Diamondback Energy Inc., an independent oil and natural gas company based in Midland, TX, recently announced its financial and operational results for the second quarter of 2023. The company produced an average of 449,912 barrels of oil and gas per day and had net income of $556 million in the quarter, the company said in a press release.
Total revenue decreased from 2022, the company said. In the first six months of 2022, Diamondback had $5.17 million in revenue, compared to $3.84 million in the same period this year. Net income decreased from about $2.2 million in 2022 to $1.2 million in 2023.
The company said it drilled 86 oil wells in the Midland Basin and 12 in the Delaware Basin in the second quarter, for a total of 98 drilled wells, and completed 71 oil wells in the Midland Basin and 18 oil wells in the Delaware Basin, for a total of 89 completed wells in the quarter. So far this year, Diamondback Energy has drilled 180 oil wells.
The company produced 23,946,000 barrels of oil, 50,809,000,000 cubic feet of natural gas and 8,528,000 barrels of natural gas liquid in the second quarter, for a total of over 40 million barrels of oil and gas. Oil production averaged 263,143 barrels of oil per day in the second quarter, up from the first quarter of 2023 average of 251,378 barrels per day.
"As of June 30, 2023, Diamondback had $5 million in standalone cash and $343 million of borrowings outstanding under its revolving credit facility, with approximately $1.26 billion available for future borrowing under the facility and approximately $1.26 billion of total liquidity," the company release said. "As of June 30, 2023, the company had consolidated total debt and net debt, in each case of approximately $6.7 billion, down from consolidated total debt and net debt, in each case of approximately $7.1 billion as of March 31, 2023," the release said.
Diamondback specializes in the “acquisition, development, exploration and exploitation of unconventional onshore oil and natural gas reserves” near Midland, the company website says.
In 2022, Diamondback made the Fortune 500 list, landing at number 479, an IHeart news story said.