Permian Basin oil and gas company Diamondback reports soaring Q2 profits

partially stemming from uneven pandemic recovery and Russia’s war against Ukraine along with inflation have made it challenging for oil and gas producers to get needed equipment. Despite this, the Midland-based company was able to drill 48 wells in the second quarter.Exxon Mobil and Chevron preach ‘capital discipline’ in shale while reporting multibillion dollar profits

“We continue to focus on operational excellence and cost control in this inflationary operating environment, working to mitigate and offset the persistent inflationary pressures we are seeing across our business,” said Diamondback CEO Travis Stice in a statement to investors. “Diamondback has a strong track record of cost control, and we expect to continue to improve on this track record in the coming quarters.

The company’s strong results caused the board to approve a $2 billion increase to the share repurchase program, Diamondback said, to total $4 billion to buy back shares.

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