Diamondback Energy (FANG) Revenue — Quarter Ended Jun 30, 2023
Revenue for the quarter declined slightly from the preceding period, and was sharply lower than the same quarter a year earlier. The sequential change was minimal, while the year-over-year comparison reflected a substantial decrease.
Key takeaway
Quarter ended Jun 30, 2023 · FY2023 Q2
Revenue for the quarter declined slightly from the preceding period, and was sharply lower than the same quarter a year earlier. The sequential change was minimal, while the year-over-year comparison reflected a substantial decrease.
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
-0.3%
Change from the immediately preceding quarter.
Year-over-year
-30.3%
Change from the comparable year-ago quarter.
Trailing four quarters
$8.3B
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 |
|---|---|---|
| Sep 30, 2022 | $2.4B | +28.5% |
| Dec 31, 2022 | $2B | -1.5% |
| Mar 31, 2023 | $1.9B | -19.4% |
| Jun 30, 2023 | $1.9B | -30.3% |
Revenue performance
The reported revenue edged down from the prior quarter, continuing a pattern of modest declines. Compared with the same period last year, revenue was significantly reduced.
Quarterly comparison
The current quarter's revenue matched the level of the immediate prior quarter, but represented a notable drop from the year-ago figure.
What to watch
The year-over-year revenue decline warrants attention, as it marks a continuation of a downward trend from the prior year's level.