Diamondback Energy stock raises dividend and 2026 output outlook

Diamondback Energy reported strong third-quarter operating results on Monday, November 2, 2026, and raised its full-year production outlook. In the company’s earnings release, management also announced a higher base dividend and outlined fourth-quarter spending plans.

Diamondback generated revenue of 5.431 billion US dollars in the quarter ended September 30, compared with 3.924 billion US dollars a year earlier. Net income attributable to the company rose to 1.603 billion US dollars from 1.018 billion US dollars, while diluted earnings per share increased to 5.69 US dollars from 3.51 US dollars.

Cash generation supports higher returns

Net cash from operating activities reached 2.599 billion US dollars. Free cash flow, a non-GAAP measure, came to 2.148 billion US dollars, while adjusted free cash flow was 2.150 billion US dollars. Cash capital spending totaled 1.026 billion US dollars.

The board raised the quarterly base dividend by 7.3% to 1.18 US dollars per common share. The payment is scheduled for November 19, 2026, to shareholders of record at the close of business on November 12. The annual base dividend now stands at 4.72 US dollars per share, 18% above the level a year earlier.

Diamondback also repurchased 1.348 million shares for approximately 251 million US dollars during the quarter. The company said it expects to continue repurchases opportunistically, using cash on hand, free cash flow and potential asset sale proceeds.

Production outlook moves higher

Average oil production was 524,946 barrels per day, compared with 503,750 barrels per day in the third quarter of 2025. Total production averaged 1,033,967 barrels of oil equivalent per day, up from 942,946 barrels of oil equivalent per day a year earlier.

For 2026, Diamondback now expects oil production of approximately 524,000 barrels per day, up from a previous outlook above 522,000 barrels per day. Total production guidance increased to approximately 1.015 million barrels of oil equivalent per day from more than 1 million. Full-year capital spending guidance was lifted to 3.950 billion to 4.000 billion US dollars from approximately 3.900 billion US dollars.

Fourth-quarter oil production is expected at 518,000 to 528,000 barrels per day, with total production of 1.025 million to 1.045 million barrels of oil equivalent per day. Fourth-quarter capital spending is projected at 1.000 billion to 1.050 billion US dollars. The outlook leaves investors focused on commodity prices, operating costs and the pace of capital returns.

Diamondback Energy stock traded at 170.50 euros on Lang & Schwarz at 13:43 CET on Wednesday, November 4, 2026.

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