Diamondback Energy
Q4 2022 Earnings Call
Feb 22, 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 fourth quarter 2022 earnings conference call. [Operator instructions] After the speakers' presentation, there will be a question-and-answer session. [Operator instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Adam Lawlis, VP of investor relations. Adam, go ahead.
Adam Lawlis -- Vice President, Investor Relations
Thank you, Eric. Good morning and welcome to Diamondback Energy's fourth quarter 2022 conference call. During our call today, we will reference an updated investor presentation, which can be found on Diamondback's website. Representing Diamondback today are Travis Stice, chairman and CEO; Kaes Van't Hof, president and CFO; and Danny Wesson, COO.
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 non-GAAP measures.
Reconciliation 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
Thank you, Adam, and welcome to Diamondback's fourth quarter earnings call. 2022 was another great year for Diamondback. We successfully executed on our capital program, accelerated our return of capital plan, and generated record cash flow. I'm very proud of all that we were able to accomplish and look forward to what I believe will be another strong year for the company.
Looking back at last year, we produced over 223,000 barrels of oil per day, exceeding our production expectations. This is primarily the result of our well performance, which continues to trend in the right direction as our normalized oil production in the Midland Basin improved by 6% year over year and nearly 20% when compared to 2020. We continue to optimize our multi-zone co-development strategy, which we pivoted to prior to the pandemic, by tweaking our frac designs, spacing assumptions, and landing zones to maximize our returns. On the operations side, we've also built out substantial water infrastructure, which allows us to implement simul-frac completions across our position.