Diamondback Energy CEO and chairman Travis Stice said Feb. 22 the company expects to maintain flat oil production in Permian Basin this year after 224,400 bod (383,500 boed) in 2021Q4. “We will remain committed to capital discipline by maintaining flat Permian oil production,” he said. “Our operational achievements in the field in 2021 set a new bar for Diamondback. We will continue to build off of these operational efficiencies by controlling the variable portion of our operating and capital costs… Diamondback’s team and board believe that we have no reason to put growth before returns. Our shareholders, the owners of our company, agreed. As a result, we will remain disciplined.”
Midland-based Diamondback plans to spend $1.75 billion to $1.9 billion on capital projects in 2022 – up from $1.487 billion in 2021. Diamondback drilled 216 wells in 2021 (175 in Midland Basin, 41 in Delaware Basin), and it plans to drill 270 to 290 wells this year (gross) and maintain its program of 12 rigs and three simulfrac crews. Diamondback’s 2021 production was 223,300 bod (375,300 boed), and guidance for 2022 is 218,000 to 222,000 bod (369,000 to 376,000 boed).