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

MIDLAND, Texas, Feb. 19, 2014 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (Nasdaq:FANG) ("Diamondback" or the "Company") today announced financial and operating results for the fourth quarter ended December 31, 2013.

During the fourth quarter of 2013, net income was $20.1 million, or $0.42 per diluted share. Net income for the fourth quarter includes a non-cash gain on commodity derivatives of $1.6 million ($1.0 million net of tax), or $0.02 per diluted share. Without the impact of this item, net income for the fourth quarter of 2013 would have been $19.1 million, or $0.40 per diluted share.

HIGHLIGHTS

  • As previously announced, the Company entered into definitive purchase agreements to acquire 6,450 gross (2,825 net) acres in Martin County for approximately $174 million.
  • Proved reserves as of December 31, 2013 increased 58% year over year to 63.6 MMboe (67% oil, 17% natural gas liquids, 16% natural gas), with a PV 10 value of approximately $1.3 billion as calculated below. Additions replace 975% (573% organically) of 2013 production.
  • The ST S 705H Wolfcamp B well in Midland County, with a 33 stage 7,681' lateral, achieved a peak 24 hour initial production ("IP") rate of 1,185 Boe/d (96% oil) on electric submersible pump.
  • Continued progress lowering lease operating expense ("LOE") by 17% to $6.04/Boe during the fourth quarter of 2013 from $7.27/Boe during the third quarter of 2013.
  • EBITDA (as defined below) for the fourth quarter and full year ending 2013 was $61.8 million and $164.8 million, respectively.

"As previously announced, we are excited about expanding our horizontal inventory in Martin County, with the acquisition of 6,450 gross acres that we believe to be prospective in up to six zones. This is expected to be another accretive acquisition for our company and marks our fourth major transaction since becoming a public company," stated Travis Stice, Chief Executive Officer of Diamondback.

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