Nov 4 (Reuters) - Diamondback Energy (FANG.O) , opens new tab missed estimates for third-quarter profit on Monday as it took a hit from lower prices, although the oil and gas firm's forecast for current-year production got a boost from its $26 billion acquisition of Endeavor Energy.

Oil prices fell in the quarter after a larger-than-expected Federal Reserve interest rate cut sparked concerns about the U.S. economy as well as on concerns tied to global demand.

Last month, the company 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 after Occidental Petroleum (OXY.N) , opens new tab and Exxon Mobil (XOM.N) , opens new tab.

The company said quarterly average prices for oil was down to $73.13 per barrel from $81.57 per barrel a year earlier.

However, the Midland, Texas-based firm raised its net production forecast for the current year to between 587,000 and 590,000 barrels of oil equivalent per day (boepd) from between 462,000 and 470,000 boepd.

The Texas-based company completed its acquisition of Endeavor Energy in September, making it the third-largest oil and gas producer in the top U.S. shale region, the Permian Basin, putting it just behind industry giants Exxon Mobil (XOM.N) , opens new tab and Chevron (CVX.N) , opens new tab.

The company reported an adjusted profit of $3.38 per share for the quarter ended Sept. 30, compared with analysts' average estimate of $3.98 per share, according to data compiled by LSEG.

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https://www.reuters.com/business/energy/diamondback-energy-misses-estimates-third-quarter-profit-lower-prices-2024-11-04/