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By Denny Jacob
Diamondback Energy posted lower top and bottom line results for the latest quarter.
The oil and natural gas company logged net income of $915 million, or $5.07 a share, for the third-quarter ended Sept. 30, compared to $1.18 billion, or $6.72 a share, a year earlier. Adjusted earnings were $5.49 a share, above analysts’ estimates of $5.01 a share.
Revenue edged down to $2.34 billion from $2.44 billion. Analysts polled by FactSet expected $2.21 billion.
The Midland, Texas-based company drilled 79 gross wells in the Midland Basin and seven gross wells in the Delaware Basin in the quarter.
Diamondback’s third-quarter production averaged 452.8 thousand barrels of oil equivalent per day.
Write to Denny Jacob at [email protected]
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