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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-35700
 
Diamondback Energy, Inc.
(Exact Name of Registrant As Specified in Its Charter)
DE
45-4502447
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification Number)
500 West Texas
Suite 1200
Midland,TX
79701
(Address of principal executive offices)
(Zip code)
(432) 221-7400
(Registrant’s telephone number, including area code)
 Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockFANGThe Nasdaq Stock Market LLC
(NASDAQ Global Select Market)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check One):
Large Accelerated FilerAccelerated Filer
Non-Accelerated FilerSmaller Reporting Company
Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes       No   

As of July 31, 2020, the registrant had 157,824,088 shares of common stock outstanding.



DIAMONDBACK ENERGY, INC.
FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2020
TABLE OF CONTENTS
Page






Table of Contents
GLOSSARY OF OIL AND NATURAL GAS TERMS
The following is a glossary of certain oil and natural gas industry terms that are used in this Quarterly Report on Form 10-Q (this “report”):
BasinA large depression on the earth’s surface in which sediments accumulate.
Bbl or barrelOne stock tank barrel, or 42 U.S. gallons liquid volume, used in this report in reference to crude oil or other liquid hydrocarbons.
BOEOne barrel of crude oil equivalent, with six thousand cubic feet of natural gas being equivalent to one barrel of oil.
BOE/dBOE per day.
British Thermal Unit or BtuThe quantity of heat required to raise the temperature of one pound of water by one degree Fahrenheit.
CompletionThe process of treating a drilled well followed by the installation of permanent equipment for the production of natural gas or oil, or in the case of a dry hole, the reporting of abandonment to the appropriate agency.
Crude oilLiquid hydrocarbons retrieved from geological structures underground to be refined into fuel sources.
Finding and development costsCapital costs incurred in the acquisition, exploitation and exploration of proved oil and natural gas reserves divided by proved reserve additions and revisions to proved reserves.
Gross acres or gross wellsThe total acres or wells, as the case may be, in which a working interest is owned.
Horizontal drillingA drilling technique used in certain formations where a well is drilled vertically to a certain depth and then drilled at a right angle with a specified interval.
Horizontal wellsWells drilled directionally horizontal to allow for development of structures not reachable through traditional vertical drilling mechanisms.
MBblOne thousand barrels of crude oil and other liquid hydrocarbons.
MBOE/dOne thousand BOE per day.
McfOne thousand cubic feet of natural gas.
Mcf/dOne thousand cubic feet of natural gas per day.
Mineral interestsThe interests in ownership of the resource and mineral rights, giving an owner the right to profit from the extracted resources.
MMBtuOne million British Thermal Units.
Net acres or net wellsThe sum of the fractional working interest owned in gross acres.
Oil and natural gas propertiesTracts of land consisting of properties to be developed for oil and natural gas resource extraction.
OperatorThe individual or company responsible for the exploration and/or production of an oil or natural gas well or lease.
Plugging and abandonmentRefers to the sealing off of fluids in the strata penetrated by a well so that the fluids from one stratum will not escape into another or to the surface. Regulations of all states require plugging of abandoned wells.
ProspectA specific geographic area which, based on supporting geological, geophysical or other data and also preliminary economic analysis using reasonably anticipated prices and costs, is deemed to have potential for the discovery of commercial hydrocarbons.
Proved reservesThe estimated quantities of oil, natural gas and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be commercially recoverable in future years from known reservoirs under existing economic and operating conditions.
ReservesThe estimated remaining quantities of oil and natural gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means of delivering oil and natural gas or related substances to the market and all permits and financing required to implement the project. Reserves are not assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non-productive reservoir (i.e., absence of reservoir, structurally low reservoir or negative test results). Such areas may contain prospective resources (i.e., potentially recoverable resources from undiscovered accumulations).
ii

Table of Contents
ReservoirA porous and permeable underground formation containing a natural accumulation of producible natural gas and/or crude oil that is confined by impermeable rock or water barriers and is separate from other reservoirs.
Royalty interestAn interest that gives an owner the right to receive a portion of the resources or revenues without having to carry any costs of development, which may be subject to expiration.
SpacingThe distance between wells producing from the same reservoir. Spacing is often expressed in terms of acres (e.g., 40-acre spacing) and is often established by regulatory agencies.
Working interestAn operating interest that gives the owner the right to drill, produce and conduct operating activities on the property and receive a share of production and requires the owner to pay a share of the costs of drilling and production operations.
iii

