Diamondback Sees Permian Oil Drilling Boost on Higher Prices (1)

Diamondback Energy Inc., one of the biggest US shale producers, predicts that drillers will add as many as 30 rigs to America’s most prolific oil field by the end of the year as the Iran war sends crude prices soaring.

That would equate to a jump in activity of more than 10% over the next eight months, based on Baker Hughes Co.data showing 241 rigs in the West Texas and New Mexico basin as of last week.

Such an expansion would mark a dramatic turnaround for the Permian, reversing a three-year rig decline as drillers have become more ...