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Permian Operator Plan To Complete 70 Wells In 2016
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Diamondback Energy, Inc. provided an operational update for the quarter ended December 31, 2015, and announced preliminary financial and operating guidance for the full year of 2016.
Full Year 2016 Preliminary Guidance - Completion (E) : 50-70 Gross Horizontal Wells - Capital Expenditure (E) : 280-375 Million - Production Guidance : 34 - 38 Mboe/d - Wells Cost (Traget) : 5-5.5 Million (@ 7,500 ft Lateral - Well Cost (target) : 6.5-7.0 million (@ 10,000 ft Lateral)Diamondback expects full year 2016 production of 34.0 Mboe/d to 38.0 Mboe/d. During 2016, the Company plans to complete 50 to 70 gross horizontal wells with total capital spend of $280 to $375 million from a two to three rig program.
The Company continues to lower well costs and reduce expenses. Leading edge well costs are…
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