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Stock impact report

UPDATE 2-Permian shale producers warn of natural gas takeaway constraints [Reuters]

Diamondback Energy, Inc. (FANG) 
Last diamondback energy, inc. earnings: 2/18 04:01 pm Check Earnings Report
US:NASDAQ Investor Relations: ir.diamondbackenergy.com
Company Research Source: Reuters
HOUSTON, Dec 7 (Reuters) - U.S. oil and gas producers Diamondback Energy Inc (FANG.O) and ConocoPhillips (COP.N) said on Tuesday the top U.S. shale field will face natural gas pipeline constraints as production grows and companies strive to reduce flaring. While other U.S. oilfields are seeing production plateau, the nation's largest in the Permian Basin in west Texas and New Mexico is anticipated to continue to grow because of its low cost of output. The Permian's cost of production "is the lowest in the world right now," Tim Leach, a Conoco executive vice president, told the World Petroleum Congress in Houston. Scott Sheffield, chief executive of top U.S. shale producer Pioneer Natural Resources Co (PXD.N) said the cost of production in the Permian has halved to $30 a barrel since 2014. At the same time, operators are under pressure by investors and government regulators to reduce the flaring of excess natural gas, they said. Gas is less lucrative than oil and producers will flare, Show less Read more
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