Diamondback Energy, Inc. reported significant financial results for the third quarter and the first nine months of 2024, reflecting both revenue growth and strategic acquisitions. For the three months ended September 30, 2024, total revenues reached $2,645 million, a notable increase from $2,340 million in the same period of 2023. Oil sales specifically rose to $2,160 million, up from $1,997 million year-over-year. However, total costs and expenses surged to $1,935 million, compared to $1,000 million in Q3 2023, leading to a net income of $708 million, down from $993 million in the prior year. Net income attributable to Diamondback was $659 million, a decrease from $915 million in Q3 2023, resulting in basic earnings per share of $3.19, down from $5.07.
For the nine months ended September 30, 2024, total revenues increased to $7,355 million from $6,184 million in 2023, with net income rising slightly to $2,411 million from $2,325 million. The net income attributable to Diamondback was $2,264 million, compared to $2,183 million in the same period last year, with basic earnings per share remaining relatively stable at $12.00, down from $12.01.
Strategically, Diamondback completed several acquisitions, including the Endeavor Acquisition on September 10, 2024, for $7.3 billion, which added approximately 500,849 gross acres primarily in the Permian Basin. This acquisition was funded through cash on hand, proceeds from a $5.5 billion senior notes issuance, and borrowings under credit agreements. Additionally, the company executed the Viper Q and Viper M acquisitions on September 3, 2024, for $114 million and $76 million, respectively, enhancing its royalty interests in the Permian Basin.
The company also reported a significant increase in total debt, which rose to $12,923 million as of September 30, 2024, compared to $6,641 million at the end of 2023. This increase was primarily due to the financing of recent acquisitions. In terms of operational performance, Diamondback drilled 71 gross horizontal wells in the Midland Basin and 5 in the Delaware Basin during Q3 2024, with an average production of 571.1 MBOE/d.
Overall, while Diamondback Energy experienced revenue growth and strategic expansion through acquisitions, it faced increased costs and a decline in net income compared to the previous fiscal period.
About Diamondback Energy, Inc.
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