Midland’s Diamondback Energy this week trimmed another $100 million from its 2025 capital spending plan while raising 2025 total production by about 2 percent to a range of 890,000 boed to 910,000 boed. Diamondback said 2Q production was 495,700 b/d of oil (919,000 boed) from Delaware and Midland basins. It completed 116 gross wells (109 net) – down about 5 percent from 1Q as it reduced rig count to 13 from 17.
Diamondback cut $400 million from 2025 capex earlier this year. Kaes Van’t Hof, CEO, said the company will spend between $3.4 billion and $3.6 billion this year. “It’s certainly hard for me to get extremely bullish today,” Van’t Hoff added during Monday’s conference call. He said Diamondback’s drilling and completion work is becoming increasingly efficient. The company plans to keep in its inventory more DUC wells to complete when prices climb.
Diamondback also said Monday it is selling non-operated Delaware Basin properties to an affiliate of Houston-based Riverbend Energy Group for $138 million.
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