US INDEPENDENT Diamond-back Energy boosted production and profits in the second quarter as it reported a reduction in operational costs. The shale specialist reported net income of $349 million for the quarter, compared to $301 million in the same period last year. Production stood at 280,400 barrels of oil equivalent, a gain of 149% from the year-ago period and a gain of 7% sequentially. During the quarter the company also reported the $720 million in net cash proceeds received following the initial public offering in May of the company's Rattler Midstream affiliate.
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