(Bloomberg) -- Diamondback Energy Inc. raised it’s 2024 oil-production target, joining other US shale drillers lifting full-year forecasts.
Diamondback, one of the largest independent explorers in the oil-rich Permian Basin of West Texas and New Mexico, expects to pumps as much as 276,000 barrels a day this year, up from an earlier top-end forecast of 275,000, according to a statement released Monday. The company also lowered its full-year capital spending budget.
“We are clearly doing more with less and becoming more operationally efficient each quarter,” Diamondback wrote in a letter to stockholders.
Aggressive output increases by shale drillers complicates efforts by the Organization of Petroleum Exporting Countries and allies to manage global prices.
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