Research Desk Line-up: Cimarex Energy Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 16, 2017 /Pro-Trader Daily has just published a free post-earnings coverage on Diamondback Energy, Inc. (NASDAQ: FANG), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=FANG, following the Company's disclosure of its financial results for the second quarter fiscal 2017 (Q2 FY17) on August 01, 2017. The Midland, Texas-based company's total revenues and adjusted net income per diluted share surged on a y-o-y basis, topping Wall Street's estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Independent Oil & Gas industry. Pro-TD has currently selected Cimarex Energy Co. (NYSE: XEC) for due-diligence and potential coverage as the Company reported on August 08, 2017, its financial results for Q2 2017. Register for a free membership today, and be among the early birds that get access to our report on Cimarex Energy when we publish it.
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During Q2 FY17, Diamondback Energy total operating revenues came in at $269.43 million, which was higher than the $112.48 million recorded at the end of Q2 FY16. Total revenues for the reported quarter outperformed market expectations of $268.4 million.
The energy exploration and production company reported net income attributable to Diamondback Energy of $158.41 million, or $1.61 per diluted share, in Q2 FY17 versus net loss attributable to Diamondback Energy of $155.49 million, or $2.17 loss per diluted share, in Q2 FY16. The Company's adjusted net income attributable to Diamondback Energy surged during Q2 FY17 to $122.56 million, or $1.25 per diluted share, from $18.91 million, or $0.26 per share, in the prior year's comparable quarter. Meanwhile, market analysts had forecasted adjusted net income of $0.96 per share for Q2 FY17.
Diamondback Energy total expenses during Q2 FY17 declined to $137.13 million from $247.27 million in the past year's comparable quarter. The Company's cash operating costs also reduced during Q2 FY17 to $7.66 per BOE from $9.77 per BOE in Q2 FY16.
The Company reported income from operations of $132.31 million in Q2 FY17 versus a loss from operation of $134.79 million in Q2 FY16. Furthermore, adjusted EBITDA attributable to Diamondback Energy came in at $218.43 million for Q2 FY17 versus $77.57 million in the year ago comparable period.
In Q2 FY17, Diamondback Energy' oil production volume increased to 5,236 thousand barrels per day (MBbls) from 2,420 MBbls in Q2 FY16. Natural gas production volume totaled 4,939 million cubic feet (MMcf) for Q2 FY17 versus 2,567 MMcf in the prior year's comparable quarter. Natural gas liquids (NGL) production volume increased to 945 thousand barrels (MBbls) during Q2 FY17 from 505 MBbls in Q2 FY16. Oil Equivalents production volume was 7,005 million barrels of oil equivalent (MBOE) in Q2 FY17, up from 3,353 MBOE in the prior year's corresponding quarter. Average daily production was 76,977 barrels of oil equivalent per day (BOE/d) during Q2 FY17, up from 36,841 (BOE/d) in Q2 FY16.
During Q2 FY17, Diamondback Energy averaged eight rigs, drilled 34 gross horizontal wells, and turned 35 operated horizontal wells to production.
Cash Matters and Balance Sheet
For the six months ended on June 30, 2017, Diamondback Energy's net cash provided by operating activities was $394.43 million compared to $121.78 million in the prior year's same period. The Company's cash and cash equivalents balance stood at $16.59 million as on June 30, 2017, compared to $1.67 billion at the close of books on December 31, 2016. Additionally, the Company's total long-term debt increased to $1.15 billion as on June 30, 2017, from $1.11 billion as on December 31, 2016.
Common Stock Offering
On August 09, 2017, Diamondback Energy announced pricing of an underwritten public offering of 3 million shares of its common stock by certain selling stockholders. The gross proceeds from the sale of the shares by the selling stockholders are expected to be $277.8 million. However, Diamondback Energy will not receive any proceeds for the sale of the shares by the selling stockholders.
In its guidance for FY17, Diamondback Energy raised total net production to the range of 74.0 MBoe/d to 78.0 MBoe/d from the prior year's guidance range of 69.0 MBoe/d to 76.0 MBoe/d. Furthermore, the company reduced capital expenditure guidance range for FY17 to a range of $800 million to $950 million from prior year's range of $800 million to $1,000 million.
On Tuesday, August 15, 2017, the stock closed the trading session at $88.02, declining 3.01% from its previous closing price of $90.75. A total volume of 2.98 million shares have exchanged hands, which was higher than the 3-month average volume of 1.50 million shares. Diamondback Energy's stock is trading at a PE ratio of 26.20 and currently has a market cap of $8.64 billion.
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