Diamondback Energy reported lower oil prices and higher natural gas prices in the fourth quarter of 2023. The company's average realized crude oil price fell to $69.48 per barrel from $73.13 per barrel in the third quarter, while the average realized natural gas price surged by approximately 30%. Diamondback, like other shale majors, is looking to capitalize on the anticipated increase in natural gas demand driven by the growth of artificial intelligence (AI).
Diamondback Energy has noted lower oil prices in the fourth quarter of the year in an SEC filing, adding that natural gas prices, in contrast, were much higher than they were in the third quarter of the year. The average realized price for crude oil Diamondback sold in the fourth quarter stood at $69.48 per barrel, which was down from $73.13 per barrel for the third quarter of the year, Reuters reported. The average realized price for natural gas, however, surged by some 30%.
we're trying to figure out a way to be creative on ways to turn some of that natural gas into more value for our shareholders,” the chief executive of Diamondback Energy said last November as industry executives approach tech companies to offer them to build their data centers close to gas wells. U.S. natural gas is set to be a big winner in the AI boom with several dozen new gas-fired power plants expected to be built in America by the end of the decade, according to analysts.
DIAMONDBACK ENERGY OIL PRICES NATURAL GAS PRICES AI BOOM SHALE INDUSTRY
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