Permian Basin pure-play Diamondback Energy Inc.’s oil production is almost back to levels before Texas was stopped in its tracks by last week’s wintry blast, but it will take some time to make up the difference, CEO Travis Stice said Tuesday.

Diamondback Energy

Speaking during the fourth quarter conference call, Stice told analysts that Permian oil output “has nearly returned to pre-storm levels…We expect to make up the majority of the lost production throughout the year, but will not be able to make it all up in the first quarter.”

Capital spending for 2021 is set at $1.35-1.55 billion, with guidance assuming it can hold 4Q2020 oil production flat at 170,000-175,000 b/d flat.

However, the guidance “also accounts for the estimated impact of the severe winter storms in the Permian...