Diamondback Lifting Shale Oil Output Immediately on Rally
A row of pumpjacks at a Diamondback Energy Inc. oil rig in Midland, Texas.
Photographer: Callaghan O'Hare/BloombergDiamondback Energy Inc., one of the biggest shale oil producers, is boosting crude output in response to rising prices caused by the Iran war.
The company that operates in the Permian Basin of West Texas and New Mexico is pumping more than 520,000 barrels a day, 3% more than its original full-year guidance, and plans to sustains those levels, Chief Executive Officer Kaes Van’t Hof wrote in a letter to shareholders on Monday.