Diamondback Energy Boosts Output Forecast as Oil Prices Soar

Diamondback Energy reported strong second-quarter profits and raised its production outlook as oil prices surged due to supply disruptions in the Middle East. The company's adjusted earnings of $6.48 per share for the three months ended June 30 beat analyst expectations, according to LSEG data cited by Reuters.

The jump in global oil benchmarks, which rose from an average $69.82 a barrel in January to $126.41 in April, lifted Diamondback's realized oil price to $94.33 a barrel from $62.34 a year earlier. The company said its increased revenue flowed through to results, with the higher oil prices contributing to its strong earnings.

Diamondback also raised its growth plans, expecting more than 1 million barrels of oil equivalent per day in 2026, up from its prior forecast of 972,000. This increase reflects management's confidence that today's pricing can be planned around, rather than just a lucky quarter.