Forecast - Production | Hedging | Capital Markets | Capex Decrease | Drilling Program-Rig Count | Capital Expenditure - 2020 | 2020 Guidance
Diamondback Updates 2020 Plan; Well Plans Down 44%, Lower Oil Output
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Diamondback Energy, Inc. provided revised full year 2020 guidance and updated hedge positions.
2020 Spending- Full year 2020 CAPEX guidance of $1.5 - $1.9 billion
DC&E spend of $1.31 - $1.63 billion Midstream spend of $100 - $150 million Infrastructure spend of $90 - $120 million Rigs/Frac Crew Changes; Makes 44% Cut to Well Plans Plan to exit 3Q'20 operating eight (8) drilling rigs, and exit 2020 operating seven drilling rigs Plan to operate 3-5 completion crews plan to complete between 170 - 200 gross (153-180 net) wells with an average lateral length of approximately 10,000 feet in 2020 (down 44% from initial plans) Production Update: Cuts Oil Outlook by 10%- Full year revised 2020 production guidance of 295.0 - 310.0 MBOE/d (down 5% from its initial plan)
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