Diamondback Energy, Inc. (FANG) reported a substantial increase in profit for its second quarter compared to the same period last year, surpassing Wall Street expectations.
The company's net income amounted to $837 million, or $4.66 per share, up from $556 million, or $3.05 per share, achieved in the second quarter of the previous year.
When excluding special items, Diamondback Energy, Inc. posted an adjusted net income of $813 million, or $4.52 per share.
Analysts, according to Thomson Reuters, had projected an average earnings estimate of $4.51 per share, typically excluding special items.
For the quarter, the company's revenue surged by 29.4%, reaching $2.483 billion compared to $1.919 billion in the prior year.
Summary of Diamondback Energy, Inc.'s Q2 financial performance (GAAP):
- Earnings: $837 million vs. $556 million last year
- EPS: $4.66 vs. $3.05 last year
- Revenue: $2.483 billion vs. $1.919 billion last year
