Midland-based Diamondback said last week its 2023 oil production guidance is up to 256,000 to 262,000 b/d compared to 223,600 b/d in 2022 (226,100 b/d in 2022Q4). Oil production guidance for 2023Q1 is 248,000 to 252,000 b/d. Diamondback expects to drill 325 to 345 gross wells in 2023 and complete 330 to 350 gross wells with average lateral length of 10,500 feet. Full-year capex guidance is $2.5 billion to $2.7 billion ($625 million to $675 million in Q1). Capex in 2022 was $1.9 billion.
Acquisitions of FireBird Energy and Lario Permian increased Diamondback’s footprint in Midland Basin in 2022 by more than 80,000 acres.
Diamondback plans to increase non-core asset sales to $1 billion by yearend 2023. Diamondback announced deals to sell 19,000 net acres in Glasscock County and 4,900 net acres in Ward and Winkler counties for $439 million.
Travis Stice, chairman and CEO, said Feb. 21, “I am proud of our team who, in the face of significant inflationary headwinds, were able to execute our capital plan within our original budget while beating volume expectations for the year… I am confident in our ability to maintain our status as a best-in-class operator. Our well results have steadily improved over the past four years.”