Permian Basin pure-play Diamondback Energy Inc. improved its environmental stewardship in the third quarter, with only 0.5% net natural gas production flared, down 74% year/year. The operations also are strong enough to not look for any merger partner, CEO Travis Stice said.

Diamondback flaring

The Midland, TX-based independent reduced its lease operating expenses and general/administrative costs in the quarter to “near all-time lows,” he said during a conference call to discuss quarterly results. Capital costs per lateral foot also are “continuing to decline to new records. 

“Our drilling and completion operations continue to become more efficient, and we are beginning to see the benefits from high-grading our development program after the downturn began earlier this year.”

Costs are...