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Diamondback to Amp Up Rig Count as Drilling Efficiencies Stack Up
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Diamondback Energy, Inc. announced financial and operating results for the second quarter ended June 30, 2015 and provided updated guidance for 2015.
Highlights: Diamondback's Q2 2015 production was 30.0 Mboe/d (74% oil), up 68% from 17.8 Mboe/d (75% oil) in Q2 2014. Lease operating expenses ("LOE") decreased 8% to $7.51/boe from Q1 2015 and nearly 25% from the high in Q4 2014 of $9.79/boe. As a result of continued improved execution and faster cycle times, Diamondback now expects to complete 60 to 70 gross (49 to 57 net) horizontal wells in 2015. The Company has also raised its production guidance for 2015 from a range of 29.0 to 31.0 Mboe/d to a range of 30.0 to 32.0 Mboe/d. Despite the increased completion activity, the Company continues to expect capital spend in 2015 at the high end…- ✓ Full news archive — U.S., Canada & international coverage
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