0001539838-21-000069 | 10-Q | XBRL Viewer

Changes in operating assets and liabilities:

Accounts receivable

(137)

175

Income tax receivable

100

(62)

Prepaid expenses and other

(4)

Accounts payable and accrued liabilities

(26)

(35)

Revenues and royalties payable

Net cash provided by (used in) operating activities

(12)

624

849

Cash flows from investing activities:

Drilling, completions and non-operated additions to oil and natural gas properties

(281)

(690)

Infrastructure additions to oil and natural gas properties

(8)

(56)

Additions to midstream assets

(7)

(44)

Purchase of business and assets, net

(342)

(40)

Acquisitions of mineral interests

(65)

Funds held in escrow

Contributions to equity method investments

(4)

(33)

Net cash provided by (used in) investing activities

(587)

(923)

Cash flows from financing activities:

Proceeds from borrowings under credit facilities

432

430

Repayments under credit facilities

(455)

(140)

Proceeds from senior notes

2,200

Repayment of senior notes

(1,916)

Premium on extinguishment of debt

(166)

Proceeds from joint venture

(4)

Debt issuance costs

(24)

Repurchased shares under buyback program

(98)

Repurchased units under buyback program

(24)

Dividends to stockholders

(68)

(59)

Distributions to non-controlling interest

(17)

(43)

Financing portion of net cash received (paid) for derivative instruments

Net cash provided by (used in) financing activities

(5)

101

Net increase (decrease) in cash and cash equivalents

Cash, cash equivalents and restricted cash at beginning of period

108

128

Cash, cash equivalents and restricted cash at end of period(1)

^[1]

174

155

Supplemental disclosure of cash flow information:

Accrued capital expenditures included in accounts payable and accrued expenses

252

646

Common stock issued for business combinations

$ 1,727

$ 0

[1]	(1) See Note 2—Summary of Significant Accounting Policies

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	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 natural 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. The wholly owned subsidiaries of Diamondback, as of March 31, 2021, include Diamondback E&P LLC, a Delaware limited liability company, Diamondback O&G LLC (“O&G”), a Delaware limited liability company, Viper Energy Partners GP LLC, a Delaware limited liability company, Rattler Midstream GP LLC, a Delaware limited liability company, Energen Corporation, an Alabama corporation (“Energen”) and QEP Resources, Inc. (“QEP”), a Delaware 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. Diamondback’s publicly traded subsidiaries Viper Energy Partners LP (“Viper”) and Rattler Midstream LP (“Rattler”) are consolidated in the Company’s financial statements. As of March 31, 2021, the Company owned approximately 59% 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 March 31, 2021, the Company owned approximately 72% 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, 2020, which contains a summary of the Company’s significant accounting policies and other disclosures. Reclassifications Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. These reclassifications had an immaterial effect on the previously reported total assets, total liabilities, stockholders’ equity, results of operations or cash flows.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

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.

Making accurate estimates and assumptions is particularly difficult in the oil and natural gas industry, given the challenges resulting from volatility in oil and natural gas prices. For instance, in 2020, the effects of COVID-19 and actions by OPEC members and other exporting nations on the supply and demand in global oil and natural gas markets resulted in significant negative pricing pressures in the first half of 2020, followed by a recovery in pricing in the second half of 2020 and into 2021. The financial results of companies in the oil and natural gas industry have been impacted materially as a result of changing market conditions. Such 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.

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported at the end of the period in the condensed consolidated statements of cash flows for the three months ended March 31, 2021 and 2020 to the line items within the condensed consolidated balance sheets:


	Three Months Ended March 31,
	2021		2020
	(In millions)
Cash and cash equivalents	$	121	$	149
Restricted cash	19		6
Restricted cash included in funds held in escrow(1)	34		—
Total cash, cash equivalents and restricted cash	$	174	$	155

(1) As of March 31, 2021, the restricted cash included in funds held in escrow on the condensed consolidated balance sheet is primarily related to cash deposited into an escrow account for a title dispute between outside parties in the Williston Basin.

Recent Accounting Pronouncements

Recently Adopted Pronouncements

In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes." This update is intended to simplify the accounting for income taxes by removing certain exceptions and by clarifying and amending existing guidance and is effective for public business entities beginning after December 15, 2020 with early adoption permitted. The Company adopted this update effective January 1, 2021. The adoption of this update did not have a material impact on its financial position, results of operations or liquidity.

The Company considers the applicability and impact of all ASUs. ASUs not discussed above were assessed and determined to be either not applicable or clarifications of ASUs previously disclosed.

REVENUE FROM CONTRACTS WITH CUSTOMERS

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

REVENUE FROM CONTRACTS WITH CUSTOMERS

Revenue from Contracts with Customers

Sales of oil, natural gas and natural gas liquids are recognized at the point control of the product is transferred to the customer. Virtually all of the pricing provisions in the Company’s contracts are tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, the quality of the oil or natural gas and the prevailing supply and demand conditions. As a result, the price of the oil, natural gas and natural gas liquids fluctuates to remain competitive with other available oil, natural gas and natural gas liquids supplies. The following tables present the Company’s revenue from contracts with customers disaggregated by product type and basin:


	Three Months Ended March 31, 2021								Three Months Ended March 31, 2020
	Midland Basin		Delaware Basin		Other		Total		Midland Basin		Delaware Basin		Other		Total
	(In millions)
Oil sales	$	569	$	358	$	17	$	944	$	473	$	351	$	3	$	827
Natural gas sales	41		61		2		104		2		2		—		4
Natural gas liquid sales	75		47		2		124		29		23		—		52

Total	$	685	$	466	$	21	$	1,172	$	504	$	376	$	3	$	883

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Property, Plant and Equipment [Abstract]

ACQUISITIONS

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

ACQUISITIONS

Guidon Operating LLC

On December 21, 2020, the Company entered into a definitive purchase agreement to acquire all leasehold interests and related assets of Guidon Operating LLC (the “Guidon Acquisition”) which include approximately 32,500 net acres in the Northern Midland Basin in exchange for 10.68 million shares of the Company’s common stock and $375 million of cash. The Guidon Acquisition closed on February 26, 2021. The cash portion of this transaction was funded through a combination of cash on hand and borrowings under the Company’s credit facility. As a result of the Guidon Acquisition, the Company added approximately 210 gross producing wells.

The following table presents the acquisition consideration paid in the Guidon Acquisition (in millions, except per share data, shares in thousands):


Consideration:
Shares of Diamondback common stock issued at closing	10,676
Closing price per share of Diamondback common stock on the closing date	$	69.28
Fair value of Diamondback common stock issued	$	740
Cash consideration	375
Total consideration (including fair value of Diamondback common stock issued)	$	1,115

Purchase Price Allocation

The Guidon Acquisition has been accounted for as a business combination using the acquisition method of accounting. The following table represents the allocation of the total purchase price paid in the Guidon Acquisition to the identifiable assets acquired based on the fair values at the acquisition date, with any excess of the purchase price over the estimated fair value of the identifiable net assets acquired. Although the purchase price allocation is substantially complete as of the date of this filing, there may be further adjustments to the fair value of certain assets acquired and liabilities assumed, including but not limited to the Company’s oil and natural gas properties. The Company expects to complete the purchase price allocation during the 12-month period following the acquisition date and may revise the value of the assets and liabilities as appropriate within that time frame.








Total consideration	$	1,115

Fair value of liabilities assumed:
Asset retirement obligations	9

Fair value of assets acquired:
Oil and gas properties	1,110
Midstream assets	14
Amount attributable to assets acquired	1,124
Net assets acquired and liabilities assumed	$	1,115

Oil and natural gas properties were valued using an income approach utilizing the discounted cash flow method, which takes into account production forecasts, projected commodity prices and pricing differentials, and estimates of future capital and operating costs which are then discounted utilizing an estimated weighted-average cost of capital for industry market participants. The fair value of acquired midstream assets was based on the cost approach, which utilized asset listings and cost records with consideration for the reported age, condition, utilization and economic support of the assets.

With the completion of the Guidon Acquisition, the Company acquired proved properties of $537 million and unproved properties of $573 million. The Company has included in its condensed consolidated statements of operations, revenues of $28 million and direct operating expenses of $12 million for the period from February 26, 2021 to March 31, 2021 attributable to the acquired assets.

QEP Resources, Inc.

On March 17, 2021, the Company completed its acquisition of QEP in an all-stock transaction (the “QEP Merger”). The addition of QEP’s assets increased the Company’s net acreage in the Midland Basin by approximately 49,000 net acres. Under the terms of the QEP Merger, each eligible share of QEP common stock issued and outstanding immediately prior to the effective time converted into the right to receive 0.050 of a share of Diamondback common stock, with cash being paid in lieu of any fractional shares (the “merger consideration”). At the closing date of the QEP Merger, the carrying value of QEP’s outstanding debt was approximately $1.6 billion. See Note 9—Debt for further discussion.

The following table presents the acquisition consideration paid to QEP stockholders in the QEP Merger (in millions, except per share data, shares in thousands):


Consideration:
Eligible shares of QEP common stock converted into shares of Diamondback common stock	238,153
Shares of QEP equity awards included in precombination consideration	4,221
Total shares of QEP common stock eligible for merger consideration	242,374
Exchange ratio	0.050
Shares of Diamondback common stock issued as merger consideration (in thousands)	12,119
Closing price per share of Diamondback common stock	$	81.41
Total consideration (fair value of the Company's common stock issued)	$	987

Purchase Price Allocation

The QEP Merger has been accounted for as a business combination using the acquisition method. The following table represents the preliminary allocation of the total purchase price for the acquisition of QEP to the identifiable assets acquired and the liabilities assumed based on the fair values at the acquisition date, with any excess of the purchase price over the estimated fair value of the identifiable net assets acquired. Although the purchase price allocation is substantially complete as of the date of this filing, certain data necessary to complete the purchase price allocation is not yet available, and includes, but is not limited to, final tax returns that provide the underlying tax basis of QEP’s assets and liabilities. As such, there may be further adjustments to the fair value of certain assets acquired and liabilities assumed, including the Company’s oil and natural gas properties. The Company expects to complete the purchase price allocation during the 12-month period following the acquisition date.

The following table sets forth the Company’s preliminary purchase price allocation (in millions):



Total consideration	$	987

Fair value of liabilities assumed:
Accounts payable - trade	$	26
Accrued capital expenditures	38
Other accrued liabilities	108
Revenues and royalties payable	67
Derivative instruments	242
Long-term debt	1,710
Asset retirement obligations	54

Other long-term liabilities	47
Amount attributable to liabilities assumed	$	2,292

Fair value of assets acquired:
Cash, cash equivalents and restricted cash	$	22
Accounts receivable - joint interest and other, net	87
Accounts receivable - oil and natural gas sales, net	44
Inventories	18
Income tax receivable	33
Prepaid expenses and other current assets	7
Oil and natural gas properties	2,938
Other property, equipment and land	9
Deferred income taxes	15
Other assets	106
Amount attributable to assets acquired	3,279
Net assets acquired and liabilities assumed	$	987

The purchase price allocation above was based on preliminary estimates of the fair values of the assets and liabilities of QEP as of the closing date of the QEP Merger. The majority of the measurements of assets acquired and liabilities assumed are based on inputs that are not observable in the market and are therefore considered Level 3 inputs. The fair value of acquired property and equipment, including midstream assets classified in oil and natural gas properties, is based on the cost approach, which utilized asset listings and cost records with consideration for the reported age, condition, utilization and economic support of the assets. Oil and natural gas properties were valued using an income approach utilizing the discounted cash flow method, which takes into account production forecasts, projected commodity prices and pricing differentials, and estimates of future capital and operating cost which are then discounted utilizing an estimated weighted-average cost of capital for industry market participants. The fair value of QEP’s outstanding senior unsecured notes was based on unadjusted quoted prices in an active market, which are considered Level 1 inputs. The value of derivative instruments was based on observable inputs including forward commodity-price curves which are considered Level 2 inputs. Deferred income taxes represent the tax effects of differences in the tax basis and merger-date fair values of assets acquired and liabilities assumed.

