against cash capital expenditure of $3.6bn, and management projects roughly $7.8bn of free cash flow for full-year 2026 at strip pricing, equal to more than $27 per share.
• Deleveraging is real and rapid: consolidated total debt has fallen from a peak of $16.4bn at 30 September 2025 to $12.8bn at 30 June 2026, a $1.3bn reduction in the second quarter alone, with net debt at 0.8 times annualised second-quarter adjusted EBITDA and a weighted-average maturity of about twelve years.
• Operational execution is improving measurably: completion pace has risen from about 1,500 lateral feet per day in 2021 to 4,600 feet per day in 2026 on the shift to simul-frac, the company drilled its longest well ever at 31,465 feet, and the post-impairment depletion rate cut second-quarter DD&A by $89m.
• Gas takeaway is being structurally fixed: management expects secured long-haul capacity to more than double by the end of 2026, shifting price exposure away from the Waha hub toward Gulf Coast demand centres, and is separately pursuing gigawatt-scale power projects on its own surface acreage for data-centre demand.

Bear Case

• The second quarter is not a run rate: the $6.65 of GAAP earnings rested on a realised oil price of $96.82 per barrel driven by a geopolitical supply shock, against $63.23 in the same quarter of 2025. The company itself is buying downside insurance, holding long puts struck at $50 to $55 on 305,000 barrels per day for the third quarter.
• Two impairments in three quarters: $3,652m was written off in the fourth quarter of 2025 and $1,400m more in the first quarter of 2026, both driven purely by the trailing-average price test. Full-cost accounting means further sustained price weakness mechanically produces further write-downs.
• Negative gas realisations: Diamondback received minus $2.15 per Mcf for its natural gas in the second quarter of 2026, and still carries Waha basis swaps accepting a discount of about $1.80 per MMBtu through the fourth quarter of 2026.
• The variable dividend has stopped: no variable dividend was declared in either the first or second quarter of 2026, the board removed its formulaic commitment to return at least half of adjusted free cash flow, and the second-quarter payout ratio fell to roughly 19% against 54% for full-year 2025.
• A large, visibly exiting holder: SGF FANG Holdings, the Endeavor family vehicle, sold roughly $4.7bn of stock between February and June 2026, cutting its position from about 99.7m to 74.0m shares, and still holds around 26% of the company.

3. Business Segments

Diamondback reports as a single operating segment. The disaggregation below is the revenue breakdown given in the FY2025 Form 10-K.

Segment / category	% of revenue	What it is
Oil sales	77.3% ($11,621m)	Crude oil produced from Midland and Delaware Basin horizontal wells. By basin, Midland contributed $10,729m, Delaware $850m and other $42m.
Natural gas liquid sales	9.5% ($1,432m)	Ethane, propane, butanes and natural gasoline extracted from the associated gas stream and sold at the plant tailgate.
Sales of purchased oil	9.8% ($1,476m)	Third-party barrels bought and resold to fill transportation commitments. Essentially a pass-through, with purchased oil expense of $1,474m against it, leaving roughly $2m of margin.
Natural gas sales	2.7% ($400m)	Associated gas, the smallest and most volatile line. Realisations have at times been negative because of Permian takeaway constraints.
Other operating income	0.6% ($97m)	Midstream and service income, including $65m of other service revenues. Diamondback does not caption a separate midstream services revenue line.

Diamondback also consolidates Viper Energy, its minerals and royalties affiliate, despite owning only about 39% of Viper's combined Class A and Class B shares on a fully diluted basis at 30 June 2026. Viper contributes a $6,085m non-controlling interest on the balance sheet and $1,695m of the group's consolidated debt.

4. Business Model and Moat

How it makes money. Diamondback leases acreage, drills long horizontal wells into stacked Permian shale intervals, and sells the resulting oil, gas and natural gas liquids at prevailing market prices less transport and processing. There is no refining, chemicals, offshore or international exposure to smooth the cycle. Revenue is therefore almost a pure function of barrels produced multiplied by the realised price, and 77.3% of it came from oil alone in 2025. Profitability is decided by two things the company can control, cost per barrel and capital efficiency, and one it cannot, the price of crude.

