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Diamondback Energy, Inc. reported its production levels for Q4 and full year 2019.
Gets 26% Oilier in 2019; Total Output Up 27%
Full Year 2019 Production: Average daily production for the full year 2019 was 283.0 MBOE/d (187.7 MBO/d), an increase of 27% YOY.
Oil volumes also increased 26% YOY (adjusted for the Energen transaction).
Q4 2019 Production: Diamondback's average daily production for the fourth quarter of 2019 was 301.3 MBOE/d (195.0 MBO/d), up 5% from Q3 2019 and up 65% YOY.
Viper Production
Viper Energy Partners LP's fourth quarter 2019 average daily production volumes of 26.1 MBOE/d (16.5 MBO/d), an increase of 23% from Q3 2019 and up 29% YOY.
Travis Stice, Chief Executive Officer of Diamondback, said: "Diamondback achieved ~5% sequential oil production growth in the fourth quarter of 2019, returning to growth after a dip in the third quarter, and setting the Company up well for our 2020 plan. The impact of offset frac interference experienced in the third quarter subsided in the fourth quarter with field level production in Howard County rebounding as expected. For the full year 2019, Diamondback grew oil production pro forma for the Energen acquisition over 26% year over year.
"Following our recent investment grade upgrade and debt refinancing, Diamondback ended 2019 meeting or exceeding every major synergy target laid out with the Energen transaction. With the focus now on 2020, we believe Diamondback is well-positioned to execute on our previously announced plan to deliver 10% - 15% year over year oil growth, while generating robust free cash flow at current commodity prices."
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