Midland-based Diamondback Energy said Monday it exceeded production targets in first quarter and raised production forecast for fullyear 2026 by about 3 percent. Diamondback produced 979,400 boed (521,000 b/d of oil) in first quarter – 1.4 percent above high end of guidance. Oil production from the company’s 8,800 locations in west Texas was nearly 2 percent above high end of guidance.
Kaes Van’t Hof, CEO, said, “It’s obviously a very serious situation (in Middle East) with a lot of oil supply off the market. If that isn’t a signal to grow production in an advantaged area like the Permian Basin, then I don’t know what is… If this isn’t the time to grow now, then I don’t know when it is.”
Diamondback revised 2026 capital expenses to about $3.9 billion – up from $3.6 billion – and raised fullyear production forecast to 972,000 boed (520,000 b/d oil). Maintaining oil production at 521,000 b/d for the year would grow production nearly 5 percent above 2025. Officers said they plan to bring online some of the inventory of DUC wells (drilled but uncompleted) in 2Q before rebuilding its DUC count to about 200 by yearend.
Diamondback expects to add 2 or 3 rigs and a fifth completion crew to ramp up Barnett assets in Midland Basin. Diamondback drilled 118 gross and 111 net wells and completed 147 gross and 137 net wells in 1Q.