With the completion of the QEP Merger, the Company acquired proved properties of $2.3 billion and unproved properties of $444 million, primarily in the Midland Basin and the Williston Basin. The Company has included in its condensed consolidated statements of operations, revenues of $54 million and direct operating expenses of $31 million for the period from March 17, 2021 to March 31, 2021 attributable to the QEP business.

Pro Forma Financial Information

The following unaudited summary pro forma financial information for the three months ended March 31, 2021 and 2020 has been prepared to give effect to the QEP Merger and the Guidon Acquisition as if they had occurred on January 1, 2020. The unaudited pro forma financial information does not purport to be indicative of what the combined company’s results of operations would have been if these transactions had occurred on the dates indicated, nor is it indicative of the future financial position or results of operations of the combined company.

The below information reflects pro forma adjustments for the issuance of the Company’s common stock in exchange for QEP’s outstanding shares of common stock, as well as pro forma adjustments based on available information and certain assumptions that the Company believes are reasonable, including adjustments to depreciation, depletion and amortization based on the full cost method of accounting and the purchase price allocated to property, plant, and equipment as well as adjustments to interest expense and the provision for (benefit from) income taxes.

Additionally, pro forma earnings were adjusted to exclude acquisition-related costs incurred by the Company for the QEP Merger and the Guidon Acquisition of approximately $75 million for the three months ended March 31, 2021 and acquisition-related costs incurred by QEP of $31 million. These acquisition-related costs primarily consist of one-time severance costs and the accelerated or change-in-control vesting of certain QEP share-based awards for former QEP employees based on the terms of the merger agreement relating to the QEP Merger and other bank, legal and advisory fees. The pro forma results of operations do not include any cost savings or other synergies that may result from the QEP Merger and Guidon Acquisition or any estimated costs that have been or will be incurred by the Company to integrate the acquired assets. The pro forma financial data does not include the results of operations for any other acquisitions made during the periods presented, as they were primarily acreage acquisitions and their results were not deemed material.


	Three Months Ended March 31,
	2021		2020
	(In millions, except per share amounts)
Revenues	$	1,481	$	1,190
Income (loss) from operations	$	684	$	(822)
Net income (loss)	$	146	$	58
Basic earnings per common share	$	0.81	$	0.32
Diluted earnings per common share	$	0.80	$	0.32

REAL ESTATE ASSETS

3 Months Ended

Mar. 31, 2021

Real Estate [Abstract]

REAL ESTATE ASSETS

The following schedule presents the cost and related accumulated depreciation of the Company’s real estate assets. The Company’s intangible lease assets and related accumulated amortization were immaterial as of March 31, 2021 and December 31, 2020.


	Estimated Useful Lives	March 31, 2021		December 31, 2020
	(Years)	(In millions)
Buildings	20-30	$	104	$	102
Tenant improvements	15	5		5
Land	N/A	2		2
Land improvements	15	1		1
Total real estate assets		112		110
Less: accumulated depreciation		(15)		(13)
Total investment in land and buildings, net		$	97	$	97

PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2021

PROPERTY AND EQUIPMENT

Property and equipment includes the following as of the dates indicated:


	March 31,		December 31,
	2021		2020
	(In millions)
Oil and natural gas properties:
Subject to depletion	$	23,335	$	19,884
Not subject to depletion	8,430		7,493
Gross oil and natural gas properties	31,765		27,377
Accumulated depletion	(4,493)		(4,237)
Accumulated impairment	(7,954)		(7,954)
Oil and natural gas properties, net	19,318		15,186
Midstream assets	1,018		1,013
Other property, equipment and land	152		138
Accumulated depreciation and impairment	(136)		(123)
Total property and equipment, net	$	20,352	$	16,214

Under the full cost method of accounting, the Company is required to perform a ceiling test each quarter which determines a limit, or ceiling, on the book value of proved oil and natural gas properties. No impairment expense was recorded for the three months ended March 31, 2021 and $1.0 billion in impairment expense was recorded during the three months ended March 31, 2020 based on the results of the respective quarterly ceiling tests.

Additionally, no impairment expense was recorded for the three months ended March 31, 2021 in relation to the oil and natural gas properties acquired in the QEP Merger and the Guidon Acquisition. These properties were recorded at fair value in accordance with ASC 820 Fair Value Measurement. Pursuant to SEC guidance, the Company determined the fair value of the properties acquired clearly exceeded the related full cost ceiling limitation beyond a reasonable doubt and received a waiver from the SEC to exclude the properties acquired from the ceiling test calculation. This waiver was granted for the quarter ended March 31, 2021. As part of the waiver received from the SEC, the Company is required to disclose what the full cost ceiling test impairment amounts would have been for all periods presented in each applicable quarterly and annual filing if the waiver had not been granted. The fair values of the properties acquired in the QEP Merger and the Guidon Acquisition were based on forward strip oil and natural gas pricing existing at the closing date of the respective QEP Merger and Guidon Acquisition, and management affirmed there has not been a decline to the fair value of these acquired assets. The properties acquired in the QEP Merger and Guidon Acquisition have total unamortized costs at March 31, 2021 of $3.0 billion and $1.1 billion, respectively. Had the Company not received the waiver from the SEC, the impairment charge recorded would have been approximately $1.1 billion for the three months ended March 31, 2021.

In addition to commodity prices, the Company’s production rates, levels of proved reserves, future development costs, transfers of unevaluated properties and other factors will determine its actual ceiling test calculation and impairment analysis in future periods. If the future trailing 12-month commodity prices decline as compared to the commodity prices used in prior quarters, the Company may have material write downs in subsequent quarters. It is possible that circumstances requiring additional impairment testing will occur in future interim periods, which could result in potentially material impairment charges being recorded.

ASSET RETIREMENT OBLIGATIONS

3 Months Ended

Mar. 31, 2021

Asset Retirement Obligation [Abstract]

ASSET RETIREMENT OBLIGATIONS

The following table describes the changes to the Company’s asset retirement obligations liability for the following periods:


	Three Months Ended March 31,
	2021		2020
	(In millions)
Asset retirement obligations, beginning of period	$	109	$	94
Additional liabilities incurred	2		4
Liabilities acquired	63		—
Liabilities settled and divested	(1)		—
Accretion expense	2		2
Revisions in estimated liabilities	20		—
Asset retirement obligations, end of period	195		100
Less current portion(1)	5		1
Asset retirement obligations - long-term	$	190	$	99

(1) The current portion of the asset retirement obligation is included in other accrued liabilities in the Company’s condensed consolidated balance sheets.

EQUITY METHOD INVESTMENTS

3 Months Ended

Mar. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

EQUITY METHOD INVESTMENTS

The following table presents the carrying values of Rattler’s equity method investments as of the dates indicated:


	Ownership Interest		March 31, 2021		December 31, 2020
			(In millions)
EPIC Crude Holdings, LP	10	%	$	116	$	121
Gray Oak Pipeline, LLC	10	%	127		130
Wink to Webster Pipeline LLC(1)	4	%	86		83
OMOG JV LLC	60	%	191		194
Amarillo Rattler, LLC(2)	50	%	5		5
Total			$	525	$	533

(1)The Wink to Webster joint venture is developing a crude oil pipeline (the “Wink to Webster pipeline”). The Wink to Webster pipeline’s main segment began interim service operation in the fourth quarter of 2020, and the joint venture is expected to begin full commercial operations in the fourth quarter of 2021.

(2)On April 30, 2021, Rattler sold its interest in the Amarillo Rattler, LLC (“Amarillo Rattler”) joint venture. See Note 16—Subsequent Events for further discussion.

Income (loss) from Rattler’s equity method investees was not material for the three months ended March 31, 2021 or 2020.

Rattler reviews its investments to determine if a loss in value which is other than temporary has occurred. If such a loss has occurred, Rattler recognizes an impairment provision. During the three months ended March 31, 2021, Rattler’s loss from equity method investments includes an immaterial proportional charge representing impairment recorded by the investee associated with abandoned projects. No other impairments were recorded for Rattler’s equity method investments for the three months ended March 31, 2021 or 2020. Rattler’s investees all serve customers in the oil and natural gas industry, which has been experiencing economic challenges as described above. It is possible that prolonged industry challenges could result in circumstances requiring impairment testing, which could result in potentially material impairment charges in future interim periods.

DEBT

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

DEBT

Long-term debt consisted of the following as of the dates indicated:


	March 31,		December 31,
	2021		2020
	(In millions)
4.625% Notes due 2021	$	191	$	191
5.375% Senior Notes due 2022(1)	25		—
7.320% Medium-term Notes, Series A, due 2022	20		20
0.900% Senior Notes due 2023	650		—
5.250% Senior Notes due 2023(1)	10		—
2.875% Senior Notes due 2024	1,000		1,000
4.750% Senior Notes due 2025	500		500
5.375% Senior Notes due 2025	432		800
3.250% Senior Notes due 2026	800		800
5.625% Senior Notes due 2026(1)	18		—

7.125% Medium-term Notes, Series B, due 2028	100		100
3.500% Senior Notes due 2029	1,200		1,200
3.125% Senior Notes due 2031	900		—
4.400% Senior Notes due 2051	650		—
DrillCo Agreement(2)	75		79
Unamortized debt issuance costs	(42)		(29)
Unamortized discount costs	(31)		(27)
Unamortized premium costs	15		15
Revolving credit facility(3)	52		23
Viper revolving credit facility(3)	57		84
Viper 5.375% Senior Notes due 2027	480		480
Rattler revolving credit facility(4)	54		79
Rattler 5.625% Senior Notes due 2025	500		500
Total debt, net	7,656		5,815
Less: current maturities of long-term debt	(191)		(191)
Total long-term debt	$	7,465	$	5,624

(1) At the effective time of the QEP Merger, QEP became a wholly owned subsidiary of the Company and remained the issuer of the notes.

(2) The Company entered into a participation and development agreement (the “DrillCo Agreement”), dated September 10, 2018, with Obsidian Resources, L.L.C. (“CEMOF”) to fund oil and natural gas development. As of March 31, 2021, the amount due to CEMOF related to this alliance was $75 million.

(3) Each of these revolving credit facilities matures on November 1, 2022.

(4) The Rattler revolving credit facility matures on May 28, 2024.

References in this section to the Company shall mean Diamondback Energy, Inc. and Diamondback O&G LLC, collectively, unless otherwise specified.

Second Amended and Restated Credit Facility

As of March 31, 2021, O&G, as borrower, and Diamondback Energy, Inc., as parent guarantor, have a credit agreement, as amended, which provides for a maximum credit amount available of $2 billion, with $52 million of outstanding borrowings and $1.9 billion available for future borrowings. As of March 31, 2021, there was an aggregate of $3 million in outstanding letters of credit, which reduce available borrowings under the credit agreement on a dollar for dollar basis. The weighted average interest rate on the credit facility was 1.65% and 3.02% for the three months ended March 31, 2021 and 2020, respectively. The borrowing base is scheduled to be redetermined semi-annually in May and November.

As of March 31, 2021, the Company was in compliance with all financial maintenance covenants under the revolving credit facility.

March 2021 Notes Offering

On March 24, 2021, the Company issued $650 million aggregate principal amount of 0.900% Senior Notes due March 24, 2023 (the “2023 Notes”), $900 million aggregate principal amount of 3.125% Senior Notes due March 24, 2031 (the “2031 Notes”) and $650 million aggregate principal amount of 4.400% Senior Notes due March 24, 2051 (the “2051 Notes” and together with the 2023 Notes and the 2031 Notes, the “March 2021 Notes”) and received proceeds, net of $24 million in debt issuance costs and discounts, of $2.18 billion. The net proceeds were primarily used to fund the repurchase of other senior notes outstanding as discussed further below. Interest on the March 2021 Notes is payable semi-annually on March 24 and September 24, beginning on September 24, 2021.

