MIDLAND, Texas (AP) _ Diamondback Energy Inc. (FANG) on Monday reported a first-quarter loss of $272 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Midland, Texas-based company said it had a loss of $1.72. Earnings, adjusted for non-recurring costs, came to $1.45 per share.
The results exceeded Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $1.32 per share.
The energy exploration and production company posted revenue of $899 million in the period, which missed Street forecasts. Nine analysts surveyed by Zacks expected $954.3 million.
Diamondback shares have fallen 54% since the beginning of the year. In the final minutes of trading on Monday, shares hit $42.50, a decrease of 57% in the last 12 months.