Aug 5 (Reuters) - Diamondback Energy (FANG.O) , opens new tab on Monday raised its full-year oil and gas production estimates by about 4,000 barrels per day as operational efficiencies helped boost output.

U.S. shale producers are using technological advancements and drilling longer well laterals to extract more oil per well. The efforts generally have boosted output and reduced drilling times without increasing spending.

"We are clearly doing more with less and becoming more operationally efficient each quarter," Travis Stice, Diamondback's chief executive officer, said in a letter to investors.

The company raised its full-year production guidance to between 462,000 barrels of oil and gas per day (boepd) and 470,000 boepd, up from a previous range of 458,000 to 466,000 boepd.

Meanwhile, Diamondback tightened its capital budget range to between $2.35 billion and $2.45 billion from a range of $2.3 billion to $2.55 billion.

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 second-quarter production rose 5.5% to 474,670 boepd per day, higher than it had forecast.

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.

Shares of the company were little changed in after-market hours trading at $185.

Diamondback said it expects the Endeavor deal to close in the third or fourth quarter of this year, adding that it was working with the Federal Trade Commission to comply with a second request for information.

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https://www.reuters.com/markets/commodities/diamondback-energy-beats-quarterly-profit-estimates-2024-08-05/