Business
Diamondback Energy, Inc. Provides First Quarter Update and Announces Revised 2021 Guidance
MIDLAND, Texas, April 12, 2021 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today provided an operational
About this update from Diamondback Energy, Inc.
[{"type":"text","content":"MIDLAND, Texas, April 12, 2021 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today provided an operational update for the first quarter of 2021 and announced revised full year 2021 guidance. FIRST QUARTER 2021 UPDATE Q1 2021 average production of 184.2 MBO/d (307.4 MBOE/d)Q1 2021 average unhedged realized prices of $56.94 per barrel of oil, $22.94 per barrel of natural gas liquids and $3.05 per Mcf of natural gas, resulting in a total equivalent price of $42.36 per BOEQ1 2021 average hedged realized prices of $46.81 per barrel of oil, $22.76 per barrel of natural gas liquids and $2.64 per Mcf of natural gas, resulting in a total equivalent price of $35.75 per BOE. Diamondback realized total hedging losses of $102 million in the first quarter, including $80 million of realized gains from the early termination of interest rate swapsQ1 2021 estimated cash CAPEX of $280 - $300 millionClosed our previously announced acquisition of approximately 32,500 net acres in the Northern Midland Basin and certain related oil and natural gas assets from Guidon Operating LLC (\"Guidon\") on February 26, 2021 for approximately $375 million in cash and the issuance of an aggregate of 10.7 million shares of our common stockClosed our previously announced acquisition of QEP Resources, Inc. (\"QEP\") in an all-stock merger on March 17, 2021 for an aggregate of approximately 12.2 million shares of our common stock REVISED FULL YEAR 2021 GUIDANCE Diamondback today announced revised 2021 production, capital and operating guidance. This guidance has been updated to give effect to the QEP transaction, which was completed on March 17, 2021. Highlights Include: Full year 2021 oil production guidance of 218 – 222 MBO/d (360 – 370 MBOE/d), including approximately 12 MBO/d (~19 MBOE/d) of contribution from Diamondback’s Williston Basin assetsFull year 2021 cash CAPEX guidance of $1.60 – $1.75 billionThe Company expects to drill between 200 and 215 gross (178 – 192 net) wells and complete between 275 and 285 gross (250 – 259 net) wells with an average lateral length of approximately 10,300 feet in 2021 2021 Guidance Diamondback Energy, Inc. Total net production – MBOE/d(a)360 - 370Oil production – MBO/d(a)218 - 222 Unit costs ($/BOE) Lease operating expenses, including workovers$3.90 - $4.30G&A Cash G&A$0.45 - $0.55...