16.09.2021 23:54:58
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Diamondback Energy Speeds Up Capital Return To Stockholders; Announces Share Repurchase Program
(RTTNews) - Oil and natural gas company Diamondback Energy, Inc. (FANG) said on Thursday that it has fast-tracked plans to return 50 percent of free cash flow to stockholders. The company will return the free cash flow through its base dividend and other return mechanisms, beginning from the fourth quarter of this year.
Diamondback Energy attributes the free cash flow to ongoing strong operational performance and improved capital efficiency, a supportive macro backdrop and increasing financial stability.
Commenting on the developments, Travis Stice, CEO, said, "We expect the previously announced sale of our North Dakota assets to close in the next few weeks, timing dependent on final government approval. The net proceeds from that sale, along with cash on hand, will be used to pay off the remaining $650 million in outstanding callable debt in our capital structure."
The company's Board of Directors also authorized the purchase of up to $2.0 billion of common stock, with immediate effect. The company will buy the stock under the repurchase program with funds from cash generated from operations and liquidity events like the sale of assets. Diamondback Energy said that this repurchase program could be suspended from time to time, modified, extended or discontinued by the Board at any given point of time.
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