FANG - Diamondback Energy, Inc.

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Diamondback Energy, Inc., an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of onshore oil and natural gas reserves in the Permian Basin in West Texas. Its activities are primarily focused on the Clearfork, Spraberry, Wolfcamp, Cline, Strawn, and Atoka formations. The company's net acreage position is approximately 84,683 acres in the Permian Basin. As of December 31, 2015, its estimated proved oil and natural gas reserves were 156,900 thousand barrels of crude oil equivalent, as well as working interests were in 918 gross producing wells. It also owns mineral interests underlying approximately 46,562 gross acres in the Permian Basin. The company was founded in 2007 and is headquartered in Midland, Texas.

 

+10% pop this morning to new ATHs

If you were waiting for more confirmation that the recent rise in crude oil prices is encouraging producers to get back to drilling, independent oil and gas producer Diamondback Energy Inc. (FANG) just made your day. The company said Monday morning that it has increased its production outlook for 2016 and offered preliminary guidance for its fiscal year 2017 production.

Diamondback also provided an operations update for the third quarter. Daily production rose 22% sequentially to 44,923 barrels of oil equivalent per day, of which 73% is oil. In the second quarter, production totaled 36,841 barrels of oil equivalent per day. The average realized price per barrel was $42.11, up from $41.88 in the second quarter and well above the $35.68 average the company reported in August.

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