Diamondback Energy, Inc. Provides Fourth Quarter 2019 Production Update and Schedules Fourth Quarter 2019 Conference Call for...
January 07 2020 - 6:00AM
Diamondback Energy, Inc. (NASDAQ: FANG) ("Diamondback" or the
"Company") today announced that its average daily production for
the fourth quarter of 2019 was 301.3 MBOE/d (195.0 MBO/d), an
increase of 5% from Q3 2019 average daily production of 287.1
MBOE/d and up 65% from Q4 2018 average daily production of 182.8
MBOE/d.
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 November 29, 2018.
Viper Energy Partners LP (NASDAQ: VNOM) ("Viper"), a subsidiary
of Diamondback, also announced today its fourth quarter 2019
average daily production volumes of 26.1 MBOE/d (16.5 MBO/d), an
increase of 23% from Q3 2019 average daily production of 21.3
MBOE/d and up 29% from 20.2 MBOE/d in Q4 2018.
"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 Howard County rebounding as expected. For the full year 2019,
Diamondback grew oil production pro forma for the Energen
acquisition over 26% year over year,“ stated Travis Stice, Chief
Executive Officer of Diamondback.
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 Tuesday, February 18, 2020
after the market closes.
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 Wednesday, February
19, 2020 at 9:00 a.m. CT. Participants should call (877) 440-7573
(United States/Canada) or (253) 237-1144 (International) and use
the confirmation code 2383801. A telephonic replay will be
available from 12:00 p.m. CT on Wednesday, February 19, 2020
through Wednesday, February 26, 2020 at 12:00 p.m. CT. To access
the replay, call (855) 859-2056 (United States/Canada) or (404)
537-3406 (International) and enter confirmation code 2383801. A
live broadcast of the earnings conference call will also be
available via the internet at www.diamondbackenergy.com under the
“Investor Relations” section of the site. A replay will also be
available on the website following the call.
About Diamondback Energy, Inc.
Diamondback is an independent oil and natural gas company
headquartered in Midland, Texas focused on the acquisition,
development, exploration and exploitation of unconventional,
onshore oil and natural gas reserves in the Permian Basin in West
Texas. For more information, please visit
www.diamondbackenergy.com.
About Viper Energy Partners LP
Viper is a limited partnership formed by Diamondback to own,
acquire and exploit oil and natural gas properties in North
America, with a focus on oil-weighted basins, primarily the Permian
Basin and the Eagle Ford Shale. For more information, please visit
www.viperenergy.com.
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 Securities and Exchange Commission, including its Forms
10-K, 10-Q and 8-K, which can be obtained free of charge on the
Securities and Exchange Commission’s web site at
http://www.sec.gov. Diamondback undertakes no obligation to update
or revise any forward-looking statement.
Investor Contact:Adam Lawlis+1
432.221.7467alawlis@diamondbackenergy.com
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