Table of Contents
GLOSSARY OF CERTAIN OTHER TERMS
The following is a glossary of certain other terms that are used in this report.
ASUAccounting Standards Update
Equity Plan
The Company’s Equity Incentive Plan.
Exchange Act
The Securities Exchange Act of 1934, as amended.
FASB
Financial Accounting Standards Board
GAAP
Accounting principles generally accepted in the United States.
2025 IndentureThe indenture relating to the 2025 Senior Notes (defined below), dated as of December 20, 2016, among the Company, the subsidiary guarantors party thereto and Wells Fargo, as the trustee, as supplemented.
2025 Senior NotesThe Company’s 5.375% Senior Notes due 2025 in the aggregate principal amount of $800 million
December 2019 NotesThe Company’s 2.875% Senior Notes due 2024 in the aggregate principal amount of $1 billion, the Company’s 3.250% Senior Notes due 2026 in the aggregate principal amount of $800 million and the Company’s 3.500% Senior Notes due 2029 in the aggregate principal amount of $1.2 billion.
December 2019 Notes IndentureThe indenture, dated as of December 5, 2019, among the Company and Wells Fargo, as the trustee, as supplemented by the first supplemental indenture dated as of December 5, 2019 and the second supplemental indenture dated as of May 26, 2020, relating to the December 2019 Notes (defined above) and the May 2020 Notes (defined below).
May 2020 Notes
The Company’s 4.750% Senior Notes due 2025 in the aggregate principal amount of $500.0 million issued on May 26, 2020 under the December 2019 Notes Indenture (defined above) and the related second supplemental indenture.
NYMEXNew York Mercantile Exchange.
Rattler
Rattler Midstream LP, a Delaware limited partnership.
Rattler’s General Partner
Rattler Midstream GP LLC, a Delaware limited liability company; the general partner of Rattler Midstream LP and a wholly-owned subsidiary of the Company.
Rattler LLC
Rattler Midstream Operating LLC, a Delaware limited liability company and a subsidiary of Rattler.
Rattler LTIP
Rattler Midstream LP Long-Term Incentive Plan.
Rattler Offering
Rattler’s initial public offering.
Rattler’s Partnership AgreementThe first amended and restated agreement of limited partnership, dated May 28, 2019.
SEC
United States Securities and Exchange Commission.
Securities Act
The Securities Act of 1933, as amended.
Senior NotesThe 2025 Senior Notes, the December 2019 Notes and the May 2020 Notes.
ViperViper Energy Partners LP, a Delaware limited partnership.
Viper’s General Partner
Viper Energy Partners GP LLC, a Delaware limited liability company and the General Partner of the Partnership.
Viper LLC
Viper Energy Partners LLC, a Delaware limited liability company and a subsidiary of the Partnership.
Viper LTIPViper Energy Partners LP Long Term Incentive Plan.
Viper OfferingViper’s initial public offering.
Viper’s Partnership Agreement
The second amended and restated agreement of limited partnership, dated May 9, 2018, as amended as of May 10, 2018.
Wells Fargo
Wells Fargo Bank, National Association.

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Various statements contained in this report that express a belief, expectation, or intention, or that are not statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than statements of historical fact, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this report, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. In particular, the factors discussed in this report and detailed under Part II, Item 1A. Risk Factors in this report and our Annual Report on Form 10–K for the year ended December 31, 2019 could affect our actual results and cause our actual results to differ materially from expectations, estimates or assumptions expressed, forecasted or implied in such forward-looking statements.

Forward-looking statements may include statements about:

the volatility of realized oil and natural gas prices and the extent and duration of price reductions and increased production by the Organization of the Petroleum Exporting Counties, or OPEC, members and other oil exporting nations;

the threat, occurrence, potential duration or other implications of epidemic or pandemic diseases, including the recent outbreak of a highly transmissible and pathogenic strain of coronavirus, or COVID-19, or any government responses to such occurrence or threat;

any impact of the ongoing COVID-19 pandemic on the health and safety of our employees;

logistical challenges and the supply chain disruptions;

changes in general economic, business or industry conditions;

conditions in the capital, financial and credit markets and our ability to obtain capital needed for development and exploration operations on favorable terms or at all;

conditions of the U.S. oil and natural gas industry and the effect of U.S. energy, monetary and trade policies;

U.S. and global economic conditions and political and economic developments, including the outcome of the U.S. presidential election and resulting energy and environmental policies;

our ability to execute our business and financial strategies;

exploration and development drilling prospects, inventories, projects and programs;

levels of production;

the impact of reduced drilling activity;

regional supply and demand factors, delays, curtailments or interruptions of production, and any governmental order, rule or regulation that may impose production limits;

our ability to replace our oil and natural gas reserves;

our ability to identify, complete and effectively integrate acquisitions of properties or businesses;

competition in the oil and natural gas industry;

title defects in our oil and natural gas properties;

uncertainties with respect to identified drilling locations and estimates of reserves;

the availability or cost of rigs, equipment, raw materials, supplies, oilfield services or personnel;
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restrictions on the use of water;

the availability of transportation, pipeline and storage facilities;

our ability to comply with applicable governmental laws and regulations and to obtain permits and governmental approvals;

federal and state legislative and regulatory initiatives relating to hydraulic fracturing;

future operating results;

impact of any impairment charges;

lease operating expenses, general and administrative costs and finding and development costs;

operating hazards;

terrorist attacks and cyber threats;

the effects of future litigation;

our ability to keep up with technological advancements.

capital expenditure plans;

other plans, objectives, expectations and intentions; and

certain other factors discussed elsewhere in this report.

