Financial Performance - Diamondback Energy reported quarterly earnings of $2.67 per share, missing the analyst consensus estimate of $2.92 [1] - Quarterly revenue was $3.67 billion, exceeding the Street estimate of $3.36 billion and up from $2.48 billion in the same period last year [1] Operational Insights - The company indicated that U.S. shale oil production has likely peaked at current oil prices, with activity levels in the Lower 48 expected to remain depressed [2] - The U.S. oil-directed rig count has decreased by approximately 60 rigs this year, with 59 rigs lost in the second quarter alone [2] - The active completion crew count in the Permian Basin has declined to around 70 active crews, down over 25% from 2024 [2] Cash Flow and Expenditures - Net cash provided by operating activities was $1.7 billion, with Operating Cash Flow Before Working Capital Changes at $2.1 billion [4] - Cash capital expenditures totaled $864 million, while Adjusted Free Cash Flow was reported at $1.3 billion [4]