Moody's boosts Diamondback Energy

Moody's Investors Service raised Diamondback Energy, Inc.'s senior unsecured ratings to Baa2 from Baa3.

"The upgrade reflects Diamondback's significant debt reduction in 2022, improved maturity profile through various refinancing efforts, enhanced scale from the recent Midland Basin acquisition, and simplified capital structure following the expected full retirement of Rattler Midstream's debt," said Sajjad Alam, a Moody's vice president, in a press release.

"Diamondback's continued strong operational and financial execution, commitment to conservative financial policies and further debt reduction, well-established capital discipline, and greater financial flexibility to support higher shareholder returns while also reducing debt, should provide increased resilience to future price volatility and energy transition risks," Alam added.

The outlook remains stable.

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