Diamondback Energy: Leading the Way in U.S. Shale Consolidation and Strong Q3 Performance
TL;DR Summary
Diamondback Energy expects to be a buyer, rather than a target, in the ongoing consolidation of the U.S. shale industry. The company raised its full-year oil production forecast and closed asset sales for proceeds of about $1.7 billion. Diamondback also raised its net 2023 production forecast and expects production to grow in the fourth quarter. However, average sales prices fell, leading to a decrease in net income.
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