Diamondback Energy

Diamondback Energy produces oil, natural gas and natural gas liquids in the Permian Basin of West Texas, mainly in the Midland Basin. In Q3 2026, it produced 1,034 thousand barrels of oil equivalent per day, of which 525 thousand barrels per day were oil. It became much larger after it bought Endeavor Energy Resources in 2024.

Diamondback also controls Viper Energy, a listed company that owns mineral and royalty interests. Its results move mainly with the price of oil. It returns cash to shareholders with a base dividend and share buybacks.

The market prices Diamondback for the risk that oil prices fall back from their current high level. The conflict in the Middle East moved the global oil market into a deficit in 2026, and Diamondback's realized oil price rose to $96.82 per barrel in Q2 2026 from $63.23 a year earlier. In Q3 2026 it fell to $87.30. Its realized natural gas price in the Permian Basin was negative in Q2 2026 and only $1.12 per Mcf in Q3 2026.

The Stephens family holders (SGF FANG Holdings), who received shares in the Endeavor purchase, sold 11 million shares in March 2026, and more sales can put pressure on the share price. For the gap to close, three things must be true. Diamondback must keep production at 1,000 thousand barrels of oil equivalent per day or more with capital spending of about $4.0 billion a year, as guided for 2026. It must keep its free cash flow high enough to cut debt and buy back shares.

Free cash flow was $2.1 billion in Q3 2026, and Diamondback cut its own net debt and bought back $251 million of shares. Oil prices must stay high enough for strong cash flow after the conflict ends. The Q4 2026 report and the 2027 plan, expected in February 2027, give the next test and show how much Diamondback can produce and return at the new oil prices. If these checks pass, the gap can close over the next two to four quarters.

The main reason it may not close is a sharp fall in oil prices, which Diamondback cannot control.

1. Nov 2, 2026Passed

   Q3 2026 results: free cash flow and debtOil production within the 517 to 527 thousand barrels per day guidance, capital spending within $950 million to $1,050 million and lower net debt pass; lower production or higher spending fails.Outcome: Oil production was 525 thousand barrels per day, capital spending was $1,026 million and Diamondback's own net debt fell by $269 million, but consolidated net debt rose by $513 million because Viper's debt rose.
2. Feb 2, 2027 · est.Pending

   2027 plan: production, capital spending and returnsA 2027 plan with flat or higher oil production at capital spending near the 2026 level of about $4.0 billion passes; higher spending for the same output or a cut in shareholder returns fails.

Every passed and failed checkpoint across all picks

• November 2, 2026Diamondback reported Q3 2026 results. Oil production was 525 thousand barrels per day, and total production was 1,034 thousand barrels of oil equivalent per day. Net income was $1,603 million, or $5.69 per share, and free cash flow was $2.1 billion. The board raised the annual base dividend by 7.3% to $4.72 per share. Diamondback bought back 1.3 million shares for about $251 million and bought a 7.5% interest in the Solitude natural gas pipeline from the Permian Basin to Katy. It raised its 2026 guidance to about 1,015 thousand barrels of oil equivalent per day and about 524 thousand barrels of oil per day, and its capital spending guidance to $3.95 billion to $4.00 billion. On October 1, 2026, it redeemed all $698 million of its notes due 2026 at par.
• October 8, 2026Diamondback said that its average realized oil price was $87.30 per barrel in Q3 2026, or $85.89 with hedges. Its realized natural gas price was $1.12 per Mcf. It expects a net loss of $97 million on cash settlements of derivatives for the quarter.
• September 29, 2026Diamondback and SGF FANG Holdings amended their stockholders agreement. The Stephens holders can now name two directors while they own 10% to 25% of the shares, and none below 10%. Two directors, Darin Holderness and Lance Robertson, left the board under this agreement.

Last earnings

November 2, 2026 (8-K on sec.gov)

Next earnings

Expected about February 2, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 4, 2026 · fang-20260930
• 8-KEarnings releaseFiled November 2, 2026 · Press release and exhibits
• 8-KEarnings releaseFiled October 8, 2026 · Press release and exhibits
• 8-KNew material agreement and Change of directors or officersFiled September 30, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 5, 2026 · fang-20260630
• 8-KEarnings releaseFiled August 3, 2026 · Press release and exhibits
• 8-KEarnings releaseFiled July 13, 2026 · Press release and exhibits
• 8-KNew material agreement and New debt or financial obligationFiled June 15, 2026 · Read it on sec.gov
• 8-KChange of directors or officers and Shareholder vote resultsFiled May 20, 2026 · fang-20260520
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 6, 2026 · fang-20260331

Every filing on SEC EDGAR (CIK 1539838)

• Results depend on the price of oil. Prices rose in 2026 because of the conflict in the Middle East. If the conflict ends or OPEC+ adds supply, oil prices can fall quickly and cut cash flow.
• Local natural gas prices in the Permian Basin, such as at the Waha Hub, are often far below national prices. Diamondback's realized gas price was negative $2.15 per Mcf in Q2 2026 and $1.12 per Mcf in Q3 2026. Low gas prices reduce income and can limit oil production.
• The Stephens holders still own a large stake from the Endeavor purchase. More large sales of shares can weigh on the share price.
• Diamondback drills in one basin. New rules on emissions, water disposal or earthquakes in the Permian Basin can raise costs for all its wells.

Diamondback funds itself mainly with senior notes, and its consolidated figures include Viper Energy. At September 30, 2026, consolidated total debt was $13.38 billion and net debt was $12.82 billion, up from $12.77 billion and $12.30 billion at June 30, 2026. Read more

Yield at the current rate

2.6% (current annual rate, at today’s price)

Dividend yield

2.4% (last 12 months, at today’s price of $180.98)

Paid per share

$4.43 in the last 12 months (4 payments)

Current annual rate

$4.72 ($1.18 × 4 a year)

Payout ratio

70% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

November 12, 2026, $1.18 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 21.7% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.