04-08-2025
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.
