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Diamondback Energy (FANG) investor relations material
Diamondback Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Maintains capital discipline and operational flexibility, focusing on free cash flow per share and shareholder returns, even as peers accelerate activity at current oil prices.
Achieved average Q3 2025 oil production of 503.8 MBO/d (942.9 MBOE/d), with net income of $1.0–$1.02 billion and free cash flow of $1.8 billion ($6.09/share).
Major acquisitions (Double Eagle, Sitio) and significant divestitures (EPIC Crude Holdings, water assets) generated over $1.1 billion in cash proceeds, used to reduce debt and enhance liquidity.
Returned $892 million (~50% of Q3 2025 adjusted FCF) to stockholders via dividends and share repurchases; share buyback program increased to $8.0 billion, with $3.0–$3.1 billion remaining.
Maintains a $4.00/share annual base dividend, protected down to $37/Bbl WTI, and prioritizes at least 50% of adjusted free cash flow to shareholders.
Financial highlights
Q3 2025 revenues were $3.9 billion, with adjusted EBITDA of $2.4–$2.64 billion and adjusted FCF margin improving to 45% year-over-year.
Cash capital expenditures for Q3 2025 were $774 million, with a reinvestment rate of 31%–37% YTD.
Net debt at September 30, 2025, was $15.8–$15.9 billion, with $2.4 billion in liquidity and investment grade credit ratings.
Free cash flow per share up 15% year-over-year, despite a 14% decline in oil prices.
Lease operating expenses for Q3 2025 were $5.65/BOE, and total operating expenses per BOE were $10.05.
Outlook and guidance
Full-year 2025 oil production guidance raised to 495–498 MBO/d (910–920 MBOE/d); Q4 2025 oil production guidance set at 505–515 MBO/d.
Q4 2025 CapEx guidance is $875M–$975M, with full-year CapEx narrowed to $3.45–$3.55 billion.
Plan to drill 445–465 gross wells and complete 510–520 gross wells in 2025, with an average lateral length of ~11,500–12,060 feet.
Waha gas exposure expected to drop from 70% to just over 40% by year-end 2026, improving gas realizations.
Cautious macro outlook, maintaining a “yellow light” stance due to supply/demand uncertainty and commodity price volatility.
Capital allocation strategy for remaining $3B buyback
Midland Basin's role in 2025 production growth
Divestiture proceeds impact on net debt
Red light oil price threshold and capital plan
Update on power gen and data center projects
Future of Barnett/Woodford and lateral length
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Next Diamondback Energy earnings date
Q4 202524 Feb, 2026
Next Diamondback Energy earnings date
Q4 202524 Feb, 2026
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Frequently asked questions
Diamondback Energy, Inc., an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. Diamondback Energy, Inc. was founded in 2007 and is headquartered in Midland, Texas.
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