Permian basin-focused shale producer Diamondback Energy Inc (FANG.O) topped market expectations for quarterly profit on Monday as COVID-19 vaccine rollouts and easing travel restrictions boosted oil prices. A 27% surge in crude prices this year has lifted earnings of U.S. oil firms after the pandemic led to one of the worst downturns in the sector's history. Midland, Texas-based Diamondback's average price for its oil and gas, excluding hedges, rose 54.5% sequentially in the first quarter to $42.36 per barrel of oil equivalent. The company posted quarterly production of 307,422 barrels of oil equivalent per day ... (full story)