The March 2021 Notes are the Company’s senior unsecured obligations and are fully and unconditionally guaranteed by O&G. The March 2021 Notes are senior in right of payment to any of the Company’s and O&G’s future subordinated indebtedness and rank equal in right of payment with all of the Company’s and O&G’s existing and future senior indebtedness. The March 2021 Notes are effectively subordinated to the Company’s and O&G’s existing and future secured indebtedness, if any, to the extent of the value of the collateral securing such indebtedness, and structurally subordinated to all of the existing and future indebtedness and other liabilities of the Company’s subsidiaries other than O&G.

The Company may not redeem the 2023 Notes in whole or in part at any time prior to September 24, 2021. The Company may redeem (i) the 2031 Notes in whole or in part at any time prior to December 24, 2030 and (ii) the 2051 Notes in whole or in part at any time prior to September 24, 2050, in each case at the redemption price set forth in the related indenture. If the March 2021 Notes are redeemed on or after the dates noted above, in each case, the March 2021 Notes may be redeemed at a redemption price equal to 100% of the principal amount of the March 2021 Notes to be redeemed plus interest accrued thereon to but not including the redemption date.

Upon the occurrence of a change of control triggering event as defined in the relevant indentures, holders may require the Company to purchase some or all of their March 2021 Notes for cash at a price equal to 101% of the principal amount of the March 2021 Notes being purchased, plus accrued and unpaid interest, if any, to the date of purchase.

QEP Notes and Repurchases of Notes

On March 17, 2021, at the time of the QEP Merger discussed in Note 4—Acquisitions, QEP had outstanding debt at fair values consisting of $478 million of 5.375% Senior Notes due 2022 (the “QEP 2022 Notes”), $673 million of 5.250% Senior Notes due 2023 (the “QEP 2023 Notes”) and $558 million of 5.625% Senior Notes due 2026 (the “QEP 2026 Notes” and together with the QEP 2022 Notes and QEP 2023 Notes, the “QEP Notes”).

Subsequent to the QEP Merger, in March 2021, the Company repurchased pursuant to tender offers commenced by the Company, approximately $1.65 billion in fair value carrying amount of the QEP Notes for total cash consideration of $1.7 billion, including redemption and early premium fees, which resulted in a loss on extinguishment of debt during the three months ended March 31, 2021 of approximately $47 million. The aggregate fair value of the QEP Notes repurchased consisted of (i) $453 million, or 94.65%, of the outstanding fair value carrying amount of the QEP 2022 Notes, (ii) $663 million, or 98.43%, of the outstanding fair value carrying amount of the QEP 2023 Notes and (iii) $538 million, or 96.35%, of the outstanding fair value carrying amount of the QEP 2026 Notes.

In March 2021, the Company also repurchased an aggregate of $368 million principal amount of its 5.375% 2025 Senior Notes, representing approximately 45.97% of the outstanding 2025 Senior Notes, for total cash consideration of $381 million, including redemption and early premium fees, which resulted in a loss on extinguishment of debt during the three months ended March 31, 2021 of $14 million.

The Company funded the repurchases of the QEP Notes and 2025 Senior Notes with the proceeds from the March 2021 Notes offering discussed above.

In connection with the tender offers to repurchase the QEP Notes discussed above, the Company also solicited consents from holders of the QEP Notes to amend the indenture for the QEP Notes to, among other things, eliminate substantially all of the restrictive covenants and related provisions and certain events of default contained in the QEP indenture under which the QEP Notes were issued. The Company received the requisite number of consents and, on March 23, 2021, entered into a supplemental indenture relating to the QEP Notes adopting these amendments.

Viper’s Credit Agreement

Viper LLC’s credit agreement, as amended (the “Viper credit agreement”), provides for a revolving credit facility in the maximum credit amount of $2 billion and a borrowing base of $580 million based on Viper LLC’s oil and natural gas reserves and other factors (the “borrowing base”). The borrowing base is scheduled to be redetermined semi-annually in May and November. As of March 31, 2021, Viper LLC had $57 million of outstanding borrowings and $523 million available for future borrowings under the Viper credit agreement. The weighted average interest rate on borrowings under the Viper credit agreement was 1.88% and 3.32% for the three months ended March 31, 2021 and 2020, respectively. The Viper credit agreement will mature on November 1, 2022.

As of March 31, 2021, Viper LLC was in compliance with all financial maintenance covenants under the Viper credit agreement.

Rattler’s Credit Agreement

Rattler LLC’s credit agreement, as amended (the “Rattler credit agreement”), provides for a revolving credit facility in the maximum credit amount of $600 million, which is expandable to $1 billion upon Rattler’s election, subject to obtaining additional lender commitments and satisfaction of customary conditions. As of March 31, 2021, Rattler LLC had $54 million of outstanding borrowings and $546 million available for future borrowings under the Rattler credit agreement. The weighted average interest rate on borrowings under Rattler credit agreement was 1.40% and 2.79% for the three months ended March 31, 2021 and 2020, respectively. The revolving credit facility will mature on May 28, 2024.

As of March 31, 2021, Rattler LLC was in compliance with all financial maintenance covenants under the Rattler credit agreement.

CAPITAL STOCK AND EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

CAPITAL STOCK AND EARNINGS PER SHARE

Diamondback did not complete any equity offerings during the three months ended March 31, 2021 and March 31, 2020. As discussed in Note 4—Acquisitions, Diamondback issued 12.12 million shares of the Company’s stock as consideration in the QEP Merger and 10.68 million shares of the Company’s stock as consideration for the Guidon Acquisition during the three months ended March 31, 2021.

Earnings (Loss) Per Share

The Company’s basic earnings per share amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share include the effect of potentially dilutive shares outstanding for the period. Additionally, the per share earnings of Viper and Rattler are included in the consolidated earnings per share computation based on the consolidated group’s holdings of the subsidiaries.

A reconciliation of the components of basic and diluted earnings per common share is presented in the table below:


	Three Months Ended March 31,
	2021		2020
	($ in millions, except per share amounts, shares in thousands)
Net income (loss) attributable to common stock	$	220	$	(272)
Weighted average common shares outstanding:
Basic weighted average common units outstanding	164,169		158,291
Effect of dilutive securities:
Potential common shares issuable	757		203
Diluted weighted average common shares outstanding	164,926		158,494
Basic net income (loss) attributable to common stock	$	1.34	$	(1.72)
Diluted net income (loss) attributable to common stock	$	1.33	$	(1.72)

Change in Ownership of Consolidated Subsidiaries

Non-controlling interests in the accompanying condensed consolidated financial statements represent minority interest ownership in Viper and Rattler and are presented as a component of equity. When the Company’s relative ownership interests in Viper and Rattler change, adjustments to non-controlling interest and additional paid-in-capital, tax effected, will occur. The following table summarizes changes in the ownership interest in consolidated subsidiaries during the periods presented:



	Three Months Ended March 31,
	2021		2020
	(In millions)
Net income (loss) attributable to the Company	$	220	$	(272)
Change in ownership of consolidated subsidiaries	(4)		—
Change from net income (loss) attributable to the Company's stockholders and transfers to non-controlling interest	$	216	$	(272)

EQUITY-BASED COMPENSATION

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

EQUITY-BASED COMPENSATION

Under the Equity Plan, approved by the Board of Directors, the Company is authorized to issue incentive and non-statutory stock options, restricted stock awards and restricted stock units, performance awards and stock appreciation rights to eligible employees. At March 31, 2021, the Company had outstanding restricted stock units, performance-based restricted stock units, an immaterial amount of restricted share awards and restricted stock units which were assumed in connection with the QEP Merger and an immaterial amount of stock options and stock appreciation rights assumed from Energen. The Company classifies these as equity-based awards and estimates the fair values of restricted stock awards and units as the closing price of the Company’s common stock on the grant date of the award, which is expensed over the applicable vesting period. The Company values its stock options using a Black-Scholes option valuation model.

The following table presents the effects of the equity compensation plans and related costs:


	Three Months Ended March 31,
	2021		2020
	(In millions)
General and administrative expenses	$	10	$	9
Equity-based compensation capitalized pursuant to full cost method of accounting for oil and natural gas properties	$	4	$	6

Restricted Stock Units

The following table presents the Company’s restricted stock units activity during the three months ended March 31, 2021 under the Equity Plan and the QEP equity incentive plan assumed by the Company in the QEP Merger:


	Restricted Stock Units	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2020	1,113,480	$	48.58
Granted(1)	638,589	$	79.89
Vested	(293,422)	$	79.76
Forfeited	(19,061)	$	45.33
Unvested at March 31, 2021	1,439,586	$	55.42

(1) Includes 164,088 replacement restricted stock unit awards granted in connection with the QEP Merger, the majority of which vested upon closing of the QEP Merger. For additional information regarding the QEP Merger, see Note 4—Acquisitions.

The aggregate fair value of restricted stock units that vested during the three months ended March 31, 2021 and 2020 was $23 million and $8 million, respectively. As of March 31, 2021, the Company’s unrecognized compensation cost related to unvested restricted stock units was $71 million, which is expected to be recognized over a weighted-average period of 2.5 years.

Performance Based Restricted Stock Units

In March 2019, eligible employees received performance restricted stock unit awards totaling 199,723 units from which a minimum of 0% and a maximum of 200% of the units could be awarded based upon the measurement of total stockholder return of the Company’s common stock as compared to a designated peer group during the performance period of January 1, 2019 to December 31, 2021 and cliff vest at December 31, 2021 subject to continued employment. In March 2019, eligible employees received performance restricted stock unit awards totaling 32,958 units from which a minimum of 0% and a maximum of 200% units could be awarded. The awards have a performance period of January 1, 2019 to December 31, 2021 and vest in five equal installments beginning on March 1, 2025.

In March 2020, eligible employees received performance restricted stock unit awards totaling 225,047 units from which a minimum of 0% and a maximum of 200% of the units could be awarded based upon the measurement of total stockholder return of the Company’s common stock as compared to a designated peer group during the three-year performance period of January 1, 2020 to December 31, 2022 and cliff vest at December 31, 2022 subject to continued employment. The initial payout of the March 2020 awards will be further adjusted by a TSR modifier that may reduce the payout or increase the payout up to a maximum of 250%.

In March 2021, eligible employees received performance restricted stock unit awards totaling 198,454 units from which a minimum of 0% and a maximum of 200% of the units could be awarded based upon the measurement of total stockholder return of the Company’s common stock as compared to a designated peer group during the three-year performance period of January 1, 2021 to December 31, 2023 and cliff vest at December 31, 2023 subject to continued employment. The initial payout of the March 2021 awards will be further adjusted by a TSR modifier that may reduce the payout or increase the payout up to a maximum of 250%.

The fair value of each performance restricted stock unit is estimated at the date of grant using a Monte Carlo simulation, which results in an expected percentage of units to be earned during the performance period.

The following table presents a summary of the grant-date fair values of performance restricted stock units granted and the related assumptions for the awards granted during the periods presented:


	2021			2020			2019
Grant-date fair value	$	131.06		$	70.17		$	137.22
Grant-date fair value (5-year vesting)							$	132.48
Risk-free rate	0.15		%	0.86		%	2.55		%
Company volatility	69.60		%	36.70		%	35.00		%

The following table presents the Company’s performance restricted stock units activity under the Equity Plan for the three months ended March 31, 2021:


	Performance Restricted Stock Units	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2020	411,587	$	99.10
Granted	198,454	$	131.06


Unvested at March 31, 2021(1)	610,041	$	109.49

(1)A maximum of 1,431,833 units could be awarded based upon the Company’s final TSR ranking.

As of March 31, 2021, the Company’s unrecognized compensation cost related to unvested performance based restricted stock awards and units was $43 million, which is expected to be recognized over a weighted-average period of 2.2 years.

Rattler Long-Term Incentive Plan

On May 22, 2019, the board of directors of Rattler’s General Partner adopted the Rattler Midstream LP Long Term Incentive Plan (“Rattler LTIP”) for employees, consultants and directors of Rattler’s General Partner and any of its affiliates, including Diamondback, who perform services for Rattler.

Under the Rattler LTIP, the board of directors of Rattler’s General Partner is authorized to issue phantom units to eligible employees and non-employee directors. Rattler estimates the fair value of phantom units as the closing price of Rattler’s common units on the grant date of the award, which is expensed over the applicable vesting period. Upon vesting, the phantom units entitle the recipient to one common unit of Rattler for each phantom unit. The recipients are also entitled to distribution equivalent rights, which represent the right to receive a cash payment equal to the value of the distributions paid on one phantom unit between the grant date and the vesting date.

