Diamondback Energy raises dividend and oil production forecast

Diamondback Energy exceeded third-quarter expectations, reporting a profit of 1.6 billion dollars compared to approximately 1.0 billion dollars in the previous year. Revenue rose by 38.4 percent to 5.43 billion dollars, surpassing market expectations of 4.68 billion dollars.

The Permian Basin producer increased its quarterly dividend by 7.3 percent to 1.18 dollars per share. The company also raised its annual oil production forecast to approximately 524,000 barrels per day, up from the previous minimum estimate of 522,000 barrels.

Financial discipline remains a focus as the company reported free cash flow of 2.1 billion dollars and continued debt reduction, including the redemption of 698 million dollars in bonds due in 2026. Additionally, Diamondback repurchased 1.3 million shares for approximately 251 million dollars during the quarter.