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Diamondback Energy Jumps on Earnings Beat, $2 Billion Share Buyback Plan

Tony Owusu

"After closing the Energen acquisition in the fourth quarter of 2018, we ensured that Diamondback get off to a fast start in 2019 and showcase the strength of our operations organization and low-cost structure on a larger scale. During the first quarter of 2019, we successfully integrated the addition of almost 300 employees and displayed our best in class execution metrics on a larger capital plan," said CEO Travis Stice. The mixed earnings were offset, however, by the company's announcement of a $2 billion share buyback plan that will return value to existing shareholders by reducing the number of outstanding shares the company trades.