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Diamondback Energy, Inc. Announces Second Quarter 2013 Financial And Operating Results

Stocks in this article: FANG

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.

HIGHLIGHTS

  • 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.

"During the second quarter of 2013, we continued to ramp production, our operating efficiency continues to improve, and we've expanded our footprint by over 20% with these acquisitions. We are encouraged by the success of our horizontal drilling program, with our average curve from these wells performing at or above the type curve we predicted," stated Travis Stice, Chief Executive Officer of Diamondback.

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