About
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. Diamondback’s activities are primarily focused on the horizontal exploitation of multiple intervals within the Wolfcamp, Spraberry, Clearfork, Bone Spring and Cline formations.
Wells Drilled Last 12 Months
Air Permits
2022 Full Year Guidance
Below is Diamondback’s guidance for the full year 2022, which includes second quarter production and capital guidance. As a result of the increase in commodity prices, Diamondback is increasing its expected cash tax rate to 10% – 15% of pre-tax income from 6% – 11% previously.
| 2022 Guidance | 2022 Guidance | ||
| Diamondback Energy, Inc. | Viper Energy Partners LP | ||
| Total net production – MBOE/d | 369 – 376 | 30.50 – 32.75 | |
| Oil production – MBO/d | 218 – 222 | 18.00 – 19.25 | |
| Q2 2022 oil production – MBO/d (total – MBOE/d) | 218 – 222 (369 – 376) | ||
| Unit costs ($/BOE) | |||
| Lease operating expenses, including workovers | $4.00 – $4.50 | ||
| G&A | |||
| Cash G&A | $0.65 – $0.80 | $0.60 – $0.80 | |
| Non-cash equity-based compensation | $0.40 – $0.50 | $0.10 – $0.20 | |
| DD&A | $8.75 – $9.75 | $9.75 – $10.75 | |
| Interest expense (net of interest income) | $1.10 – $1.30 | $3.25 – $3.75 | |
| Gathering and transportation | $1.60 – $1.80 | ||
| Production and ad valorem taxes (% of revenue)(a) | 7% – 8% | 7% – 8% | |
| Corporate tax rate (% of pre-tax income) | 23 | % | |
| Cash tax rate (% of pre-tax income) | 10% – 15% | 10% – 15% | |
| Capital Budget ($ – million) | |||
| Drilling, completion, capital workovers, and non-operated properties | $1,560 – $1,670 | ||
| Midstream (ex. equity method investments) | $80 – $100 | ||
| Infrastructure and environmental | $110 – $130 | ||
| 2022 Capital expenditures | $1,750 – $1,900 | ||
| Q2 2022 Capital expenditures | $435 – $475 | ||
| Gross horizontal wells drilled (net) | 270 – 290 (248 – 267) | ||
| Gross horizontal wells completed (net) | 260 – 280 (240 – 258) | ||
| Average lateral length (Ft.) | ~10,200′ | ||
| Midland Basin well costs per lateral foot | $520 – $580 | ||
| Delaware Basin well costs per lateral foot | $700 – $780 | ||
| Midland Basin net lateral feet (%) | ~80% | ||
| Delaware Basin net lateral feet (%) | ~20% |
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Areas of Operation
Midland Basin – focus has been on the Spraberry and Wolfcamp formations. Midland Basin is located just east of the Central Basin Platform and runs north to south from Crockett County to counties Lamb and Hale. Midland Basin geology is highly variable by location and zone, as the typical well completion in the basin involves commingling production from multiple stacked pay zones. Depending on the geographic region within the Basin, operators are targeting a variety of zones with vertical and horizontal completions.
Delaware Basin – Delaware Basin is a hydrocarbon rich sedimentary basin that lies within the Permian Basin. The Delaware Basin covers around 6.4 million acres in far West Texas and South Eastern New Mexico. It is located in an arid southwestern portion of the United States of America
Williston Basin – Williston Basin is a large intracratonic sedimentary basin in eastern Montana, western North Dakota, South Dakota, and southern Saskatchewan, that is known for its rich deposits of petroleum and potash.
Diamondback News
Diamondback to boost oil production while cutting Permian drilling rigs following Endeavor megadeal
U.S. shale drillers to reduce Permian drilling emissions, increase reliability with nuclear reactors
Diamondback Energy, Inc. Announces Fourth Quarter and Full Year 2023 Financial and Operating Results
Diamondback Energy, Inc. and Endeavor Energy Resources, L.P. to Merge to Create a Premier Permian Independent Oil and Gas Company
Diamondback Energy, Inc. Announces Q3 2023 Financial and Operating Results
Diamondback Energy, Inc. and Five Point Energy LLC Form Deep Blue Midland Basin LLC
Diamondback Energy, Inc. Second Quarter 2023 Operating Results
Diamondback Seeks Buyers For Permian Assets
