Diamondback Energy (FANG) Update - July 30

[dan_s]

MIDLAND, Texas (Reuters) - Seven years ago, Diamondback Energy Inc went public with a modest parcel of drillable land in the Permian Basin of West Texas.

Like dozens of other Permian startups, the firm then pursued a classic wildcatter's strategy - borrowing to buy up acreage, acquire competitors and quickly boost output in the booming shale field. Today, Diamondback is the 7th largest producer in the top U.S. oil region, according to researcher Wood Mackenzie.

But Diamondback differs from most of its peers in a crucial way - it's poised to make more cash than it spends. The firm promised to reward investors by buying back up to $2 billion in shares and delivering $750 million in free cash flow next year if U.S. oil prices remain at about $55 per barrel. It started paying shareholders a dividend last year and raised it by 50% this spring.

Read more: https://finance.yahoo.com/news/texas-sh ... 20356.html

[ChuckGeb]

Not to be forgotten is that GPOR was an original shareholder in FANG. If they had just held unto that position!

[dan_s]

All four gassers (AR, GPOR, RRC and SWN) getting some "love" today as they are all up double digits. Just ten more double digit days and they will be a fair value.