Benzinga | Aug 2, 2021 04:02PM EDT

Diamondback Energy Lowers FY21 CAPEX Guidance To $1.525B-$1.625B. Down 6% From Prior Guidance

NCE UPDATE

* Increasing full year 2021 oil production guidance to 219 - 222 MBO/d (363 - 370 MBOE/d), up from 212 - 216 MBO/d (350 - 360 MBOE/d) previously

* Lowering full year 2021 cash CAPEX guidance to $1.525 - $1.625 billion, down 6% at the midpoint from $1.60 - $1.75 billion previously

* Initiating Q3 2021 oil production guidance of 233 - 239 MBO/d (388 - 398 MBOE/d); includes 15 - 17 MBO/d (25 - 29 MBOE/d) attributable to a full quarter of estimated net Q3 2021 Williston Basin production

* Initiating Q3 2021 Permian Basin oil production guidance of 218 - 222 MBO/d (363 - 370 MBOE/d)

* Q3 2021 cash CAPEX guidance of $430 - $480 million

* Diamondback believes it can maintain Q4 2021 Permian Basin oil production through full year 2022 with 10% - 15% more capital than the midpoint of its revised 2021 capital budget