Diamondback’s 2020 Vision
Midland, Texas-based Diamondback Energy will announce its 4Q earnings February 18, but this Top 10 Permian operator is already serving up a bite of what we can expect. Reese Energy Consulting today is studying Diamondback’s newly released production update that reports volumes of 301.3 MBOED during the final quarter in 2019, up 5% from 3Q, and up 65% from the same period in 2018. Average daily production for the entire year increased 27% from the year before with oil volumes rising 26% year over year. The company’s subsidiary, Midland-focused Viper Energy, also announced 4Q daily production of 26.1 MBOED, up 23% from the previous quarter, and an increase of 29% from the final quarter in 2018. That’s some bite as Diamondback looks ahead to exceed its oil growth year over year while continuing to generate robust free cash flow. We say it’s a vision well in focus.