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Diamondback Energy Reducing 2023 Drilling Program
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Diamondback Energy, Inc. announced first quarter 2023 results. However during the earnings call. Here are a few things the company said.
"We are going to reduce our rig count by 2 rigs as expected at the end of this quarter through the back half of the year." "On the frac side, our two e-fleets on the simulfrac e-fleets are pretty locked up on pricing. I would say we saw some weakness in the spot frac pricing in Q1 versus Q4. And as we move those other two fleets to simulfrac fleets, I think the more benefit will be on the efficiency side than the price per horsepower side." Highlights Average production of 251.4 MBO/d (425.0 MBOE/d) Net cash provided by operating activities of $1.43 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below)…- ✓ Full news archive — U.S., Canada & international coverage
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