Diamondback to Report Third-Quarter Results After Market Close, Targets Production Above 1 Million BOE
Key Facts
Diamondback Energy plans to release its third-quarter 2026 financial results after the market closes on November 2, according to an investor relations announcement. The date follows official data showing unhedged realized prices for the quarter of $87.30 per barrel of oil, $1.12 per thousand cubic feet of natural gas and $20.02 per barrel of natural gas liquids. The company also forecast a net loss of $97 million on cash derivative settlements and a non-cash net loss of $85 million on derivatives for the same period. These figures put selling prices and hedge settlements among the indicators ahead of the quarterly financial results. Management is scheduled to discuss the results on a conference call and webcast the following morning.
Diamondback’s third-quarter guidance sets oil production at 517,000 to 527,000 barrels per day and total production at 995,000 to 1.015 million barrels of oil equivalent per day. The company estimated cash capital expenditures for the period at $950 million to $1.05 billion. These ranges provide a basis for comparing actual production and spending figures when the report is released. In the second quarter, average oil production was 525,000 barrels per day, while total production reached 1.018 million barrels of oil equivalent per day. Thus, oil production in the prior quarter was within the third-quarter guidance range, while total production exceeded its upper limit.
The company had raised its 2026 annual oil production guidance to 522,000 barrels per day or more, from 520,000 or more previously. It also raised its total production target to 1 million barrels of oil equivalent per day or more, compared with previous guidance of 972,000 or more. The update came with its second-quarter results, in which Diamondback reported average oil production of 525,000 barrels per day and total production of 1.018 million barrels of oil equivalent per day. The revised annual targets provide a broader framework for reading the quarterly report, linking the quarter’s performance to the company’s full-year outlook. The published figures will be watched for how actual production compares with the announced quarterly and annual guidance.
On liquidity and financing, Diamondback reported free cash flow of $2.3 billion in the second quarter of 2026. The company reduced its total debt by about $1.3 billion quarter over quarter, to $12.8 billion at the end of the period. These indicators provide a prior financial backdrop for reading the third-quarter figures, alongside cash capital expenditure guidance of $950 million to $1.05 billion. The cash flow figures also coincide with the derivative losses the company forecast for the third quarter, $97 million in cash and $85 million non-cash. The upcoming results will provide a new period for comparing production, spending and cash flows with the prior quarter’s baseline.
Diamondback is an independent oil and natural gas company headquartered in Midland, Texas, focused on unconventional onshore reserves in the Permian Basin of West Texas. This focus makes oil and gas production levels and resource development costs key elements of the company’s quarterly guidance. First-quarter data showed average oil production of 521,000 barrels per day and total production of 979,400 barrels of oil equivalent per day. Compared with the second quarter, average oil production rose to 525,000 barrels per day, and total production reached 1.018 million barrels of oil equivalent per day. These sequential figures provide context for the production levels the company will report for the third quarter.
The company scheduled its results call for November 3, 2026, at 8:00 a.m. Central time. That corresponds to 9:00 a.m. Eastern time, meaning the two reported times refer to the same event in different time zones. The call will follow the release of results scheduled after the market closes on November 2. The third-quarter report and management call will be the next opportunity to compare actual production and spending with the company’s guidance. The results will also place the selling prices and derivative losses disclosed in October in the context of the period’s financial performance.