Key Highlights

  • Diamondback Energy (NASDAQ:FANG) reports third quarter 2026 results after the close on November 2, 2026, with a call on November 3; published consensus is EPS of USD 4.92 on Revenue near USD 4.29 billion.
  • Third quarter guidance calls for oil production of 517,000 to 527,000 barrels per day and cash capex of USD 950 million to USD 1,050 million; full-year oil output is guided to 522,000 barrels or more.
  • Second quarter adjusted EPS was USD 6.48 and adjusted free Cash Flow was USD 2,331 million, while net Debt fell about USD 1.6 billion to USD 12.3 billion.
  • Diamondback realized USD 96.82 per barrel of oil in the second quarter, or USD 94.33 after hedges, and declared a base Dividend of USD 1.10 per share.

What Diamondback Reports and the Bar

Diamondback Energy (NASDAQ:FANG) is scheduled to release third quarter results after the market close on November 2, 2026. Published consensus is EPS of USD 4.92 on revenue of about USD 4.29 billion, against USD 6.48 and USD 5.56 billion in the second quarter. Consensus EPS is therefore about 24 percent lower, simple arithmetic on two published numbers, which is notable with crude near USD 100. Second quarter production was 1,018 thousand barrels of oil equivalent per day, of which oil was 525 thousand barrels per day, and cash capex was USD 996 million, against full-year capex guidance of about USD 3.9 billion.

Cash Returns, Debt, and the Oil Price

Diamondback converts production into free cash flow, which then funds debt reduction, dividends and buybacks. In the second quarter it generated adjusted free cash flow of USD 2,331 million, repurchased 756,385 shares for about USD 141 million and cut net debt by about USD 1.6 billion to USD 12.3 billion. Full-year capex is unchanged at about USD 3.9 billion, and full-year oil production is guided to 522,000 barrels per day or more. Oil is the swing factor: WTI for December delivery fell 4.4 percent to USD 99.58 on October 30, 2026, and Brent traded near USD 109.87 on November 2 amid Iran-related headlines, according to published market data.

Risks and Dates to Watch

Risks include a drop in crude if diplomacy lowers risk premiums, higher well costs from casing and tubular inflation, and gas price exposure in the Permian. Management aims to cut exposure to Waha gas pricing to about 40 percent by year-end from roughly 70 percent. Published reports said a large insider stock sale of roughly USD 1.9 billion to USD 2 billion preceded an 8.03 percent share fall on September 16. Exxon Mobil (NYSE:XOM) hit a record high on October 30, showing the energy bid. Chevron (NYSE:CVX) also set a record that day, while the S&P 500 fell 1.8 percent.

Where Things Stand

The Permian producer is Diamondback Energy (NASDAQ:FANG), which guided third quarter oil output to 517,000 to 527,000 barrels per day. The balance of evidence is supportive on cash generation and debt reduction, but consensus EPS of USD 4.92 is about 24 percent below the second quarter and oil prices can move quickly on geopolitics. The report after the close on November 2 and the November 3 call will show whether volumes, costs and cash align.