Oct 10 (Reuters) - Diamondback Energy (FANG.O) , opens new tab on Thursday signaled lower prices for its third-quarter oil and gas production, making it the third U.S. shale producer to do so in just a week.

Oil prices declined in the July-September quarter due to concerns about global oil demand growth.

Meanwhile, U.S. natural gas prices have collapsed to multi-year lows in 2024, with prices in the Waha hub in West Texas turning negative a record number of times.

Diamondback said average hedged realized prices for the third-quarter oil production were $72.32 per barrel, down from $78.55 in the second quarter.

The company realized 60 cents per thousand cubic feet (Mcf) of natural gas sales after hedging in the three months ended Sept. 30, compared with $1.03 per Mcf in the April-June period.

However, it realized a loss of 26 cents Mcf of unhedged natural gas sales during the third quarter.

Diamondback's warning comes just a day after Occidental Petroleum (OXY.N) , opens new tab flagged lower prices for its production. Industry bellwether Exxon Mobil (XOM.N) , opens new tab warned last week that it could take a hit of up to $1 billion to its upstream profits.

The company reported a non-cash gain of $135 million from derivatives during the third quarter, compared with a non-cash gain of $46 million in the prior quarter.

Earlier this month, Diamondback had raised its third-quarter production forecast to reflect the $26 billion acquisition of Endeavor Energy.

It expects to produce between 565,000 to 569,000 barrels of oil equivalent per day in the quarter.

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https://www.reuters.com/business/energy/diamondback-energy-flags-lower-oil-gas-prices-third-quarter-2024-10-10/