Diamondback Energy raises dividend 5%, boosts production guidance amid historic oil supply deficit.

Diamondback Energy reported strong Q1 2026 results with production exceeding guidance at 521 MBO/d and capital expenditures below midpoint. The company highlighted a historic global oil supply deficit, prompting it to accelerate production by working down drilled but uncompleted wells and increasing rig activity. Diamondback raised its 2026 production guidance by 3% and increased its base dividend by 5% to $4.40 per share annually, while shifting to a more flexible capital allocation strategy focused on long-term value. The company also reduced debt by $0.7 billion in Q1, strengthening its financial position amid volatile market conditions.