Where the advantage comes from. Scale within a single basin is the entire thesis. With roughly 869,000 net Permian acres and 6,677 producing horizontal wells, Diamondback can drill contiguous multi-well pads, run simul-frac operations continuously, and spread fixed infrastructure across a dense footprint. That shows up directly in unit costs: cash operating expense was $10.96 per BOE in the second quarter of 2026, and the unhedged cash margin was $35.88 per BOE year to date, about 75% of the realised price, against $15.91 per BOE in 2019. Average lateral length has been pushed to 12,900 feet, and the company completed its first six U-turn wells, three-mile laterals drilled a mile and a half out and back, in the second quarter.

Why the moat is narrower than it looks. Low-cost shale acreage is a depleting asset, not a franchise. Every barrel produced must be replaced, management conceded on the second-quarter call that simply holding production flat consumes roughly $1bn of capital per quarter, and the inventory count itself is price-dependent because locations economic at $50 WTI cease to be economic below it. The move into the Barnett and Woodford at roughly $1,000 per lateral foot, close to double core Midland cost, is a visible sign that the very best rock is being drawn down.

How consolidation changed the company. Endeavor added about 361,927 net acres and roughly 117.3m shares, Double Eagle added a further 40,000 net acres for $3.1bn of cash plus stock, and Viper bought Sitio Royalties in August 2025. The result is a business with materially more scale but also materially more debt and a concentrated register, and management has spent 2026 selling non-core assets, the EPIC Crude stake for about $504m and the Environmental Disposal Systems water business for $694m among them, to pay that debt down.

5. Financial Health

All figures below are taken from Diamondback's Form 10-K filings, quarterly earnings press releases and SEC XBRL company facts. Note that the FY2025 GAAP result is depressed by a non-cash impairment; the adjusted column is the company's own measure.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$6,797m	+141.6%	$12.24	~$11.27†	$1.75	$6,642m
FY2022	$9,643m	+41.9%	$24.61	~$24.04†	$8.96	$6,238m
FY2023	$8,412m	−12.8%	$17.34	~$18.01†	$7.99	$6,641m
FY2024	$11,066m	+31.6%	$15.53	$16.57	$8.29	$12,075m
FY2025	$15,026m	+35.8%	$5.73	$13.37	$4.00	$13,726m

† Diamondback did not publish a full-year adjusted earnings per share figure before FY2024; the FY2021 to FY2023 entries are the sum of the four quarters it did report and are approximate, because weighted-average share counts moved within each year. As a calibration, summing the four 2024 quarters gives $16.04 against the company's reported $16.57. Dividend per share is cash dividends paid per share, which is available on a consistent basis for all five years; it combines the base and variable components. Long-term debt is the non-current balance-sheet figure and excludes the current portion, which was $763m at 31 December 2025 and nil at 31 December 2023.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q2 2026	$5,562m	$6.48	$6.65
Q1 2026	$4,240m	$4.23	$0.08
Q4 2025	$3,376m	$1.74	−$5.11
Q3 2025	$3,924m	~$4.42‡	$3.51
Q2 2025	$3,678m	$2.67	$2.38
FY2025 total	$15,026m	$13.37	$5.73

‡ The Q3 2025 adjusted figure is derived as the reported full-year $13.37 less the three other reported quarters. Q4 2025 revenue is derived as the reported full year less the three reported quarters.

The shape of this table is the whole story. Revenue has compounded at roughly 22% a year since 2021, but almost entirely through acquisition rather than price. GAAP earnings per share fell 63% in 2025 on a 36% revenue increase purely because of the ceiling test. Long-term debt more than doubled in 2024 to fund Endeavor and has since begun to reverse: total debt including the current portion stood at $12,614m at 30 June 2026, down from $14,667m at the end of 2025, against cash of $462m.

