Diamondback Energy (FANG) Misses Q4 EPS by 41c

Diamondback Energy (NASDAQ: FANG) reported Q4 EPS of $1.21, $0.41 worse than the analyst estimate of $1.62. Revenue for the quarter came in at $633 million versus the consensus estimate of $660.72 million.

• Full year 2019 production guidance of 275 - 290 Mboe/d (68% - 70% oil), implies over 27% year over year growth from pro forma 2018 production
• Lowered full year 2019 capital budget for drilling, completion, midstream and infrastructure to $2.7 - $3.0 billion; expect to complete between 290 to 320 gross horizontal wells
• Full year 2019 Midland Basin drilling, completion and equip ("D,C&E") well costs of $770 - $800 per lateral foot, midpoint flat versus full year 2018 D,C&E guidance
• Full year 2019 Delaware Basin D,C&E well costs of $1,075 - $1,150 per lateral foot, midpoint down 7% versus full year 2018 D,C&E guidance
• Currently operating 21 rigs and plan to operate between 18 and 22 drilling rigs throughout 2019
• Rattler Midstream exercised its option and acquired a 10% equity interest in EPIC Crude Oil Pipeline project ("EPIC"); closed on its acquisition of a 10% equity interest in the Gray Oak Pipeline project ("Gray Oak")
• As previously announced, increasing annual cash dividend by 50% to $0.75 per common share to be payable quarterly beginning with Q1 2019 subject to Board approval

For earnings history and earnings-related data on Diamondback Energy (FANG) click here.

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