Diamondback Energy Q1 Profit Soars

(RTTNews) - Diamondback Energy, Inc. (FANG) reported that its first-quarter net income rose to $23.6 million or $0.48 per share from last year's $5.4 million or $0.15 per share in the comparable quarter last year.

Adjusted net income was $25.7 million or $0.53 per share, compared to $4.4 million or $0.12 per share in the prior year period. On average, 19 analysts polled by Thomson Reuters expected the company to report earnings of $0.56 per share for the quarter. Analysts' estimates typically exclude special items.

Oil and natural gas revenues for the quarter rose to $98.00 million from $28.91 million in the prior year quarter, while 15 analysts had consensus revenue estimate of $98.86 million for the quarter.