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Diamondback Energy Inc FANG

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Morningstar’s Analysis

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Diamondback and Viper Report Strong Q1 Results; Robust FCF to Drive Debt Reduction, Capital Returns

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

Diamondback and Viper's first-quarter results were strong, as expected, after both pre-announced key figures a few weeks ago. Diamondback's production for the first quarter was 307.4 thousand barrels of oil equivalent per day (mboe/d) ahead of Visible Alpha's consensus of 306 mboe/d, while Viper met Visible Alpha expectations of 26 mboe/d. We will maintain our fair values and narrow moat ratings for now while we update our models. Both firms are benefiting from the recent substantial increase in oil prices but are maintaining investment discipline in the face of potential OPEC+ supply additions that could disrupt the market.

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Company Profile

Business 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.

500 West Texas Avenue, Suite 1200
Midland, TX, 79701
T +1 432 221-7400
Sector Energy
Industry Oil & Gas E&P
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Hard Assets
Employees 732