MIDLAND, Texas, Aug. 6, 2013 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (Nasdaq:FANG) ("Diamondback" or the "Company") today announced financial and operating results for the second quarter ended June 30, 2013.
During the second quarter of 2013, net income was $14.5 million, or $0.36 per diluted share. Net income for the second quarter includes a net unrealized gain on commodity derivatives of $3.9 million ($2.5 million net of tax), or $0.06 per diluted share. Without the impact of this item, net income for the second quarter of 2013 would have been $11.9 million, or $0.30 per diluted share.
- Q2 2013 production was 6.6 MBoe/d, a 38% increase from Q1 2013 with oil volumes increasing 49% over the same period, helping to drive EBITDA (as defined below) to $35.1 million (up 73% over the same period).
- Continued progress lowering lease operating expense ("LOE") by 20% to $10.15/Boe during Q2 2013 from $12.61/Boe in Q1 2013.
- The ST 4301H well in Midland County, with a 29 stage 7,141' lateral, achieved a peak 30 day rate of 916 Boe/d (85% oil) on submersible pump, with a previously reported peak 24 hour initial production ("IP") rate of 1,136 Boe/d.
- The Jacee A Unit 1H well in Upton County, with a 30 stage 7,541' lateral, achieved a peak 24 hour IP of 1,085 Boe/d on submersible pump, with a peak 30 day rate of 632 Boe/d (83% oil).
- The Janey 2H well in Upton County, with a 19 stage 4,572' lateral, was put on submersible pump and achieved a peak 24 hour IP rate of 930 Boe/d (87% oil).
- The Janey 4H well in Upton County, with a 10 stage 4,564' lateral, was put on submersible pump and achieved a peak 24 hour IP rate of 880 Boe/d (77% oil).
- The Company's 15 producing horizontal Wolfcamp B wells have achieved peak 24 hour IP rates that averaged 905 Boe/d (88% oil) from lateral lengths that averaged 5,687'.
- Entered into two definitive agreements to purchase approximately 11,150 net acres in the Midland Basin for $165 million extending our horizontal inventory in the heart of the northern part of the basin.