Benzinga | Aug 2, 2021 04:37PM EDT

Diamondback Energy: Q2 Earnings Insights

Shares of Diamondback Energy (NASDAQ:FANG) fell in after-market trading after the company reported Q2 results.

Quarterly Results

Earnings per share rose 1500.00% year over year to $2.40, which beat the estimate of $2.12.

Revenue of $1,681,000,000 up by 295.53% year over year, which beat the estimate of $1,320,000,000.

Looking Ahead

Diamondback Energy Lowers FY21 CAPEX Guidance To $1.525B-$1.625B. Down 6% From Prior Guidance

Price Action

52-week high: $102.53

Company's 52-week low was at $23.63

Price action over last quarter: down 2.46%

Company Description

Diamondback Energy is an independent oil and gas producer in the United States. The company operates exclusively in the Permian Basin. At the end of 2020, the company reported net proven reserves of 1.3 billion barrels of oil equivalent. Net production averaged about 300,000 barrels per day in 2020, at a ratio of 60% oil, 20% natural gas liquids, and 20% natural gas.