Diamondback Energy beats fourth-quarter profit estimates on higher production

Adds share movement, background and forecast details in paragraphs 2,5,6,7,8

Feb 24 (Reuters) - U.S. shale producer Diamondback Energy FANG.O surpassed Wall Street expectations for fourth-quarter profit on Monday, as higher production helped offset lower prices.

Shares were up 3% at $159.95 in extended trading.

Data from the U.S. Energy Information Administration showed the country's total oil production rose to a record high of 13.6 million barrels per day (bpd) in December, as improved efficiencies helped producers pump more oil.

Diamondback's fourth-quarter production almost doubled to an average of 883,424 barrels of oil equivalent per day (boepd), which helped offset a 9% drop in oil prices.

Last week, Diamondback said its CEO Travis Stice intends to step down from his role after 13 years at the helm during the company's 2025 annual stockholders meeting and will be succeeded by finance head Kaes Van't Hof.

Earlier this month, Diamondback said it will acquire some units of EnCap Investments-backed producer Double Eagle for $4.08 billion in a cash-and-stock deal, expanding its presence in the Permian Basin, the top U.S. oil-producing shale.

The Texas-based company completed its $26 billion acquisition of Endeavor Energy in September, making it the third-largest oil and gas producer in the Permian, putting it just behind industry giants Exxon Mobil XOM.N and Chevron CVX.N.

Diamondback now expects current year net production to be between 883,000 boepd and 909,000 boepd. It forecast capital expenditure to be between $3.8 billion and $4.2 billion, the mid-point of which was below Wall Street estimates of $4.15 billion.

The company posted an adjusted profit of $3.64 per share for the three months ended December 31, compared with analysts' estimates of $3.35 per share according to data compiled by LSEG.