On the cash flow statement, FY2025 operating cash flow was $8,758m against cash capital expenditure of $3,523m and depreciation, depletion and amortisation of $5,038m. On a trailing twelve-month basis to 30 June 2026, operating cash flow was $10,143m, cash capital expenditure $3,646m, DD&A $5,240m and GAAP operating income $1,082m, the last of which absorbs $5,052m of impairment charges booked in the fourth quarter of 2025 and the first quarter of 2026.

6. Valuation Metrics

Raw metrics, September 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$57.3bn (280.0m shares at the $204.66 close, 1 September 2026)
Enterprise value	~$69.5bn (market cap $57.3bn plus total debt $12.6bn less cash $0.5bn, per the 30 June 2026 balance sheet; total debt is $11,066m long-term plus $1,548m current)
Trailing P/E (GAAP)	~39x on trailing twelve-month GAAP diluted EPS of $5.25. This figure is distorted by $5,052m of non-cash ceiling-test impairments in the period; on the company's trailing adjusted earnings of roughly $16.87 per share the same price is about 12x.
P/E (forward)	~11x on market-consensus forward earnings of about $18.12 per share. Diamondback issues production and capital guidance but does not guide to earnings, so this is a consensus input rather than a company figure.
P/S (TTM)	~3.4x (market cap $57.3bn / trailing twelve-month revenue $17,102m)
EV/EBITDA (TTM)	~6.1x. EBITDA is built as trailing operating income $1,082m plus DD&A $5,240m plus the $5,052m of ceiling-test impairments booked in Q4 2025 and Q1 2026, giving $11,374m. Including the impairments in the cost base instead would give roughly 11x, which is not meaningful for a non-cash price-test write-down. The wider DepreciationDepletionAndAmortization tag was used for DD&A.
P/FCF	~8.8x (market cap $57.3bn / free cash flow $6,497m; free cash flow = trailing operating cash flow $10,143m less cash capital expenditure $3,646m). Against management's own projection of about $7.8bn of full-year 2026 free cash flow the multiple would be roughly 7.3x.
52-week high	$216.90
52-week low	$134.30
Short interest (% of float)	~3.7% (7,605,686 shares short at the 14 August 2026 settlement against a free float of 204.2m shares). Measured against all 280.0m shares outstanding it is 2.7%; the gap is the SGF FANG Holdings block, so the basis matters when comparing sources.
Days to cover	~4.2 days at the 14 August 2026 settlement, down from 5.4 at the 29 May 2026 reading
Dividend	$1.10 per share per quarter, $4.40 annualised, a yield of about 2.1%. No variable dividend was declared in Q1 or Q2 2026.

7. What Are They Building

The 2026 capital programme. Diamondback plans roughly $3.90bn of cash capital expenditure in 2026, of which about $3,310m is operated drilling and completion. It expects to run fifteen to eighteen rigs and around five completion crews on average, drilling 6.1m to 6.5m net lateral feet at an average lateral of about 12,900 feet. Guidance has been raised twice this year, from an original 500,000 to 510,000 barrels of oil per day issued in February, to 520,000 or more in May, to 522,000 or more with total production above 1,000,000 BOE/d in August, while the capital number stayed at about $3.90bn.

Gas takeaway and the Waha problem. The single most important structural project is escaping West Texas gas pricing. Management states it has committed to multiple long-haul pipelines to the Gulf Coast and expects secured takeaway capacity to more than double by the end of 2026, shifting exposure toward larger demand hubs. This matters because Diamondback realised minus $2.15 per Mcf on gas in the second quarter, with Waha reaching roughly minus $10 per Mcf at its worst during spring pipeline maintenance.

Power and data centres. The company is working on what the chief executive describes as gigawatt-scale power opportunities on its own surface acreage in West Texas, arguing that data centres should be built where gas and land are abundant. As of the second-quarter letter this remains uncontracted: management says it has a large shovel-ready project and will provide detail once it has a signed long-term contract with a credible counterparty. Trade press has reported a specific Ward County project, but that detail does not appear in company filings and should be treated as unconfirmed.

Chemical enhanced oil recovery. A fifty-well pilot was completed in the second half of 2025 and a second batch of tests flowed back in the second quarter of 2026 with what the company calls encouraging results. Management frames the prize as potentially rivalling the value created by the drill bit without adding a single new location to inventory. Between 3% and 4% of the 2026 budget is allocated to advancing the Barnett and Woodford exploratory play alongside these recovery tests.

