Diamondback Energy Inc., Midland, reported average daily production of 321,100 boe/d (201,400 bo/d), a 7% increase from fourth quarter 2019 and up 22% from first quarter 2019. Full year 2020 guidance is 295,000-310,000 bo/d.
The company drilled 55 gross horizontal wells in Midland basin and 38 gross horizontal wells in Delaware basin, turning over 34 operated wells to production in Midland basin and 46 operated wells in Delaware basin. Average lateral length was 9,751 ft.
Operated completions consisted of 47 Wolfcamp A wells, nine Wolfcamp B wells, seven Lower Spraberry wells, six Middle Spraberry wells, five Second Bone Spring wells, four Third Bone Spring wells, and two Jo Mill wells.
Diamondback's first quarter 2020 net loss was $272 million. Adjusted net income was $230 million, down 25% from $1.93 in fourth quarter 2019 and up 4% from $1.39 in first quarter 2019. First quarter net loss includes a $1 billion non-cash impairment charge from sharp decline in commodity prices.
