11 Cheap Energy Stocks to Buy Right Now

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3. Diamondback Energy Inc. (NASDAQ:FANG)

Diamondback Energy Inc. (NASDAQ:FANG) is one of the cheap energy stocks to buy right now. On February 23, Diamondback Energy reported strong 2025 results, headlined by full-year average production of 921.0 MBOE/d and $5.9 billion in adjusted free cash flow. Q4 specifically showed high operational efficiency with oil production reaching 512.8 MBO/d and the generation of $1.2 billion in adjusted free cash flow.

The company remains committed to aggressive shareholder returns, declaring a 5% increase in its annual base dividend to $4.20 per share. In Q4 alone, Diamondback returned $734 million to investors through dividends and the repurchase of 2.90 million shares. For the full year, total capital returns reached $3.2 billion, representing 54% of its adjusted free cash flow. The Board also highlighted a substantial remaining share repurchase authorization of $2.3 billion.

For 2026, Diamondback provided production guidance of 500 – 510 MBO/d of oil with a capital budget between $3.6 and $3.9 billion. This plan includes $100 to $150 million dedicated to exploratory development in the Barnett and Woodford formations and projects aimed at increasing oil recovery. Diamondback Energy Inc. (NASDAQ:FANG) expects to complete approximately 6 million net lateral feet during the year.

Diamondback Energy Inc. (NASDAQ:FANG) is an independent oil and natural gas company that acquires, develops, explores, and exploits unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas.

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