This Oil Stock Plans to Stand Firm in 2021
Crude oil prices have gotten off to a great start in 2021. West Texas Intermediate, the main U.S. oil price benchmark, has rallied about 25% so far this year, recently topping $60 a barrel. A rally like that is usually enough to entice oil producers to ramp up their drilling programs.
However, Diamondback Energy (NASDAQ: FANG) plans to go against that industry norm by putting a firm lid on its output this year. That will enable it to generate excess cash at higher oil prices that it can use to repay debt and reward shareholders.
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Source Fool.com
