Diamondback Cracks One Million Barrel Mark in Second Quarter
Diamondback Energy has increased its full-year production forecast after reaching a major output milestone. The Permian Basin producer achieved an average of 1.018 million barrels of oil equivalent per day during the second quarter, exceeding 1 million boe/d for the first time in its history.
The company produced 525,000 barrels per day of oil and completed 168 gross wells during the quarter, compared to 97 in the same period last year. Diamondback responded to higher oil prices and supply disruptions by adding a completion crew and drawing on its inventory of drilled but uncompleted wells.
Diamondback now expects full-year production of at least 1 million boe/d, up from its previous forecast of at least 972,000 boe/d. The company left its 2026 capital spending budget unchanged at approximately $3.9 billion.