Diamondback Energy Says "Built Significant Momentum In The First Half Of The Year. As A Result Of Our Q1 And Q2 Performance, We Are Increasing Our FY Production Guidance And Lowering Our Annual Capex Guidance"
Portfolio Pulse from Benzinga Newsdesk
Diamondback Energy has increased its full-year production guidance and lowered its annual capital expenditure guidance due to significant operational efficiencies achieved in the first half of the year. The company drilled 80 wells and brought online 86 wells in Q2, achieving faster drilling rates and higher completion rates than initially budgeted.
August 05, 2024 | 8:04 pm
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Diamondback Energy has increased its full-year production guidance and lowered its annual capital expenditure guidance due to significant operational efficiencies achieved in the first half of the year. The company drilled 80 wells and brought online 86 wells in Q2, achieving faster drilling rates and higher completion rates than initially budgeted.
The increase in production guidance and reduction in capex are positive indicators of operational efficiency and cost management, likely leading to improved financial performance and investor sentiment.
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IMPORTANCE 90
RELEVANCE 100