Business
Diamondback Energy, Inc. Announces Second Quarter 2020 Financial and Operating Results
MIDLAND, Texas, Aug. 03, 2020 (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, Aug. 03, 2020 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the second quarter ended June 30, 2020.\n SECOND QUARTER 2020 HIGHLIGHTS Generated second quarter cash flow from operating activities of $324 million. Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) was $390 millionQ2 2020 cash operating costs of $6.44 per BOE; including cash general and administrative (\"G&A\") expenses of $0.41 per BOE and lease operating expenses (\"LOE\") of $3.85 per BOEDeclared Q2 2020 cash dividend of $0.375 per share payable on August 20, 2020; implies a 3.8% annualized yield based on the July 31, 2020 share closing price of $39.86Included in the Company's Q2 2020 results are $2,539 million in impairment charges related to the lower average trailing 12-month commodity pricing (\"SEC Pricing\"). As such, the Company reported a net loss of $2,393 million; adjusted net income (as defined and reconciled below) of $23 million, or $0.15 per diluted shareQ2 2020 Consolidated Adjusted EBITDA (as defined and reconciled below) of $441 million; Adjusted EBITDA net of non-controlling interest of $414 millionStandalone liquidity of $1.9 billion as of June 30, 2020Lowering LOE and G&A unit guidance by a combined $0.35 per BOE at the midpoint of each guidance range, implying estimate of total cash cost savings of over $38 million for full year 2020Current drilling and completion costs in the Midland Basin are between $450 and $500 per lateral foot, with an estimated additional $80 to $100 of equip costs per lateral footCurrent drilling and completion costs in the Delaware Basin are between $650 and $700 per lateral foot, with an estimated additional $100 to $150 of equip costs per lateral footCompleted a four well pad in Spanish Trail in 10.5 days, completing approximately 4,000 lateral feet per day using 25% recycled water versus prior completions at 1,500 to 2,000 lateral feet per dayUsing new rotary steerable technology, Diamondback set a Permian Basin record for most footage drilled in a 24 hour period with 8,150 lateral feet drilled in 24 hoursReduced flaring as a percentage of net production to 0.3%, down 82% from Q1 2020 and down 84% from 2019 PREVIOUSLY ANNOUNCED SECOND QUARTER 2020 HIGHLIGHTS Q2 2020 a...