© Reuters. FILE PHOTO: Travis Stice, the CEO of Diamondback Vitality, poses for a portrait at Diamondback Vitality’s headquarters in Midland, Texas, U.S., February 11, 2019. Image taken February 11, 2019. REUTERS/Nick Oxford
(Reuters) – U.S. oil and fuel producer Diamondback (NASDAQ:) Vitality Inc on Monday reported an 82% rise in third-quarter revenue helped by a surge in crude costs attributable to tighter power provides following Russia’s invasion of Ukraine.
Vitality corporations are posting robust income as crude and costs have soared following Western sanctions in opposition to main exporter Russia and OPEC+’s determination to tighten an already squeezed world provide. has risen almost 20% to date this 12 months.
Oil volumes for the quarter decreased to 224.3 thousand barrels of oil per day (BO/d), down from 239.8 thousand BO/d final 12 months.
Diamondback’s common unhedged realized worth for oil, nevertheless, rose to $89.79 per barrel within the reported quarter, up from final 12 months’s $68.27 per barrel.
The Midland, Texas-based firm mentioned internet revenue attributable to widespread inventory rose to $1.18 billion, or $6.72 per share, for the quarter ended September 30, from $649 million, or $3.55 per share, a 12 months earlier.
