Diamondback Energy stock raises dividend and 2026 output outlook

Diamondback Energy reported stronger third-quarter 2026 results on Monday, November 2, and raised its full-year production outlook. The Permian Basin producer also increased its base dividend, extending a capital-return strategy that combines cash distributions with share repurchases. The company detailed the figures in its third-quarter results release.

Quarterly earnings gain momentum

Revenue reached 5.431 billion US dollars in the three months ended September 30, up from 3.924 billion US dollars a year earlier. Net income attributable to Diamondback Energy 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.

Adjusted net income attributable to Diamondback Energy was 1.649 billion US dollars, or 5.86 US dollars per diluted share. The company generated 2.599 billion US dollars in operating cash flow and reported 2.148 billion US dollars of free cash flow. Adjusted free cash flow was 2.150 billion US dollars. Free cash flow is a non-GAAP measure, so it should be considered alongside the reported GAAP earnings.

Higher production target for 2026

Oil production averaged 524,946 barrels per day in the quarter, compared with 503,750 barrels per day in the year-earlier period. Combined production rose to 1,033,967 barrels of oil equivalent per day from 942,946 barrels of oil equivalent per day. The average realized oil price was 87.30 US dollars per barrel, above 64.60 US dollars a year earlier.

Diamondback raised its 2026 oil production guidance to approximately 524,000 barrels per day from more than 522,000 barrels per day. Total production is now expected at approximately 1.015 million barrels of oil equivalent per day, compared with the previous outlook of more than 1 million barrels per day. The company also increased full-year capital expenditure guidance to 3.95 billion to 4.00 billion US dollars from approximately 3.9 billion US dollars.

For the fourth quarter, management expects oil production of 518,000 to 528,000 barrels per day and total production of 1.025 million to 1.045 million barrels of oil equivalent per day. Fourth-quarter capital spending is projected at 1.00 billion to 1.05 billion US dollars. The guidance leaves investors focused on execution, commodity prices and the cost of maintaining output in the Permian Basin.

Dividend and buybacks remain central

The board approved a 7.3% increase in the quarterly base dividend to 1.18 US dollars per common share. The payment is scheduled for November 19, 2026, for shareholders of record at the close of business on November 12. The annualized base payout is now 4.72 US dollars per share, an 18% increase from a year earlier.

Diamondback repurchased 1.348 million common shares during the quarter for approximately 251 million US dollars at a weighted average price of 185.94 US dollars. It also acquired a 7.5% equity interest in the Solitude Pipeline System and repurchased 106 million US dollars of aggregate principal in senior notes. These actions support shareholder returns but also compete with drilling and balance-sheet priorities for available cash.

Diamondback Energy stock traded at 157.31 euros on Lang & Schwarz at 14:06 CET on Tuesday, November 10, 2026.

U.S. energy shares remain sensitive to oil prices, production expectations and broader risk appetite; investors can follow the S&P 500 for the wider market setting.

Diamondback's next scheduled shareholder milestone is the November 12 record date for the higher base dividend, followed by the November 19 payment. More news and analyses on Diamondback Energy stock.