MIDLAND, Texas (AP) — MIDLAND, Texas (AP) — Diamondback Energy Inc. (FANG) on Tuesday reported first-quarter profit of $768 million.
On a per-share basis, the Midland, Texas-based company said it had net income of $4.28. Earnings, adjusted for non-recurring costs, were $4.50 per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $4.29 per share.
The energy exploration and production company posted revenue of $2.23 billion in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $2.09 billion.
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