Diamondback Energy (FANG) Revenue — Quarter Ended Mar 31, 2023
Revenue decreased in the current quarter compared to both the prior quarter and the same quarter a year ago. The decline represents a slowdown from the sharp growth seen in the middle of the prior fiscal year.
Key takeaway
Quarter ended Mar 31, 2023 · FY2023 Q1
Revenue decreased in the current quarter compared to both the prior quarter and the same quarter a year ago. The decline represents a slowdown from the sharp growth seen in the middle of the prior fiscal year.
Financial snapshot
Reported revenue, sequential change, year-over-year change, and trailing four-quarter revenue.
Quarter revenue
$1.9B
Revenue reported for this quarter.
Quarter-over-quarter
-5.2%
Change from the immediately preceding quarter.
Year-over-year
-19.4%
Change from the comparable year-ago quarter.
Trailing four quarters
$9.1B
Sum of the latest four reported quarters.
Quarterly revenue trend
The latest four reported quarters with year-over-year comparisons.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Jun 30, 2022 | $2.8B | +65.1% |
| Sep 30, 2022 | $2.4B | +28.5% |
| Dec 31, 2022 | $2B | -1.5% |
| Mar 31, 2023 | $1.9B | -19.4% |
Revenue performance
Reported revenue for the quarter moved lower, continuing the downward trend that began in the immediately preceding quarter.
Quarterly comparison
Compared with the immediately preceding quarter, revenue was lower. Compared with the same quarter one year earlier, revenue was also lower, reflecting a reversal from the prior year’s higher levels.
What to watch
The filing notes that commodity prices are subject to volatile and unpredictable market conditions, which may continue to affect revenue.