Diamondback Energy lifts 2026 production targets after third-quarter beat

Diamondback Energy lifted its 2026 production targets again after third-quarter profit and revenue beat analyst estimates. The company now targets 524,000 barrels of oil a day in 2026, with total output of 1,015,000 barrels of oil equivalent a day. Third-quarter profit was $1.6 billion, or $5.69 a share, versus $1.02 billion, or $3.51 a share a year earlier. Adjusted earnings were $5.86 a share, ahead of the $5.72 FactSet consensus. Revenue rose to $5.43 billion from $3.92 billion and topped the $4.6 billion consensus. Average realized oil prices were $87.30 a barrel, compared with $64.60 a year earlier and $96.82 in the second quarter. For the fourth quarter, Diamondback expects 518,000 to 528,000 barrels of oil a day and 1,025,000 to 1,045,000 barrels of oil equivalent a day. The company had already raised production guidance twice this year amid oil volatility driven by the war in Ira