All forward-looking statements speak only as of the date of this report or, if earlier, as of the date they were made. We do not intend to, and disclaim any obligation to, update or revise any forward-looking statements unless required by securities laws. You should not place undue reliance on these forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this report are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved or occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.
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PART I. FINANCIAL INFORMATION


ITEM 1.  CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Diamondback Energy, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
June 30,December 31,
20202019
(In millions, except par values and share data)
Assets
Current assets:
Cash and cash equivalents$51  $123  
Restricted cash8  5  
Accounts receivable:
Joint interest and other, net111  186  
Oil and natural gas sales, net231  429  
Inventories34  37  
Derivative instruments86  46  
Income tax receivable100  19  
Prepaid expenses and other current assets33  24  
Total current assets654  869  
Property and equipment:
Oil and natural gas properties, full cost method of accounting ($7,859 million and $9,207 million excluded from amortization at June 30, 2020 and December 31, 2019, respectively)
27,055  25,782  
Midstream assets1,037  931  
Other property, equipment and land132  125  
Accumulated depletion, depreciation, amortization and impairment(9,297) (5,003) 
Net property and equipment18,927  21,835  
Equity method investments514  479  
Derivative instruments  7  
Deferred tax assets, net78  142  
Investment in real estate, net106  109  
Other assets58  90  
Total assets$20,337  $23,531  













See accompanying notes to consolidated financial statements.
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Diamondback Energy, Inc. and Subsidiaries
Consolidated Balance Sheets-(Continued)
(Unaudited)

June 30,December 31,
20202019
(In millions, except par values and share data)
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable-trade$189  $179  
Accrued capital expenditures316  475  
Other accrued liabilities243  304  
Revenues and royalties payable228  278  
Derivative instruments85  27  
Total current liabilities1,061  1,263  
Long-term debt5,952  5,371  
Derivative instruments90    
Asset retirement obligations104  94  
Deferred income taxes1,286  1,886  
Other long-term liabilities9  11  
Total liabilities8,502  8,625  
Commitments and contingencies (Note 17)
Stockholders’ equity:
Common stock, $0.01 par value; 200,000,000 shares authorized; 157,824,088 and 159,002,338 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
2  2  
Additional paid-in capital12,605  12,357  
(Accumulated deficit) retained earnings(1,893) 890  
Total Diamondback Energy, Inc. stockholders’ equity10,714  13,249  
Non-controlling interest1,121  1,657  
Total equity11,835  14,906  
Total liabilities and equity$20,337  $23,531  























See accompanying notes to consolidated financial statements.
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Diamondback Energy, Inc. and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
(In millions, except per share amounts, shares in thousands)
Revenues:
Oil sales$352  $947  $1,179  $1,690  
Natural gas sales21  (9) 25  20  
Natural gas liquid sales39  62  91  132  
Lease bonus  2    3  
Midstream services11  16  25  35  
Other operating income2  3  4  5  
Total revenues425  1,021  1,324  1,885  
Costs and expenses:
Lease operating expenses103  127  230  236  
Production and ad valorem taxes22  64  93  119  
Gathering and transportation36  17  72  29  
Midstream services32  17  55  34  
Depreciation, depletion and amortization343  359  750  681  
Impairment of oil and natural gas properties2,539    3,548    
General and administrative expenses20  22  44  49  
Asset retirement obligation accretion1  3  3  5  
Other operating expense1  1  3  2  
Total costs and expenses3,097  610  4,798  1,155  
(Loss) income from operations(2,672) 411  (3,474) 730  
Other (expense) income:
Interest expense, net(46) (49) (94) (95) 
Other income, net  2  1  3  
(Loss) gain on derivative instruments, net(361) 94  181  (174) 
Gain (loss) on revaluation of investment3    (7) 4  
Loss on extinguishment of debt(3)   (3)   
Loss from equity investments(13)   (13)   
Total other (expense) income, net(420) 47  65  (262) 
(Loss) income before income taxes(3,092) 458  (3,409) 468  
(Benefit from) provision for income taxes(681) 102  (598) 69  
Net (loss) income(2,411) 356  (2,811) 399  
Net (loss) income attributable to non-controlling interest(18) 7  (146) 40  
Net (loss) income attributable to Diamondback Energy, Inc.$(2,393) $349  $(2,665) $359  
(Loss) earnings per common share:
Basic$(15.16) $2.12  $(16.86) $2.18  
Diluted$(15.16) $2.11  $(16.86) $2.17  
Weighted average common shares outstanding:
Basic157,829  164,839  158,060  164,846  
Diluted157,829  165,019  158,060  165,253  
Dividends declared per share$0.375  $0.1875  $0.75  $0.375  

