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ENERGY: Diamondback is Latest US Producer to Raise 2024 Output Estimates

ENERGY

Diamondback Energy raised its full-year oil and gas production estimates by about 4,000 barrels per day to between 462,000 boepd and 470,000 boepd as operational efficiencies helped boost output, according to Reuters.

  • U.S. shale producers are boosting output and reduced drilling times without increasing spending using technological advancements to extract more oil per well.
  • "We are clearly doing more with less and becoming more operationally efficient each quarter," said CEO Travis Stice.
  • US oil supply could exceed modest growth expectations with some leading US shale producers planning more oil output than originally projected this year, according to Bloomberg.
  • EOG Resources Inc., Coterra Energy Inc., Civitas Resources Inc., Ovintiv Inc. and Matador Resources Co. have also recently increased 2024 output forecasts.
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