Balance sheet repair. Debt reduction is now the explicit priority, and management has said that removing the prior formulaic return-of-capital framework is precisely what allowed it to accelerate absolute debt reduction. Consolidated total debt is down about $2.6bn over the last twelve months. In June 2026 the revolving credit facility was upsized from $2.5bn to $3.0bn and extended to 12 June 2031, and in April the company tendered $777m of long-dated notes for $632m of cash, 81.1% of par, booking a $134m gain.

8. Competitive Position

Diamondback is the only pure-play in this peer group; it operates exclusively in the Midland and Delaware Basins with no international, offshore, refining or chemicals exposure. Note that the peer set itself is consolidating: Devon Energy and Coterra Energy completed an all-stock merger on 7 May 2026, with each Coterra share converting into 0.70 Devon shares, so the Coterra ticker has been retired and Devon's market capitalisation below reflects the enlarged company while its FY2025 revenue does not.

Peer	Market cap (September 2026)	Key 2025 metric
ConocoPhillips (COP)	~$159.2bn	FY2025 revenue $58,944m, up from $54,745m in FY2024. The largest independent in the group and globally diversified rather than Permian-focused.
EOG Resources (EOG)	~$76.0bn	FY2025 revenue $22,582m, down from $23,378m in FY2024, one of two peers here whose revenue contracted in 2025.
Occidental Petroleum (OXY)	~$60.2bn	FY2025 revenue $21,593m, down from $22,019m in FY2024. Carries OxyChem and Gulf of Mexico operations alongside its Permian position.
Diamondback Energy (FANG)	~$57.3bn	FY2025 revenue $15,026m, up 35.8%, the fastest growth in the group and almost entirely acquisition-driven.
Devon Energy (DVN)	~$53.4bn	FY2025 revenue $17,188m on a standalone pre-merger basis, up from $15,940m in FY2024. Completed its merger with Coterra Energy on 7 May 2026.

Trade press describes Diamondback as the third-largest producer in the Permian Basin and the largest pure-play, behind ExxonMobil at roughly 1.7m BOE/d and Chevron at just over 1m BOE/d; that ranking comes from secondary sources rather than a filing. Against Permian crude output of roughly 6.5m to 6.7m barrels per day, Diamondback's 525,000 barrels per day of oil is on our own arithmetic close to 8% of the basin. For sector-wide context and scheduled data releases, see our Economic Calendar.

9. Insider Activity

Chief Executive Kaes Van't Hof, who took the role at the 2025 annual meeting, has been a seller rather than a buyer in 2026, disposing of roughly 30,000 shares for about $7.1m across March, June and August while holding 115,940 shares. Across every Form 4 filed for Diamondback in 2026 the transaction codes present are A (grant), C (conversion), F (tax withholding), G (gift) and S (sale). Transaction code P, an open-market purchase, does not appear once. Selected sales are set out below; note that several aggregators report the code-A annual equity awards as insider buying, which they are not.

Name	Date	Type	Shares	Price	Value	Plan Type
SGF FANG Holdings, LP	12 Mar 2026	Sale (registered secondary)	12,650,000	$170.19	~$2,152.9m	Underwritten offering
SGF FANG Holdings, LP	4 Jun 2026	Sale	10,000,000	$204.25	~$2,042.5m	Open market
Travis D. Stice	6 Mar 2026	Sale (four tranches)	99,000	$181.06–$181.68	~$18.1m	Open market
Charles Alvin Meloy	16 Jun 2026	Sale (three tranches)	83,334	$186.37–$187.68	~$15.6m	10b5-1
Kaes Van't Hof	3 Jun 2026	Sale (two tranches)	15,000	$205.00–$210.00	~$3.1m	Open market
Matt Zmigrosky	13 Mar 2026	Sale	20,899	$180.00	~$3.8m	Open market
Daniel N. Wesson	20 Aug 2026	Sale	7,500	$215.21	~$1.6m	Open market
Jere W. Thompson III	14 Aug 2026	Sale	500	$204.14	~$0.1m	Open market

The dominant flow by an order of magnitude is SGF FANG Holdings, the Endeavor equityholder vehicle, which sold roughly $4.7bn of stock across five transactions between February and June 2026, taking its holding from about 99.7m shares to 74,036,722. That remains roughly a quarter of the company and represents a visible, persistent overhang. Diamondback also repurchased $509m of shares directly from SGF during the first half of 2026, on top of a $305m related-party repurchase in the fourth quarter of 2025.

