Diamondback Energy, Inc. announced its first‑quarter 2026 financial and operating results on May 4, 2026. The company reported average oil production of 521.0 MBO/d (979.4 MBOE/d) and net cash provided by operating activities of $1.8 billion, with operating cash flow before working capital changes of $2.6 billion. These figures support a free cash flow of $1.7 billion and an adjusted free cash flow of $1.7 billion.
In the Permian‑Basin‑focused portfolio, Diamondback completed 118 wells and 147 lateral completions in the Midland Basin during the quarter, with an average completed lateral length of 11,332 ft. The company’s average cash cost per BOE was $11.26, compared to $10.31 in the prior quarter, driven by higher lease operating expenses of $6.21 versus $5.91.
Capital discipline continued as Diamondback spent $933 million on cash capital expenditures, including $784 million on operated drilling and completion additions and $149 million on non‑operated additions. The company repurchased 3.3 million shares for approximately $548 million and raised its Q1 2026 base cash dividend to $1.10 per share, a 10 % year‑over‑year increase. Total return of capital reached $859 million, representing about 50 % of adjusted free cash flow.
Looking ahead, Diamondback updated its 2026 guidance, raising annual oil production to 520+ MBO/d (from 500–510 MBO/d) and total BOE production to 972+ MBOE/d (from 926–962 MBOE/d). The company also lifted full‑year cash capital expenditures to roughly $3.90 billion (from $3.75 billion) and set Q2 2026 oil production guidance at 515–525 MBO/d (950–990 MBOE/d) with cash capex of $925–$1,025 million.
