SM - Diamondback Q1 results - beats bumps dividend sticks to shareholder return plan

Diamondback Energy (NASDAQ:FANG) released Q1 results after the close, beating earnings, generating strong free cash flow, announcing increased shareholder returns and sticking with the Company's previously announced capital and production plans: Earnings - Diamondback (FANG) reported $5.20 in adjusted earnings per share for Q1, versus Street expectations for $4.67. Cash flow - the Company generated $974m in free cash flow during the quarter, or ~4.3% of the current market cap. Capital allocation - management increased the base dividend to $2.80 annually (2.1% yield), announced a variable dividend of $2.35, and repurchased ~$7m worth of shares. Guidance - the Company maintained production and capital guidance, while indicating that Q2 oil production is likely to fall marginally from Q1 levels. With regard to the current price environment, CEO Stice said, "we do not feel that today is the appropriate time to begin spending dollars ... increasing activity today would result in capital

For further details see:

Diamondback Q1 results - beats, bumps dividend, sticks to shareholder return plan