West Texas Permian Basin operator Diamondback Energy Inc. (NasdaqGS: FANG) detailed guidance and operations updates for first-quarter 2014, which ended March 31, the company said April 10.

The company’s capex stands between $425 million and $475 million, Diamondback said, adding that gross well costs are between $6.9 million and $7.4 million for horizontal wells, and between $2 million and $2.2 million for vertical wells.

Regarding horizontal wells, Diamondback drilled 11 Wolfcamp B wells during the quarter and will complete 17 to 20 wells per quarter this year, the company said.

It added that its first Dawson County well, at 7,975 feet total depth in the Wolfcamp B, was completed.

CEO Travis Stice said that the company’s “continued horizontal success” is encouraging.

Overall production for the quarter increased 30%, to 13.6 thousand barrels of oil equivalent per day (Mboe/d), from fourth-quarter 2013, Diamondback said.

For the full year, production increased 10%, to between 16 and 18 Mboe/d, up from 15 to 16 Mboe/d, the company said. Diamondback noted that this increase reflects an estimated year-over-year (yoy) production growth of 132%.

Over the quarter, 960 Mbbl of oil, 708 million cubic feet (MMcf) of natural gas and 142 Mbbl of NGL were produced, Diamondback said. These numbers were up over first-quarter 2013’s, which were 301 Mbbl of oil, 351 MMcf of natural gas and 71 Mbbl of NGL, the company added.

Average daily oil production in first-quarter 2014 was 13,552 boe/d, up over 2013’s 4,788 boe/d, the company said.

Regarding acquisitions over first-quarter 2014, Diamondback closed 4,785 more net acres in Martin County for $294.4 million, the company said. The transaction was through private sellers, the company noted.

The company added a fifth rig on the acreage as planned, Diamondback added.

Also in Martin County, the company acquired, for about $19 million, about 1,500 net acres that currently produce 70 boe/d, the company said.

Diamondback also added mineral interests in Midland County for about $3.9 million, the company added. These acquisitions increased its total acreage, the company noted, to 72,000 net leasehold acres and about 12,700 net mineral acres.

Diamondback Energy Inc. is based in Midland, Texas.