Diamondback Energy (NASDAQ: FANG) is navigating the current oil market downturn better than most peers. That was evident during the first quarter, for which it posted a surprisingly stronger profit than anticipated. It's also clear in its outlook, with it estimating that it can restart its growth engine once crude prices creep back up to around $30 a barrel.
Diamondback Energy handled all the turbulence in the oil market during the first quarter reasonably well. The company produced an average of 321,100 barrels of oil equivalent per day (BOE/D), including 210,400 barrels of oil per day (BPD). That oil output was 3% above its fourth-quarter tally and 12% higher than the year-ago period.
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Source: Motley Fool
(May 12, 2020 - 9:40 AM EDT)
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