On May 7, Diamondback Energy Inc. (NASDAQ: FANG) detailed its financial results for the first-quarter 2014, which ended March 31, the company said. Net income was $23.6 million, the company said, noting that this had increased over fourth-quarter 2013’s $20.1 million.
Revenues for the quarter were also higher, at $98 million vs. fourth-quarter 2013’s $75.9 million, the company said.
Capex for drilling, completions and infrastructure was about $86.4 million, while $312.2 million was spent on leasehold acquisitions, Diamondback said.
Regarding liquidity, on March 31 the company had $137 million drawn on its revolving credit facility, while there was $25.3 million in cash, Diamondback said. Additionally, a lender approved a 100% increase of the facility’s borrowing base, the company said. The amount was raised on current oil and natural gas reserves and became $450 million, the company noted.
Regarding full-year guidance, the company expected between 13.5 and 15 thousand barrels of oil equivalent per day to be produced. The company detailed the cost of wells. The cost per gross horizontal well was estimated to stay between $6.9 million and $7.4 million, while the cost per gross vertical well should stay between $2 million and $2.2 million, Diamondback said. The capex for wells was estimated between $425 million and $475 million, the company added.
Midland, Texas-based Diamondback Energy Inc. operates in the West Texas Permian Basin.
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