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 $2.483 billion for the quarter ended June 30, 2024, compared to $1.919 billion for the same period in 2023, driven by higher average prices for oil and an increase in production volumes.
Operating income increased to $1.156 billion for the quarter ended June 30, 2024, compared to $1.000 billion for the same period in 2023. However, this increase was partially offset by higher lease operating expenses and depreciation.
Net income attributable to Diamondback Energy increased to $837 million for the quarter ended June 30, 2024, compared to $556 million for the same period in 2023, primarily due to increased revenues, partially offset by higher expenses.