EarningsQ2 2026 Earnings Report
MX:FANG Q2 2026 EPS Results
Actual EPS$117.16
Consensus EPS$109.89
Beat/MissBeat by +$7.27
One Year Ago EPS$48.27
MX:FANG Q2 2026 Revenue Results
Actual Revenue$100.56B
Expected Revenue$88.35B
Beat/MissBeat by +$12.21B
YoY Revenue Growth+51.22%
Earnings Announcement Details
QuarterQ2 2026
Date08/03/2026
TimeAfter Close
Conference CallMonday, August 3, 2026
MX:FANG Upcoming Earnings
Diamondback's next earnings date is estimated for November 2, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:FANG Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted multiple operational and financial wins: production outperformance (~4% YTD), significant net-debt reduction ($1.6B / ~$5.60 per share), LOE below $6/bbl, gas-marketing improvements, early positive EOR results, and progress on Barnett and a shovel-ready power/data center project. Headwinds cited included ongoing macro volatility, some inflationary pressures (notably casing and consumables), variability in EOR outcomes, and near-term infrastructure/maturity considerations. On balance the company presented more concrete operational and financial positives than negatives and emphasized disciplined, flexible capital allocation.Company Guidance
Production Growth Execution
Company increased production ~4% year-to-date vs. the original plan (management noted they were the first to raise production in March by 3%–4% and are ~4% above the start-of-year level). Management expects low single-digit organic growth into 2027 while running five frac crews and remaining capital-efficient.
Net Debt Reduction and Shareholder Value
Net debt was reduced by $1.6 billion in the quarter, which management quantified as roughly $5.60 of value per share moved from debt to equity.
Operational and Capital Efficiency Gains
Drilling and completion efficiency improved materially (lateral lengths increasing, unit well cost reductions). Team cited drilling-cost targets and wins (e.g., Barnett drilling approaching ~$400/ft and company-level stretch goals of $300/ft on some programs). Management highlighted continuous improvement: faster drilling cadence (historical references from ~30 days to ~5 days in some contexts) and a goal of 5,000+ feet drilled per day per crew on high-performing pads.
LOE and OpEx Performance
On a per-barrel basis LOE fell below $6/bbl in the quarter (driven largely by production outperformance while total OpEx dollars were roughly flat quarter-over-quarter). Management guided to LOE near the $6 range going forward, with upside if volumes remain strong.
Gas Marketing and Waha/Egress Improvement
Waha prices firmed and Waha was positive for July as new pipeline projects progressed (Energy Transfer and WhiteWater announcements). Company reported gas production materially outperforming expectations due to improved local gas marketing, split connects, reduced flaring and better G&P performance.
Barnett Program Progress and Value Creation
Barnett position expanded and blocked up; first 4-well pad drilled with completions forthcoming. Management said Barnett value in NAV moved from a few hundred million to multi-billion dollar range as the position was built at low cost of entry and is now high-return exposure.
EOR Pilot Early Positive Results
Enhanced oil recovery (surfactant) work: a 12‑well pilot executed this quarter with initial results described as "very positive." Management reported some wells showing significant uplift (examples up to 3–4x) and average incremental gains in the order of ~100–150 bbl/d on treated wells in early sets, with plans to expand learnings into additional pads.
Shovel-Ready Power / Data Center Project
Announced a bridge-to-grid project at Bryant Ranch to deliver scalable behind-the-meter power near Midland: first gas possible in H2 2027 via behind-the-meter recip units and grid-connected power targeted as soon as 2028 (Batch Zero interconnection decision expected Aug 20). Management indicated they are setting aside roughly $200–$250 million for the project and see gas egress and midstream optionality as key value drivers.
MX:FANG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed