DiamondBack Energy Inc on Monday raised its full-year production outlook as the shale oil and gas producer accounted for its acquisition of rival QEP Resources and benefited from a recovery in crude prices.
Commodity prices are picking up as the global roll-out of vaccines against COVID-19 gains momentum, after a year where the health crisis decimated demand in the energy sector and hammered debt-laden shale companies.
Diamondback, which closed its $2.2 billion acquisition of Denver-based producer QEP Resources last month, said it expects 2021 net oil production of 360,000 to 370,000 barrels of oil equivalent per day (boed), compared with its earlier estimate of 308,000 to 325,000 boed.
