Diamondback Energy Inc (NASDAQ: FANG) stock slightly rose over 0.3% (As of 10:07 am GMT-4; Source: Google finance) after the company posted mixed results for the first quarter of FY 19. FANG’s Q1 2019 production was 262.6 Mboe/d (68% oil), up 156% year over year from 102.6 Mboe/d in Q1 2018, and up 44% quarter over quarter from 182.8 Mboe/d in Q4 2018. During the first quarter of 2019, FANG has drilled 83 gross horizontal wells and turned 82 operated horizontal wells to production. FANG has reported the adjusted net income of $229 million. First quarter 2019 Adjusted EBITDA grew 91% to $651 million from $341 million in Q1 2018. First quarter 2019 average realized prices were $46.12 per barrel of oil, $1.32 per Mcf of natural gas and $18.00 per barrel of natural gas liquids, resulting in a total equivalent unhedged price of $35.63/boe. FANG’s cash operating costs for the first quarter of 2019 were $8.00 per boe, including LOE of $4.61 per boe, cash G&A expenses of $0.55 per boe and taxes and transportation of $2.84 per boe. As of March 31, 2019, the company had $116 million in standalone cash and approximately $1.9 billion of outstanding borrowings under its revolving credit facility.

FANG in the first quarter of FY 19 has reported the adjusted earnings per share of $1.39, beating the analysts’ estimates for the adjusted earnings per share of $1.36. The company had reported the adjusted revenue growth of 35.9 percent to $864 million in the first quarter of FY 19, beating the analysts’ estimates for revenue of $875.2 million.

Additionally, FANG has approved an expansion of the Company’s capital return program, with the implementation of a stock repurchase program to acquire up to $2 billion of its outstanding common stock  to be executed through the end of 2020. the company expects this program will primarily be funded by current and future free cash flow, but also expect to use some of the expected cash proceeds from asset sales, the midstream business and the mineral business; all of which the company expect will generate substantial cash to Diamondback this year. Assuming $55/Bbl WTI, Diamondback expects to generate over $750 million of free cash flow in 2020 and growing for the foreseeable future. Meanwhile, FANG has declared a cash dividend for the first quarter of 18.75 cents per common share.

FANG expects full year production to be between 272.0 and 287.0 Mboe/d.  Diamondback is lowering full year 2019 guidance for LOE to $4.25 – $4.75 per boe from $4.50 – $5.00 per boe previously due to the expetedc sale of the Central Basin Platform assets expected to close by July 1, 2019.