IT was one of the darkest periods of the oil market slump. The global economy was showing fresh signs of slowing, and crude prices were collapsing so steeply that virtually every well in America was unprofitable.
But when Diamondback Energy went out to raise US$226 million worth of new stock that week in the middle of January, the oil and gas company found more buyers than it could accommodate. It had to nearly double the amount of shares it sold, to 4 million.
Since Diamondback issued equity that day, the company's share price has increased more than 29 per cent.
Across the oil industry, investors have been placing their bets that prices have hit bottom. Risk-seeking investors such as hedge funds...
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