Friday, November 22, 2024

Diamondback Energy Inc News

Markets: Oil Rises as Inventories Expected to Fall

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Oil rose on Tuesday on expectation of a continuous decline in U.S. oil inventories, recouping some losses from the previous session due to lingering concern over rising cases of the Delta coronavirus variant.Brent, the international benchmark for oil prices, rose 60 cents, or 0.8%, to $73.49 a barrel, at 0905 GMT.U.S. West Texas Intermediate (WTI) crude was up 63 cents, or 0.9%, at $71.89 a barrel.Both markets…

Diamondback Cuts Drilling Activity as Oil Prices Tumble

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Diamondback Energy Inc said on Monday it was reducing drilling activity immediately, as the oil and gas producer tackles one of the steepest declines in oil prices in decades.Oil prices lost as much as a third of their value on Monday in the biggest daily rout since the 1991 Gulf War, after Saudi Arabia signaled it would hike output to win market share at a time when the coronavirus epidemic has left the market…

Diamondback Energy Shares Drop on $9.2 billion Deal for Shale Rival

Diamondback Energy Inc shares fell 10 percent early on Wednesday following the U.S. oil and gas producer's all-stock, $9.2 billion deal for shale rival Energen Corp.On Tuesday, Diamondback agreed to pay about $84.95 per share for Energen, a 16 percent premium to the Birmingham, Alabama, company's close on Tuesday.. Energen shares rose 3.8 percent to $75.95 on Wednesday morning trade on the New York Stock Exchange.Diamondback…

US Oil Drillers Cut Rigs for 2nd Week in Three

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U.S. energy firms cut the number of oil rigs for the second in three weeks, slowing the pace of a 15-month drilling recovery, amid plans to spend less in reaction to declines in crude prices over the past several months. Drillers cut one oil rig in the week to August 4, bringing the total count down to 765, General Electric Co's Baker Hughes energy services firm said in its report on Friday. There were 381 active oil rigs during the same week a year ago.

Funds Pull Back from Permian as U.S. Shale Heats Up

Cash, people and equipment are pouring into the prolific Permian shale basin in Texas as business booms in the largest U.S. oilfield. But one group of investors is heading the other way - concerned that shale may become a victim of its own success. The speed of the recovery in the U.S. shale industry in the past year has surprised oil investors after a global supply glut led to a two-year crude price slump and bankrupted many shale firms.

US Shale Companies to Boost Spending as Banks Loosen Purse Strings

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U.S. shale drillers are set to ramp up spending on exploration and production next year as recovering oil prices prompt banks to extend credit lines for the first time in two years. The credit increase is small, but with major oil producers worldwide aiming to hold down production in 2017, U.S.-based shale drillers are looking to boost market share to take advantage of higher prices, and greater availability of capital will make that easier.

Energy Firm's Buck Decline With Equity Offerings

More than a dozen companies in the hard-hit exploration and production energy industry have announced new share offerings this year - and have generally been rewarded in the stock market for the strategy. Although it might seem that companies would upset their investor base by diluting earnings per share when they added more stock, most of the 15 companies that have done so have actually outperformed their peers.

U.S. Shale Outfits Shine Amidst Gloom

A handful of U.S. shale oil producers are pushing up their production forecasts, saying efficiency gains from drilling in prime rock are helping them eke out more crude in the middle of the worst price crash in six years. The slightly bolder outlooks this week from Oasis Petroleum Inc, Devon Energy Corp, Pioneer Natural Resources Co and Diamondback Energy Inc show that the confident swagger that typified the U.S.

Some U.S. Fund Managers Still Bet on Oil

Mutual fund managers who believed the slump in oil prices would be short-lived have been taking it on the chin, but some are not giving up, betting that the market will bounce back and they will have the last laugh. The FPA Capital Fund, the Towle Deep Value Fund and the Mount Lucas US Focus Equity fund are among several that are still plowing money into oil exploration and production companies, even as their performance numbers sank to the bottom 5 percent this year, according to Morningstar.

Burned by Oil, Some US Fund Managers Still Bet on Rebound

Mutual fund managers who believed the slump in oil prices would be short-lived have been taking it on the chin, but some are not giving up, betting that the market will bounce back and they will have the last laugh. The FPA Capital Fund, the Towle Deep Value Fund and the Mount Lucas US Focus Equity fund are among several that are still plowing money into oil exploration and production companies, even as their performance numbers sank to the bottom 5 percent this year, according to Morningstar.