DiamondBack Energy raises manufacturing outlook as oil costs choose up

by akoloy

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DiamondBack Energy Inc on Monday raised its full-year manufacturing outlook because the shale oil and gasoline producer accounted for its acquisition of rival QEP Resources and benefited from a restoration in crude costs.

Commodity costs are selecting up as the worldwide roll-out of vaccines towards COVID-19 beneficial properties momentum, after a 12 months the place the well being disaster decimated demand within the power sector and hammered debt-laden shale firms.

Diamondback, which closed its $2.2 billion acquisition of Denver-based producer QEP Resources final month, stated it expects 2021 web oil manufacturing of 360,000 to 370,000 barrels of oil equal per day (boed), in contrast with its earlier estimate of 308,000 to 325,000 boed.

The Permian-based producer additionally raised its 2021 capital expenditure forecast to between $1.60 billion and $1.75 billion versus its earlier forecast of $1.35 billion to $1.55 billion.

Diamondback additionally predicted common manufacturing of 307,400 boed within the first quarter, in contrast with 299,000 boed within the earlier quarter.

(Reporting by Rithika Krishna in Bengaluru; Editing by Ramakrishnan M. and Devika Syamnath)

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