Diamondback Energy, Inc. (FANG) Q4 2024 Earnings Call Transcript

For the period ending December 31, 2024

February 25, 2025 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello, and welcome to Diamondback Energy Fourth Quarter 2024 Earnings Call. [Operator Instructions] I would now like to turn the conference over to Adam Lawlis, Vice President of Investor Relations. You may begin.

Adam Lawlis

Thank you, Tawanda. Good morning, and welcome to Diamondback Energy's Fourth Quarter 2024 Conference Call. During our call today, we will reference an updated investor presentation and letter to stockholders, which can be found on Diamondback's website. Representing Diamondback today are Travis Stice, Chairman and CEO; Kaes Van't Hof, President; Danny Wesson, COO; and Jere Thompson, CFO.

During this conference call, the participants may make certain forward-looking statements relating to the company's financial condition, results of operations, plans, objectives, future performance and businesses. We caution you that actual results could differ materially from those that are indicated in these forward-looking statements due to a variety of factors. Information concerning these factors can be found in the company's filings with the SEC. In addition, we will make reference to certain non-GAAP measures. The reconciliations with the appropriate GAAP measures can be found in our earnings release issued yesterday afternoon. I'll now turn the call over to Travis Stice.

Travis Stice

Thank you, Adam, and welcome, everyone, and I appreciate you joining this morning. I hope you find the shareholder letter a meaningful way to communicate. And also, as Adam pointed out, we've got an updated investor deck out there that we can reference during our questions this morning. Operator, if you'll please open the line for questions.

Questions and Answers:

Operator

[Operator Instructions] Our first question comes from the line of Neal Dingmann with Truist Securities.

Neal Dingmann

Travis, congratulations on it to you, but obviously Kaes and Jere, but especially [indiscernible] a fantastic career. I look forward to seeing you soon. My first question maybe just around, again, another great quarter. My first question is really around the free cash flow sensitivity that you all show on Slide 13. And specifically, when looking at that, I'm just wondering -- you put a comment that I noticed on the bottom of the slide suggesting now around $67 a barrel produced the same free cash flow at $76 last year. I'm just wondering, is this continued to achieve through the larger scale? Is this a lot of the completion driver? I'm just wondering maybe if you could talk and discuss the drivers behind all this.