Letter to Stockholders Issued by Diamondback Energy, Inc.
Key Highlights
- ➤Q3 oil production averaged 525 MBO/d, above the midpoint of guidance
- ➤2026 oil guidance ~524 MBO/d and total production guidance ~1,015 MBOE/d
- ➤2026 capex guidance updated to approximately $3.95 billion-$4.00 billion
- ➤Q3 net cash from operations $2.6 billion and Free Cash Flow $2.1 billion
- ➤Diamondback reduced total debt approximately $1.5 billion in 2026 through September 30
This letter is meant to be a supplement to our earnings release and is being furnished to the Securities and Exchange Commission (SEC) and released to our stockholders simultaneously with our earnings release. Please see the information regarding forward-looking statements and non-GAAP financial information included at the end of this letter.
Before we talk about the quarter, we would like to give you some insight into what we see as the mega-themes of the Permian Basin over the next decade, Diamondback’s potential role in those mega-themes and why our strategy will benefit Diamondback stockholders. In our mind, these three mega-themes are: increased recoveries of oil in place, gas production growth and monetization through LNG and power demand and the growing AI / power / infrastructure buildout in West Texas and the Permian Basin.
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