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Diamondback Energy -3% after missing on Q4 earnings, revenues

Feb. 19, 2019 6:34 PM ETDiamondback Energy, Inc. (FANG) StockFANGBy: Carl Surran, SA News Editor7 Comments
  • Diamondback Energy (NASDAQ:FANG-3.4% after-hours following a sharp Q4 earnings miss despite a 58% Y/Y revenue increase, which also came in at a slightly lower than expected $633M.
  • FANG trims the high end of its FY 2019 capital spending outlook and now expects $2.7B-$3B from earlier guidance of $2.7B-$3.1B but still far higher than 2018 capex of $1.66B.
  • FANG reports Q4 production of 182.8k boe/day (71% oil), up 49% Q/Q and 97% Y/Y, and forecasts FY 2019 production of 275K-290K boe/day, implying 27% Y/Y growth from pro forma FY 2018 production.
  • The company says it outspent cash flow during Q4 "due to the dramatic decline in commodity prices and one time merger related expenses. However, outspending cash flow is against our operating philosophy, and therefore we addressed the issue as quickly as possible by announcing a reduction in activity levels in late 2018 and acting on that plan immediately in 2019."
  • FANG currently operates 21 rigs and says it plans to operate 18-22 drilling rigs throughout 2019.
  • FANG also expects realized pricing in Q1 2019 to be weaker than the current Midland market but improve from Q2 onward; the company expects to realize 87%-92% of WTI crude oil prices in H1 2019, 90%-95% of WTI in H2 and 100% in 2020.

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