Diamondback Energy beats output estimates as well spacing troubles ease

(Reuters) - Diamondback Energy Inc FANG.O beat analysts' estimates for fourth-quarter production on Tuesday, as the Permian Basin-focused oil and gas producer benefited from an easing in well spacing issues that pressured the previous quarter.

The company said its average daily production rose to 301,300 barrels of oil equivalent per day (boepd) in the quarter, from 287,100 boepd in the third quarter.

Analysts on average had expected fourth-quarter production of 296,570 boepd, according to Refinitiv IBES.

“The impact of offset frac interference experienced in the third quarter subsided in the fourth quarter with field level production in Howard County rebounding as expected,” Chief Executive Officer Travis Stice said in a statement.

The company’s profit fell 13% in the third quarter as some of its acreage saw production interrupted by neighbors fracking a large number of wells nearby.

Diamondback will report its fourth-quarter results on Feb. 18.

Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli