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Diamondback Energy is an independent oil and natural gas company. Focused on the acquisition, development, exploration, and production of unconventional, onshore oil and natural gas reserves, the company primarily operates in the Permian Basin in West Texas, expanding into the top oil producer focused exclusively on the Permian. Diamondback has grown through strategic acquisitions, including the recent $26 billion merger with Endeavor Energy Resources, making it one of the largest producers in the country. Diamondback continues to play a significant role in meeting the nation’s energy needs.

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Diamondback Energy (FANG): Company Profile, Stock Price, News, Rankings

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Diamondback Energy

diamondback energy

Hello, and welcome to Diamondback Energy Fourth Quarter twenty twenty four Earnings Call. At this time, all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session. To ask the question during the session, you will need to press 11 on your telephone. I would now like to turn the conference over to Adam Lawless, Vice President of Investor Relations.

Thank you, Towada. Good morning, and welcome to Diamondback Energy's fourth quarter twenty twenty four conference call. During our call today, we will reference an updated investor presentation and letter to stockholders, which can be filed on Diamondback's website. Representing Diamondback today are Travis Dies, Chairman and CEO, Case Vanthoff, President, Danny Wesson, COO and Gerry Thompson, CFO. During this conference call, the participants may make certain forward looking statements relating to the company's financial condition, results of operations, plans, objectives, future performance and businesses.

We caution you that actual results could differ materially from those that are indicated in these forward looking statements due to a variety of factors. Information concerning these factors can be found in the company's filings with the SEC. In addition, we will make reference to certain non GAAP measures. The reconciliations with the appropriate GAAP measures can be found in our earnings release issued yesterday afternoon. I'll now turn the call over to Travis Dice.

Thank you, Adam, and welcome everyone, and I appreciate you joining this morning. I hope you find the shareholder letter a meaningful way to communicate. And also as Adam pointed out, we've got an updated investor deck out there that we can reference during our questions this morning. Operator, if you'll please open the line for questions.

Thank you. Our first question comes from the line of Neal Dingmann with Truett Securities. Your line is open.

Good morning. And Travis, congratulations, not only

to you, but Mr. Kees and Jerry, but especially for a fantastic career. Look forward to seeing you soon. My first question, maybe just around that, again, another great quarter. My first question is really around the free cash flow sensitivity that you all show on Slide 13.

Specifically, when looking at that, I'm just wondering you put a comment that I noticed on the bottom of the slide, suggesting now around $67 a barrel produced the same free cash flow at $76 dollars last year. I'm just wondering, is this continued achieved through the larger scale? Is this a lot of the completion driver? I'm just wondering maybe if you could talk and discuss the drivers behind all this.

Yes, Neal. It's a new number that we're going to start to look at here. I kind of equate that number to your the same thing as a dividend breakeven. It's basically what oil price gets you the same free cash flow per share as the prior year. And if that number is going down, down, capital efficiency is improving or you've done an accretive deal.

And when we announced the Endeavor deal a little over a year ago, we said we'd have 10% plus free cash flow per share accretion. And here you are a year later showing that free cash flow per share is going down by $9 a barrel to equal the same number as last year. So it's going to be tough to keep moving that number down $9 a barrel every year, but I think through a lower share count, lower cost structure and quality inventory, that's certainly going to be the goal.

Great direction. I think it just keeps dropping. And then my second question, maybe on your D and C plans, I was wondering, can you talk about maybe I don't know, Kay, do you look at it completions per simul frac crew or maybe talk I'm just noticing the amount of completed wells and you all talk about sort of four to five of these simul fracs. And then secondly, noticed you all continue to complete several more wells than you drill like you did last year, maybe just discuss that.

Yes. So on the DUC drawdown, we're drilling less wells and we're completing a combination of things. We were ahead of plan last year, so we drilled more wells than we expected. And then we also acquired a lot of DUCs with the Endeavor deal, a smaller amount with the TRP deal that closed earlier this year. So there's a pretty significant DUC drawdown planned in the CapEx budget.

I would just say if we're ahead of schedule and CapEx is looking good for the year, we'll probably reduce that drawdown and drill a few more wells, particularly right now given that putting pipe in the ground on the drilling side is almost as cheap as it's been in the last five or six years. So I think we have flexibility in the plan, but really seeing the efficiencies come through here, right, with drilling over 400 wells with 15 or 16 rigs this year versus last year. Going into the year, we thought we're going to drill two eighty wells Diamondback stand alone with 15 or 16 rigs. And then on the frac side, basically the simulfrac fleets are getting about 100 wells per fleet per year. That's kind of up from 80 a year ago.

