Aug 5 (Reuters) - U.S. oil and gas producer Diamondback

Energy ( FANG ) beat Wall Street estimates for second-quarter

profit on Monday, aided by strong production and elevated oil

prices.

Fears of supply-chain disruptions in the Middle East and

production cuts by the OPEC+ producer group helped WTI crude oil

prices to rise during the quarter, benefiting oil

producers like Diamondback.

The company, which aims to become one of the largest oil

producers in the prolific Permian basin after it closes the

acquisition of Endeavor Energy, said its second-quarter

production averaged 474,670 barrels of oil equivalent per day,

compared with 449,912 boepd in the year-ago quarter.

It also raised its 2024 production forecast in the range

of 462,000 to 470,000 boepd, compared with 458,000 to 466,000

boepd projected earlier.

The Midland, Texas-based company reported adjusted earnings

of $4.52 per share for the three months ended June 30, compared

with analysts' average estimate of $4.51 per share, according to

LSEG data.