Benzinga | Sep 17, 2021 03:28PM EDT

Why Diamondback Energy Shares Are Rising

Diamondback Energy Inc (NASDAQ:FANG) shares are trading higher by 3.2% at $82.60 after the company announced it initiated a share repurchase program of up to $2 billion.

"Diamondback is accelerating its previously announced capital return program due to continued strong operational performance and improved capital efficiency, a supportive macro backdrop and increasing financial strength. Our plan to return 50% of Free Cash Flow quarterly through our base dividend and other return mechanisms will now begin in the fourth quarter of 2021," stated Travis Stice, Chief Executive Officer of Diamondback, in Thursday's press release.

Diamondback Energy is an independent oil and gas producer in the United States. The company operates exclusively in the Permian Basin. At the end of 2020, the company reported net proven reserves of 1.3 billion barrels of oil equivalent.

Diamondback Energy has a 52-week high of $102.53 and a 52-week low of $23.63.