Business
Diamondback Energy, Inc. Announces First Quarter 2021 Financial and Operating Results
MIDLAND, Texas, May 03, 2021 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and
About this update from Diamondback Energy, Inc.
[{"type":"text","content":"MIDLAND, Texas, May 03, 2021 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the first quarter ended March 31, 2021. FIRST QUARTER 2021 HIGHLIGHTS Previously announced Q1 2021 average production of 184.2 MBO/d (307.4 MBOE/d)Generated Q1 2021 cash flow from operating activities of $624 million. Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $627 millionQ1 2021 cash capital expenditures of $296 million; Q1 2021 activity-based capital expenditures incurred of approximately $267 millionGenerated Q1 2021 Free Cash Flow (as defined and reconciled below) of $331 millionQ1 2021 cash operating costs of $8.06 per BOE; including cash general and administrative (\"G&A\") expenses of $0.54 per BOE and lease operating expenses (\"LOE\") of $3.69 per BOEClosed the previously announced acquisition of assets from Guidon Operating LLC (\"Guidon\") and the acquisition of QEP Resources, Inc. (\"QEP\") in an all stock merger, adding an aggregate of over 80,000 net acres to our asset base in the Permian Basin and generating significant synergiesSigned definitive agreements in the second quarter of 2021 to divest Williston Basin assets acquired in the merger with QEP and non-core Permian Basin assets for total consideration of $832 million, subject to certain closing adjustments; assets being sold have estimated full year 2021 net production of approximately 16 MBO/d (28 MBOE/d)Flared 0.75% (1.0% including QEP) of gross natural gas production in the first quarter of 2021Received $103 million federal net operating loss carryback and alternative minimum tax credit refund in January 2021, which included $3 million of interest incomeInitiating Q2 2021 production guidance of 232.0 - 236.0 MBO/d (387.0 - 394.0 MBOE/d) and cash capex guidance of $350 - $400 million “Diamondback started 2021 with a successful first quarter, effectively overcoming the production obstacles presented by Winter Storm Uri while keeping our capital and operating costs near all-time lows. As a result, we generated over $330 million of Free Cash Flow in the first quarter. At current strip pricing, and pro forma for our asset sales announced today, we expect to continue generating significant Free Cash Flow in 2021. This Free Cash Flow, coupled with...