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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 September 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 October 30, 2020, the registrant had 157,972,650 shares of common stock outstanding.



DIAMONDBACK ENERGY, INC.
FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 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).
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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. Unless the context requires otherwise, references to “we,” “us,” “our” or the “Company” are intended to mean the business and operations of the Company and its consolidated subsidiaries.

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 ongoing COVID-19 pandemic or any government responses to such threat, occurrence or pandemic;

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 recent 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;

civil unrest, 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.     CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Diamondback Energy, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
September 30,December 31,
20202019
(In millions, except par values and share data)
Assets
Current assets:
Cash and cash equivalents$92 $123 
Restricted cash7 5 
Accounts receivable:
Joint interest and other, net67 186 
Oil and natural gas sales, net224 429 
Inventories33 37 
Derivative instruments15 46 
Income tax receivable100 19 
Prepaid expenses and other current assets20 24 
Total current assets558 869 
Property and equipment:
Oil and natural gas properties, full cost method of accounting ($7,879 million and $9,207 million excluded from amortization at September 30, 2020 and December 31, 2019, respectively)
27,305 25,782 
Midstream assets1,026 931 
Other property, equipment and land135 125 
Accumulated depletion, depreciation, amortization and impairment(11,031)(5,003)
Property and equipment, net17,435 21,835 
Equity method investments532 479 
Derivative instruments 7 
Deferred tax assets, net75 142 
Investment in real estate, net104 109 
Other assets56 90 
Total assets$18,760 $23,531 













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

September 30,December 31,
20202019
(In millions, except par values and share data)
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable - trade$95 $179 
Accrued capital expenditures309 475 
Current maturities of long-term debt191  
Other accrued liabilities329 304 
Revenues and royalties payable219 278 
Derivative instruments86 27 
Total current liabilities1,229 1,263 
Long-term debt5,656 5,371 
Derivative instruments108  
Asset retirement obligations112 94 
Deferred income taxes978 1,886 
Other long-term liabilities8 11 
Total liabilities8,091 8,625 
Commitments and contingencies (Note 17)
Stockholders’ equity:
Common stock, $0.01 par value; 200,000,000 shares authorized; 157,849,848 and 159,002,338 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively
2 2 
Additional paid-in capital12,615 12,357 
Retained earnings (accumulated deficit)(3,065)890 
Total Diamondback Energy, Inc. stockholders’ equity9,552 13,249 
Non-controlling interest1,117 1,657 
Total equity10,669 14,906 
Total liabilities and equity$18,760 $23,531 






















See accompanying notes to condensed consolidated financial statements.
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Diamondback Energy, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
(In millions, except per share amounts, shares in thousands)
Revenues:
Oil sales$606 $882 $1,785 $2,572 
Natural gas sales36 16 61 36 
Natural gas liquid sales65 58 156 190 
Lease bonus 1  4 
Midstream services12 16 37 51 
Other operating income1 2 5 7 
Total revenues720 975 2,044 2,860 
Costs and expenses:
Lease operating expenses102 128 332 364 
Production and ad valorem taxes55 61 148 180 
Gathering and transportation33 25 105 54 
Midstream services26 26 81 60 
Depreciation, depletion and amortization286 365 1,036 1,046 
Impairment of oil and natural gas properties1,451  4,999  
General and administrative expenses20 19 64 68 
Asset retirement obligation accretion2 1 5 6 
Other operating expense1 1 4 3 
Total costs and expenses1,976 626 6,774 1,781 
Income (loss) from operations(1,256)349 (4,730)1,079 
Other income (expense):
Interest expense, net(53)(38)(147)(133)
Other income, net 2 1 5 
Gain (loss) on derivative instruments, net(99)177 82 3 
Gain (loss) on revaluation of investment(2) (9)4 
Loss on extinguishment of debt(2) (5) 
Income (loss) from equity investments3  (10) 
Total other income (expense), net(153)141 (88)(121)
Income (loss) before income taxes(1,409)490 (4,818)958 
Provision for (benefit from) income taxes(304)102 (902)171 
Net income (loss) (1,105)388 (3,916)787 
Net income (loss) attributable to non-controlling interest8 20 (138)60 
Net income (loss) attributable to Diamondback Energy, Inc.$(1,113)$368 $(3,778)$727 
Earnings (loss) per common share:
Basic$(7.05)$2.27 $(23.91)$4.44 
Diluted$(7.05)$2.26 $(23.91)$4.42 
Weighted average common shares outstanding:
Basic157,833 162,543 157,984 164,070 
Diluted157,833 162,780 157,984 164,466 
Dividends declared per share$0.375 $0.1875 $1.125 $0.5625 

