05:07 PM EDT, 09/17/2024 (MT Newswires) -- Diamondback Energy ( FANG ) is mulling using some of the natural gas it produces to generate electricity for its drilling and fracking operations, Bloomberg reported Tuesday.

Producers in the Permian Basin are increasingly moving operations from diesel generators to electricity from the local grid, the report said, adding that the Texas grid is not always reliable in remote areas.

"Texas is in a bind," Bloomberg quoted Diamondback Chief Executive Travis Stice at a conference in Austin. The company is trying to solve the electrification demands from its investors.

Diamondback might not be up for its own gas-fired power plant, but might "participate" in such projects, according to Bloomberg.

The company did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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