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Large Permian E&P Talks 1Q'24; 282 Wells Planned for 2024
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Diamondback Energy provided an update to it's first quarter 2024. Let's first take a look at the development plan. The company program remains unchanged, and one can expect a more consistent development plan through the year. At current spending however, we do expect to see a some mean seasonal slow down in the fourth quarter.
The company has only completed 68% of it's full year well plan (282 net wells) and have guided to a spend ~$600 million the second quarter.
FIRST QUARTER 2024 HIGHLIGHTS
Average production of 273.3 MBO/d (461.1 MBOE/d) Net cash provided by operating activities of $1.3 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $1.4 billion Cash capital expenditures of $609 million Declared Q1 2024 base cash dividend…- ✓ Full news archive — U.S., Canada & international coverage
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