Diamondback Energy, Inc. FANG shares are trading higher on Tuesday after the company reported better-than-expected 2024 fiscal-year fourth-quarter earnings on Monday after the market closed.

What To Know: The company reported sales of $3.71 billion, beating analysts’ estimate of $3.53 billion. Additionally, it reported adjusted free cash flow of $1.4 billion and cash capital expenditures of $933 million.

Diamondback reported net cash from operating activities of $2.3 billion. Furthermore, it announced an average production of 475.9 MBO/d (883.4 MBOE/d).

The company increased its annual base dividend by 11% to $4.00 per share and repurchased $402 million worth of stock, or 2,326,247 shares, during the fourth quarter.

“2024 was arguably the most transformational year in the company’s history. In February, we announced the $26 billion merger with Endeavor Energy, creating the must-own Permian Pure Play,” the company said in a letter to shareholders.

“The merger not only made Diamondback bigger, with a combined ~722,000 net acres in the core of the Midland Basin, but better, giving Diamondback the ability to bring its industry-leading operational structure onto a world-class asset with differentiated inventory quality and duration.”

Diamondback announced guidance for the 2025 fiscal year. It sees oil production from 485 to 498 MBO/d (883 – 909 MBOE/d) and cash capital expenditures between $3.8 billion and $4.2 billion.

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FANG Price Action: At the time of writing, Diamondback shares are trading 0.34% higher at $155.79, according to data from Benzinga Pro.

Image: via Diamondback Energy