Diamondback

Diamondback Glides Oil Production Slightly Higher, Even as Efficiencies Send Rig Count Lower

Diamondback Glides Oil Production Slightly Higher, Even as Efficiencies Send Rig Count Lower

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…

August 11, 2021
Diamondback Sees No ‘Clear Signal’ to Boost Permian Output

Diamondback Sees No ‘Clear Signal’ to Boost Permian Output

Diamondback Energy Inc. CEO Travis Stice said until there’s a “clear signal” to increase oil output, there are no plans to expand volumes this year in the Permian Basin. Stice and his management team discussed first quarter performance and the outlook for the oil and gas market during a conference call. The CEO pointed to…

May 5, 2021
Permian Pure Play Diamondback Adds Heft to Portfolio with QEP, Guidon Tie-Ups

Permian Pure Play Diamondback Adds Heft to Portfolio with QEP, Guidon Tie-Ups

Diamondback Energy Inc. is expanding its leasehold in the Permian Basin with two separate cash and stock deals valued at a combined roughly $3 billion that are seen boosting cash flow and shareholder returns. The Midland, TX-based independent agreed to acquire QEP Resources in an all-stock transaction valued at around $2.2 billion, including QEP’s net…

December 21, 2020
Diamondback Reduces Permian Flaring 74%, Discounts Any Merger Talk

Diamondback Reduces Permian Flaring 74%, Discounts Any Merger Talk

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. The Midland, TX-based independent reduced its lease operating expenses and general/administrative costs in…

November 3, 2020
Diamondback’s Stice Cautions E&Ps to Hold Oil, Natural Gas Output Steady ‘Until Commodity Prices Recover’

Diamondback’s Stice Cautions E&Ps to Hold Oil, Natural Gas Output Steady ‘Until Commodity Prices Recover’

Permian Basin pure-play Diamondback Energy Inc. saw its oil and natural gas output bottom in the third quarter, and it is eyeing a slight increase through the end of the year — but not by much until  prices recover. Fourth quarter output is expected to meet a production target of 170,000-175,000 b/d of oil, CEO…

October 14, 2020
Diamondback’s Curtailed Permian Oil Volumes Ramping Up, with Some Completion Crews Back to Work

Diamondback’s Curtailed Permian Oil Volumes Ramping Up, with Some Completion Crews Back to Work

Permian Basin pure-play Diamondback Energy Inc., which undertook a nearly three-month break from completion activity and shut-in wells as Covid-19 stormed the oilpatch, has brought back online nearly all of the volumes, but it has set full-year production guidance lower. The Midland, TX-based independent voluntarily curtailed 9,000 b/d (16,100 boe/d) during 2Q2020, mostly in May,…

July 15, 2020
Permian-Focused Shut-ins Mount, as Oxy, Region’s E&Ps Slice Completions, Production

Permian-Focused Shut-ins Mount, as Oxy, Region’s E&Ps Slice Completions, Production

Stung by the untimely and expensive takeover of Anadarko Petroleum Corp. in 2019, debt-laden Occidental Petroleum Corp. (Oxy) is working to right itself after taking a battering in the first three months, joining other Permian Basin-heavy operators in reducing activity in reaction to plummeting demand.

May 6, 2020
Oil Prices, Pandemic Crash Ending in Multi-Company Pile-Up Across North America’s Energy Sector

Oil Prices, Pandemic Crash Ending in Multi-Company Pile-Up Across North America’s Energy Sector

Covid-19 is continuing to cast its dark shadow across the energy sector, as more layoffs are announced and further reductions to capital spending marred the end to the first quarter.

March 31, 2020
Oil Prices, Pandemic Crash Ending in Multi-Company Pile-Up Across North America’s Energy Sector

Oil Prices, Pandemic Crash Ending in Multi-Company Pile-Up Across North America’s Energy Sector

Covid-19 is continuing to cast its dark shadow across the energy sector, as more layoffs are announced and further reductions to capital spending marred the end to the first quarter.

March 31, 2020

Permian Player Diamondback Posts 65% Output Growth Following Energen Acquisition

Following its $9.2 billion acquisition of Energen Corp. in 2018, Permian Basin pure-play Diamondback Energy Inc. reported a 65% year/year (y/y) increase in oil and gas production to 301,300 boe/d during the fourth quarter.

January 7, 2020
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