Diamondback Energy Inc

Diamondback Energy reported strong operational efficiencies in the second quarter, with drilling efficiency gains resulting in an increase from 24 to 26 wells per rig per year and completion efficiency gains leading to over 100 completions per crew per year.

The company expects to continue these leading capital efficiencies even after the acquisition of Endeavor assets, which will further enhance their operations and deliver synergies.

Diamondback plans to reduce net debt levels post-Endeavor transaction through a combination of organic free cash flow generation and potential asset sales. They have already made several small asset sales to reduce cash outflow burden for the merger.