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.
- 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.