Diamondback Reports Substantial Reduction in Unit Costs, But Stock Fairly Valued After Rally
As we’ve highlighted before, Diamondback’s production exceeded the top end of guidance every year from 2014-17. And after a strong start in the first quarter we could see the same again in 2018. The firm delivered production in the period of 103 mboe/d, which was 11% higher sequentially and 67% higher year-over-year. This handily beat our forecast of 95 mboe/d and puts the firm on track to average 116 mboe/d this year, meeting the upper limit of guidance (which was tightened at the low end follo...Diamondback Energy is an independent oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. The company's activities are primarily focused on horizontal development of the Spraberry and Wolfcamp formations of the Midland Basin and the Wolfcamp and Bone Spring formations of the Delaware Basin, both of which are part of the larger Permian Basin in West Texas and New Mexico.
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