See accompanying notes to consolidated financial statements.
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Diamondback Energy, Inc. and Subsidiaries
Consolidated Statements of Stockholders’ Equity
(Unaudited)

Common StockAdditional Paid-in CapitalRetained Earnings (Accumulated Deficit)Non-Controlling InterestTotal
SharesAmount
($ in millions, shares in thousands)
Balance December 31, 2019159,002  $2  $12,357  $890  $1,657  $14,906  
Unit-based compensation—  —  —  —  5  5  
Distribution equivalent rights payments—  —  —  —  (1) (1) 
Stock-based compensation—  —  10  —  —  10  
Repurchased shares for tax withholding—  —  (5) —  —  (5) 
Repurchased shares for share buyback program(1,280) —  (98) —  —  (98) 
Distribution to non-controlling interest—  —  —  —  (43) (43) 
Dividend paid—  —  —  (59) —  (59) 
Exercise of stock options and vesting of restricted stock units93  —  1  —  —  1  
Net loss—  —  —  (272) (128) (400) 
Balance March 31, 2020157,815  2  12,265  559  1,490  14,316  
Distribution equivalent rights payments—  —  —  —  (1) (1) 
Stock-based compensation—  —  11  —  —  11  
Repurchased shares for share buyback program  —    —  (2) (2) 
Distribution to non-controlling interest—  —  —  —  (19) (19) 
Dividend paid—  —  —  (59) —  (59) 
Exercise of stock options and vesting of restricted stock units9  —    —  —    
Change in ownership of consolidated subsidiaries, net—  —  329  —  (329)   
Net loss—  —  —  (2,393) (18) (2,411) 
Balance June 30, 2020157,824  $2  $12,605  $(1,893) $1,121  $11,835  
























See accompanying notes to consolidated financial statements.
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Diamondback Energy, Inc. and Subsidiaries
Consolidated Statements of Stockholders’ Equity
(Unaudited)

Common StockAdditional Paid-in CapitalRetained Earnings (Accumulated Deficit)Non-Controlling InterestTotal
SharesAmount
($ in millions, shares in thousands)
Balance December 31, 2018164,273  $2  $12,936  $762  $467  $14,167  
Net proceeds from issuance of common units - Viper Energy Partners LP—  —  —  —  341  341  
Stock-based compensation—  —  19  —  —  19  
Repurchased shares for tax withholding(125) —  (13) —  —  (13) 
Distribution to non-controlling interest—  —  —  —  (26) (26) 
Dividend paid—  —  —  (20) —  (20) 
Exercise of stock options and vesting of restricted stock units468  —  —  —  —    
Change in ownership of consolidated subsidiaries, net—  —  77  —  (74) 3  
Net income—  —  —  10  33  43  
Balance March 31, 2019164,616  2  13,019  752  741  14,514  
Net proceeds from issuance of common units - Viper Energy Partners LP—  —  —  —  720  720  
Unit-based compensation—  —  —  —  2  2  
Stock-based compensation—  —  12  —  —  12  
Repurchased shares for tax withholding(1,016) —  (104) —  —  (104) 
Distribution to non-controlling interest—  —  —  —  (24) (24) 
Dividend paid—  —  —  (32) —  (32) 
Exercise of stock options and vesting of restricted stock units349—  6  —  —  6  
Net income—  —  —  349  7  356  
Balance June 30, 2019163,949  $2  $12,933  $1,069  $1,446  $15,450  
























See accompanying notes to consolidated financial statements.
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Diamondback Energy, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended June 30,
20202019
(In millions)
Cash flows from operating activities:
Net (loss) income$(2,811) $399  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
(Benefit from) provision for deferred income taxes(598) 69  
Impairment of oil and natural gas properties3,548    
Depreciation, depletion and amortization750  681  
(Gain) loss on derivative instruments, net(181) 174  
Cash received on settlement of derivative instruments297  22  
Other52  27  
Changes in operating assets and liabilities:
Accounts receivable229  (94) 
Accounts payable and accrued liabilities(50) (166) 
Accrued interest(16) (30) 
Revenues and royalties payable(50) (4) 
Other3  (35) 
Net cash provided by operating activities1,173  1,043  
Cash flows from investing activities:
Drilling, completions and non-operated additions to oil and natural gas properties(1,178) (1,155) 
Infrastructure additions to oil and natural gas properties(80) (83) 
Additions to midstream assets(94) (111) 
Acquisitions of leasehold interests(64) (127) 
Acquisitions of mineral interests(65) (125) 
Contributions to equity method investments(66) (186)