Diamondback Raises Production Guidance Following Impressive 2Q
Diamondback continues to underpromise and outperform. It delivered production of 77 mboe/d in the second quarter, beating our 74 mboe/d estimate and prompting management to raise full-year guidance by 5%. And this is unlikely to be the last beat-and-raise quarter--we are now projecting average daily production of 79 mboe/d in 2017, which is  above the high end of management's updated forecast (74-78 mboe/d). The firm also trumped our estimates on the cost side, with lifting costs falling 12% seq...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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