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Corporate events
Filed after the FY2026 Q1 call day (May 5, 2026) through the next call day (Aug 4, 2026)From SEC 8-K filings
No 8-K events recorded for this window.
Quarter in detail
· FY2026 Q1
Macro Signals
↑Oil Energy→Supply Chain↑CAPEX
Diamondback went straight to Q&A and used the call to activate its green light framework, adding 2 to 3 rigs and a fifth completion crew in response to $100 oil and what management called the world's largest oil supply disruption in history, establishing 520,000-plus barrels per day of oil as the new baseline. Revenue grew 5.18% year over year, while GAAP EPS fell to $0.08 from $4.83 on non-cash commodity derivative losses tied to the oil price surge rather than operating deterioration. Capital efficiency set records with drilling costs hitting the $300 per foot target, down from $360 a foot last year, and the first Barnett well drilled under $400 per foot against the $800 per foot threshold needed to make the zone competitive with the base program. The reinvestment rate fell from 44% to 34% at the current strip, funding accelerated deleveraging that brought net debt to $12.7 billion and pulled the $10 billion target to within months of the prior 12 to 18 month timeline. Deeply negative Waha gas pricing remained the main offset, prompting 2,000 to 3,000 barrels per day of shut-ins pending two new pipelines in the second half.
Key Themes7
positive📊 company
Green Light Framework Activation For Production Growth
Diamondback moved from yellow light to green light, adding 2 to 3 rigs and a fifth completion crew in response to Middle East supply disruption and $100+ oil. Production guided to 520,000+ barrels per day oil.
Capex InvestmentDemand
positive📊 company
Record Operational Efficiency And Production Beat
Well performance year-to-date up relative to last year. Drilling costs hit $300 a foot target (down from $360). Machine learning and automation reducing downtime. Reinvestment rate fell from 44% to 34%.
Innovation & R&DMargin
positive📊 company
Fortress Balance Sheet Via Accelerated Deleveraging
Net debt reduced to $12.7 billion. $10 billion target now expected months away vs prior 12-18 month timeline. Planning to call $750 million of 2026 maturities and pursue broader liability management in 2027.
FY2026 Q1 selectedReported GAAP figures from SEC filings
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Quarter
Revenue
Rev YoY
EPS
EPS YoY
Op margin
Net margin
FCF
FY2024 Q4
$3.70B
+66.7%
$3.67
-31.3%
38.2%
29.1%
$482M
FY2025 Q1
$4.03B
+81.7%
$4.83
+12.9%
41.5%
34.9%
$663M
FY2025 Q2
$3.65B
+47.6%
$2.38
-48.9%
31.2%
19.1%
$-2.31B
FY2025 Q3
$3.92B
+48.9%
$3.50
+9.7%
31.5%
25.9%
$1.61B
FY2025 Q4
$3.38B
-8.7%
$-5.11
-239.2%
25.8%
-43.2%
$1.40B
FY2026 Q1Selected
$4.24B
+5.2%
$0.08
-98.3%
2.7%
3.4%
$895M
FY2026 Q2
$5.56B
+52.3%
$6.65
+179.4%
45.2%
36.9%
$2.59B
As stated by management
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
EPS
“Not stated in prepared remarks; went straight to Q&A”
Revenue
“Not stated in prepared remarks; production at 520,000+ barrels per day oil as new baseline”
Guidance
“going to the top end of our CapEx guidance”
negative🏢 sector
Deeply Negative Waha Gas Pricing Pressures Economics
Waha gas pricing deeply negative. Negative $3 Waha cuts out NGL value; worse than that eats into oil value. Company shut in 2,000 to 3,000 barrels per day. Protected with financial and physical hedges.
Cost PressureSupply Chain
positive📊 company
Barnett Shale Development Acceleration With JV
2 incremental rigs focused on accelerating Barnett JV area obligations. Well already drilled under $400 a foot vs $800 target to make Barnett competitive with base program. Position continuing to grow via trades.
Major private operators (Endeavor, Crown Rock, Double Eagle) now consolidated into public companies. Private rig growth potential estimated at 20-30 rigs vs 100 in 2022 cycle. Structural advantage for remaining incumbents.
Competitive Dynamics
mixed📊 company
Surfactant Technology For Enhanced Oil Recovery
Tested 5 wells with surfactant; average 100-barrel per day uplift but ranged from 0 to 400-500 barrels per day. Refining process and deploying next tests. Could extend basin life by a decade or 2.
