Diamondback Energy (FANG, Financial) (FANG - $30.12– NASDAQ) is a Texas-based exploration and production company with a large footprint in the proli c Permian Basin. Results for the second quarter were disappointing due to the rst quarter collapse in oil prices. is saw the company unable to generate free cash ow despite dramatically slowing its cadence for well completions. e company sees much lower capital spending in the second half of the year and into 2021. is should allow it to generate a healthy amount of free cash ow while keeping production at and reducing costs. FANG remains committed to its dividend, which is currently close to a 5% yield.
From Keeley Asset Management Corp (Trades, Portfolio)'s Small-Mid Cap Value Fund third-quarter 2020 shareholder commentary.
