Shares of Diamondback Energy Inc. /zigman2/quotes/201200230/composite FANG +8.74% fell 12% in the extended session Tuesday after the oil and gas company reported third-quarter results below Wall Street expectations and said its oil production declined in the quarter due to asset sales earlier in the year. Diamondback said it earned $368 million, or $2.26 a share, in the quarter, compared with $157 million, or $1.59 a share, in the year-ago quarter. Adjusted for one-time items, the company earned $239 million, or $1.47 a share, compared with $1.67 a share a year ago. Revenue rose to $975 million from $537 million a year ago. Analysts polled by FactSet had expected adjusted earnings of $1.70 a share on sales of $1.05 billion. "After growing significantly during the first two quarters of the year, Diamondback's oil production declined in the third quarter due to the sale of our Central Basin Platform assets effective July 1, 2019, which removed ~5,800 barrels per day of low-margin oil production from our asset base," Diamondback Chief Executive Travis Stice said in a statement.