See accompanying notes to condensed consolidated financial statements.
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Diamondback Energy, Inc. and Subsidiaries
Condensed 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(75)— (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 units168 — 1 — — 1 
Net income (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 tax withholding— —  — (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 income (loss)— — — (2,393)(18)(2,411)
Balance June 30, 2020157,824 2 12,605 (1,893)1,121 11,835 
Unit-based compensation— — — — 3 3 
Stock-based compensation— — 10 — — 10 
Repurchased shares for tax withholding(1)—  — —  
Distribution to non-controlling interest— — — — (15)(15)
Dividend paid— — — (59)— (59)
Exercise of stock options and vesting of restricted stock units27 —  — —  
Net income (loss)— — — (1,113)8 (1,105)
Balance September 30, 2020157,850 $2 $12,615 $(3,065)$1,117 $10,669 














See accompanying notes to condensed consolidated financial statements.
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Diamondback Energy, Inc. and Subsidiaries
Condensed 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 (loss)— — — 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 share buyback program(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 (loss)— — — 349 7 356 
Balance June 30, 2019163,949 2 12,933 1,069 1,446 15,450 
Unit-based compensation— — — — 2 2 
Stock-based compensation— — 1 — — 1 
Repurchased shares for share buyback program(2,954)— (296)— — (296)
Distribution to non-controlling interest— — — — (29)(29)
Dividend paid— — — (30)— (30)
Exercise of stock options and vesting of restricted stock units147 — 3 — — 3 
Net income (loss)— — — 368 20 388 
Balance September 30, 2019161,142$2 $12,641 $1,407 $1,439 $15,489 













See accompanying notes to condensed consolidated financial statements.
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Diamondback Energy, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended September 30,
20202019
(In millions)
Cash flows from operating activities:
Net income (loss) $(3,916)$787 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for (benefit from) deferred income taxes(902)171 
Impairment of oil and natural gas properties4,999  
Depreciation, depletion and amortization1,036 1,046 
(Gain) loss on derivative instruments, net(82)(3)
Cash received on settlement of derivative instruments288 33 
Other68 34 
Changes in operating assets and liabilities:
Accounts receivable265 (116)
Accounts payable and accrued liabilities(18)(136)
Accrued interest34 (29)
Revenues and royalties payable(59)64 
Other2 1 
Net cash provided by (used in) operating activities1,715 1,852 
Cash flows from investing activities:
Drilling, completions and non-operated additions to oil and natural gas properties(1,404)(1,883)
Infrastructure additions to oil and natural gas properties(96)(104)
Additions to midstream assets(133)(186)
Acquisitions of leasehold interests(89)(311)
Acquisitions of mineral interests(65)(320)
Proceeds from sale of assets2 301 
Contributions to equity method investments(90)(225)
Distributions from equity method investments27  
Other(7)(16)
Net cash provided by (used in) investing activities(1,855)(2,744)
Cash flows from financing activities:
Proceeds from borrowings under credit facility917 1,409 
Repayments under credit facility(1,238)(1,168)
Proceeds from senior notes997  
Repayment of senior notes(239) 
Proceeds from joint venture47 42 
Public offering costs (40)
Proceeds from public offerings 1,106 
Repurchased shares as part of share buyback(98)(400)
Dividends to stockholders(177)(82)
Distributions to non-controlling interest(77)(79)
Other(21)(11)
Net cash provided by (used in) financing activities111 777 
Net increase (decrease) in cash and cash equivalents(29)(115)
Cash, cash equivalents and restricted cash at beginning of period128 215 
Cash, cash equivalents and restricted cash at end of period$99 $100 
Supplemental disclosure of cash flow information:
Interest paid, net of capitalized interest$100 $115 
Accrued capital expenditures$352 $560 


See accompanying notes to condensed consolidated financial statements.
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Diamondback Energy, Inc. and Subsidiaries
Condensed Notes to Consolidated Financial Statements
(Unaudited)


1.    DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION

Organization and Description of the Business

Diamondback Energy, Inc., together with its subsidiaries (collectively referred to as “Diamondback” or the “Company” unless the context otherwise requires), is an independent oil and gas company currently focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. Diamondback was incorporated in Delaware on December 30, 2011.

