Diamondback Energy
Q2 2023 Earnings Call
Aug 01, 2023, 9:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good day and thank you for standing by. Welcome to the Diamondback Energy second quarter 2023 earnings conference call. At this time, all participants are in listen-only mode. [Operator instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to the VP of investor relations, Adam Lawlis, please go ahead.
Adam Lawlis -- Vice President, Investor Relations
Thank you, Jules. Good morning and welcome to Diamondback Energy second quarter 2023 conference call. During our call today, we will reference an updated investor presentation and letter to stockholders, which can be found on Diamondbacks website. Representing Diamondback today are Travis Stice, chairman and CEO; Kaes Van't Hof, president and CFO; and Danny Wesson, CCO.
During this conference call, the participants may make certain forward-looking statements relating to the company's financial condition, results of operations, plans, objectives, future performance, and businesses. We caution you that actual results could differ materially from those that are indicated in these forward-looking statements due to a variety of factors. Information concerning these factors can be found in the company's filings with the SEC. In addition, we will make reference to certain non-GAAP measures.
The reconciliations with the appropriate GAAP measures can be found in our earnings release issued yesterday afternoon. I'll now turn the call over to Travis Stice.
Travis Stice -- Chairman and Chief Executive Officer
Good morning and thank you, Adam. As Adam mentioned, last night, we released a shareholder letter in conjunction with our press release and this is our second quarter in a row we've tried this. I hope you find it useful. We believe that, that not only increases the transparency directly to our shareholders but also improves efficiency.
And those of those of you who have followed our story for a long time know how important improving efficiency is to us. So with that, operator, let's move right into questions. If you'll open the line.
Questions & Answers:
Operator
[Operator instructions] Our first question comes from the line of Neal Dingmann of Truist Securities. Your line is now open.
Neal Dingmann -- Truist Securities -- Analyst
Morning, Travis Stice. Nice quarter. Travis, my first question, maybe get right to it, is on service costs, where we've heard a lot of chatter about significantly. Could you speak to maybe the current rig and frack rate environment today versus a couple of months ago? And maybe more importantly, what are you all assuming the change in cost for the remainder of the year and how this could impact the '24 levels?