Diamondback Energy reports Q3 adj. EPS $1.67, consensus $1.58
Reports Q3 revenue $538.03M, consensus $515.84M. Diamondback's Q3 production was 123 Mboe/d, up 45% year over year from 85 Mboe/d in Q3 2017, and up 9% quarter over quarter from 112.6 Mboe/d in Q2. "Diamondback continued to deliver on both our near-term objectives and long-term strategic initiatives through the third quarter and into the fourth quarter of 2018. First, we were able to deliver significant quarter over quarter production growth while maintaining our best in class margins and operational efficiencies. Second, we closed multiple highly complementary asset acquisitions in the Northern Midland Basin and have since taken over operations. Finally, we continued executing on our midstream and long-haul takeaway strategy through our commitment to, and ownership interest in, the Gray Oak Pipeline project. With our commitment to Gray Oak and EPIC, Diamondback has secured waterborne pricing and "wellhead to water" solutions for all of the current and expected production from our existing asset base, while also building value for our midstream business through strategic joint ventures," stated Travis Stice, CEO of Diamondback.