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Diamondback Energy(FANG) - 2025 Q2 - Earnings Call Presentation

Financial Performance & Capital Allocation - Diamondback generated $1242 million of Free Cash Flow ("FCF") in Q2 2025, which is $425 per share, and $1334 million of Adjusted FCF, which is $457 per share[16] - The company expects to generate at least $58 billion of Adjusted FCF in 2025 at current commodity prices[16] - Diamondback is committed to returning at least 50% of quarterly FCF to stockholders[16] - Q2 2025 return of capital was $691 million, representing approximately 52% of Q2 2025 Adjusted FCF, distributed through base dividend and share repurchases[15, 16] - The company's share repurchase authorization increased by $20 billion, from $60 billion to $80 billion, with approximately $35 billion remaining[16] Production & Cost Efficiency - Q2 2025 oil production reached 4957 Mbo/d, and total production was 9199 Mboe/d[23] - Oil production per million shares was 1697 Bo/d, up 10% year-over-year[23] - The company's unhedged realized cash margin was 73% in Q2 2025[23] - Total operating cash expenses were $1010 per Boe[23] Asset Base & Strategy - Diamondback has significant scale with approximately 859000 net acres and approximately 490 Mbo/d (approximately 905 Mboe/d) of run-rate production beginning in Q3[18] - The company has approximately 9600 gross Permian Basin locations economic at $50 / Bbl[19] - Diamondback's annual base dividend is $400, representing a 27% current yield[16]