FANG · 10-Q · 2026Q3 · Full report
Capital Return Program
Diamondback Energy, Inc. · 2026-11-04 · Importance 83 · Surprise 82 · In source text
On July 30, 2026, the board increased Diamondback’s common-stock repurchase authorization from $8.0 billion to $16.0 billion, excluding excise tax. Repurchases may occur through open-market or privately negotiated transactions, subject to market conditions, legal and regulatory requirements and other factors; the program may be suspended or changed by the board. Approximately $9.7 billion remained available for repurchases at September 30, 2026. On October 29, 2026, the board also raised the annual base dividend to $4.72 per share and declared a third-quarter dividend of $1.18 per share, payable November 19, 2026.
Key facts
- Diamondback’s board increased the common stock repurchase program from $8.0 billion to $16.0 billion on July 30, 2026. source
- On July 30, 2026, Diamondback's board increased its common-stock repurchase program from $8.0 billion to $16.0 billion, excluding the 1% federal excise tax on certain repurchases. source
- Approximately $9.7 billion remained available under Diamondback’s common stock repurchase program as of September 30, 2026, excluding excise tax. source
- On March 12, 2026, SGF completed a secondary offering of 12.65 million Diamondback common shares at $170.18875 per share. source
- Through October 30, 2026, Diamondback had repurchased 44.2 million common shares for $6.3 billion, including $814 million for 5.0 million shares from SGF, leaving approximately $9.7 billion available under the program. source
- A November 28, 2025 letter agreement gives SGF the right, but not the obligation, to sell Diamondback up to 3.0 million common shares per quarter through December 31, 2026, at the most recent Nasdaq closing price for the transaction. source
- Beginning in Q2 2026, Diamondback's board removed the minimum 50% return-of-capital quarterly commitment to allow more discretion in allocating Free Cash Flow. source
- On September 29, 2026, Diamondback amended its stockholders agreement with SGF, including provisions for SGF to designate two directors at specified ownership levels and no directors below a specified ownership threshold. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | committed | -11.4% | Approximately $9.7 billion remained available under Diamondback’s common stock repurchase program as of September 30, 2026, excluding… |
| cash | negative | contingent | — | A November 28, 2025 letter agreement gives SGF the right, but not the obligation, to sell Diamondback up to 3.0 million common shares per… |