Latest news with #Diamondback Energy
Bloomberg
7 days ago
- Business
- Bloomberg
Shale CEO Says Oil Markets Are In for Bearish Crude-Supply Flood
The largest independent Permian Basin oil driller is warning of a bearish influx of crude supplies to global markets in coming months. In preparation, Diamondback Energy Inc. is cutting $100 million in capital spending, narrowing its output forecast and delaying some fracking work. The moves announced Monday by Chief Executive Officer Kaes Van't Hof appeared to be defensive in nature and aimed at avoiding the trap of boosting production when there's a risk of weaker prices in a well-supplied market.
Reuters
04-08-2025
- Business
- Reuters
Shale producer Diamondback misses estimate for profit on lower crude prices
Aug 4 (Reuters) - Diamondback Energy (FANG.O), opens new tab missed analysts' estimate for second-quarter profit on Monday, as the shale producer took a hit from a decline in crude prices. Brent crude averaged 20% lower in the quarter from a year earlier, pressured by U.S. tariffs and their impact on global growth, OPEC+ supply gains and geopolitical tensions. Prices briefly topped $80 per barrel after Israel targeted Iran's nuclear sites in June, but slid to $67 by the end of the period. Diamondback said its average realized crude price, excluding hedges, for the quarter stood at $63.23 per barrel, down from $79.51 per barrel last year. The Midland, Texas-based company posted an adjusted profit of $2.67 per share for the three months ended June 30, compared with analysts' average estimate of $2.82, according to data compiled by LSEG.
