Diamondback Energy posted second-quarter 2025 net income of $699 million, or $2.38 a share, on revenue of $3.68 billion. Adjusted earnings were $2.67 a share and free cash flow reached $2.1 billion. The board approved a quarterly dividend of $1.00 per share. The Midland-based producer cut its full-year cash capital-spending plan to $3.4-$3.6 billion and forecast third-quarter capex of $750-$850 million, below the roughly $898 million analysts expected. Diamondback also narrowed its 2025 oil-production outlook to 485-492 thousand barrels per day while returning $691 million to shareholders through dividends and buybacks—more than half of its adjusted free cash flow. Chief Executive Officer Kaes Van’t Hof said U.S. shale output has probably topped out and warned that nationwide production is poised to decline as drilling budgets tighten. Diamondback aims to keep volumes steady and prioritize cash returns, betting that spending discipline will prevail in an increasingly well-supplied global crude market.