Aug 4 (Reuters) - Diamondback Energy ( FANG ) missed
analysts' estimate for second-quarter profit on Monday, as the
shale producer took a hit from a decline in crude prices.
Brent crude averaged 20% lower in the quarter from a
year earlier, pressured by U.S. tariffs and their impact on
global growth, OPEC+ supply gains and geopolitical tensions.
Prices briefly topped $80 per barrel after Israel targeted
Iran's nuclear sites in June, but slid to $67 by the end of the
period.
Diamondback said its average realized crude price, excluding
hedges, for the quarter stood at $63.23 per barrel, down from
$79.51 per barrel last year.
The Midland, Texas-based company posted an adjusted profit
of $2.67 per share for the three months ended June 30, compared
with analysts' average estimate of $2.82, according to data
compiled by LSEG.
(Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj
Kalluvila)