Diamondback Energy Surpasses 1 Million Barrels Per Day Oil Production Milestone
Diamondback Energy, Inc., an oil and gas company listed on NASDAQ under FANG, announced its financial and operating results for the second quarter of 2026. The company reported average oil production of 525 million barrels per day (MBO/d), surpassing the milestone of 1 million barrels of oil equivalent per day.
Net cash provided by operating activities reached $3.6 billion, with Operating Cash Flow Before Working Capital Changes standing at $3.3 billion. The company's capital expenditures were $996 million, while Free Cash Flow and Adjusted Free Cash Flow stood at $2.3 billion each.
The Board of Directors declared a base cash dividend of $1.10 per share for the second quarter of 2026, payable on August 20. Additionally, they doubled Diamondback's share repurchase authorization to $16 billion from $8 billion previously. Approximately $9.9 billion remains available for future repurchases under the program.