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Diamondback Energy misses Q2 adjusted income estimates, updates FY'19 guidance

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Diamondback Energy misses Q2 adjusted income estimates, updates FY'19 guidance

Diamondback Energy Inc. on Aug. 6 reported $280.0 million, or $1.70 per share, in adjusted net income for the second quarter, compared to $158.0 million, or $1.59 per share, in the year-earlier quarter.

The S&P Global Market Intelligence consensus normalized earnings estimate for the second quarter was $1.75 per share.

Net income totaled $349.0 million, compared to $219.0 million in the prior-year period. Revenue was $1.02 billion, compared to $527.0 million in the second quarter a year ago.

The Permian Basin pure-play producer produced 280,365 barrels of oil equivalent per day in the second quarter, compared to 112,592 boe/d a year earlier.

Diamondback revised its 2019 production guidance to between 277,000 boe/d and 284,000 boe/d, up slightly at the midpoint from the previous guidance of between 272,000 boe/d and 287,000 boe/d. The producer also changed its capital expenditure guidance for the year to $2.73 billion to $2.95 billion, down at the midpoint from the prior guidance of $2.7 billion to $3.0 billion.