Midland-based Diamondback Energy said last week it remains committed to maintaining current oil and gas production levels. Diamondback averaged 222.8 million bod and 381.4 boed in 2022Q1 with capex of $437 million. Guidance for 2022 is 218,000 to 222,000 bod and 369,000 to 376,000 boed. Diamondback plans to add 248 to 267 wells this year with capex of $1.75 billion to $1.9 billion.
Travis Stice, CEO, said May 2, “While we believe that efficiently growing our production base is achievable, we do not feel that today is the appropriate time to begin spending dollars that would not equate to additional barrels… We are operating in a challenging environment. We are seeing inflationary pressure across all facets of our business with labor and materials shortages across the supply chain… We are focused on maintaining our operational excellence and producing one of the lowest cost and environmentally friendly barrels in the world.”