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Diamondback Energy stock surges 9% after driller launches $2 billion buyback program

Tom DiChristopher

Shares of Diamondback Energy surge after the U.S. oil and gas driller reports strong first-quarter earnings and announces a $2 billion stock buyback program. The results come amid a bidding war for Anadarko Petroleum, another Permian Basin player, that has investors speculating about more dealmaking. Diamondback is answering calls by investors for U.S. shale drillers to return more value to shareholders.