Diamondback Energy (FANG)

The market is missing the **behind‑meter Bryant Ranch power project that won’t produce gas until H2 2027** - a new revenue stream that could materially boost NAV but also ties up capital for years. The headline production beat is real, yet the **binding constraint remains capex discipline; the $1‑$1.2 bn quarterly spend limits the ability to accelerate drilling while funding the power build‑out**. Management’s vague productivity claims add uncertainty. My view shifts if the power project’s capacity or timing slips, or if capex allocation to it crowds out higher‑margin drilling.