Diamondback Energy, a local oil and natural gas company, has disclosed its financial and operational results for the third quarter of 2024.
According to a news release, Diamondback Energy's third quarter concluded on September 30, 2024. The company highlighted its acquisition of Endeavor Energy in September as a significant development. The quarterly average price for oil decreased to $73.13 per barrel from $81.57 per barrel at the same time last year. Diamondback Energy anticipates ending the year with production levels between 587,000 and 590,000 barrels of oil equivalent per day, an increase from the range of 462,000 to 470,000 barrels per day in 2023.
"I am proud of our team’s ability to execute regardless of the circumstances and the third quarter was no exception," wrote Travis D. Stice, the company's CEO, in a letter to stockholders. "Our team put operations first even as many moved offices, integrated new team members and began to understand a large new asset." Stice further said that they are currently operating 20 drilling rigs and expect this number to decrease to 18 by year-end. "What we originally expected to drill with 22 - 24 rigs in 2025, we now expect we can drill with closer to 18 rigs," he said. "This is purely based on continued efficiency gains, a testament to the prowess of our drilling organization."
In related developments concerning Diamondback Energy, Director Mark Lawrence Plaumann sold shares of the company's common stock in transactions dated November 13, according to a recent filing with the Securities and Exchange Commission (SEC). The sales involved a total of 1,390 shares at $181 per share, resulting in a total transaction value of $251,590.