Just continued efficiencies in the field and that's partly due to the higher pump rate that we've implemented from some of the learnings from Endeavor. And I think we're still looking at ways to push that even higher. We're trying some things that might get us closer to 110, one hundred and 20 wells per year. It's not on the plan today, but that's some upside that we could accrue to our shareholders.

Perfect. Thanks. Look forward to seeing you all.

Please standby for our next question. Our next question comes from the line of Neil Mehta with Goldman Sachs. Your line is open.

Yes. Good morning and congratulations, Travis and congratulations, Case. I think one of the takeaways it seems from the deck is and post the Double Eagle acquisition is that there might be a pause as it relates to M and A given that it feels like you've consolidated a lot of the quality positions in the Permian. So, case Travis, just love your perspective on that. And if that's the case, how do you think about leaning into the share repurchase program at these valuation levels?

Good morning, Neil. Thank you for your comments as well too. We tried to articulate during the announcement of the double Eagle trade that this was really the last opportunity in the core of the Midland Basin. And if it in fact is the last opportunity, then there's really not much left on a go forward basis. So that's our strategy is to we took advantage of probably what was among the last meaningful assets in the Midland Basin.

Yes. Neil, not saying we're never going to do another deal again, but certainly need to digest here the quality of the inventory that we have, puts us in a really good position to move more towards the other side of the capital allocation discussion, which is the share repurchases and reducing the enterprise value. And I think at these levels, it's very obvious that share repurchases is a great use of capital. At $70 oil, this business generates $20 a share of free cash flow in 2025 at current prices that's essentially a 12.5%, thirteen % yield. So for us that's cheap.

And our goal is to continue to make our stock look cheap by improving per share metrics. And I think that's what we've laid out here with the 2025 plan.

Yes. And, Keith, on that buyback program, you have a very concentrated shareholder coming out of the Endeavor transaction. So how do you think about maintaining the dry powder for potential sell downs there? And how should the market be thinking about your largest shareholder in general?

Yes. I mean, I think the market should realize that we have a long term patient shareholder in the Stevens family that has known this basin for forty five years and is very, very comfortable with the decision they made in merging with Diamondback. This isn't a private equity investment that has to monetize for FundLife. There's a lot of patience from their side and we have conversations with them just like all of our other shareholders and they like our other shareholders you can see on Page one of our roster are encouraging us to lean into our buyback right now because stock is cheap and the best use of capital is to buy back our shares. So lastly, I'd probably say that I think the market has got a little ahead of this lock up expirations over the coming months.

And in my mind, there's a lot of other ways to reduce ownership that aren't well telegraphed marketed deals and that's stuff that we're thinking about. I think we have the balance sheet capacity and the free cash flow generation most importantly to get creative on that front while still buying back shares in the open market.

Thank you. Please stand by for our next question. Our next question comes from the line of John Freeman with Raymond James.

Yes, good morning. And you have a remarkable career, Travis, and congratulations, Case Gerry, on the well deserved promotion. I just want to start on looking at the midstream budget, the roughly $415,000,000 on the midstream infrastructure budget. Is there anything that sort of onetime in nature related to either kind of Double Eagle or Endeavor transactions where you kind of either had to put in some infrastructure, facility upgrades, anything like that that we should be aware of?

Yes, John. I think one thing we highlighted is that there is $60,000,000 of midstream CapEx in there, traditional midstream CapEx from the Endeavor water business, EDS. If that business were to monetize likely into our Deep Blue JV, That would reduce our CapEx burden depending on the timing of that deal. And I think second to that, we have some kind of accelerated environmental CapEx this year and probably a little bit next, but that's to the tune of $60,000,000 or $70,000,000 of one time this year. So a couple of things going away in the future.

I'd say in general, we'd like to get that midstream or sorry that infrastructure and other budget down to kind of 5% to 7% of total capital from where it is today. And the teams we've put it in Travis' letter. The teams have already worked on a best in class combined facility design that we expect will save us $1,500,000 or 10% or so per facility. And that will add up over the years as we develop the asset base.

That's great. And then just a follow-up on Neil's earlier question on the DUCs. Can you just remind us just rough numbers, where you all sort of stood on DUCs, kind of pro form a for the Double Eagle transaction?

Yes. We're carrying around just a little over 200 ducks total, $2.50 ducks total pro form a the Double Eagle transaction. And Double Eagle is coming over with about 50 widths that what you would add to that number that we call work in place wells that we don't expect that will be dug. They'll be brought online kind of sometime between now and close.

