Midland-based Diamondback Energy said its revenues grew in 2022Q3 as oil prices increased even though its production declined. Diamondback produced 390,600 boed (224,300 b/d of oil) in 2022Q3 compared to 404,300 boed during 2021Q3. Diamondback drilled 48 gross horizontal wells in Midland Basin and 11 gross horizontal wells in Delaware Basin in 2022Q3, and the company turned 42 operated horizontal wells to production in Midland Basin and 21 operated horizontal wells to production in Delaware Basin.
Also during 2022Q3, Diamondback announced pending acquisition of Firebird Energy, completed Rattler Midstream buy-in transaction, and completed divestiture of non-core Delaware Basin acreage for $155 million. “We continue to be the leader in low-cost operations,” chairman and CEO Travis Stice said in Diamondback’s announcement of 2022Q3 financial and operating results Nov. 7.