Diamondback Energy beats profit estimates as Iran war lifts oil prices
FANG•Diamondback Energy reported adjusted third-quarter profit of $5.86 per share, above the $5.46 estimate, as production and realized oil prices rose. It expects 2026 output to average nearly 1.015 million barrels of oil equivalent per day.
1. Profit and production rise
Diamondback Energy posted adjusted profit of $5.86 per share for the quarter ended September 30, beating analysts’ $5.46 estimate. Production rose to 1.03 million barrels of oil equivalent per day from 942,946 a year earlier, while its realized oil price increased nearly 35% to $85.89 per barrel.
2. 2026 production outlook
The company raised its production outlook for a third consecutive quarter and now expects average output of nearly 1.015 million barrels of oil equivalent per day in 2026, up from its previous forecast of more than 1 million. It expects oil production of roughly 524,000 barrels per day in 2026 and 518,000 to 528,000 barrels per day in the current quarter. CEO Kaes Van't Hof said the timing of global oil supply normalization was uncertain and that current volatility was expected to continue.
