Midland-based Diamondback Energy revised 2021 capital guidance after closing acquisitions of 32,500 net acres in Midland Basin from Guidon Operating and 95,000 net acres in Williston Basin from QEP Resources. Production in 2021 will be flat with 2020Q4. CEO Travis Stice said April 12, “While commodity prices have improved, global spare oil production capacity remains high as global oil demand recovers from the pandemic. Diamondback continues to see no need to grow oil production into this artificially undersupplied market.”
Diamondback anticipates spending $1.60 billion-to-$1.75 billion in 2021, including $1.3 billion-to-$1.4 billion for drilling and completions. It plans to drill 200-to-216 wells and complete 275-to-285 wells. Production guidance was set at 360,000 boed-to-370,000 boed, including 308,000 boed-to-325,000 boed in Permian (57-to-58 percent oil).