Diamondback Steps Up Co-development In Permian Basin, Discusses Frac Hits
The company is better modeling production forecasts after oil output fell during the quarter as it co-develops zones in the Midland and Delaware sub-basins.
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Coming off a rough third quarter that included frac hits, gassier wells, lower oil production attributed to its Central Basin Platform assets sale and depressed oil and gas prices, Permian Basin pure-play Diamondback Energy is looking ahead to 2020.
“Our goal in putting together our capital plan was to maximize oil-weighted production growth within a similar budget framework as 2019, getting more with less,” CEO Travis Stice told analysts Nov. 6. “As a result, we expect to grow our production 10% to 15% year over year and complete over 10% more net lateral footage than 2019.”