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Diamondback Energy, Inc. Announces Fourth Quarter & Full Year 2012 Financial/Operating Results & 2013 Guidance

Stocks in this article: FANG

MIDLAND, Texas, Feb. 25, 2013 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (Nasdaq:FANG) ("Diamondback" or the "Company") today announced financial and operating results for the fourth quarter and year ended December 31, 2012.

HIGHLIGHTS

  • Q4 pro forma production of 4.6 MBoe/d, a 19% increase compared to pro forma Q3 2012.
  • As of February 24, 2013, the Neal 8-1H in Upton County, with a 7,652 ft. lateral, was flowing back the last 7 days at an average rate of 817 Boe/d (86% oil), with a peak IP of 871 Boe/d.
  • Vertical well costs decreased to $2.2 million in Q4 compared to $2.4 million in Q3 2012.
  • On a pro forma basis, LOE fell to $15.68/Boe in Q4, compared to $18.04/Boe in Q3 2012.
  • 337% of 2012 production was replaced by reserve additions excluding price related revisions. 65% of proved reserves are oil, supporting PV10 of $493 million at SEC price of $88/Bbl.
  • Acquired more than 2,500 net acres in Midland County in Q1 2013 at attractive prices.
  • Pro forma Q4 2012 EBITDA was $15.4 million supporting pro forma 2012 EBITDA of $62.9 million. Production guidance reaffirmed at 7,200-7,500 Boepd and CapEx between $270-$300 million.
  • Recently hedged 1,000 bpd at $109.70/Bbl priced at Brent for the period May-13 to April-14.
  • Completed its IPO during the quarter at a price of $17.50, raising approximately $237.2 million. As of December 31, 2012, the Company had no outstanding debt.

"Through the diligent execution of our growth strategy, Diamondback produced a solid quarter as we expanded our drilling activities in the Permian Basin," stated Travis Stice, Chief Executive Officer of Diamondback Energy, Inc. "As we continue to focus on improving our operational efficiencies and increase production, we have directed our resources to capitalize on the opportunities afforded to us by horizontal drilling. This strategy has led us to increase our horizontal well development program, where the initial results from our first three horizontal wells have been encouraging. We look forward to releasing the initial results of six additional horizontal Wolfcamp B wells over the next 90 days."

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