Diamondback Surpasses Production Milestone, Boosts Full-Year Outlook

Diamondback Energy has exceeded its production milestone in the second quarter by producing an average of 1.018 million barrels of oil equivalent per day, including 525,000 barrels per day of oil.

This is a new record for the company and exceeds 1 million boe per day for the first time in its history.

In response to higher oil prices and supply disruptions, Diamondback added a completion crew and drew on its inventory of drilled but uncompleted wells, completing 168 gross wells during the quarter.

The company has increased its full-year production outlook to at least 1 million boe per day, up from its previous forecast of at least 972,000 boe per day, with oil production expected to reach at least 522,000 barrels per day.