The following table presents the phantom unit activity under the Rattler LTIP for the three months ended March 31, 2021:


	Phantom Units	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2020	2,089,668	$	17.07
Granted	210,631	$	11.01
Vested	(4,755)	$	12.59
Forfeited	(13,385)	$	5.79
Unvested at March 31, 2021	2,282,159	$	16.59

The aggregate fair value of phantom units that vested during the three months ended March 31, 2021 was immaterial. As of March 31, 2021, the unrecognized compensation cost related to unvested phantom units was $30 million, which is expected to be recognized over a weighted-average period of three years.

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s effective income tax rates were 22.6% and (26.1)% for the three months ended March 31, 2021 and 2020, respectively. Total income tax expense from continuing operations for the three months ended March 31, 2021 differed from amounts computed by applying the United States federal statutory tax rate to pre-tax income primarily due to (i) state income taxes, net of federal benefit, and (ii) the impact of permanent differences between book and taxable income, partially offset by (iii) tax benefit resulting from a reduction in the valuation allowance on Viper’s deferred tax assets due to pre-tax income for the period. For the three months ended March 31, 2021, the Company’s items of discrete income tax expense or benefit were not material. On March 17, 2021, the Company completed its acquisition of QEP. For federal income tax purposes, the transaction qualified as a nontaxable merger whereby the Company acquired carryover tax basis in QEP’s assets and liabilities. The Company recorded an opening balance sheet net deferred tax asset of $15 million, primarily consisting of deferred tax assets related to tax attributes acquired from QEP, partially offset by a valuation allowance, and deferred tax liabilities resulting from the excess of financial reporting carrying value over tax basis of oil and natural gas properties and other assets acquired from QEP. The acquired income tax attributes, including federal net operating loss and credit carryforwards, are subject to an annual limitation under Internal Revenue Code Section 382. The Company has considered the positive and negative evidence regarding realizability of these federal tax attributes including taxable income in prior carryback years, the annual limitation imposed by Section 382, and the anticipated timing of reversal of its deferred tax liabilities, resulting in a valuation allowance on the portion of QEP’s federal tax attributes estimated not more likely than not to be realized prior to expiration. In addition, acquired tax attributes include state net operating loss carryforwards for which a valuation allowance has been provided, since the Company does not believe the state net operating losses are more likely than not to be realized based on its assessment of anticipated future operations in those states. Total income tax expense from continuing operations for the three months ended March 31, 2020 differed from amounts computed by applying the United States federal statutory tax rate to pre-tax loss primarily due to (i) the impact of recording a valuation allowance on Viper’s deferred tax assets, (ii) state income taxes and (iii) the impact of permanent differences between book and taxable income, partially offset by tax benefit resulting from the anticipated carryback of federal net operating losses. For the three months ended March 31, 2020, the Company recorded a discrete income tax expense of $143 million related to application of a valuation allowance on Viper’s beginning-of-year deferred tax assets, which consisted primarily of its investment in Viper LLC and federal net operating loss carryforwards. A valuation allowance was also applied against the year-to-date tax benefit resulting from Viper’s pre-tax loss for 2020. The determination to record a valuation allowance was based on management’s assessment of all available evidence, both positive and negative, supporting realizability of Viper’s deferred tax assets. In light of the criteria established by applicable GAAP for recognizing the tax benefit of deferred tax assets, management’s assessment resulted in recording a valuation allowance against Viper’s deferred tax assets as of March 31, 2020. In addition, for the three months ended March 31, 2020, the Company recorded a discrete income tax benefit of $25 million related to the available carryback of certain federal net operating losses to tax year(s) in which the corporate income tax rate was 35%. Prior to the enactment of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in the first quarter of 2020, there was no tax refund available to the Company with respect to its losses, resulting in deferred tax benefit associated with federal net operating loss carryforwards at the statutory 21% corporate income tax rate. The Company considered the impact of the American Rescue Plan, enacted on March 11, 2021, and concluded its provisions related to U.S. income taxes for corporations did not materially affect the Company’s current or deferred tax balances. The Company also considered the impact of the CARES Act, enacted March 27, 2020, in the period of enactment, resulting in discrete income tax benefit for the three months ended March 31, 2020 related to the carryback of approximately $179 million of the Company’s federal net operating losses as noted above. As a result of the refund associated with such carryback as well as the accelerated refund available for minimum tax credits, the Company received a refund of federal taxes in the first quarter of 2021 of approximately $100 million. In addition, the Company’s current and long-term income taxes receivable of approximately $33 million and $32 million, respectively, primarily relate to anticipated refunds of minimum tax credits resulting from available carryback of certain federal net operating losses acquired from QEP.

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

DERIVATIVES

3 Months Ended

Mar. 31, 2021

DERIVATIVES

All derivative financial instruments are recorded at fair value. The Company has not designated its derivative instruments as hedges for accounting purposes and, as a result, marks its derivative instruments to fair value and recognizes the cash and non-cash changes in fair value in the condensed consolidated statements of operations under the caption “Gain (loss) on derivative instruments, net.”

Commodity Contracts

The Company has entered into multiple crude oil, natural gas and natural gas liquids derivatives, indexed to the respective indices as noted in the table below, to reduce price volatility associated with certain of its oil and natural gas sales.

By using derivative instruments to economically hedge exposure to changes in commodity prices, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk. The Company’s counterparties are participants in the secured second amended and restated credit agreement, which is secured by substantially all of the assets of the guarantor subsidiaries; therefore, the Company is not required to post any collateral. The Company does not require collateral from its counterparties. The Company has entered into derivative instruments only with counterparties that are also lenders under its credit facility and have been deemed an acceptable credit risk.

As of March 31, 2021, the Company had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed.


					Swaps		Collars
Settlement Month	Settlement Year	Type of Contract	Bbls/MMBtu Per Day	Index	Weighted Average Differential	Weighted Average Fixed Price	Weighted Average Floor Price	Weighted Average Ceiling Price
OIL
Apr. - June	2021	Swap	43,341	WTI	$—	$44.60	$—	$—
July - Sep.	2021	Swap	38,348	WTI	$—	$42.82	$—	$—
Oct. - Dec.	2021	Swap	30,674	WTI	$—	$42.36	$—	$—
Apr. - Dec.	2021	Swap	5,000	Argus WTI Houston	$—	$37.78	$—	$—
Apr. - Dec.	2021	Swap	5,000	Brent	$—	$41.62	$—	$—
Apr. - June	2021	Basis Swap(1)	39,000	Argus WTI Midland	$0.83	$—	$—	$—
July - Dec.	2021	Basis Swap(1)	34,000	Argus WTI Midland	$0.91	$—	$—	$—
July - Dec.	2021	Swaption	5,000	Brent	$—	$51.00	$—	$—
Apr. - June	2021	Roll Swap(2)(3)	46,000	WTI	$0.16	$—	$—	$—
July - Dec.	2021	Roll Swap(2)(3)	34,000	WTI	$0.24	$—	$—	$—
Apr. - June	2021	Costless Collar	20,670	WTI	$—	$—	$35.78	$47.08
July - Sep.	2021	Costless Collar	17,685	WTI	$—	$—	$35.27	$46.50
Oct. - Dec.	2021	Costless Collar	26,663	WTI	$—	$—	$38.69	$53.80
July - Dec.	2021	Costless Collar	5,000	Argus WTI Houston	$—	$—	$45.00	$68.33
Apr. - June	2021	Costless Collar	82,000	Brent	$—	$—	$39.40	$48.84
July - Sep.	2021	Costless Collar	62,000	Brent	$—	$—	$39.61	$48.42
Oct. - Dec.	2021	Costless Collar	64,000	Brent	$—	$—	$39.78	$48.90
Jan. - June	2022	Swap	1,000	WTI	$—	$45.00	$—	$—
Jan. - Dec.	2022	Basis Swap(1)	10,000	Argus WTI Midland	$0.84	$—	$—	$—
Jan. - Mar.	2022	Costless Collar	2,000	Argus WTI Houston	$—	$—	$45.00	$67.50
Jan. - Mar.	2022	Costless Collar	12,000	WTI	$—	$—	$45.00	$68.00
Apr. - June	2022	Costless Collar	6,000	WTI	$—	$—	$45.00	$68.75
Jan. - Mar.	2022	Costless Collar	34,000	Brent	$—	$—	$45.00	$67.54
Apr. - June	2022	Costless Collar	9,000	Brent	$—	$—	$45.00	$75.07
NATURAL GAS
Apr. - Dec.	2021	Swap	245,000	Henry Hub	$—	$2.65	$—	$—
Apr. - Dec.	2021	Swap	50,000	Waha Hub	$—	$1.92	$—	$—
Apr. - Dec.	2021	Basis Swap(1)	250,000	Waha Hub	$(0.66)	$—	$—	$—
Jan. - Dec.	2022	Basis Swap(1)	190,000	Waha Hub	$(0.36)	$—	$—	$—

NATURAL GAS LIQUIDS
Apr. - Dec.	2021	Swap	2,000	Mont Belvieu Propane	$—	$29.40	$—	$—

(1) The Company has fixed price basis swaps for the spread between the Cushing crude oil price and the Midland WTI crude oil price as well as the spread between the Henry Hub natural gas price and the Waha Hub natural gas price. The weighted average differential represents the amount of reduction to Cushing, Oklahoma oil price and the Waha Hub natural gas price for the notional volumes covered by the basis swap contracts.

(2) The Company has rolling hedge basis swaps for the differential between the NYMEX prices between the calendar month average and the physical crude oil delivery month. The weighted average differential represents the amount of reduction to Cushing, Oklahoma oil price for the notional volumes covered by the rolling hedge basis swap contracts.

(3) Includes a rolling hedge basis swap contract for the differential between the NYMEX prices for WTI Cushing and WTI CMA calendar month average of each basis for a notional quantity of 4,000 barrels per day with a weighted average differential of $0.00.

Settlement Month

Settlement Year

Type of Contract

Bbls/Mcf Per Day

Index

Put Price

OIL

Jan. - Dec.

2022

Short Put

5,000

Brent

$35.00

Interest Rate Swaps

The Company has used interest rate swaps to reduce its exposure to variable rate interest payments associated with the Company’s revolving credit facility. The interest rate swaps were not designated as hedging instruments and as a result, the Company recognized all changes in fair value immediately in earnings. During the first quarter of 2021, the Company terminated all of its interest rate swaps which resulted in cash received upon settlement of $80 million, net of fees. The interest swaps contained an other-than-insignificant financing element at inception, and therefore, the cash receipts were classified as cash flows from financing activities in the condensed consolidated statements of cash flow for the three months ended March 31, 2021.

Balance Sheet Offsetting of Derivative Assets and Liabilities

The fair value of derivative instruments is generally determined using established index prices and other sources which are based upon, among other things, futures prices and time to maturity. These fair values are recorded by netting asset and liability positions, including any deferred premiums that are with the same counterparty and are subject to contractual terms which provide for net settlement. See Note 14—Fair Value Measurements for further details.

Gains and Losses on Derivative Instruments

The following table summarizes the gains and losses on derivative instruments included in the condensed consolidated statements of operations:


	Three Months Ended March 31,
	2021		2020
	(In millions)
Gain (loss) on derivative instruments, net
Commodity contracts	$	(294)	$	604
Interest rate swaps	130		(62)
Total	$	(164)	$	542

Net cash received (paid) on settlements
Commodity contracts	$	(182)	$	87
Interest rate swaps(1)	80		—
Total	$	(102)	$	87

(1)The three months ended March 31, 2021 include cash received on contracts terminated prior to their contractual maturity of $80 million.

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.

The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. The Company uses appropriate valuation techniques based on available inputs to measure the fair values of its assets and liabilities.

Level 1 - Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date.

Level 2 - Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

Level 3 - Unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best estimate of fair value.

Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.

