Diamondback Energy reported third-quarter adjusted earnings above Wall Street estimates Monday as higher production and stronger oil prices lifted the Permian Basin producer.
The company earned an adjusted $5.86 per share for the three months ended Sept. 30. Analysts surveyed by LSEG had expected $5.46 per share, Reuters reported.
Diamondback’s production increased to 1.03 million barrels of oil equivalent per day from 942,946 barrels a day in the same quarter last year. The increase gave the company more volume to sell during a period of elevated energy prices.
Its realized oil price rose to $85.89 per barrel from $63.70 a year earlier. Brent crude averaged $89.27 during the quarter, up 31% from the prior-year period as conflict in the Middle East disrupted supplies and shipping through the Strait of Hormuz.
A company filing issued before the full results showed average unhedged realized prices of $87.30 per barrel of oil, $1.12 per thousand cubic feet of natural gas and $20.02 per barrel of natural-gas liquids.
After hedging effects, Diamondback’s average realized oil price was $85.89. The company expected a $97 million net cash loss on settlements of commodity derivatives and an $85 million non-cash loss on derivative instruments.
Diamondback is based in Midland, Texas, and focuses on oil and natural-gas development in the Permian Basin. Its scale has grown as producers consolidate acreage and infrastructure across West Texas and southeastern New Mexico.
The company scheduled a conference call for Tuesday morning to discuss the quarter. The earnings release reflects completed third-quarter performance; future production and prices remain exposed to market conditions, operating results and geopolitical developments.
Sources: - Reuters, “Diamondback Energy Beats Third-Quarter Profit Estimates,” Nov. 2, 2026 - Diamondback Energy, third-quarter realized-prices and derivative-activity filing, October 2026