Aug. 3 at 9:29 PM
$FANG Diamondback doubled its share repurchase program to
$16 billion. Since it started the buybacks in 2021, it has spent
$6.1 billion. It also has flexibility in when to buy. It bought more shares in Q3 as the share price fell on weaker oil prices. "For example, during the second quarter, we repurchased approximately 756,000 shares for
$141 million at an average price of
$186.63 per share. As the share price weakened early in the third quarter, we increased our pace, repurchasing 547,716 additional shares for
$100 million at an average price of approximately
$182.32 per share. This is exactly how the program is set to work: maximize flexibility to step in when volatility creates opportunity." (no position)