The Company estimates the fair values of proved oil and natural gas properties assumed in business combinations using discounted cash flow techniques and based on market assumptions as to the future commodity prices, internal estimates of future quantities of oil and natural gas reserves, future estimated rates of production, expected recovery rates and risk-adjustment discounts. The estimated fair values of unevaluated oil and natural gas properties were based on the location, engineering and geological studies, historical well performance, and applicable mineral lease terms. Given the unobservable nature of the inputs, the estimated fair values of oil and natural gas properties assumed is deemed to use Level 3 inputs.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Certain assets and liabilities are reported at fair value on a recurring basis, including the Company’s derivative instruments. The fair values of the Company’s derivative contracts are measured internally using established commodity futures price strips for the underlying commodity provided by a reputable third party, the contracted notional volumes, and time to maturity. These valuations are Level 2 inputs.

The following table provides (i) fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis, (ii) the gross amounts of recognized derivative assets and liabilities, (iii) the amounts offset under master netting arrangements with counterparties, and (iv) the resulting net amounts presented in the Company’s condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020. The net amounts of derivative instruments are classified as current or noncurrent based on their anticipated settlement dates.


	As of March 31, 2021
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Current:

Derivative Instruments	$	—	$	33	$	—	$	33	$	(33)	$	—

Non-current:

Derivative Instruments	$	—	$	8	$	—	$	8	$	(4)	$	4

Liabilities:
Current:
Derivative Instruments	$	—	$	637	$	—	$	637	$	(33)	$	604

Non-current:
Derivative Instruments	$	—	$	12	$	—	$	12	$	(4)	$	8


	As of December 31, 2020
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Current:

Derivative Instruments	$	—	$	43	$	—	$	43	$	(42)	$	1

Non-current:

Derivative Instruments	$	—	$	187	$	—	$	187	$	(187)	$	—

Liabilities:
Current:
Derivative Instruments	$	—	$	291	$	—	$	291	$	(42)	$	249

Non-current:
Derivative Instruments	$	—	$	244	$	—	$	244	$	(187)	$	57

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The following table provides the fair value of financial instruments that are not recorded at fair value in the condensed consolidated balance sheets:


	March 31, 2021				December 31, 2020
	Carrying				Carrying
	Value(1)		Fair Value		Value(1)		Fair Value
	(In millions)
Debt:
Revolving credit facility	$	52	$	52	$	23	$	23
4.625% Notes due 2021	$	191	$	192	$	191	$	193
5.375% Senior Notes due 2022(2)	$	26	$	26	$	—	$	—
7.320% Medium-term Notes, Series A, due 2022	$	21	$	21	$	21	$	22
0.900% Senior Notes due 2023	$	647	$	651	$	—	$	—
5.250% Senior Notes due 2023(2)	$	11	$	11	$	—	$	—
2.875% Senior Notes due 2024	$	993	$	1,058	$	993	$	1,053
4.750% Senior Notes due 2025	$	497	$	558	$	496	$	565
5.375% Senior Notes due 2025	$	432	$	447	$	799	$	824
3.250% Senior Notes due 2026	$	793	$	841	$	793	$	857
5.625% Senior Notes due 2026(2)	$	20	$	21	$	—	$	—

7.125% Medium-term Notes, Series B, due 2028	$	107	$	120	$	107	$	119
3.500% Senior Notes due 2029	$	1,188	$	1,249	$	1,187	$	1,286
3.125% Senior Notes due 2031	$	889	$	901	$	—	$	—
4.400% Senior Notes due 2051	$	640	$	666	$	—	$	—
Viper revolving credit facility	$	57	$	57	$	84	$	84
Viper's 5.375% Senior Notes due 2027	$	472	$	501	$	472	$	501
Rattler revolving credit facility	$	54	$	54	$	79	$	79
Rattler’s 5.625% Senior Notes due 2025	$	491	$	522	$	491	$	528
DrillCo Agreement	$	75	$	75	$	79	$	79

(1)The carrying value includes associated deferred loan costs and any remaining discount or premium, if any.

(2)These notes were issued by QEP prior to the QEP Merger and remained outstanding as of March 31, 2021 following the QEP Merger and the Company’s subsequent repurchase of a portion of these notes in its tender offers for these notes.

The fair values of the Company’s revolving credit facility, the Viper credit agreement and the Rattler credit agreement approximate their carrying values based on borrowing rates available to the Company for bank loans with similar terms and maturities and is classified as Level 2 in the fair value hierarchy. The fair values of the outstanding notes were determined using the March 31, 2021 quoted market price, a Level 1 classification in the fair value hierarchy.

Fair Value of Financial Assets

The carrying amount of cash and cash equivalents, receivables, funds held in escrow, prepaid expenses and other current assets, payables and other accrued liabilities approximate their fair value because of the short-term nature of the instruments.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIESThe Company is a party to various routine legal proceedings, disputes and claims arising in the course of its business, including those that arise from interpretation of federal and state laws and regulations affecting the crude oil and natural gas industry. While the ultimate outcome of the pending proceedings, disputes or claims, and any resulting impact on the Company, cannot be predicted with certainty, the Company’s management believes that none of these matters, if ultimately decided adversely, will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. The Company’s assessment is based on information known about the pending matters and its experience in contesting, litigating and settling similar matters. Actual outcomes could differ materially from the Company’s assessment. The Company records reserves for contingencies related to outstanding legal proceedings, disputes or claims when information available indicates that a loss is probable and the amount of the loss can be reasonably estimated.

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

First Quarter 2021 Dividend Declaration

On April 29, 2021, the Board of Directors of the Company declared a cash dividend for the first quarter of 2021 of $0.40 per share of common stock, payable on May 20, 2021 to its stockholders of record at the close of business on May 13, 2021.

Commodity Contracts

Subsequent to March 31, 2021, the Company entered into new costless collars and basis swaps. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges noted in the table below. When aggregating multiple contracts, the weighted average contract price is disclosed. The following table presents the derivative contracts entered into by the Company between April 1, 2021 and April 30, 2021.


					Swaps	Collars
Settlement Month	Settlement Year	Type of Contract	Bbls/MMBtu Per Day	Index	Weighted Average Differential		Weighted Average Floor Price	Weighted Average Ceiling Price
OIL
Jan. - June	2022	Costless Collar	14,000	Argus WTI Houston	$—		$45.00	$69.98
Jan. - June	2022	Costless Collar	10,000	Brent	$—		$45.00	$74.82

NATURAL GAS
Jan. - Dec.	2022	Basis Swap	20,000	Waha Hub	$(0.23)		$—	$—

Divestitures

On May 3, 2021, the Company signed a definitive agreement to divest all of its Williston Basin assets acquired in the QEP Merger, consisting of approximately 95,000 net acres, for a purchase price of approximately $745 million, subject to certain closing adjustments. These assets have estimated full year 2021 net production of approximately 15 MBO/d (25 MBOE/d). This transaction is expected to close in the third quarter of 2021, subject to continued due diligence and closing conditions. The Company intends to use its net proceeds from this transaction toward debt reduction.

On April 28, 2021 and April 29, 2021, the Company signed definitive agreements to divest certain non-core Permian assets including 7,000 net acres of non-core Southern Midland Basin acreage in Upton county and approximately 1,300 net acres of non-core, non-operated Delaware Basin assets in Lea county, New Mexico for a combined gross purchase price of $87 million, subject to certain closing adjustments. These assets have estimated full year 2021 net production of approximately 900 BO/d (2,650 BOE/d) from 140 producing wells. These transactions are expected to close in the second quarter of 2021,

subject to continued diligence and closing conditions. The Company intends to use its net proceeds from these transactions toward debt reduction.

On April 30, 2021, each of Rattler and its joint venture partner Amarillo Midstream, LLC sold its interest in Amarillo Rattler to EnLink Midstream Operating, LP for aggregate total gross potential consideration of $75 million, consisting of $50 million at closing, $10 million upon the first anniversary of closing and up to $15 million in contingent earn-out payments over a three-year span based upon the Company’s development activity. Net of transaction expenses and working capital adjustments, Rattler received $24 million at closing, with an incremental $5 million due in April 2022 and could receive up to $7.5 million in contingent payments from 2023 to 2025.

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company reports its operations in two operating segments: (i) the upstream segment, which is engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas and (ii) the midstream operations segment, which is focused on owning, operating, developing and acquiring midstream infrastructure assets in the Midland and Delaware Basins of the Permian Basin. All of the Company’s equity method investments are included in the midstream operations segment.

The following tables summarize the results of the Company’s operating segments during the periods presented:


	Upstream		Midstream Operations		Eliminations		Total
Three Months Ended March 31, 2021:	(In millions)
Third-party revenues	$	1,172	$	12	$	—	$	1,184
Intersegment revenues	—		87		(87)		—
Total revenues	1,172		99		(87)		1,184

Depreciation, depletion, amortization and accretion	262		11		—		273

Impairment of midstream assets	—		3		—		3
Income (loss) from operations	552		38		(19)		571
Interest expense, net	(49)		(7)		—		(56)
Other income (expense)	(222)		(3)		(2)		(227)
Provision for (benefit from) income taxes	63		2		—		65
Net income (loss) attributable to non-controlling interest	(3)		6		—		3
Net income (loss) attributable to Diamondback Energy, Inc.	221		20		(21)		220
As of March 31, 2021:
Total assets	$	20,566	$	1,769	$	(339)	$	21,996


	Upstream		Midstream Operations		Eliminations		Total
Three Months Ended March 31, 2020:	(In millions)
Third-party revenues	$	883	$	16	$	—	$	899
Intersegment revenues	—		113		(113)		—
Total revenues	883		129		(113)		899

Depreciation, depletion, amortization and accretion	396		13		—		409
Impairment of oil and natural gas properties	1,009		—		—		1,009
Income (loss) from operations	(782)		61		(81)		(802)
Interest expense, net	(45)		(3)		—		(48)
Other income (expense)	534		—		(1)		533
Provision for (benefit from) income taxes	79		4		—		83
Net income (loss) attributable to non-controlling interest	(128)		41		(41)		(128)
Net income (loss) attributable to Diamondback Energy, Inc.	(244)		13		(41)		(272)
As of December 31, 2020:
Total assets	$	16,128	$	1,809	$	(318)	$	17,619

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe 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.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. These reclassifications had an immaterial effect on the previously reported total assets, total liabilities, stockholders’ equity, results of operations or cash flows.
Use of Estimates	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. Making accurate estimates and assumptions is particularly difficult in the oil and natural gas industry, given the challenges resulting from volatility in oil and natural gas prices. For instance, in 2020, the effects of COVID-19 and actions by OPEC members and other exporting nations on the supply and demand in global oil and natural gas markets resulted in significant negative pricing pressures in the first half of 2020, followed by a recovery in pricing in the second half of 2020 and into 2021. The financial results of companies in the oil and natural gas industry have been impacted materially as a result of changing market conditions. Such 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Pronouncements In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes." This update is intended to simplify the accounting for income taxes by removing certain exceptions and by clarifying and amending existing guidance and is effective for public business entities beginning after December 15, 2020 with early adoption permitted. The Company adopted this update effective January 1, 2021. The adoption of this update did not have a material impact on its financial position, results of operations or liquidity. The Company considers the applicability and impact of all ASUs. ASUs not discussed above were assessed and determined to be either not applicable or clarifications of ASUs previously disclosed.
Revenue from Contracts with Customers	Sales of oil, natural gas and natural gas liquids are recognized at the point control of the product is transferred to the customer. Virtually all of the pricing provisions in the Company’s contracts are tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, the quality of the oil or natural gas and the prevailing supply and demand conditions. As a result, the price of the oil, natural gas and natural gas liquids fluctuates to remain competitive with other available oil, natural gas and natural gas liquids supplies.
Fair Value Measurement	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. The Company uses appropriate valuation techniques based on available inputs to measure the fair values of its assets and liabilities. Level 1 - Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date. Level 2 - Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 - Unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best estimate of fair value. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.

Disclosure of accounting policy for revenue from contract with customer.

