Diamondback Energy Lifts Production Targets Again as 3Q Revenue Grows

Dow Jones05:36

Diamondback Energy lifted its 2026 production targets again after reporting a higher profit and growing revenue in the third quarter.

The oil and natural gas company said it is now targeting production this year of 524,000 barrels of oil a day, with total production of 1,015,000 barrels of oil equivalent daily. The company had already lifted its production guidance twice this year, anid sustained oil volatility driven by the war in Iran.

The company on Monday reported a third-quarter profit of $1.6 billion, or $5.69 a share. That compares with a profit of $1.02 billion, or $3.51 a share, a year earlier.

Stripping out certain one-time items, adjusted earnings were $5.86 a share. Analysts polled by FactSet were anticipating $5.72 a share.

Revenue rose to $5.43 billion, up from $3.92 billion a year prior and ahead of analyst expectations for $4.6 billion.

Average realized oil prices were $87.30 a barrel, compared with $64.60 a year earlier and $96.82 in the second quarter.

For the current fourth quarter, the company expects to produce between 518,000 and 528,000 barrels of oil daily, with between 1,025,000 and 1,045,000 barrels oil equivalent a day.

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