Sector: Energy|Industry: Oil & Gas Exploration & Production|Market Cap: $45.57B|Employees: 1K
Diamondback Energy, Inc. is an independent oil and natural gas company focused on the acquisition, development, exploration, and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. The company's activities are primarily focused on horizontal development of the Spraberry and Wolfcamp formations of the Midland Basin and the Wolfcamp and Bone Spring formations of the Delaware Basin. Diamondback Energy reports operations in one upstream segment.
Total revenues increased to $2.227 billion, up from $1.925 billion in the same quarter last year, driven by higher oil and natural gas sales. This increase is due to a combination of increased production volumes and higher average realized prices.
Net income attributable to Diamondback Energy, Inc. reached $768 million, compared to $712 million in the prior year quarter. This improvement is primarily due to increased revenues, despite some increases in operating expenses.
Total costs and expenses increased to $1.109 billion from $900 million in the same quarter last year. This increase is primarily due to higher lease operating expenses, production and ad valorem taxes, and depreciation, depletion, amortization and accretion.