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Schedule of Cash, Cash Equivalents and Restricted Cash

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]


	Three Months Ended March 31,
	2021		2020
	(In millions)
Cash and cash equivalents	$	121	$	149
Restricted cash	19		6
Restricted cash included in funds held in escrow(1)	34		—
Total cash, cash equivalents and restricted cash	$	174	$	155

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following tables present the Company’s revenue from contracts with customers disaggregated by product type and basin:


	Three Months Ended March 31, 2021								Three Months Ended March 31, 2020
	Midland Basin		Delaware Basin		Other		Total		Midland Basin		Delaware Basin		Other		Total
	(In millions)
Oil sales	$	569	$	358	$	17	$	944	$	473	$	351	$	3	$	827
Natural gas sales	41		61		2		104		2		2		—		4
Natural gas liquid sales	75		47		2		124		29		23		—		52

Total	$	685	$	466	$	21	$	1,172	$	504	$	376	$	3	$	883

ACQUISITIONS (Tables)

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Schedule of asset acquisition

The following table presents the acquisition consideration paid in the Guidon Acquisition (in millions, except per share data, shares in thousands):


Consideration:
Shares of Diamondback common stock issued at closing	10,676
Closing price per share of Diamondback common stock on the closing date	$	69.28
Fair value of Diamondback common stock issued	$	740
Cash consideration	375
Total consideration (including fair value of Diamondback common stock issued)	$	1,115

The Company expects to complete the purchase price allocation during the 12-month period following the acquisition date and may revise the value of the assets and liabilities as appropriate within that time frame.








Total consideration	$	1,115

Fair value of liabilities assumed:
Asset retirement obligations	9

Fair value of assets acquired:
Oil and gas properties	1,110
Midstream assets	14
Amount attributable to assets acquired	1,124
Net assets acquired and liabilities assumed	$	1,115

Schedule of acquisition consideration paid

The following table presents the acquisition consideration paid to QEP stockholders in the QEP Merger (in millions, except per share data, shares in thousands):


Consideration:
Eligible shares of QEP common stock converted into shares of Diamondback common stock	238,153
Shares of QEP equity awards included in precombination consideration	4,221
Total shares of QEP common stock eligible for merger consideration	242,374
Exchange ratio	0.050
Shares of Diamondback common stock issued as merger consideration (in thousands)	12,119
Closing price per share of Diamondback common stock	$	81.41
Total consideration (fair value of the Company's common stock issued)	$	987

Schedule of preliminary purchase price allocation

The following table sets forth the Company’s preliminary purchase price allocation (in millions):



Total consideration	$	987

Fair value of liabilities assumed:
Accounts payable - trade	$	26
Accrued capital expenditures	38
Other accrued liabilities	108
Revenues and royalties payable	67
Derivative instruments	242
Long-term debt	1,710
Asset retirement obligations	54

Other long-term liabilities	47
Amount attributable to liabilities assumed	$	2,292

Fair value of assets acquired:
Cash, cash equivalents and restricted cash	$	22
Accounts receivable - joint interest and other, net	87
Accounts receivable - oil and natural gas sales, net	44
Inventories	18
Income tax receivable	33
Prepaid expenses and other current assets	7
Oil and natural gas properties	2,938
Other property, equipment and land	9
Deferred income taxes	15
Other assets	106
Amount attributable to assets acquired	3,279
Net assets acquired and liabilities assumed	$	987

Acquisition pro forma information


	Three Months Ended March 31,
	2021		2020
	(In millions, except per share amounts)
Revenues	$	1,481	$	1,190
Income (loss) from operations	$	684	$	(822)
Net income (loss)	$	146	$	58
Basic earnings per common share	$	0.81	$	0.32
Diluted earnings per common share	$	0.80	$	0.32

REAL ESTATE ASSETS (Tables)

3 Months Ended

Mar. 31, 2021

Real Estate [Abstract]

Schedule of real estate assets


	Estimated Useful Lives	March 31, 2021		December 31, 2020
	(Years)	(In millions)
Buildings	20-30	$	104	$	102
Tenant improvements	15	5		5
Land	N/A	2		2
Land improvements	15	1		1
Total real estate assets		112		110
Less: accumulated depreciation		(15)		(13)
Total investment in land and buildings, net		$	97	$	97

PROPERTY AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

Property and equipment includes the following as of the dates indicated:


	March 31,		December 31,
	2021		2020
	(In millions)
Oil and natural gas properties:
Subject to depletion	$	23,335	$	19,884
Not subject to depletion	8,430		7,493
Gross oil and natural gas properties	31,765		27,377
Accumulated depletion	(4,493)		(4,237)
Accumulated impairment	(7,954)		(7,954)
Oil and natural gas properties, net	19,318		15,186
Midstream assets	1,018		1,013
Other property, equipment and land	152		138
Accumulated depreciation and impairment	(136)		(123)
Total property and equipment, net	$	20,352	$	16,214

ASSET RETIREMENT OBLIGATIONS (Tables)

3 Months Ended

Mar. 31, 2021

Asset Retirement Obligation [Abstract]

Asset retirement obligations

The following table describes the changes to the Company’s asset retirement obligations liability for the following periods:


	Three Months Ended March 31,
	2021		2020
	(In millions)
Asset retirement obligations, beginning of period	$	109	$	94
Additional liabilities incurred	2		4
Liabilities acquired	63		—
Liabilities settled and divested	(1)		—
Accretion expense	2		2
Revisions in estimated liabilities	20		—
Asset retirement obligations, end of period	195		100
Less current portion(1)	5		1
Asset retirement obligations - long-term	$	190	$	99

(1) The current portion of the asset retirement obligation is included in other accrued liabilities in the Company’s condensed consolidated balance sheets.

EQUITY METHOD INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

The following table presents the carrying values of Rattler’s equity method investments as of the dates indicated:


	Ownership Interest		March 31, 2021		December 31, 2020
			(In millions)
EPIC Crude Holdings, LP	10	%	$	116	$	121
Gray Oak Pipeline, LLC	10	%	127		130
Wink to Webster Pipeline LLC(1)	4	%	86		83
OMOG JV LLC	60	%	191		194
Amarillo Rattler, LLC(2)	50	%	5		5
Total			$	525	$	533

(2)On April 30, 2021, Rattler sold its interest in the Amarillo Rattler, LLC (“Amarillo Rattler”) joint venture. See Note 16—Subsequent Events for further discussion.

DEBT (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt consisted of the following as of the dates indicated:


	March 31,		December 31,
	2021		2020
	(In millions)
4.625% Notes due 2021	$	191	$	191
5.375% Senior Notes due 2022(1)	25		—
7.320% Medium-term Notes, Series A, due 2022	20		20
0.900% Senior Notes due 2023	650		—
5.250% Senior Notes due 2023(1)	10		—
2.875% Senior Notes due 2024	1,000		1,000
4.750% Senior Notes due 2025	500		500
5.375% Senior Notes due 2025	432		800
3.250% Senior Notes due 2026	800		800
5.625% Senior Notes due 2026(1)	18		—

7.125% Medium-term Notes, Series B, due 2028	100		100
3.500% Senior Notes due 2029	1,200		1,200
3.125% Senior Notes due 2031	900		—
4.400% Senior Notes due 2051	650		—
DrillCo Agreement(2)	75		79
Unamortized debt issuance costs	(42)		(29)
Unamortized discount costs	(31)		(27)
Unamortized premium costs	15		15
Revolving credit facility(3)	52		23
Viper revolving credit facility(3)	57		84
Viper 5.375% Senior Notes due 2027	480		480
Rattler revolving credit facility(4)	54		79
Rattler 5.625% Senior Notes due 2025	500		500
Total debt, net	7,656		5,815
Less: current maturities of long-term debt	(191)		(191)
Total long-term debt	$	7,465	$	5,624

(1) At the effective time of the QEP Merger, QEP became a wholly owned subsidiary of the Company and remained the issuer of the notes.

(3) Each of these revolving credit facilities matures on November 1, 2022.

(4) The Rattler revolving credit facility matures on May 28, 2024.

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Schedule of reconciliation of basic and diluted net income per share

CAPITAL STOCK AND EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

A reconciliation of the components of basic and diluted earnings per common share is presented in the table below:


	Three Months Ended March 31,
	2021		2020
	($ in millions, except per share amounts, shares in thousands)
Net income (loss) attributable to common stock	$	220	$	(272)
Weighted average common shares outstanding:
Basic weighted average common units outstanding	164,169		158,291
Effect of dilutive securities:
Potential common shares issuable	757		203
Diluted weighted average common shares outstanding	164,926		158,494
Basic net income (loss) attributable to common stock	$	1.34	$	(1.72)
Diluted net income (loss) attributable to common stock	$	1.33	$	(1.72)

Schedule of change in ownership interest

The following table summarizes changes in the ownership interest in consolidated subsidiaries during the periods presented:



	Three Months Ended March 31,
	2021		2020
	(In millions)
Net income (loss) attributable to the Company	$	220	$	(272)
Change in ownership of consolidated subsidiaries	(4)		—
Change from net income (loss) attributable to the Company's stockholders and transfers to non-controlling interest	$	216	$	(272)

EQUITY-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

The effects of stock-based compensation plans and related costs

The following table presents the effects of the equity compensation plans and related costs:


	Three Months Ended March 31,
	2021		2020
	(In millions)
General and administrative expenses	$	10	$	9
Equity-based compensation capitalized pursuant to full cost method of accounting for oil and natural gas properties	$	4	$	6

Summary of restricted stock units


	Restricted Stock Units	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2020	1,113,480	$	48.58
Granted(1)	638,589	$	79.89
Vested	(293,422)	$	79.76
Forfeited	(19,061)	$	45.33
Unvested at March 31, 2021	1,439,586	$	55.42

Summary of grant-date fair values of performance restricted stock units granted and related assumptions

The following table presents a summary of the grant-date fair values of performance restricted stock units granted and the related assumptions for the awards granted during the periods presented:


	2021			2020			2019
Grant-date fair value	$	131.06		$	70.17		$	137.22
Grant-date fair value (5-year vesting)							$	132.48
Risk-free rate	0.15		%	0.86		%	2.55		%
Company volatility	69.60		%	36.70		%	35.00		%

Schedule of performance restricted stock units activity

The following table presents the Company’s performance restricted stock units activity under the Equity Plan for the three months ended March 31, 2021:


	Performance Restricted Stock Units	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2020	411,587	$	99.10
Granted	198,454	$	131.06


Unvested at March 31, 2021(1)	610,041	$	109.49

(1)A maximum of 1,431,833 units could be awarded based upon the Company’s final TSR ranking.

Phantom units activity

The following table presents the phantom unit activity under the Rattler LTIP for the three months ended March 31, 2021:


	Phantom Units	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2020	2,089,668	$	17.07
Granted	210,631	$	11.01
Vested	(4,755)	$	12.59
Forfeited	(13,385)	$	5.79
Unvested at March 31, 2021	2,282,159	$	16.59

DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative contracts

As of March 31, 2021, the Company had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed.


