Diamondback Energy, Inc. Provides Fourth Quarter 2019 Production Update and Schedules Fourth Quarter 2019 Conference Call for February 19, 2020
Average daily production for the full year 2019 was 283.0 MBOE/d (187.7 MBO/d), an increase of 27% from combined 2018 average daily volumes of 222.1 MBOE/d, with oil volumes increasing 26% year over year, after adjusting for the full year 2018 impact of the Energen transaction which closed on
"Diamondback achieved ~5% sequential oil production growth in the fourth quarter of 2019, returning to growth after a dip in the third quarter, and setting the Company up well for our 2020 plan. The impact of offset frac interference experienced in the third quarter subsided in the fourth quarter with field level production in
Mr. Stice continued, "Following our recent investment grade upgrade and debt refinancing, Diamondback ended 2019 meeting or exceeding every major synergy target laid out with the Energen transaction. With the focus now on 2020, we believe Diamondback is well-positioned to execute on our previously announced plan to deliver 10% - 15% year over year oil growth, while generating robust free cash flow at current commodity prices."
EARNINGS RELEASE AND CONFERENCE CALL
Additionally, Diamondback today announced it plans to release fourth quarter 2019 financial results on
In connection with the earnings release, Diamondback will host a conference call and webcast for investors and analysts to discuss its results for the fourth quarter of 2019 on
Diamondback is an independent oil and natural gas company headquartered in
Viper is a limited partnership formed by Diamondback to own, acquire and exploit oil and natural gas properties in
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than historical facts, that address activities that Diamondback assumes, plans, expects, believes, intends or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events, including proposed sales of assets, future dividends, production, drilling and capital expenditure plans and effects of hedging arrangements. These forward-looking statements involve certain risks and uncertainties that could cause the results to differ materially from those expected by the management of Diamondback. Information concerning these risks and other factors can be found in Diamondback’s filings with the
Source: Diamondback Energy, Inc.