Nov 1 (Reuters) - U.S. shale producer Diamondback Energy Inc on Monday beat Wall Street third quarter profit estimates and boosted its dividend as oil prices have hit multi-year highs.

The company reported adjusted earnings of $2.94 per share for the quarter, versus expectations of $2.77, according to data from Refinitiv IBES. It also increased its dividend by 11%.

(Reporting by Liz Hampton in Denver Editing by Chris Reese)