Diamondback Energy raises 2014 production guidance

|About: Diamondback Energy (FANG)|By:, SA News Editor

Diamondback Energy (FANG) reports Q1 production increased 30% Q/Q to 13.6M boe/day, with a quarter-end exit rate in excess of 16M boe/day.

FANG raises its FY 2014 production guidance to 16M-18M boe/day from 15M-16M boe/day, reflecting 132% production growth Y/Y at the midpoint of the estimated range.

Says early indications from its Mabee Breedlove 22-1H in Martin County appear better than industry offset wells by more than 25%.