March 9, 2020 / 10:40 AM / in a month

Diamondback Energy cuts drilling activity on weaker oil prices

March 9 (Reuters) - Oil and gas producer Diamondback Energy Inc said on Monday it was reducing drilling activity immediately and expects to drop two rigs in April 2020 and a third later in the second quarter of 2020 as a result of weak oil prices.

“As a result of current and expected oil price weakness, we have immediately reduced development activity and expect lower activity levels to continue until we see clear signs of commodity price recovery,” Chief Executive Officer Travis Stice said in a statement.

Reporting by Shanti S Nair in Bengaluru; Editing by Shinjini Ganguli

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