That's great. Thanks guys. Appreciate it.

Thank you. Please stand by for our next question. Our next question comes from the line of David Deckelbaum with TD Cowen. Your line is open.

Thanks for taking my questions guys and just echo everyone's congrats to you Travis, Case and Gerry. I was hoping just to step

a second just to revisit. I mean obviously, Case you made some comments about the attractiveness of valuation shares right now in the context of Stephens family as well. You guys have this $1,500,000,000 commitment on asset sales and I think you bridge that with free cash down to almost $10,000,000,000 of net debt by the end of

you think about the flexibility of getting above that 50% return of capital this year when you'd appreciate where your shares are now relative to how you see valuation? Or should we be looking for that net debt trigger before kind of getting away from that 50% at least 50% commitment?

Yes. I mean, David, I think that at least 50% commitment is going to remain regardless of the situation. Now the execution of that whether it's above 50% or not, I think will depend on the market conditions. And I think we in Q4 for instance, we leaned in a little bit. I think free cash flow beat even our internal expectations, but we were fully prepared to go over 50% of free cash return in Q4 given the volatility we saw in December.

I'd probably lean against going to 75 or 100 in these market conditions. I don't think we're there. I think we got to get these non core asset sales done and debt down. But we have a lot of levers to pull and I think we saw more volatility than we're seeing right now, we'd be leaning in.

I appreciate that. And just the follow-up on the infrastructure spend, obviously a trajectory coming down with some of the synergies of facility design. You talked about the potential with the sale to Deep Blue. But just also wanted to bring up like the slide around surface acreage and power generation. How do you feel or how do you think about sort of financing your own internal power needs?

How sort of imminent are these needs in terms of spends to expand what you would need just to service your own wells? And when do you think we would expect to hear some announcements around some of those solutions, whether it includes third party commercial opportunities or just incremental spend to build out for your own operations?

Yes. I'd say internally, we've spent probably on average $70,000,000 to $100,000,000 a year on power over the last five or six years. So I think there's 70,000,000 or $75,000,000 in the budget this year for our power needs that's just holes and wires in the field. I've kind of separated that from our power JV we're looking at. And I think there's been a lot of discussions around power in the basin.

Obviously, we're short power in the basin. I think what we're trying to pull together with a large IPP is can we build a large behind the meter gas plant gas power plant in the basin using Diamondback gas, but also having Diamondback receive some of that power back with hyperscale or data center operator taking on the lion's share of that power. So that's in the works. We're still confidentially discussing it with the hyperscalers, getting feedback. And I think what separates Diamondback from others in this space is our flexibility and how nimble we are and how quickly we can move to get something done, let alone how much gas we have that needs a better market.

So two separate things, but we'll continue to build out power in the field because it increases uptime as well as reduces LOE.

Thank you. Please standby for our next question. Our next question comes from the line of Arun Jayaram with JPMorgan Securities. Your line is open.

Good morning. My first question, Travis and Casey, I was wondering if you could talk about the asset sale divestiture program you anticipate to execute on in terms of the Double Eagle transaction. Are these going to represent primarily midstream assets? But give us a sense of what your plans are in terms of monetizations?

Yes, Arun, I think what we've been telling us is the market is that we think we can get these non core asset sales done without selling operated acreage. And I think the lion's share of the value will come from a couple of our equity method investments that we list in our deck that kind of been built out and are near monetization. And on top of that, our midstream business that we acquired from Endeavor, the EDS Water business likely had some synergies to merge into our Deep Blue JV, which is doing very, very well and winning a lot of third party business in the basin. I think most of that that gets you most of the way there. We've started to uncover a lot of assets from Endeavor that we acquired, that are all over the country.

But the biggest one is probably a sizable non opposition in the Delaware Basin and that's likely your last kind of monetization candidate to get to

And maybe the follow-up, your overall top down capital efficiency screens quite well relative to our model in the Street's expectation in terms of the CapEx per unit of oil output that metric you mentioned in the shareholder letter. One kind of question is that the CapEx number is accompanied by more kind of gross tills and did feel a few questions around what are some of the implications for well productivity as we think about the 25 program versus last year?

Yes. I think overall, well productivity is going to be as good as any year this year. We've had a pretty a couple of pretty banner years the last few years. I think a Till number, while a lot of other peers even give that number, we put it out there for transparency purposes, but there's a lot of things that can move around in a TIL number, right? If one twenty wall pad is completed on December thirty of last year, as we count for last year or this year.

