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(Reuters) – U.S. shale producer Diamondback Energy raised its third-quarter production forecast on Tuesday to reflect its $26 billion acquisition of Endeavor Energy.
The Texas-based company completed its acquisition of Endeavor Energy last month, making it the third-largest oil and gas producer in the top U.S. shale region, the Permian Basin, putting it just behind industry giants Exxon Mobil and Chevron.
The company now expects its third-quarter production to be between 565,000 and 569,000 barrels of oil equivalent per day (boepd), up from the earlier forecast range of 459,000 to 466,000 boepd.
According to analysts’ estimates compiled by LSEG, Wall Street is expecting the company to report quarterly production of 487,350 boepd.
The company’s oil production is expected to be in the range of 319,000 to 321,000 barrels per day (bpd) in the July-September quarter, surpassing analysts’ expectations of 284,630 bpd.
Diamondback also raised its third-quarter capital expenditure forecast to $675 million to $700 million, up from the previous forecast of $570 million to $610 million.
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