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.
Recommended Reading
Ithaca Deal ‘Ticks All the Boxes,’ Eni’s CFO Says
2024-04-26 - Eni’s deal to acquire Ithaca Energy marks a “strategic move to significantly strengthen its presence” on the U.K. Continental Shelf and “ticks all of the boxes” for the Italian energy company.
Deep Well Services, CNX Launch JV AutoSep Technologies
2024-04-25 - AutoSep Technologies, a joint venture between Deep Well Services and CNX Resources, will provide automated conventional flowback operations to the oil and gas industry.
EQT Sees Clear Path to $5B in Potential Divestments
2024-04-24 - EQT Corp. executives said that an April deal with Equinor has been a catalyst for talks with potential buyers as the company looks to shed debt for its Equitrans Midstream acquisition.
Matador Hoards Dry Powder for Potential M&A, Adds Delaware Acreage
2024-04-24 - Delaware-focused E&P Matador Resources is growing oil production, expanding midstream capacity, keeping debt low and hunting for M&A opportunities.
Making Bank: Top 10 Oil and Gas Dealmakers in North America
2024-02-29 - MergerLinks ranks the key dealmakers behind the U.S. biggest M&A transactions of 2023.