Diamondback Energy, Inc. (FANG - Free Report) reported first-quarter adjusted net income per share of $1.39, above the Zacks Consensus Estimate of $1.36 on strong production. In more good news for investors, the energy explorer unveiled a new $2 billion share repurchase scheme through year-end 2020. Further, following up on its earlier announcement, the company raised its quarterly dividend by 50% to 18.75 cents per share (or 75 cents per share annualized).
However, the bottom line fell from the comparable 2018 period profit of $1.64 on lower realized prices. The Permian pure play’s total revenues of $864 million came below the Zacks Consensus Estimate of $875 million but increased more than 80% year over year.
The company saw its first-quarter adjusted EBITDA of $651 million increase 91% from $341 million a year ago.