Why did Diamondback Energy miss its fourth-quarter profit expectations?

Diamondback Energy missed its fourth-quarter profit expectations primarily due to weaker oil prices, which were pressured by concerns of a market glut and potential increases in supply.

How did Diamondback Energy's production perform in the fourth quarter?

Despite weaker oil prices, Diamondback Energy achieved record oil production, producing 969,120 barrels of oil equivalent per day in the fourth quarter.

What is Diamondback Energy's production forecast for the current year?

Diamondback Energy forecasts its net production for the current year to be between 926,000 and 962,000 barrels of oil equivalent per day.

Home / Business and Economy / Diamondback Misses Profit Target Amid Oil Price Woes

Diamondback Misses Profit Target Amid Oil Price Woes

24 Feb

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Summary

Diamondback Energy missed profit expectations due to weaker oil prices.
Global crude oil prices were pressured by glut worries and potential Venezuelan supply.
Record U.S. oil production helped offset some of the impact of lower prices.

Diamondback Misses Profit Target Amid Oil Price Woes

Diamondback Energy reported fourth-quarter earnings that did not meet analysts' projections, largely influenced by a downturn in oil prices. Global crude oil markets experienced pressure from concerns about oversupply and the potential return of Venezuelan barrels. Benchmark Brent crude averaged $63.13 per barrel during the quarter, a decrease from the previous year.

Despite the challenging price environment, Diamondback's operations were bolstered by record oil production levels in the United States. The company itself achieved a daily output of 969,120 barrels of oil equivalent, surpassing its previous year's figures. Looking ahead, Diamondback has issued guidance for its net production and capital expenditure for the current year.

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