Permian Basin pure-play Diamondback Energy Inc. is not budging on plans to keep oil production flat this year, despite increased market tightness because of Russia’s invasion of Ukraine, said CEO Travis Stice.

Diamondback “is committed to maintaining our current production levels, providing a significant supply of energy to our country and the world,” said Stice in presenting first quarter earnings. “While we believe that efficiently growing our production base is achievable over the long term, we do not feel that today is the appropriate time to begin spending dollars that would not equate to additional barrels until multiple quarters from today given the uncertainty and volatility currently in the market.”

Midland, TX-based Diamondback operates in the Permian’s...