Diamondback Energy posted lower top and bottom line results in the second quarter.
The oil and natural gas company had net income of $556 million, or $3.05 a share, down from $1.42 billion, or $7.93 a share, a year earlier. Adjusted earnings were $3.68 a share, below analysts’ estimates of $3.88 a share.
Revenue declined to $1.92 billion from $2.77 billion. Analysts polled by FactSet expected about $1.9 billion.
The Midland, Texas-based company drilled 86 gross wells in the Midland Basin and 12 gross wells in the Delaware Basin in the second quarter.
Diamondback’s econd-quarter production averaged 449,900 barrels of oil equivalent per day.