Diamondback Energy said second-quarter 2026 production reached 1,018 thousand barrels of oil equivalent per day, above the 1 million barrel of oil equivalent per day mark. Average oil production was 525,000 barrels per day.
Net cash from operating activities was $3.6 billion, and free cash flow and adjusted free cash flow each came to $2.3 billion, against cash capital expenditures of $996 million. Net income attributable to the company was $1,882 million, or $6.65 per share. Adjusted net income was $1,833 million, or $6.48 per diluted share.
Debt down, buybacks and dividend up
Diamondback Energy cut total debt by about $1.3 billion from the prior quarter to $12.8 billion, and net debt by about $1.6 billion to $12.3 billion. The company repurchased 756,385 shares for about $141 million in the quarter and declared a base cash dividend of $1.10 per share, which implies a 2.2% annualized yield.
In July, the board doubled the share repurchase authorization to $16.0 billion from $8.0 billion, with about $9.9 billion still available. Diamondback has repurchased another 547,716 shares for about $100 million so far in the third quarter.
Guidance raised, capital budget unchanged
The company raised its full-year 2026 oil production guidance to 522,000 barrels per day or more, from 520,000 or more, and total production guidance to 1,000,000 boe/d or more, from 972,000 or more. Full-year cash capital expenditures guidance is unchanged at about $3.9 billion. For the third quarter, Diamondback guided to oil production of 517,000 to 527,000 barrels per day and cash capital expenditures of $950 million to $1,050 million.
In the quarter, Diamondback drilled 97 gross wells (89 net) and completed 168 gross wells (157 net). Over the first six months of 2026, it drilled 215 gross wells (200 net) and completed 315 gross wells (294 net).
