Drilling efficiencies are giving Diamondback Energy Inc. a leg up to reduce spending, drop rigs and crews, but oil output is set to bump higher through the end of the year, according to CEO Travis D. Stice.

During the recent second quarter conference call, Stice said the Midland, TX-based independent had decreased drill times from spud to total depth by more than 30% from a year ago.

On average, it is taking Diamondback slightly more than 10 days to drill a two-mile well in the Permian’s Midland sub-basin, Stice told investors. Efficiencies are growing through the use of three simultaneous fracture crews, aka simul-fracks, which reduce completions downtime.

“We are currently completing approximately 2,800 lateral feet/day in the Midland Basin, an improvement of nearly 70%...