MIDLAND, Texas, May 7, 2014 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (Nasdaq:FANG) ("Diamondback" or the "Company") today announced financial and operating results for the first quarter ended March 31, 2014.
During the first quarter of 2014, net income was $23.6 million, or $0.48 per diluted share. Net income for the first quarter includes a non-cash loss on commodity derivatives of $3.3 million ($2.1 million net of tax), or $0.04 per diluted share. Without the impact of this item, net income for the first quarter of 2014 would have been $25.7 million, or $0.53 per diluted share.
- The Gridiron N 1H Wolfcamp B well in Midland County, with a 8,785 foot lateral, achieved a flowing peak 24 hour initial production ("IP") 2-stream rate of 2,757 boe/d (91% oil). The 30 day flowing average to date is 1,991 boe/d (87% oil).
- The ST NW 25-1LS, Diamondback's first operated Lower Spraberry horizontal well in Midland County, with a 4,418 foot lateral, achieved a 24 hour 2-stream IP rate to date of 1,049 boe/d (92% oil) on ESP. The Company is currently in early stages of flowback on its first horizontal lower Spraberry test in Upton County.
- As previously reported, the ST 4504H Wolfcamp B well in Midland County, with a 5,041 foot lateral, achieved a peak 24 hour IP 2-stream rate of 1,454 boe/d (86% oil) on electric submersible pump ("ESP") with a peak 30 day 2-stream rate of 866 boe/d (82% oil).
- The Kent CSL 17-1H Wolfcamp B well in Dawson County, with a 8,543 foot lateral, achieved a peak 24 hour IP 2-stream rate of 541 boe/d (92% oil) on ESP.
- As previously reported in the Company's interim operational update, Q1 2014 production increased 30% to 13.6 Mboe/d from Q4 2013.
- EBITDA (as defined below) for the first quarter of 2014 was $81.3 million.
- Diamondback's agent lender under its revolving credit facility has approved a borrowing base increase of 100% to $450 million based on current oil and gas reserves.