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Diamondback Energy CEO says no need for a Permian Basin deal

·1 min read

Nov 3 (Reuters) - Diamondback Energy Chief Executive Travis Stice said on Tuesday the company sees no need to purchase a competitor following a wave of mergers in the Permian Basin, the top U.S. oil field.

Diamondback's costs are low already - with well costs about 30% lower than in 2019 - and "We do not need to increase our scale to further lower costs," Stice said during a call with analysts.

The company will defend its dividend, including lower capital costs more if needed in case of an extended oil price drop, Stice said.

(Reporting by Jennifer Hiller)