Diamondback Energy is immediately lifting higher oil output in response to the ongoing oil price rally

According to the Bloomberg article (May 4, 2026) and Diamondback’s Q1 2026 earnings release/letter to shareholders:

The company is currently pumping >520,000 barrels per day of oil (3% above its original full-year 2026 guidance midpoint of ~505,000 bpd).

It is raising full-year 2026 guidance to 520,000+ bpd oil and 972,000+ boe/d total (up from the prior 500–510k bpd oil / 926–962k boe/d range).
It is adding drilling rigs and fracking crews in West Texas and slightly increasing 2026 CapEx to ~$3.9 billion (from ~$3.75 billion).
CEO Kaes Van’t Hof described it as a “green light” to sustain these higher levels.

Diamondback’s plays/basins: It is a pure-play Permian Basin operator in West Texas and New Mexico (primarily the Midland and Delaware sub-basins). Key formations include the Wolfcamp, Spraberry, and Bone Spring. It has some exploratory activity in the Barnett/Woodford shales within its Permian acreage.

Other oil & gas companies are lifting output or raising CapEx/drilling activity

The industry response remains cautious and modest overall (focus on capital discipline and shareholder returns), but several operators have announced or signaled increases in response to sustained higher prices. Not a broad “drilling boom” yet—many are waiting to confirm prices hold—but rig counts have ticked up modestly and some public/private players are acting.

Key examples (as of early May 2026):

Continental Resources (Harold Hamm; primarily Williston/Bakken shale, plus some Permian, Anadarko, etc.): First major announcement (early April). Increasing 2026 CapEx budget (reversing a planned ~20% cut from $2.5B) to boost production.

ConocoPhillips (multi-basin, significant Permian): Raised 2026 CapEx guidance (to $12–12.5B range) and will add one new drilling rig in the Permian (Delaware sub-basin) in H2 2026.

ExxonMobil & Chevron (largest Permian players): Already had aggressive Permian growth plans (Exxon ~+113k bpd in 2026); analysts see higher probability they accelerate further if prices stay elevated.

Others (e.g., BP/bpX Energy: planning ~8% shale growth in 2026; Permian Resources, Occidental with modest % growth guidance; private operators responding faster).

Broader context: Baker Hughes US rig count rose for the second straight week to 547 total rigs (as of May 1, 2026; oil rigs at 408). Citi and others project public shale producers could add ~20 rigs + >100k bpd by 2027 if prices hold, with private operators adding more (total US shale potential +815k bpd by 2028).