Current Report Filing (8-k)
October 20 2016 - 08:26AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): October 20, 2016
DIAMONDBACK ENERGY, INC.
(Exact Name of Registrant as Specified in Charter)
|
|
|
|
|
Delaware
|
|
001-35700
|
|
45-4502447
|
(State or other jurisdiction
of incorporation)
|
|
(Commission
File Number)
|
|
(I.R.S. Employer
Identification Number)
|
|
|
500 West Texas
Suite 1200
Midland,
Texas
|
|
79701
|
(Address of principal executive offices)
|
|
(Zip code)
|
(432) 221-7400
(Registrants telephone number, including area code)
Not Applicable
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
☐
|
Written communications pursuant to Rule 425 under the Securities Act
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
|
Item 8.01. Other Events.
Notes Offering
On October 20,
2016, Diamondback Energy, Inc. (Diamondback) issued a press release announcing that it proposes to offer, subject to market conditions and other factors, $500 million aggregate principal amount of its Senior Notes due 2024 (the
Notes) to fund the repurchase of its outstanding 7.625% Senior Notes due 2021. The Notes will be offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities
Act), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The Notes will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States
absent registration or an applicable exemption from such registration requirements. This report is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any
jurisdiction in which such offer, solicitation or sale is unlawful.
Certain Additional Information
Diamondback recently announced that its average daily production during the third quarter of 2016 was 44,923 BOE/d (73% oil), up 22% from the
average daily production of 36,841 BOE/d during the second quarter of 2016. Average realized prices during the third quarter of 2016 were $42.11 per barrel of oil, $2.37 per Mcf of natural gas and $13.76 per barrel of natural gas liquids. Average
daily production for Viper Energy Partners LP (Viper) during the third quarter of 2016 was 6,255 BOE/d (75% oil), up 16% from the average daily production of 5,380 BOE/d during the second quarter of 2016. Vipers third quarter 2016
average realized prices were $41.97 per barrel of oil, $2.39 per Mcf of natural gas and $12.56 per barrel of natural gas liquids.
Diamondback is currently running five horizontal drilling rigs and expects to add a sixth horizontal rig early next year.
In September 2016, Diamondback completed its previously announced acquisition in the Southern Delaware Basin, which included approximately
19,180 net acres, 19 gross producing vertical wells, 11 gross producing horizontal wells, saltwater disposal and gathering infrastructure and other related assets. Upon completion of this transaction, Diamondbacks net acreage position
increased to approximately 105,000 net acres in the Northern Midland and Southern Delaware Basins.
Item 9.01. Financial Statements and Exhibits
|
|
|
Number
|
|
Exhibit
|
|
|
99.1
|
|
Press Release dated October 20, 2016 entitled Diamondback Energy Launches Proposed $500 Million Offering of Senior Notes to Repurchase its Outstanding 7.625% Senior Notes due 2021.
|
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
|
|
|
|
|
|
|
|
|
|
DIAMONDBACK ENERGY, INC.
|
|
|
|
|
Date: October 20, 2016
|
|
|
|
By:
|
|
/s/ Teresa L. Dick
|
|
|
|
|
|
|
Teresa L. Dick
Senior Vice President and
Chief Financial Officer
|
Exhibit Index
|
|
|
Number
|
|
Exhibit
|
|
|
99.1
|
|
Press Release dated October 20, 2016 entitled Diamondback Energy Launches Proposed $500 Million Offering of Senior Notes to Repurchase its Outstanding 7.625% Senior Notes due 2021.
|
Diamondback Energy (NASDAQ:FANG)
Historical Stock Chart
From Feb 2024 to Mar 2024
Diamondback Energy (NASDAQ:FANG)
Historical Stock Chart
From Mar 2023 to Mar 2024