Diamondback Energy (NASDAQ:FANG) +1.7% post-market after saying its board approved a new stock buyback program up to $2B, as it accelerates plans to return 50% of free cash flow to shareholders to Q4.
"Diamondback is accelerating its previously announced capital return program due to continued strong operational performance and improved capital efficiency, a supportive macro backdrop and increasing financial strength," the company says.
Diamondback also says it expects the recent sale of North Dakota assets will close in the next few weeks, and will apply net proceeds to pay off the remaining $650M in outstanding callable debt.