Lower 48 player Diamondback Energy Inc. has raised its production guidance for 2021, reflecting the acquisition of two Permian Basin operators earlier this year.

Diamondback Midland acreage

The company said Monday it was targeting 2021 oil production of 218,000-222,000 b/d, or 360,000-270,000 boe/d, following the completion of its purchases of Guidon Operating LLC in February and QEP Resources Inc. in March. Diamondback previously targeted 178,000-185,000 b/d of oil for 2021, or 308,000-325,000 boe/d.

The bulk of production is slated to be in the Permian, with about 12,000 b/d of oil output, or 19,000 boe/d, to come from Williston Basin assets acquired from QEP. Diamondback has said it may divest the Williston assets.

CEO Travis Stice said the revised targets would remain relatively flat against pro...