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.
- 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.