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 $2.645 billion in Q3 2024 from $2.340 billion in Q3 2023, primarily due to a 22% increase in combined volumes sold, which was partially offset by a decrease in average prices, especially for oil.
Net income attributable to Diamondback Energy decreased to $659 million in Q3 2024 from $915 million in Q3 2023, primarily due to increased costs and expenses, including merger and integration expenses and higher depreciation, depletion, and amortization.
Cash operating costs increased to $11.49 per BOE in Q3 2024, up from prior periods, including increased lease operating expenses, general and administrative expenses, and production and ad valorem taxes.