So there's some noise in that number. I think a true run rate, we kind of got into the street to 500 wells a year ish before Double Eagle. Double Eagle has about 30 wells a year of development. So I think somewhere in that five twenty five to five forty wells per year assuming flat capital efficiency is kind of an apples to apples number. And I think the other question on capital efficiency, we have posted this dollars of CapEx per VO produced and I think that's a number that we want to hold ourselves to in the future.

It's going to be tough to replicate the efficiency of 2025 given the DUC drawdown, but that's the mission to the team. I think there's a lot of ancillary CapEx that's going to come down to replace that and capital efficiency is going to remain strong as particularly on a relative basis to where the market is today.

Thank you. Our next question comes from the line of Derek Whitfield with Texas Capital. Your line is open.

Good morning, all and echo everyone's congrats as well.

With regard to the Double Eagle transaction, how should we think about the capital and production impacts from your agreement with Double Eagle to accelerate non core Southern Midland Basin development? And when would that start to or could that start to meaningfully impact your financials?

Yes, Derek. On the capital side, there's zero capital. We're getting a carry, so no impact to us. Part of the rationale for that part of the deal is we were going to have to move a few rigs down south to secure some leasehold that had lower working interest and needed some horizontal wells to maintain the leasehold. And we obviously have a good relationship with the Double Eagle guys and they needed a place for their couple of rigs to go and so they're going to accelerate some development down there.

I think the color we've given the market is that it's about $100,000,000 of free cash flow on a consolidated basis in 2026. And I'd probably say that 50% of that is for Viper. We'll talk about it on the Viper call, but the Reagan County piece was the second largest from an acreage perspective piece of the drop down. And so this is kind of an un modeled upside for the drop down that in turn benefits Diamondback through Viper's outperformance.

That's great. And then regarding your commentary on un modeled synergies, where do you see the greatest remaining opportunities now that your organizations are fully integrated?

synergies around the drill bid and completions and the capital synergies. I think there's some longer dated synergies in the field, in the production world as we get the teams integrated and continue to share learnings and best practices from the operating teams in the field and on the production and PDP side, where can we see improvements, shared resources. Those things take a little longer than just converting a drill and rig or a completion crew over to a program. So we're still in the middle of all that and the integration of the field organization really is going to be hot and heavy this year and we're excited to it will be smaller things that are harder to measure, but it will be a lot of things that will accrue hopefully to our LOE and OpEx budgets in future years.

Thank you. Please stand by for our next question. Our next question comes from the line of Kevin McCarthy with Pickering Energy Partners. Your line is open.

Hey, good morning. Do you have a breakdown of the 2025 CapEx plan for the legacy assets versus the CapEx for Double Eagle?

a feel for how much lower the new legacy guide is compared to the prior commentary?

Yes, Kevin. We gave out Double Eagle of $200,000,000 of CapEx for Q2 to Q4 for 27,000 barrels a day of oil. Their assets a little earlier, so it's kind of 40,000 something like that, 1,000 boes a day. So if you look at our $3,800,000,000 to $4,200,000,000 you take $200,000 off down on each side, you're at $3,600,000,000 to $4,000,000,000 and it kind of ties $3,600,000,000 to $4,000,000,000 for the full year.

It kind of ties to where we guided Q1 of twenty twenty five, which is $900,000,000 to $1,000,000,000 for $470,000,000 oil to $475,000,000 oil, which ironically looks a lot like Q4 of twenty twenty four. So we're kind of moving towards given the volatility we've seen over the last quarter last year and certainly some more headlines of volatility this year to kick things off. We figured cutting capital and growing less or growing zero prior to the Double Eagle deal made a lot of sense. And so Q1 is a pretty good look at what we were planning to do prior to DE and we certainly had to change our plans pretty quickly as that deal moved quickly. But I think in general, you're seeing a more capital efficient plan than expectation.

Great. Appreciate that detail. And as a follow-up, is there any CapEx associated with the assets that you might sell this year both on the JV and the non op? I think the only thing we highlighted this midstream CapEx number, which is $60,000,000 or so. There's certainly some CapEx associated with the non op in the Delaware, but it's not a meaningful overall number.

Thank you. Our next question comes from the line of Paul Chin with Scotiabank. Your line is open.

Thank you. Good morning. And first, congratulations to Travis and Keith and Jerry. Maybe that's on Keith. Can you tell us that with the drawdown in stock, how much do you estimate is the saving in CapEx on those 120, one hundred and 30 tons?