10. Key Risks

• Commodity price exposure is the entire business: oil was 77.3% of FY2025 revenue. A price decline in 2025 produced a $3,652m write-down and a $5.11 quarterly loss per share; a geopolitical supply shock then took realised oil from $63.23 to $96.82 a barrel and quarterly earnings from $2.38 to $6.65. The company is paying deferred premiums of roughly $1.30 to $1.60 per barrel for long puts struck at $50 to $55, which is a fair indication of how it views the downside.
• Full-cost accounting converts price weakness into write-downs: Diamondback must run a quarterly ceiling test against trailing twelve-month average SEC prices. That mechanism has already produced $5,052m of impairments across two of the last three reported quarters, and would produce more on any sustained decline. These charges are non-cash but they reduce reported equity and earnings.
• Waha basis and gas takeaway: realised gas pricing was negative $2.15 per Mcf in the second quarter of 2026, with cash Waha reported negative for a long run of consecutive days earlier in the year. Pricing turned positive from mid-June as new pipeline capacity came online, but Diamondback still holds basis swaps on 650,000 MMBtu per day accepting a discount of about $1.87 for the third quarter and $1.75 for the fourth.
• Leverage inherited from Endeavor: total debt of $12,614m at 30 June 2026 sits against just $462m of cash, and includes $1,695m of Viper debt that Diamondback consolidates but does not wholly own. Deleveraging in the first half of 2026 was funded partly by $657m of asset-sale proceeds and a $589m sale of Viper stock rather than purely from operations.
• Decline rates and finite inventory: management stated that holding production flat consumes roughly $1bn of capital per quarter. The 8,854 gross locations are economic at about $50 WTI, a count that shrinks if prices fall, and 10,902 net undeveloped acres expire during 2026 unless drilled or extended. The push into the Barnett at roughly $1,000 per lateral foot signals that core inventory is being consumed.
• Water disposal and induced seismicity: Diamondback's own risk disclosure cites a moratorium on new produced-water disposal well permits imposed by the Texas Railroad Commission to control induced seismicity in the Permian. Deep disposal permits were suspended in the Northern Culberson-Reeves seismic response area after a magnitude 5.4 earthquake in May 2025, and permitting across Districts 7C, 8 and 8A was tightened from 1 June 2025.
• Capital-return policy has been rewritten: the board removed its formulaic commitment to return at least half of adjusted free cash flow, and no variable dividend was declared in the first or second quarter of 2026. Total return of capital in the second quarter was $452m against $2,331m of adjusted free cash flow, a payout of roughly 19% against 54% for FY2025.
• Cost inflation and antitrust litigation: management expects inflation on fixed costs such as casing through the rest of 2026 and into 2027 as Permian activity grows. Separately, Diamondback is a named defendant in In re Shale Oil Antitrust Litigation, MDL No. 3119 in the District of New Mexico, alleging that producers conspired to constrain output. The company acknowledges only generic claims alleging violations of antitrust laws in its filings, names no matter and discloses no accrual, and we could not source a ruling on the motion to dismiss argued in May 2025.

