Diamondback Energy reports Q3 EPS $3.51, consensus $2.94

Reports Q3 revenue $3.92B, consensus $3.53B. Reports Q3 average oil production of 503.8 MBO/d. The company said, “Over the past two quarters, we reduced 2025 capital expenditures by $500 million versus our original 2025 guidance. This was done through a deliberate moderation of activity, coupled with material efficiency gains and synergy capture following the integration of recent acquisitions. Additionally, we benefitted from structural improvements in our cost base, including lower service pricing and an ever-optimizing supply chain given our size and scale. We expect capex to tick up moderately in the fourth quarter to $875 – $975 million as our activity reductions from earlier in the year ran through third quarter numbers and we are back to a capital run-rate where oil production is expected to be held flat. On the volume side, we are revising our annual oil production guidance up to a range of 495 – 498 MBO/d, an increase of 8 MBO/d at the midpoint. In addition, we are raising our annual BOE guidance by approximately 2%, now expected to fall within a range of 910 – 920 MBOE/d. These upward revisions primarily reflect the successful closing of the Sitio acquisition, coupled with continued improvements in gas capture efficiency that we highlighted last quarter.”