U.S.-based Diamondback Raises 2026 Crude Oil Daily Production Target to 524,000 Barrels

en.Wedoany.com Reported - On November 2, U.S. oil producer Diamondback Energy raised its full-year 2026 average daily crude oil production guidance to approximately 524,000 barrels, up from its previous guidance of at least 522,000 barrels. The company also increased its full-year total oil and gas production forecast to approximately 1,015,000 barrels of oil equivalent per day and raised its full-year cash capital expenditure budget from approximately $3.9 billion to $3.95 billion to $4.0 billion.

The company's average daily crude oil production in the third quarter reached 524,900 barrels, an increase of approximately 4.2% from 503,800 barrels in the same period of 2025; total oil and gas production reached 1,034,000 barrels of oil equivalent per day, up from 942,900 barrels of oil equivalent per day in the prior-year period. During the same period, the company drilled 105 wells and completed 135 wells, bringing the cumulative total for the first nine months to 320 wells drilled and 450 wells completed.

Under the updated production plan, Diamondback expects fourth-quarter average daily crude oil production of 518,000 to 528,000 barrels and total oil and gas production of 1,025,000 to 1,045,000 barrels of oil equivalent per day. The full-year operated drilling and completion capital expenditure budget was adjusted to $3.35 billion to $3.4 billion, and the full-year target for total net completed lateral length was adjusted to 6.2 million to 6.6 million feet.

In the third quarter, the company reported net income attributable to shareholders of $1.603 billion, operating cash flow of approximately $2.6 billion, and free cash flow of approximately $2.148 billion. The average realized price for crude oil was $87.30 per barrel, up from $64.60 in the prior-year period but down from $96.82 in the second quarter.

The company also adjusted its 2026 lease operating expense guidance to $5.95 to $6.20 per barrel of oil equivalent and lowered its gathering, processing and transportation expense guidance to $1.30 to $1.50 per barrel of oil equivalent. Actual cash operating costs in the third quarter were $10.91 per barrel of oil equivalent.