Business
Diamondback Energy, Inc. Announces Third Quarter 2019 Financial and Operating Results and 2020 Capital and Production Guidance
MIDLAND, Texas, Nov. 05, 2019 (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, Nov. 05, 2019 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the third quarter ended September 30, 2019 and announced 2020 capital and production guidance.\n THIRD QUARTER 2019 HIGHLIGHTS Q3 2019 net income of $368 million, or $2.26 per diluted share; adjusted net income (as defined and reconciled below) of $239 million, or $1.47 per diluted shareQ3 2019 Consolidated Adjusted EBITDA (as defined and reconciled below) of $732 million; adjusted EBITDA net of non-controlling interest of $699 millionQ3 2019 production of 287.1 MBOE/d (65% oil), up 2% over Q2 2019 and 133% over Q3 2018Q3 2019 capital expenditures of $825 million; turned 88 wells to productionUpdated 2019 CAPEX guidance of $2.85 - $2.90 billion, narrowed from $2.725 - $2.950 billion previouslyDeclared Q3 2019 cash dividend of $0.1875 per share payable on November 22, 2019; implies a 0.9% annualized yield based on the November 1, 2019 share closing price of $86.79Repurchased 2,954,000 shares in Q3 2019 for ~$296 million; repurchases through Q3 2019 of $400 million represent 20.0% of the Board approved program for up to $2.0 billion of stock repurchases through December 31, 2020On October 1, 2019, closed previously announced Drop-Down transaction to subsidiary Viper Energy Partners LP 2020 CAPITAL AND OPERATING PLAN HIGHLIGHTS Full year 2020 production guidance of 310.0 - 325.0 MBOE/d, implied growth of 10% - 15% from midpoint of anticipated full year 2019 productionFull year 2020 oil production guidance of 205.0 - 215.0 MBO/d, implied growth of 10% - 15% from midpoint of anticipated full year 2019 productionFull year 2020 CAPEX guidance of $2.8 - $3.0 billion, including drill, complete and equip (\"D,C&E\") of $2.45 - $2.60 billion, $200 - $225 million of midstream capital and $150 - $175 million of infrastructure capitalPlan to operate between 20 - 23 drilling rigs and complete between 320 - 360 gross wells with an average lateral length of approximately 9,700 feetDiamondback believes it can maintain flat exit 2019 to exit 2020 production with 15 operated drilling rigs and ~$1.7 billion of D,C&E capital assuming current service costs \"After growing significantly during the first two quarters of the year, Diamondback’s oil production declined in the third q...