Diamondback Energy Inc (FANG) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $25.60 million, or $ 0.32 a share in the quarter, against a net loss of $187.41 million, or $2.80 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $72.37 million, or $0.90 a share compared with $38.19 million or $0.57 a share, a year ago.
Revenue during the quarter surged 61.83 percent to $185.01 million from $114.32 million in the previous year period. Gross margin for the quarter expanded 231 basis points over the previous year period to 85.47 percent.
Operating income for the quarter was $87.08 million, compared with an operating loss of $187.81 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $138.31 million compared with $121.29 million in the prior year period.
“Diamondback achieved over 40% production growth in the second half of 2016 by showcasing our ability to respond quickly to a rising commodity price environment. We ended the year operating five rigs, and as I said in November, we are just beginning to bear the fruit of our activity ramp. We recently added a sixth operated rig, our first in the Southern Delaware Basin, and plan to add two more rigs to the Delaware Basin following the closing of the pending Brigham transaction at the end of February," stated Travis Stice, chief executive officer of Diamondback.
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