Diamondback Energy Inc. (FANG) shares rallied in the extended session Monday after the oil and gas producer reported an adjusted first-quarter profit above Wall Street expectations and said it would curb production amid the ongoing supply glut and demand weakness with the coronavirus pandemic. Diamondback said it lost $272 million, or $1.72 a share, in the quarter, versus a profit of $10 million, or 6 cents a share, in the year-ago period. Adjusted for one-time items, the company earned $230 million, or $1.45 a share, compared with $1.39 a share a year ago. Sales rose to $899 million from $864 million a year ago. Analysts polled by FactSet had expected the company to report an adjusted profit of $1.30 a share on sales of $968 million. Diamondback said it had about $1.9 billion in liquidity as of March 31. "The challenges presented so far in 2020 are unprecedented, but we have taken quick and decisive action to preserve our strength through this cycle," Chief Executive Travis Stice said in a statement. Diamondback shares had ended the regular trading day up 5.6%.
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 04, 2020 16:33 ET (20:33 GMT)
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