Permian Oil Producer Reports 80 Percent Profit Surge in Q3 Despite Production Decrease

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Inflated oil and gas prices are nearly doubling profits for some producers, including DiamondBack Energy, which profited $1.2B in Q3, a more than 80% surge from the year before, reports the Houston Chronicle.

While revenue has spiked dramatically, DiamondBack Energy, among other oil and gas producers, also reported a decrease in production compared to Q3 of last year.