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Diamondback Energy

Contacts

Diamondback Energy, Inc.
500 West Texas Ave, Suite 1200
Midland, TX 79701
United States

Tel: 432 221 7400

Description

Diamondback Energy Inc. is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. Diamondback's activities are primarily focused on the horizontal exploitation of multiple intervals within the Wolfcamp, Spraberry, Clearfork, Bone Spring and Cline formations.

2019 Capital and Production Guidance

  • 2019 estimated annual production guidance of 275 – 290 MBoe/d (68% – 70% oil), midpoint implies over 28% pro forma year over year production growth and over 30% pro forma year over year oil production growth within cash flow at current commodity prices
  • Planned 2019 capital expenditures of $2.7 – $3.1 billion, including $2.35 – $2.7 billion for drilling and completion and $350 – $400 million for midstream and infrastructure investments (excluding equity investments in long-haul pipelines)
  • Plan to operate between 18 and 22 drilling rigs versus 24 operated drilling rigs today, reducing rig count by three rigs immediately
  • Plan to operate eight completion crews entering 2019 after releasing two crews in December 2018
  • Plan to complete between 280 and 320 gross wells with an average lateral length of approximately 9,200 feet
  • Diamondback believes it can maintain flat exit 2018 to exit 2019 production of over 250 MBoe/d with 14 operated drilling rigs

Website

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01/12/2022
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