Midland-based Diamondback Energy said Monday it averaged 263,100 barrels per day of oil production in 2023Q2, which is an increase of 19 percent from 2022Q2. And daily combined volumes grew 18 percent to 449,900 boed. Diamondback drilled 86 wells in Midland Basin and 12 in Delaware Basin (gross operated) in 2Q and increased fullyear guidance to 335-to-350 gross horizontal wells drilled from 325-to-345.
Diamondback turned 71 operated wells to production in Midland Basin and 18 gross wells in Delaware Basin with an average lateral length of 10,967 feet. Production in 3Q is expected to be flat or up slightly from 2Q and increase only marginally later this year and in 2024. Fullyear guidance now is 435,000-to-445,000 boed and 260,000-to-262,000 b/d of oil
“It was a good quarter,” Kaes Van’t Hof, president and CFO, said, “which is why we’re slowing down the drilling pace in the second half of the year.” After spending $711 million in 2Q, Diamondback said capex budget will be five percent lower in 3Q ($650 million-to-$700 million) and decrease to about $600 million in 4Q.