Diamondback Energy Crushes Q2 Earnings Expectations with Record Oil Production
Diamondback Energy, Inc., an oil and natural gas company, announced its financial and operating results for the second quarter of 2026. The company's average oil production was 525 thousand barrels per day (MBO/d), surpassing the one million barrels of oil equivalent per day milestone.
The net cash provided by operating activities was $3.6 billion, with Operating Cash Flow Before Working Capital Changes1 of $3.3 billion and cash capital expenditures of $996 million. The company also reported Free Cash Flow1 and Adjusted Free Cash Flow1 of $2.3 billion.
Diamondback Energy reduced its total debt by approximately $1.3 billion quarter over quarter to $12.8 billion, with net debt1 decreasing by around $1.6 billion quarter over quarter to $12.3 billion.
The company declared a base cash dividend of $1.10 per share for the second quarter of 2026, payable on August 20, 2026. The Board of Directors doubled Diamondback's share repurchase authorization to $16.0 billion in July 2026.