Diamondback Energy Full Year 2022 Earnings: Revenues Beat Expectations, EPS In Line
Diamondback Energy (NASDAQ:FANG) Full Year 2022 Results
Key Financial Results
Revenue: US$9.57b (up 49% from FY 2021).
Net income: US$4.39b (up 101% from FY 2021).
Profit margin: 46% (up from 34% in FY 2021). The increase in margin was driven by higher revenue.
EPS: US$24.84 (up from US$12.35 in FY 2021).
FANG Production and Reserves
Oil Reserves and Sales Price
Proven reserves: 1069.508 MMbbls.
Average sales price/bbl (hedged): US$86.76.
Gas Reserves and Sales Price
Proven reserves: 2868.861 Bcf.
Average sales price/mcf (hedged): US$4.12.
LNG Reserves and Sales Price
Proven reserves: 485.319 MMbbls.
Average sales price/bbl (hedged): US$35.07.
Combined Production and Costs
Oil equivalent production: 140.892 MMboe (137.002 MMboe in FY 2021).
Average production cost/Boe: US$10.80 (US$8.77/Boe in FY 2021).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Diamondback Energy Revenues Beat Expectations
Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) was mostly in line with analyst estimates.
Looking ahead, revenue is expected to fall by 5.2% p.a. on average during the next 3 years compared to a 5.8% decline forecast for the Oil and Gas industry in the US.
Performance of the American Oil and Gas industry.
The company's shares are down 3.2% from a week ago.
Risk Analysis
Don't forget that there may still be risks. For instance, we've identified 4 warning signs for Diamondback Energy (1 is concerning) you should be aware of.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Join A Paid User Research Session
You’ll receive a US$30 Amazon Gift card for 1 hour of your time while helping us build better investing tools for the individual investors like yourself. Sign up here
