April 30(Reuters) - Diamondback Energy ( FANG ) beat

first quarter profit estimates on Tuesday as the oil and gas

firm benefited from higher oil production and better prices.

Crude oil prices in the quarter mirrored the previous

year as production cuts by OPEC+ countries offset lower demand,

helping oil producers like Diamondback Energy ( FANG ).

Quarterly oil production was at 24.8 millions of barrels

(MMBbls), up about 10% from the previous year.

The company said quarterly average prices for oil was at

$75.06 per barrel (Bbl), compared with $73.11 per Bbl from a

year earlier.

The company reported an adjusted profit of $4.50 per share

for the quarter ended March 31, compared with analysts' average

estimate of $4.42 per share, according to LSEG data.