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BRIEF-Diamondback Energy provides preliminary Q3 financial results

Oct 10 Diamondback Energy Inc

* Diamondback Energy, Inc provides preliminary third quarter 2016 financial and operating results, increases 2016 guidance and introduces preliminary 2017 outlook

* Diamondback Energy Inc - Diamondback's average daily production during Q3 2016 was 44,923 BOE/D (73% oil), up 22% from Q2 2016

* Diamondback Energy Inc - Diamondback is increasing its 2016 production guidance to a range of 41.0 to 42.0 MBOE/D

* Diamondback Energy Inc - Diamondback now intends to complete 65 to 70 gross horizontal wells this year.

* Diamondback Energy Inc - Diamondback's 2016 capital expenditure guidance remains unchanged at $350 to $425 million

* Diamondback Energy-Diamondback's subsidiary, Viper Energy Partners LP ("Viper"), had Q3 2016 production of 6,255 BOE/D (75% oil), up 16% from Q2 2016

* Diamondback Energy Inc - Diamondback expects full year 2017 production to be between 52.0 MBOE/D and 58.0 MBOE/D.

* Diamondback Energy Inc- "operating four rigs with a fifth rig to be added in coming weeks and a sixth rig to be added early next year"

* Diamondback energy-decreasing its fy 2016 lease operating expense guidance to $5.50 to $6.00 per boe from a prior range of $5.50 to $6.25 per boe

* Diamondback Energy-preliminary FY 2017 production guidance is 52 to 58 MBOE/D

* We were engaged in discussions involving an acquisition but not actively pursuing further negotiations at this time

* Diamondback Energy Inc- Diamondback plans to complete 90 to 120 gross wells in 2017 Source text for Eikon: Further company coverage:

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