Diamondback Energy Shatters Oil Production Records and Reduces Debt

Diamondback Energy (NASDAQ:FANG) reported record-breaking second-quarter oil production of 525 million barrels of oil equivalent per day, exceeding its guidance and pushing average output above one million barrels of oil equivalent per day for the first time in the company's history.

The company's total production reached 1,018 MBOE/d in Q2, with net cash from operating activities totaling $3.6 billion and Free Cash Flow reaching $2.3 billion.

Diamondback also reduced its consolidated total debt by $1.3 billion to $12.8 billion quarter-over-quarter, while cutting net debt by $1.6 billion to $12.3 billion.