Diamondback Energy (FANG) warned the shale oil business may again be at risk of growing too big too quickly.

Diamondback averaged 321,100 barrels of oil per day during the three months ended Sept. 30 compared with its guidance expecting to produce between 319,000 to 320,000 barrels, the company said late Monday as it reported its Q3 financial results. Production should reach 470,000 to 475,000 barrels daily during the current quarter, but only climb to between 470,000 to 480,000 barrels per day in 2025, it said.

That works out to roughly 2% growth next year, Diamondback chief financial officer Matthew Kaes Van't Hof said during the call, according to a Capital IQ transcript. "I think being cautious when . . . oil is in the high [$60s per barrel] and you have pockets of geopolitical premium coming in and out, (it) is a prudent thing to do," he said.

And while Diamondback is doing what it needs to be done to support stable prices, Van't Hof is unsure its peers will show similar discipline.

"I think that spreadsheet math is what's gotten this industry in trouble in the past and it feels like we're getting ourselves in trouble again," he said.

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