					Swaps		Collars
Settlement Month	Settlement Year	Type of Contract	Bbls/MMBtu Per Day	Index	Weighted Average Differential	Weighted Average Fixed Price	Weighted Average Floor Price	Weighted Average Ceiling Price
OIL
Apr. - June	2021	Swap	43,341	WTI	$—	$44.60	$—	$—
July - Sep.	2021	Swap	38,348	WTI	$—	$42.82	$—	$—
Oct. - Dec.	2021	Swap	30,674	WTI	$—	$42.36	$—	$—
Apr. - Dec.	2021	Swap	5,000	Argus WTI Houston	$—	$37.78	$—	$—
Apr. - Dec.	2021	Swap	5,000	Brent	$—	$41.62	$—	$—
Apr. - June	2021	Basis Swap(1)	39,000	Argus WTI Midland	$0.83	$—	$—	$—
July - Dec.	2021	Basis Swap(1)	34,000	Argus WTI Midland	$0.91	$—	$—	$—
July - Dec.	2021	Swaption	5,000	Brent	$—	$51.00	$—	$—
Apr. - June	2021	Roll Swap(2)(3)	46,000	WTI	$0.16	$—	$—	$—
July - Dec.	2021	Roll Swap(2)(3)	34,000	WTI	$0.24	$—	$—	$—
Apr. - June	2021	Costless Collar	20,670	WTI	$—	$—	$35.78	$47.08
July - Sep.	2021	Costless Collar	17,685	WTI	$—	$—	$35.27	$46.50
Oct. - Dec.	2021	Costless Collar	26,663	WTI	$—	$—	$38.69	$53.80
July - Dec.	2021	Costless Collar	5,000	Argus WTI Houston	$—	$—	$45.00	$68.33
Apr. - June	2021	Costless Collar	82,000	Brent	$—	$—	$39.40	$48.84
July - Sep.	2021	Costless Collar	62,000	Brent	$—	$—	$39.61	$48.42
Oct. - Dec.	2021	Costless Collar	64,000	Brent	$—	$—	$39.78	$48.90
Jan. - June	2022	Swap	1,000	WTI	$—	$45.00	$—	$—
Jan. - Dec.	2022	Basis Swap(1)	10,000	Argus WTI Midland	$0.84	$—	$—	$—
Jan. - Mar.	2022	Costless Collar	2,000	Argus WTI Houston	$—	$—	$45.00	$67.50
Jan. - Mar.	2022	Costless Collar	12,000	WTI	$—	$—	$45.00	$68.00
Apr. - June	2022	Costless Collar	6,000	WTI	$—	$—	$45.00	$68.75
Jan. - Mar.	2022	Costless Collar	34,000	Brent	$—	$—	$45.00	$67.54
Apr. - June	2022	Costless Collar	9,000	Brent	$—	$—	$45.00	$75.07
NATURAL GAS
Apr. - Dec.	2021	Swap	245,000	Henry Hub	$—	$2.65	$—	$—
Apr. - Dec.	2021	Swap	50,000	Waha Hub	$—	$1.92	$—	$—
Apr. - Dec.	2021	Basis Swap(1)	250,000	Waha Hub	$(0.66)	$—	$—	$—
Jan. - Dec.	2022	Basis Swap(1)	190,000	Waha Hub	$(0.36)	$—	$—	$—

NATURAL GAS LIQUIDS
Apr. - Dec.	2021	Swap	2,000	Mont Belvieu Propane	$—	$29.40	$—	$—

Settlement Month

Settlement Year

Type of Contract

Bbls/Mcf Per Day

Index

Put Price

OIL

Jan. - Dec.

2022

Short Put

5,000

Brent

$35.00

The following table presents the derivative contracts entered into by the Company between April 1, 2021 and April 30, 2021.


					Swaps	Collars
Settlement Month	Settlement Year	Type of Contract	Bbls/MMBtu Per Day	Index	Weighted Average Differential		Weighted Average Floor Price	Weighted Average Ceiling Price
OIL
Jan. - June	2022	Costless Collar	14,000	Argus WTI Houston	$—		$45.00	$69.98
Jan. - June	2022	Costless Collar	10,000	Brent	$—		$45.00	$74.82

NATURAL GAS
Jan. - Dec.	2022	Basis Swap	20,000	Waha Hub	$(0.23)		$—	$—

Summary of derivative contract gains and losses included in the consolidated statements of operations

The following table summarizes the gains and losses on derivative instruments included in the condensed consolidated statements of operations:


	Three Months Ended March 31,
	2021		2020
	(In millions)
Gain (loss) on derivative instruments, net
Commodity contracts	$	(294)	$	604
Interest rate swaps	130		(62)
Total	$	(164)	$	542

Net cash received (paid) on settlements
Commodity contracts	$	(182)	$	87
Interest rate swaps(1)	80		—
Total	$	(102)	$	87

(1)The three months ended March 31, 2021 include cash received on contracts terminated prior to their contractual maturity of $80 million.

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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Fair value measurement information for financial instruments measured on a recurring basis

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]


	As of March 31, 2021
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Current:

Derivative Instruments	$	—	$	33	$	—	$	33	$	(33)	$	—

Non-current:

Derivative Instruments	$	—	$	8	$	—	$	8	$	(4)	$	4

Liabilities:
Current:
Derivative Instruments	$	—	$	637	$	—	$	637	$	(33)	$	604

Non-current:
Derivative Instruments	$	—	$	12	$	—	$	12	$	(4)	$	8


	As of December 31, 2020
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Current:

Derivative Instruments	$	—	$	43	$	—	$	43	$	(42)	$	1

Non-current:

Derivative Instruments	$	—	$	187	$	—	$	187	$	(187)	$	—

Liabilities:
Current:
Derivative Instruments	$	—	$	291	$	—	$	291	$	(42)	$	249

Non-current:
Derivative Instruments	$	—	$	244	$	—	$	244	$	(187)	$	57

Offsetting Assets


	As of March 31, 2021
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Current:

Derivative Instruments	$	—	$	33	$	—	$	33	$	(33)	$	—

Non-current:

Derivative Instruments	$	—	$	8	$	—	$	8	$	(4)	$	4

Liabilities:
Current:
Derivative Instruments	$	—	$	637	$	—	$	637	$	(33)	$	604

Non-current:
Derivative Instruments	$	—	$	12	$	—	$	12	$	(4)	$	8


	As of December 31, 2020
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Current:

Derivative Instruments	$	—	$	43	$	—	$	43	$	(42)	$	1

Non-current:

Derivative Instruments	$	—	$	187	$	—	$	187	$	(187)	$	—

Liabilities:
Current:
Derivative Instruments	$	—	$	291	$	—	$	291	$	(42)	$	249

Non-current:
Derivative Instruments	$	—	$	244	$	—	$	244	$	(187)	$	57

Offsetting Liabilities


	As of March 31, 2021
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Current:

Derivative Instruments	$	—	$	33	$	—	$	33	$	(33)	$	—

Non-current:

Derivative Instruments	$	—	$	8	$	—	$	8	$	(4)	$	4

Liabilities:
Current:
Derivative Instruments	$	—	$	637	$	—	$	637	$	(33)	$	604

Non-current:
Derivative Instruments	$	—	$	12	$	—	$	12	$	(4)	$	8


	As of December 31, 2020
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Current:

Derivative Instruments	$	—	$	43	$	—	$	43	$	(42)	$	1

Non-current:

Derivative Instruments	$	—	$	187	$	—	$	187	$	(187)	$	—

Liabilities:
Current:
Derivative Instruments	$	—	$	291	$	—	$	291	$	(42)	$	249

Non-current:
Derivative Instruments	$	—	$	244	$	—	$	244	$	(187)	$	57

Fair value measurement information for financial instruments measured on a nonrecurring basis

The following table provides the fair value of financial instruments that are not recorded at fair value in the condensed consolidated balance sheets:


	March 31, 2021				December 31, 2020
	Carrying				Carrying
	Value(1)		Fair Value		Value(1)		Fair Value
	(In millions)
Debt:
Revolving credit facility	$	52	$	52	$	23	$	23
4.625% Notes due 2021	$	191	$	192	$	191	$	193
5.375% Senior Notes due 2022(2)	$	26	$	26	$	—	$	—
7.320% Medium-term Notes, Series A, due 2022	$	21	$	21	$	21	$	22
0.900% Senior Notes due 2023	$	647	$	651	$	—	$	—
5.250% Senior Notes due 2023(2)	$	11	$	11	$	—	$	—
2.875% Senior Notes due 2024	$	993	$	1,058	$	993	$	1,053
4.750% Senior Notes due 2025	$	497	$	558	$	496	$	565
5.375% Senior Notes due 2025	$	432	$	447	$	799	$	824
3.250% Senior Notes due 2026	$	793	$	841	$	793	$	857
5.625% Senior Notes due 2026(2)	$	20	$	21	$	—	$	—

7.125% Medium-term Notes, Series B, due 2028	$	107	$	120	$	107	$	119
3.500% Senior Notes due 2029	$	1,188	$	1,249	$	1,187	$	1,286
3.125% Senior Notes due 2031	$	889	$	901	$	—	$	—
4.400% Senior Notes due 2051	$	640	$	666	$	—	$	—
Viper revolving credit facility	$	57	$	57	$	84	$	84
Viper's 5.375% Senior Notes due 2027	$	472	$	501	$	472	$	501
Rattler revolving credit facility	$	54	$	54	$	79	$	79
Rattler’s 5.625% Senior Notes due 2025	$	491	$	522	$	491	$	528
DrillCo Agreement	$	75	$	75	$	79	$	79

(1)The carrying value includes associated deferred loan costs and any remaining discount or premium, if any.

SUBSEQUENT EVENTS (Tables)

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Schedule of derivative contracts by Company subsequent aggregating weighted average contract

As of March 31, 2021, the Company had the following outstanding derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed.


					Swaps		Collars
Settlement Month	Settlement Year	Type of Contract	Bbls/MMBtu Per Day	Index	Weighted Average Differential	Weighted Average Fixed Price	Weighted Average Floor Price	Weighted Average Ceiling Price
OIL
Apr. - June	2021	Swap	43,341	WTI	$—	$44.60	$—	$—
July - Sep.	2021	Swap	38,348	WTI	$—	$42.82	$—	$—
Oct. - Dec.	2021	Swap	30,674	WTI	$—	$42.36	$—	$—
Apr. - Dec.	2021	Swap	5,000	Argus WTI Houston	$—	$37.78	$—	$—
Apr. - Dec.	2021	Swap	5,000	Brent	$—	$41.62	$—	$—
Apr. - June	2021	Basis Swap(1)	39,000	Argus WTI Midland	$0.83	$—	$—	$—
July - Dec.	2021	Basis Swap(1)	34,000	Argus WTI Midland	$0.91	$—	$—	$—
July - Dec.	2021	Swaption	5,000	Brent	$—	$51.00	$—	$—
Apr. - June	2021	Roll Swap(2)(3)	46,000	WTI	$0.16	$—	$—	$—
July - Dec.	2021	Roll Swap(2)(3)	34,000	WTI	$0.24	$—	$—	$—
Apr. - June	2021	Costless Collar	20,670	WTI	$—	$—	$35.78	$47.08
July - Sep.	2021	Costless Collar	17,685	WTI	$—	$—	$35.27	$46.50
Oct. - Dec.	2021	Costless Collar	26,663	WTI	$—	$—	$38.69	$53.80
July - Dec.	2021	Costless Collar	5,000	Argus WTI Houston	$—	$—	$45.00	$68.33
Apr. - June	2021	Costless Collar	82,000	Brent	$—	$—	$39.40	$48.84
July - Sep.	2021	Costless Collar	62,000	Brent	$—	$—	$39.61	$48.42
Oct. - Dec.	2021	Costless Collar	64,000	Brent	$—	$—	$39.78	$48.90
Jan. - June	2022	Swap	1,000	WTI	$—	$45.00	$—	$—
Jan. - Dec.	2022	Basis Swap(1)	10,000	Argus WTI Midland	$0.84	$—	$—	$—
Jan. - Mar.	2022	Costless Collar	2,000	Argus WTI Houston	$—	$—	$45.00	$67.50
Jan. - Mar.	2022	Costless Collar	12,000	WTI	$—	$—	$45.00	$68.00
Apr. - June	2022	Costless Collar	6,000	WTI	$—	$—	$45.00	$68.75
Jan. - Mar.	2022	Costless Collar	34,000	Brent	$—	$—	$45.00	$67.54
Apr. - June	2022	Costless Collar	9,000	Brent	$—	$—	$45.00	$75.07
NATURAL GAS
Apr. - Dec.	2021	Swap	245,000	Henry Hub	$—	$2.65	$—	$—
Apr. - Dec.	2021	Swap	50,000	Waha Hub	$—	$1.92	$—	$—
Apr. - Dec.	2021	Basis Swap(1)	250,000	Waha Hub	$(0.66)	$—	$—	$—
Jan. - Dec.	2022	Basis Swap(1)	190,000	Waha Hub	$(0.36)	$—	$—	$—

NATURAL GAS LIQUIDS
Apr. - Dec.	2021	Swap	2,000	Mont Belvieu Propane	$—	$29.40	$—	$—

Settlement Month

Settlement Year

Type of Contract

Bbls/Mcf Per Day

Index

Put Price

OIL

Jan. - Dec.

