for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Oil and Gas

Diamondback Energy posts Q2 loss on $2.54 bln charge due to oil plunge

Aug 3 (Reuters) - Permian basin producer Diamondback Energy Inc on Monday posted a quarterly loss from a year-ago profit, as it took a $2.54 billion impairment charge against its oil and gas properties after crude prices plummeted.

Diamondback said net attributable loss to the company was $2.39 billion, or $15.17 per share, for the second quarter ended June 30, from a profit of $349 million, or $2.11 per share, last year.

The Midland, Texas-based company’s quarterly average production stood at 294,126 barrels of oil equivalent per day (boepd), compared with 280,365 boepd last year. (Reporting by Arunima Kumar in Bengaluru; Editing by Devika Syamnath)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up