(Reuters) – U.S. oil and gas producer Diamondback Energy Inc on Monday reported an 82% rise in third-quarter profit helped by a surge in crude prices due to tighter energy supplies following Russia’s invasion of Ukraine.
Energy companies are posting strong profits as crude and natural gas prices have soared following Western sanctions against major exporter Russia and OPEC+’s decision to tighten an already squeezed global supply. U.S. crude has risen nearly 20% so far this year.
Oil volumes for the quarter decreased to 224.3 thousand barrels of oil per day (BO/d), down from 239.8 thousand BO/d last year.
Diamondback’s average unhedged realized price for oil, however, rose to $89.79 per barrel in the reported quarter, up from last year’s $68.27 per barrel.
The Midland, Texas-based company said net income attributable to common stock 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 year earlier.
(Reporting by Arshreet Singh in Bengaluru; Editing by Krishna Chandra Eluri)
