Diamondback's 2017 Outlook Signals Strong Production and Spending Growth
Yesterday Diamondback unveiled its preliminary production guidance and budget for 2017. Management plans to spend $500 million to $650 million, which is almost 50% higher than the current 2016 budget. That will fund a 5-7 drilling rig program, supporting year-on-year production growth of more than 30%. The drilling and completion cost of a 7,500-foot lateral well next year is expected to fall in the $5 million to $5.5 million range, which is essentially what the firm is paying today. However, th...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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