Innovation & R&DProduct Launch
I want to ask about the acquisition line item in 1Q, there are just a few hundred billion. Are you guys seeing any organic acquisitions
is it inconceivable that when we look out with no variable dividend taken out of the capital return structure, but your net debt balance sheet could basically go to 0
how you'd characterize the ability to privates in the Permian to respond to what we're now seeing as far as higher oil prices versus a couple of years ago
what an upper bound of oil production growth would be for Diamondback. Again, assuming you have the green light on the macro. Is it fair to assume that it's 5%
CompanyFiscal year ends DecMost recent earnings call: Aug 4, 2026 (FY2026 Q2)Est. next earnings call: Nov 2, 2026
6/ 10
FY2026 Q1Mixed+1.0 vs FY2025 Q4Default view · newest free
Calendar quarter Q1 2026Earnings call May 5, 2026
FY2026 Q1 in brief
Diamondback went straight to Q&A and used the call to activate its green light framework, adding 2 to 3 rigs and a fifth completion crew in response to $100 oil and what management called the world's largest oil supply disruption in history, establishing…
PositiveGreen Light Framework Activation For Production Growth
PositiveRecord Operational Efficiency And Production Beat
PositiveFortress Balance Sheet Via Accelerated Deleveraging
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters
11%
Share price · trailing year
daily closes, last 12 months — not scoped to the selected quarter · dots mark earnings calls, colored by that quarter’s score
Sources.Tellvest earnings-call sentiment score for Diamondback Energy (FANG), FY2026 Q1: 6/10. Scores: Diamondback Energy’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: FANG daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Top analysts & firms
All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions
What does “challenging” mean?
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Most active analysts
Analyst
Firm
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
What FANG and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“I think Diamondback, in particular, mentioned pulling forward some Barnett development.”
An analyst notes Permian producer Diamondback is pulling forward Barnett development, a positive signal on producer activity that feeds Targa's gathering and processing volumes.
GAAP revenue YoY +5.18% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
▸How this score was built
Base6Base 6GAAP revenue YoY +5.18% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0Energy sector. GAAP revenue grew 5.18%, reflects organic production growth partially offset by realized hedging losses. Management did not state an adjusted revenue figure (went straight to Q&A). No Tier 2 applied per rule requiring transcript-cited adjusted figure.+EPS0EPS 0GAAP EPS YoY -98.34% (from $4.83 to $0.08), spread vs rev: -103.52 percentage points. operating income YoY -93.07%, operating income spread: -98.25 percentage points. Both outside +/-5 percentage points same direction. However, Energy sector, the OI/EPS collapse is driven by unrealized derivative losses from oil price surge ($100+ due to Middle East conflict vs ~$75-80 in Q1 2025). Management confirms record free cash flow per share and reinvestment rate dropping from 44% to 34%, proving GAAP income is non-representative. This is the same commodity-driven structural distortion the Energy Sector Rules Table addresses. Commodity-related non-cash derivative losses, not operational margin compression. EPS adjustment = 0.+Guidance0Guidance 0No financial metric guidance changed. Production growth target (>520k boe/d oil) is a volume target, per Energy sector rule, production/volume targets are NOT guidance. CapEx moved to top end of existing range (spend commitment, no growth-metric linkage). Dividend increased (capital return action, not forward guidance). No revenue, EPS, or FCF guidance raised/lowered. -> 0.=Final6
How this score was built
Base6Base 6GAAP revenue YoY +5.18% → base 6. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0Energy sector. GAAP revenue grew 5.18%, reflects organic production growth partially offset by realized hedging losses. Management did not state an adjusted revenue figure (went straight to Q&A). No Tier 2 applied per rule requiring transcript-cited adjusted figure.+
213.69
137.29
6
5
6
Oct 25Oct 26
Diamondback is bringing back a Halliburton e-fleet simul-frac crew as its fifth completion crew, relying on Halliburton for efficient completion services as it adds activity.
Endeavornot trackedFY2026 Q1Acquisition
“post the Endeavor merger and getting the team together, we started trading a lot of ideas”
Diamondback credits its completed merger with Endeavor Energy for combined-team knowledge sharing that is driving completion-design and base-production optimization gains.
EPS0
EPS 0GAAP EPS YoY -98.34% (from $4.83 to $0.08), spread vs rev: -103.52 percentage points. operating income YoY -93.07%, operating income spread: -98.25 percentage points. Both outside +/-5 percentage points same direction. However, Energy sector, the OI/EPS collapse is driven by unrealized derivative losses from oil price surge ($100+ due to Middle East conflict vs ~$75-80 in Q1 2025). Management confirms record free cash flow per share and reinvestment rate dropping from 44% to 34%, proving GAAP income is non-representative. This is the same commodity-driven structural distortion the Energy Sector Rules Table addresses. Commodity-related non-cash derivative losses, not operational margin compression. EPS adjustment = 0.
+
Guidance0Guidance 0No financial metric guidance changed. Production growth target (>520k boe/d oil) is a volume target, per Energy sector rule, production/volume targets are NOT guidance. CapEx moved to top end of existing range (spend commitment, no growth-metric linkage). Dividend increased (capital return action, not forward guidance). No revenue, EPS, or FCF guidance raised/lowered. -> 0.
=
Final6
Industry Peersas of Q1 2026 · 1 peer not yet reported
Diamondback went straight to Q&A and used the call to activate its green light framework, adding 2 to 3 rigs and a fifth completion crew in response to $100 oil and what management called the world's largest oil supply disruption in history, establishing 520,000-plus barrels per day of oil as the new baseline
ConocoPhillips generated $5.4 billion in CFO with adjusted earnings of $1.89 per share as Lower 48 production of 1,453,000 boe/d represented 4% year-over-year underlying growth despite overall production being adjusted down for Qatar Middle East conflict disruptions and Surmont royalty changes
Occidental reported adjusted earnings of $1.06 per diluted share and reported earnings of $3.13 per diluted share, the difference largely driven by the gain on the OxyChem sale