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Nov 6 (Reuters) – Diamondback Energy beat Wall Street estimates for third-quarter profit on Monday, as the U.S. shale oil producer benefited from strong production amid a sustained demand for crude oil.
Oil and gas production in the United States has been increasing, despite a decrease in the number of active drilling rigs, as the industry seeks to enhance productivity and address the impact of volatility in oil prices.
Diamondback said its production averaged 452,848 barrels of oil equivalent per day (boepd) for the quarter, higher than the 390,630 boepd a year ago.
The company said its average unhedged realized prices were $81.57 per barrel of oil, lower than the $89.79 per barrel a year earlier.
On an adjusted basis, it earned $5.49 per share for the quarter ended Sept. 30, compared with analysts’ average estimate of $5.01 per share, according to LSEG data. (Reporting by Sourasis Bose in Bengaluru; Editing by Shilpi Majumdar)
