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Diamondback Tops 1 Million Boe/d in Q2, Raises 2026 Production Guidance

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Diamondback Energy (FANG) reported Q2 earnings Monday, showing producing 1.018 million barrels of oil equivalent per day, up from 919,879 Boe/d a year earlier.

The company reported daily oil volumes of 525,176 barrels per day for the quarter ended June 30, up from 495,692 b/d in the year-ago quarter.

The company produced 47.8 million barrels of oil during the quarter, compared with 45.1 million barrels a year earlier, according to the company.

Natural gas production increased to 128.28 billion cubic feet for Q2, up from 110.12 Bcf for the same quarter last year, Diamondback said.

Natural gas liquids production rose to 23.44 million barrels, up from 20.25 million barrels, the company said.

Diamondback drilled 97 gross wells and 89 net wells while completing 168 gross wells and 157 net wells during the quarter, the company said.

The company increased its full-year 2026 oil production guidance to 522,000 b/d or more from 520,000 b/d or more.

Diamondback also raised total production guidance to 1 million Boe/d or more from 972,000 Boe/d or more, while keeping capital spending near $3.9 billion.

The company plans to spend about $3.31 billion on operated drilling and completion activities this year. The company expects average lateral lengths of about 12,900 feet and net completed lateral footage of 6.1 million to 6.5 million feet.

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