FOURTH QUARTER 2022 HIGHLIGHTS
Average production of 226.1 MBO/d (391.4 MBOE/d)
Net cash provided by operating activities of $1.44 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $1.67 billion
Cash capital expenditures of $542 million
Free Cash Flow (as defined and reconciled below) of $1.13 billion
Increasing annual base dividend by 7% to $3.20 per share; declared Q4 2022 base cash dividend of $0.80 per share payable on March 10, 2023; implies a 2.4% annualized yield based on February 17, 2023 closing share price of $134.68
Declared a variable cash dividend of $2.15 per share payable on March 10, 2023; total base-plus-variable dividend of $2.95 per share implies an 8.8% annualized yield based on February 17, 2023 closing share price of $134.68
Repurchased 2,344,850 shares of common stock in Q4 2022 for $316 million (at a weighted average price of $134.49/share)
Total Q4 2022 return of capital of $861 million from stock repurchases and the declared base-plus-variable dividend; represents ~76% of Q4 2022 Free Cash Flow (as defined and reconciled below)
Closed the previously announced acquisition of all leasehold interests and related assets of FireBird Energy LLC on November 30, 2022 and the previously announced acquisition of all leasehold interest and related assets of Lario Permian, LLC, a wholly owned subsidiary of Lario Oil & Gas Company, and certain associated sellers, on January 31, 2023 (collectively, the "FireBird and Lario Acquisitions")
Overview
Press Releases
Events & Presentations
Corporate Governance
Financial Information
Stock Information
Investor FAQs
PDF Version
<< Back
Feb 21, 2023
Diamondback Energy, Inc. Announces Fourth Quarter and Full Year 2022 Financial and Operating Results; Increases Base Dividend
MIDLAND, Texas, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the fourth quarter and full year ended December 31, 2022.
FOURTH QUARTER 2022 HIGHLIGHTS
Average production of 226.1 MBO/d (391.4 MBOE/d)
Net cash provided by operating activities of $1.44 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $1.67 billion
Cash capital expenditures of $542 million
Free Cash Flow (as defined and reconciled below) of $1.13 billion
Increasing annual base dividend by 7% to $3.20 per share; declared Q4 2022 base cash dividend of $0.80 per share payable on March 10, 2023; implies a 2.4% annualized yield based on February 17, 2023 closing share price of $134.68
Declared a variable cash dividend of $2.15 per share payable on March 10, 2023; total base-plus-variable dividend of $2.95 per share implies an 8.8% annualized yield based on February 17, 2023 closing share price of $134.68
Repurchased 2,344,850 shares of common stock in Q4 2022 for $316 million (at a weighted average price of $134.49/share)
Total Q4 2022 return of capital of $861 million from stock repurchases and the declared base-plus-variable dividend; represents ~76% of Q4 2022 Free Cash Flow (as defined and reconciled below)
Closed the previously announced acquisition of all leasehold interests and related assets of FireBird Energy LLC on November 30, 2022 and the previously announced acquisition of all leasehold interest and related assets of Lario Permian, LLC, a wholly owned subsidiary of Lario Oil & Gas Company, and certain associated sellers, on January 31, 2023 (collectively, the "FireBird and Lario Acquisitions")
FULL YEAR 2022 HIGHLIGHTS
Average production of 223.6 MBO/d (386.0 MBOE/d)
Net cash provided by operating activities of $6.33 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $6.52 billion
Cash capital expenditures of $1.94 billion
Generated Free Cash Flow (as defined and reconciled below) of $4.59 billion
Declared total base-plus-variable dividends of $11.31 per share for the full year 2022
Repurchased 8,693,384 shares of common stock in 2022 for $1.10 billion (at a weighted average price of $126.19/share)
Total full year 2022 return of capital of $3.11 billion from stock repurchases and declared base-plus-variable dividends; represents ~68% of FY 2022 Free Cash Flow (as defined and reconciled below)
Proved reserves as of December 31, 2022 of 2,033 MMBOE (1,070 MBO, 53% oil), up 14% year over year; proved developed producing ("PDP") reserves of 1,404 MMBOE (700 MBO, 50% oil, 69% of proved reserves), up 17% year over year
2023 GUIDANCE HIGHLIGHTS
Full year 2023 oil production guidance of 256 - 262 MBO/d (430 - 440 MBOE/d)
Full year 2023 cash CAPEX guidance of $2.50 - $2.70 billion
The Company expects to drill between 325 and 345 gross (293 - 311 net) wells and complete between 330 and 350 gross (297 - 315 net) wells with an average lateral length of approximately 10,500 feet in 2023
Q1 2023 oil production guidance of 248 - 252 MBO/d (415 - 422 MBOE/d)
Q1 2023 cash CAPEX guidance of $625 - $675 million