An oil and gas driller is leading the S&P 500 after launching a $2 billion buyback program
Diamondback was one of the biggest energy sector gainers immediately after Chevron announced its $33 billion deal to buy Anadarko last month, suggesting investors see the company as a valuable candidate for a merger or acquisition.
Diamondback also said its board has given the driller the green light to buy back as much as $2 billion in company stock through 2020. The buyback program addresses calls by investors for shale drillers like Diamondback to start generating more value for shareholders.
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