Diamondback Energy, Inc. Provides Operational Update
Diamondback Energy, Inc. (FANG)
Last diamondback energy, inc. earnings: 2/18 04:01 pm
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US:NASDAQ Investor Relations:
ir.diamondbackenergy.com
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Source: GlobeNewswire
MIDLAND, Texas, March 09, 2020 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ: FANG) ("Diamondback" or the "Company") today provided an operational update given recent commodity price volatility. Diamondback is reducing activity immediately from nine completion crews to six and expects to drop two drilling rigs in April 2020 and a third later in the second quarter of 2020. The Company has already dropped one completion crew as part of its original 2020 plan, but is now releasing two more completion crews as a result of the recent and expected oil price weakness. As a result of this reduction in activity, the Company will reduce its capital budget for the year. Drill, complete and equip (“D,C&E”) spend for 2020 is expected to decrease through the combination of a lower completed well count and lower expected well costs, and corresponding infrastructure and midstream capital budgets are expected to decrease as well. “As a result of current and ex
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