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Diamondback: Q1 Earnings Snapshot

By AP News - May 01, 2023, 04:18 PM ET

Last Updated - Jun 22, 2023, 12:23 AM EDT

MIDLAND, Texas (AP) — MIDLAND, Texas (AP) — Diamondback Energy Inc. (FANG) on Monday reported first-quarter net income of $712 million.

The Midland, Texas-based company said it had net income of $3.88 per share. Earnings, adjusted for non-recurring costs, were $4.10 per share.

The results fell short of Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $4.36 per share.

The energy exploration and production company posted revenue of $1.93 billion in the period, also falling short of Street forecasts. Ten analysts surveyed by Zacks expected $1.95 billion.

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