World Oil

(Bloomberg) — Diamondback Energy Inc. Chairman and CEO Travis Stice said the shale driller will maintain flat production in the Permian Basin this year.

Diamondback Energy to maintain ‘flat’ Permian oil production- oil and gas 360

Source: World Oil

The Texas wildcatters that launched the U.S. shale boom are resisting the temptation to pump more oil even as oil prices approach $100 a barrel, heeding investor demand for fiscal discipline after years of poor capital returns.

Stice said he expects Diamondback’s maintenance capital plan to generate nearly $4 billion of free cash flow in 2022, of which at least 50% would be returned to shareholders through increased dividends, share buybacks and possibly a variable dividend, according to an earnings release.

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