FANG
NASDAQ · Energy · Oil & Gas Exploration & Production · US
Research · Oct 29, 2026
[FANG] Diamondback Energy: Q3 2026 Earnings Test Oil Output After the DUC Drawdown
Diamondback Energy pumped 525,200 barrels of oil a day in Q2 2026 and cut net debt to $12.3 billion; Q3 earnings test whether output holds after its DUC drawdown.
Research · Sep 3, 2026
[FANG] Diamondback Energy Thesis 2026: Endeavor Integration Synergies Compound the Permian FCF Machine
Diamondback's FY2025 was the first full Endeavor integration year, delivering ~895K BOE/d production and ~$4.7B FCF at ~$72 WTI. Base dividend ~$4.00/share with ~$0.8B variable dividends and ~$1.2B buybacks returned ~75% of FCF. Endeavor synergies ($300-400M recognized) are on track toward $750M+ annual target. FY2026 thesis is oil price arithmetic: WTI above $65 sustains $3.5B+ FCF and variable dividends; below $60 pressures the variable payout and tests the capital return commitment against the $26B Endeavor leverage.