Yes, Paul. Basically on a gross basis, drilling right now is about $220 a foot. So on a net basis, average working interest is about $200 a foot. So you're basically at $2,200,000 to $2,400,000 a well. So I'd say overall it's probably about a $200,000,000 savings this year.

And I think as I mentioned earlier in the call, the goal for the team is going to be how can we offset that in 2026, but reduce CapEx elsewhere.

Okay. And just curious that the cadence of the program, I mean, if we put Double Eagle aside, should we assume that it's roughly about Prorada each quarter, the same number of wells that are coming on stream? Because when we're looking at the number of wells that you expect to bring, one would think given your strong productivity that production will be somewhat higher than what you guide. So just curious that, is there anything we should be aware in terms of the timing of the wells or anything?

No, I think we kind of said that 20 wells were brought into this year from last year. Who really knows what's going to happen at the end of this year? But I think this kind of low 500s before Double Eagle wells per year run rate is a pretty good number with 30 added wells from Double Eagle. But the program of 500 wells a year, wells moving forward or backward across the calendar line is not something we actively think about.

Please standby for our next question. Our next question comes from the line of Leo Mariano with Roth. Your line is open.

Hi guys. I was hoping to dig a little bit more into the Double Eagle deal here in the synergies. You guys obviously spoke about a little bit on the call and kind of alluded to some of this in the press release. But clearly, Fang is a low cost operator in terms of being able to drill and complete wells nicely under $600 per foot in the Midland. Do you kind of have a number for those guys in terms of what their kind of run rate was?

Just trying to get a sense of the well cost savings over time here. And I'm also going to probably assume that maybe your LOE is also a bit lower than theirs. So I was hoping maybe you could kind of quantify kind of the D and C and LOE numbers there to give us a sense of maybe some potential savings over time.

Yes. For a group known for their land products, those guys are actually pretty good operators over there at Double Eagle. They're doing a pretty good job. They were probably in the $6.25, 6 point 5 0 dollars range. But on a private deal, we're going to model it with our cost structure and we put that new kind of well cost out last year when we announced the trade.

So that's probably the biggest number we put out. I think second to that, because of the adjacencies, we're not going to have to build as much infrastructure to service those assets. And, yes, I mean, I think from a timing perspective, those guys that have been running five or six rigs and they ran them all in the southern portion of their asset and we're about to move four or five rigs up to the North and choose through that inventory very, very quickly. And so we decided to move on the deal because so often in this business you've seen companies buy deals that have high decline curves and have to chase that decline curve with too much capital and too many rigs. And the outcome of that is inventory duration being shortened rather than lengthened.

So we timed it well where we didn't acquire too much production and instead acquired a lot of upside that fits in well with our plan over the next ten years.

Okay. That's helpful. And just wanted to take my math on the capital side here. So certainly noticed that your capitalized interest has kind of been going up the last few quarters. I'm sure a lot of that's related to the Endeavor deal.

But just wanted to kind of check-in on that. Is the capitalized interest included when you lay out the budget for 2025 here on the capital side?

Yes. No. So capitalized interest seems to be the hot topic. I don't know, we've gone down to capitalized interest is something that's interesting in this business. But at the end of the day, we don't make the accounting rules.

When you do a deal with a lot of undeveloped acreage, if you raise debt dollars to pay for it, those go in the capitalized section. For us that runs through additions to oil and gas properties, which is not in our CapEx budget. We're going to put our CapEx budget as what it takes to run the business. But our shareholder commitments and return commitments and all the math we do on our side does include that. But from a free cash flow definition perspective, we exclude it.

And I think over the coming couple of years as we pay down a significant amount of that debt, that issue will be put to rest.

Thank you. Our next question comes from the line of Doug Leggate with Wolfe Research. Your line is open.

Hey, gentlemen. Good morning. This is actually Carlos in for Doug. And he most definitely expressed a congratulations to you, Travis, Gary and Case. Look guys, what we're trying to figure out is, we talk about a decade of inventory at the current pace and that's presumably associated to your highest return screen.

What would that look like if we applied the current strip to screen returns? Would that number change and how much so? Thanks.

Yes. I think the gold standard in the industry right now is sub 40 breakeven and that's what we've been focused on and saying the decade reference. Obviously, inventory expands significantly as commodity prices go up. I think for us that number is put in our deck on Slide 12, we show kind of the $50 breakeven. Now that's 10% rate of return of $50 a barrel, right?

Diamondback Energy (FANG) Q4 2024 Earnings Call Transcript

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