Diamondback Energy Inc

FANG: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Diamondback Earnings: We See Astute Capital Allocation Decisions From Capital Efficient Production

Joshua Aguilar , Christian Fleming

May 5, 2026

Diamondback's oil production of 521 mb/d easily exceeded our expectations this quarter. Importantly, higher production came in relatively in line with capex guidance, while cash unit costs (per boe) of $11.26 came in a bit lower. Diamondback returned roughly 50% of its adjusted free cash flow.

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Diamondback Energy Inc

Diamondback Earnings: We See Astute Capital Allocation Decisions From Capital Efficient Production

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