May 4, 2020 / 8:14 PM / a month ago

Diamondback Energy reports quarterly loss on $1 billion charge

May 4 (Reuters) - Shale producer Diamondback Energy Inc reported a first-quarter loss on Monday due to a $1 billion charge and said it would cut 10% to 15% of expected May oil output as it battles an unprecedented slump in oil prices.

Net loss attributable to the company was $272 million, or $1.72 per share, in the quarter ended March 31, compared with a profit of $10 million, or 6 cents per share, a year earlier.

Excluding items, it earned $1.45 per share.

Reporting by Shanti S Nair in Bengaluru; Editing by Arun Koyyur

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