Diamondback Energy raised its full-year 2026 production guidance to more than 520,000 barrels of oil per day. This revision represents a 3% increase from the previous midpoint guidance. The company increased its capital expenditure forecast to approximately $3.9 billion to fund additional drilling rigs and fracking crews in the Permian Basin.
Management announced the shift following the company's Q1 2026 earnings release. Diamondback is among the first major shale operators to pivot from capital discipline toward growth. Sustained high oil prices and supply restrictions in the Strait of Hormuz drove the decision. The market is monitoring whether other producers will follow this shift, which could impact US supply forecasts.