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Earnings

Diamondback Energy profit rises 77% on higher production

(Reuters) - Diamondback Energy Inc reported a 77% rise in quarterly adjusted profit on Tuesday, as the Permian-basin focused oil producer benefited from higher output.

Adjusted net income rose to $280 million, or $1.70 per share, in the second quarter ended June 30, from $158 million, or $1.59 per share, a year earlier.

Production rose to 280,400 barrels of oil equivalent per day (boepd) from 112,600 boepd a year earlier.

Reporting by Debroop Roy in Bengaluru; Editing by Shinjini Ganguli

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