Отчётный звонок Diamondback Energy, Inc.

Diamondback's Q4 2025 call focused heavily on the organic expansion into the Barnett Shale, highlighting strong well productivity that they believe will become competitive once costs are reduced. Management framed 2026 as a 'yellow light' year with flat production and a focus on free cash flow, while also discussing progress on surfactant technology and data center opportunities. Diamondback revealed its Barnett Shale position, which was built organically, and plans to allocate ~$1.5B of its 2026 budget to it, with costs expected to drop from ~$1,000/ft to ~$800/ft.

• The Barnett wells show a 50% higher oil EUR per foot compared to core Midland Basin wells, though they are gassier, and the company expects to benefit from new gas takeaway capacity in the late 2020s.
• Surfactant pilot tests on 60 wells showed an average production uplift of ~100 barrels of oil per day per well, with costs of about $500,000 per job, presenting a high-return opportunity.
• Management described the macro environment as a 'quasi-yellow light' and guided to flat production for 2026, with capital flexibility to reduce spending if results improve.