2022

Short Put

5,000

Brent

$35.00

The following table presents the derivative contracts entered into by the Company between April 1, 2021 and April 30, 2021.


					Swaps	Collars
Settlement Month	Settlement Year	Type of Contract	Bbls/MMBtu Per Day	Index	Weighted Average Differential		Weighted Average Floor Price	Weighted Average Ceiling Price
OIL
Jan. - June	2022	Costless Collar	14,000	Argus WTI Houston	$—		$45.00	$69.98
Jan. - June	2022	Costless Collar	10,000	Brent	$—		$45.00	$74.82

NATURAL GAS
Jan. - Dec.	2022	Basis Swap	20,000	Waha Hub	$(0.23)		$—	$—

Results of the company business segments

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

The following tables summarize the results of the Company’s operating segments during the periods presented:


	Upstream		Midstream Operations		Eliminations		Total
Three Months Ended March 31, 2021:	(In millions)
Third-party revenues	$	1,172	$	12	$	—	$	1,184
Intersegment revenues	—		87		(87)		—
Total revenues	1,172		99		(87)		1,184

Depreciation, depletion, amortization and accretion	262		11		—		273

Impairment of midstream assets	—		3		—		3
Income (loss) from operations	552		38		(19)		571
Interest expense, net	(49)		(7)		—		(56)
Other income (expense)	(222)		(3)		(2)		(227)
Provision for (benefit from) income taxes	63		2		—		65
Net income (loss) attributable to non-controlling interest	(3)		6		—		3
Net income (loss) attributable to Diamondback Energy, Inc.	221		20		(21)		220
As of March 31, 2021:
Total assets	$	20,566	$	1,769	$	(339)	$	21,996


	Upstream		Midstream Operations		Eliminations		Total
Three Months Ended March 31, 2020:	(In millions)
Third-party revenues	$	883	$	16	$	—	$	899
Intersegment revenues	—		113		(113)		—
Total revenues	883		129		(113)		899

Depreciation, depletion, amortization and accretion	396		13		—		409
Impairment of oil and natural gas properties	1,009		—		—		1,009
Income (loss) from operations	(782)		61		(81)		(802)
Interest expense, net	(45)		(3)		—		(48)
Other income (expense)	534		—		(1)		533
Provision for (benefit from) income taxes	79		4		—		83
Net income (loss) attributable to non-controlling interest	(128)		41		(41)		(128)
Net income (loss) attributable to Diamondback Energy, Inc.	(244)		13		(41)		(272)
As of December 31, 2020:
Total assets	$	16,128	$	1,809	$	(318)	$	17,619

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details)	Mar. 31, 2021
Viper Energy Partners LP
Noncontrolling Interest [Line Items]
Ownership percentage	59.00%
Rattler MIdstream LP
Noncontrolling Interest [Line Items]
Ownership percentage	72.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions

Mar. 31, 2021

Dec. 31, 2020

Mar. 31, 2020

Dec. 31, 2019

Accounting Policies [Abstract]

Cash and cash equivalents

$ 121

$ 104

$ 149

Restricted cash

Funds held in escrow

Total cash, cash equivalents and restricted cash

$ 174

^[1]

$ 108

$ 155

^[1]

$ 128

[1]	(1) See Note 2—Summary of Significant Accounting Policies

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 1,172	$ 883
Midland Basin
Disaggregation of Revenue [Line Items]
Revenue	685	504
Delaware Basin
Disaggregation of Revenue [Line Items]
Revenue	466	376
Other
Disaggregation of Revenue [Line Items]
Revenue	21	3
Oil sales
Disaggregation of Revenue [Line Items]
Revenue	944	827
Oil sales \| Midland Basin
Disaggregation of Revenue [Line Items]
Revenue	569	473
Oil sales \| Delaware Basin
Disaggregation of Revenue [Line Items]
Revenue	358	351
Oil sales \| Other
Disaggregation of Revenue [Line Items]
Revenue	17	3
Natural gas sales
Disaggregation of Revenue [Line Items]
Revenue	104	4
Natural gas sales \| Midland Basin
Disaggregation of Revenue [Line Items]
Revenue	41	2
Natural gas sales \| Delaware Basin
Disaggregation of Revenue [Line Items]
Revenue	61	2
Natural gas sales \| Other
Disaggregation of Revenue [Line Items]
Revenue	2	0
Natural gas liquid sales
Disaggregation of Revenue [Line Items]
Revenue	124	52
Natural gas liquid sales \| Midland Basin
Disaggregation of Revenue [Line Items]
Revenue	75	29
Natural gas liquid sales \| Delaware Basin
Disaggregation of Revenue [Line Items]
Revenue	47	23
Natural gas liquid sales \| Other
Disaggregation of Revenue [Line Items]
Revenue	$ 2	$ 0

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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ACQUISITIONS - Narrative (Details) $ in Millions			1 Months Ended	3 Months Ended
ACQUISITIONS - Narrative (Details) $ in Millions	Mar. 31, 2021 USD ($)	Dec. 21, 2020 USD ($) a well shares	Mar. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)	Mar. 17, 2021 USD ($) a shares
Guidon Operating LLC
Business Acquisition [Line Items]
Number of shares issued (in shares) \| shares		10,676,000
Cash consideration		$ 375
Number of additional wells \| well		210
Revenues			$ 28
Proved properties			537
Unproved properties			573
Direct operating expenses			$ 12
Guidon Operating LLC \| Northern Midland Basin
Business Acquisition [Line Items]
Area of land (in acre) \| a		32,500
QEP Resources Inc
Business Acquisition [Line Items]
Number of shares issued (in shares) \| shares		12,120,000
Total Tier One acres (in acre) \| a					49,000
Revenues	$ 54
Proved properties	2,300
Unproved properties	444
Direct operating expenses	$ 31
Exchange ratio (in shares) \| shares					0.050
Remaining debt					$ 1,600
Acquisition related costs				$ 75
Acquisition related costs, incurred by QEP				$ 31

ACQUISITIONS - Schedule of Acquisition Consideration Paid (Details) - Guidon Operating LLC $ / shares in Units, shares in Thousands, $ in Millions	Dec. 21, 2020 USD ($) $ / shares shares
Schedule of Asset Acquisition [Line Items]
Shares of Diamondback common stock issued at closing (shares) \| shares	10,676
Closing price per share of Diamondback common stock on the closing date (USD per share) \| $ / shares	$ 69.28
Fair value of Diamondback common stock issued	$ 740
Cash consideration	375
Total consideration	1,115
Oil and gas properties	$ 1,110

ACQUISITIONS - Schedule of Purchase Price Allocation (Details) - Guidon Operating LLC $ in Millions	Dec. 21, 2020 USD ($)
Schedule of Asset Acquisition [Line Items]
Total consideration	$ 1,115
Asset retirement obligations	9
Oil and gas properties	1,110
Midstream assets	14
Amount attributable to assets acquired	1,124
Net assets acquired and liabilities assumed	$ 1,115

ACQUISITIONS - Schedule Of Acquisition Consideration Paid (Details) $ / shares in Units, $ in Millions	Mar. 17, 2021 USD ($) $ / shares shares
Business Acquisition [Line Items]
Eligible shares of QEP common stock to be converted into shares of Diamondback common stock (in shares)	238,153,000
Shares of QEP equity awards included in precombination consideration (in shares)	4,221,000
Total shares of QEP common stock eligible for merger consideration (in shares)	242,374,000
Additional shares of Diamondback common stock to be issued as merger consideration (in shares)	12,119,000
Business acquisition, share price (in USD per share) \| $ / shares	$ 81.41
QEP Resources Inc
Business Acquisition [Line Items]
Exchange ratio (in shares)	0.050
Business combination, total consideration \| $	$ 987

ACQUISITIONS - Schedule of Preliminary Purchase Price Allocation (Details) - QEP Resources Inc $ in Millions	Mar. 17, 2021 USD ($)
Business Combination, Consideration Transferred [Abstract]
Total consideration	$ 987
Fair value of liabilities assumed:
Accounts payable - trade	26
Accrued capital expenditures	38
Other accrued liabilities	108
Revenues and royalties payable	67
Derivative instruments	242
Long-term debt	1,710
Asset retirement obligations	54
Other long-term liabilities	47
Amount attributable to liabilities assumed	2,292
Fair value of assets acquired:
Cash, cash equivalents and restricted cash	22
Accounts receivable - joint interest and other, net	87
Accounts receivable - oil and natural gas sales, net	44
Inventories	18
Income tax receivable	33
Prepaid expenses and other current assets	7
Oil and natural gas properties	2,938
Other property, equipment and land	9
Deferred income taxes	15
Other assets	106
Amount attributable to assets acquired	3,279
Net assets acquired and liabilities assumed	$ 987

ACQUISITIONS - Business Acquisition, Pro Forma Information (Details) - QEP Resources Inc - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Business Acquisition [Line Items]
Revenues	$ 1,481	$ 1,190
Income (loss) from operations	684	(822)
Net income (loss)	$ 146	$ 58
Basic earnings per common share (in USD per share)	$ 0.81	$ 0.32
Diluted earnings per common share (in USD per share)	$ 0.80	$ 0.32

REAL ESTATE ASSETS (Details) - USD ($) $ in Millions	3 Months Ended
REAL ESTATE ASSETS (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Real Estate [Line Items]
Buildings	$ 104	$ 102
Tenant improvements	5	5
Land	2	2
Land improvements	1	1
Total real estate assets	112	110
Less: accumulated depreciation	(15)	(13)
Total investment in land and buildings, net	$ 97	$ 97
Buildings \| Minimum
Real Estate [Line Items]
Real estate assets, estimated useful lives	20 years
Buildings \| Maximum
Real Estate [Line Items]
Real estate assets, estimated useful lives	30 years
Tenant improvements
Real Estate [Line Items]
Real estate assets, estimated useful lives	15 years
Land improvements
Real Estate [Line Items]
Real estate assets, estimated useful lives	15 years

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Oil and natural gas properties:
Not subject to depletion	$ 8,430	$ 7,493
Gross oil and natural gas properties	31,765	27,377
Accumulated depletion and depreciation	(12,583)	(12,314)
Midstream assets	1,018	1,013
Other property, equipment and land	152	138
Property and equipment, net	20,352	16,214
Oil and Natural Gas
Oil and natural gas properties:
Subject to depletion	23,335	19,884
Not subject to depletion	8,430	7,493
Gross oil and natural gas properties	31,765	27,377
Accumulated depletion and depreciation	(4,493)	(4,237)
Accumulated impairment	(7,954)	(7,954)
Oil and natural gas properties, net	19,318	15,186
Other Property and Equipment, Net
Oil and natural gas properties:
Accumulated depletion and depreciation	(136)	(123)
Other property, equipment and land	$ 152	$ 138

PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Business Acquisition [Line Items]
Impairment of oil and natural gas properties	$ 0	$ 1,009
Guidon Operating LLC And QEP Resources
Business Acquisition [Line Items]
Impairment of oil and natural gas properties	0
Impairment without SEC waiver	1,100
QEP Resources Inc
Business Acquisition [Line Items]
Unamortized costs	3,000
Guidon Operating LLC
Business Acquisition [Line Items]
Unamortized costs	$ 1,100

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations, beginning of period	$ 109	$ 94
Additional liabilities incurred	2	4
Liabilities acquired	63	0
Liabilities settled and divested	(1)	0
Accretion expense	2	2
Revisions in estimated liabilities	20	0
Asset retirement obligations, end of period	195	100
Less current portion	5	1
Asset retirement obligations - long-term	$ 190	$ 99	$ 108

EQUITY METHOD INVESTMENTS - Carrying Values of Rattler’s Equity Method Investments (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Dec. 20, 2019	Oct. 01, 2019	Jul. 30, 2019	Feb. 15, 2019	Feb. 01, 2019
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 525	$ 533
Rattler LLC
Schedule of Equity Method Investments [Line Items]
Equity method investments	525	533
EPIC Crude Holdings, LP \| