Sign Up for FREE Daily Energy News
Canadian Flag CDN NEWS  |  US Flag US NEWS  | TIMELY. FOCUSED. RELEVANT. FREE
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • youtube2
BREAKING NEWS:

Copper Tip Energy Services
Vista Projects
Vista Projects
Copper Tip Energy


Diamondback Rises After Accelerating Returns, Pledging Buyback


These translations are done via Google Translate

(Bloomberg) Diamondback Energy Inc. rose in after-hours trading after pledging to accelerate cash returns to shareholders in the fourth quarter.

The shale oil producer had pledged to return half its free cash flow to investors in 2022 but will now begin doing so in the fourth quarter, the Midland, Texas-based company said in a statement Thursday. The board approved a $2 billion share buyback program to support the plan.

Increasing the base dividend will be the preferred method of cash return but shares will also be purchased “opportunistically” on the open market, Chief Executive Officer Travis Stice said in a statement.

Entelec Conference and Expo 2024
GLJ
ROO.AI Oil and Gas Field Service Software

The company will consider implementing a so-called variable dividend “when we expect the return on that repurchase to be less than our cost of capital at mid-cycle commodity prices,” Stice said.

The stock rose 3% to $82.45 in after-house trading in New York, after earlier falling 1.9%.



Share This:



More News Articles


GET ENERGYNOW’S DAILY EMAIL FOR FREE