Diamondback Energy, Inc. Accelerates Capital Return to Stockholders and Initiates Share Repurchase Program
Diamondback Energy, Inc. (FANG)
Last diamondback energy, inc. earnings: 2/18 04:01 pm
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US:NASDAQ Investor Relations:
ir.diamondbackenergy.com
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Source: GlobeNewswire
MIDLAND, Texas, Sept. 16, 2021 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced that it has accelerated its plans to return 50% of Free Cash Flow to stockholders to the fourth quarter of 2021, and the Board of Directors has approved an up to $2.0 billion share repurchase program to complement this return commitment. “Diamondback is accelerating its previously announced capital return program due to continued strong operational performance and improved capital efficiency, a supportive macro backdrop and increasing financial strength. Our plan to return 50% of Free Cash Flow quarterly through our base dividend and other return mechanisms will now begin in the fourth quarter of 2021. The remaining Free Cash Flow, as well as asset sale proceeds, will be earmarked for further debt reduction. We expect the previously announced sale of our North Dakota assets to close in the next few weeks, timing dependent on final government
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