11. Recent Developments

• 10 March 2026 — SGF FANG Holdings launches a secondary offering. An underwritten offering of 11,000,000 shares by the Endeavor equityholder vehicle, with a 30-day option over a further 1,650,000. Diamondback received no proceeds.
• 12 March 2026 — The secondary prices at $170.19. 12,650,000 shares sold for roughly $2.15bn with the over-allotment fully exercised, cutting SGF's stake to 84,036,722 shares.
• 6 April 2026 — Cash tender offers launched for long-dated notes. Any-and-all offers for the 4.400% notes due 2051 and 4.250% notes due 2052, a liability-management exercise aimed at paper trading well below par.
• 13 April 2026 — Tender results and Q1 realised prices disclosed. Across the second quarter Diamondback tendered $777m of principal for $632m of cash, 81.1% of par, booking a $134m gain, and separately repaid the remaining $550m term loan. Q1 realised prices were oil $73.47 per barrel, gas $0.18 per Mcf and natural gas liquids $16.68 per barrel.
• 4 May 2026 — First-quarter results and a guidance raise. GAAP diluted EPS of $0.08 after a $1.4bn ceiling-test impairment, adjusted EPS $4.23, free cash flow $1.7bn, 3.3m shares repurchased for about $548m. The base dividend was raised 5% to $1.10 and production guidance lifted to 520,000 or more barrels of oil per day.
• 20 May 2026 — Annual meeting and completion of the leadership transition. Travis D. Stice stepped down as Executive Chairman and became non-executive Chairman, completing the plan announced in February 2025. Each non-employee director received a 982-share annual award.
• 4 June 2026 — SGF sells a further 10,000,000 shares at $204.25. Roughly $2.04bn, taking the vehicle's holding to 74,036,722 shares and cumulative 2026 sales to about $4.7bn.
• 12 June 2026 — Revolving credit facility upsized and extended. The seventeenth amendment raised total commitments from $2.5bn to $3.0bn, pushed maturity from 2030 to 12 June 2031, and reduced applicable rates and certain fees.
• 13 July 2026 — Second-quarter realised prices pre-released. Oil $96.82 per barrel, natural gas negative $2.15 per Mcf, natural gas liquids $18.56 per barrel. The negative gas print was public three weeks ahead of full results.
• 30 July 2026 — Buyback authorisation doubled to $16.0bn. Raised from $8.0bn excluding excise tax, with about $9.9bn remaining as at 31 July 2026. No time limit, and all repurchased shares are retired.
• 3 August 2026 — Second-quarter results. Revenue $5,562m, GAAP diluted EPS $6.65, adjusted EPS $6.48, free cash flow $2.33bn, production above 1.0m BOE/d for the first time and total debt cut $1.3bn to $12.8bn. Guidance was raised again and the chief executive attributed the quarter to the Strait of Hormuz supply shock.
• 4 August 2026 — Shares fall despite the beat. The stock closed down 3.75% at $191.30 after management flagged the roughly $1bn per quarter maintenance capital requirement and casing cost inflation into the second half of 2026 and 2027. Full-year 2026 free cash flow was guided to about $7.8bn.
• 20 August 2026 — Second-quarter base dividend of $1.10 paid. The same day saw the heaviest single day of officer selling in the second half, with the chief executive and chief operating officer selling at $214.64 to $215.21, the highest prices of the year.

12. Key Dates

• Expected November 2026 — third-quarter 2026 results. Diamondback had not announced the date as at 1 September 2026; its practice is to pre-announce roughly three weeks ahead via a Form 8-K, and the third-quarter 2025 results were released on 3 November 2025.
• Expected October 2026 — declaration of the third-quarter 2026 base dividend, on the pattern of the 3 August and 4 May declarations. No date has been announced.
• 20 August 2026 — second-quarter 2026 base dividend of $1.10 per share paid, record date 13 August 2026.
• 3 August 2026 — second-quarter 2026 results released and the current guidance of 522,000-plus barrels of oil per day set.
• 30 July 2026 — share repurchase authorisation doubled to $16.0bn, with about $9.9bn remaining.
• 20 May 2026 — 2026 annual meeting held in Midland, Texas; the 2027 meeting date has not been announced.
• 12 June 2031 — maturity of the $3.0bn revolving credit facility as extended in June 2026.

Diamondback does not publish an investor-day calendar, and no ruling date has been set publicly in the shale antitrust multidistrict litigation. Readers tracking the oil price backdrop that drives this company's results may find our Forum and Economic Calendar useful.

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