The wholly-owned subsidiaries of Diamondback, as of September 30, 2020, include Diamondback E&P LLC, a Delaware limited liability company, Diamondback O&G LLC, a Delaware limited liability company, Viper Energy Partners GP LLC, a Delaware limited liability company, Rattler Midstream GP LLC, a Delaware limited liability company, and Energen Corporation, an Alabama corporation (“Energen”). The consolidated subsidiaries include these wholly-owned subsidiaries as well as Viper Energy Partners LP, a Delaware limited partnership, Viper’s subsidiary Viper Energy Partners LLC, a Delaware limited liability company, Rattler Midstream LP, a Delaware limited partnership, Rattler Midstream Operating LLC, a Delaware limited liability company, Rattler LLC’s wholly-owned subsidiaries Tall City Towers LLC, a Delaware limited liability company (“Tall City”), Rattler Ajax Processing LLC, a Delaware limited liability company, Rattler OMOG LLC, a Delaware limited liability company, and Energen’s wholly-owned subsidiaries Energen Resources Corporation, an Alabama corporation, and EGN Services, Inc., an Alabama corporation.

Basis of Presentation

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries after all significant intercompany balances and transactions have been eliminated upon consolidation.

Viper and Rattler are consolidated in the financial statements of the Company. As of September 30, 2020, the Company owned approximately 58% of Viper’s total units outstanding. The Company’s wholly-owned subsidiary, Viper Energy Partners GP LLC, is the general partner of Viper. As of September 30, 2020, the Company owned approximately 71% of Rattler’s total units outstanding. The Company’s wholly-owned subsidiary, Rattler Midstream GP LLC, is the general partner of Rattler. The results of operations attributable to the non-controlling interest in Viper and Rattler are presented within equity and net income and are shown separately from the Company’s equity and net income attributable to the Company.

These condensed consolidated financial statements have been prepared by the Company without audit, pursuant to the rules and regulations of the SEC. They reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for interim periods, on a basis consistent with the annual audited financial statements. All such adjustments are of a normal recurring nature. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to SEC rules and regulations, although the Company believes the disclosures are adequate to make the information presented not misleading. This Quarterly Report on Form 10–Q should be read in conjunction with the Company’s most recent Annual Report on Form 10–K for the fiscal year ended December 31, 2019, which contains a summary of the Company’s significant accounting policies and other disclosures.

2.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

Certain amounts included in or affecting the Company’s consolidated financial statements and related disclosures must be estimated by management, requiring certain assumptions to be made with respect to values or conditions that cannot be known with certainty at the time the consolidated financial statements are prepared. These estimates and assumptions affect the amounts the Company reports for assets and liabilities and the Company’s disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates.


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Diamondback Energy, Inc. and Subsidiaries
Condensed Notes to Consolidated Financial Statements-(Continued)
(Unaudited)
Making accurate estimates and assumptions is particularly difficult as the oil and natural gas industry experiences challenges resulting from negative pricing pressure from the effects of COVID-19 and actions by OPEC members and other exporting nations on the supply and demand in global oil and gas markets. Companies in the oil and gas industry have changed near term business plans in response to changing market conditions. The aforementioned circumstances generally increase the uncertainty in the Company’s accounting estimates, particularly those involving financial forecasts.

The Company evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Company considers reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from the Company’s estimates. Any effects on the Company’s business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Significant items subject to such estimates and assumptions include estimates of proved oil and natural gas reserves and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, asset retirement obligations, the fair value determination of acquired assets and liabilities assumed, equity-based compensation, fair value estimates of derivative instruments and estimates of income taxes.

Accounts Receivable

Accounts receivable consist of receivables from joint interest owners on properties the Company operates and from sales of oil and natural gas production delivered to purchasers. The purchasers remit payment for production directly to the Company. Most payments for production are received within three months after the production date.

The Company adopted Accounting Standards Update (“ASU”) 2016-13 and the subsequent applicable modifications to the rule on January 1, 2020. Accounts receivable are stated at amounts due from joint interest owners or purchasers, net of an allowance for expected losses as estimated by the Company when collection is deemed doubtful.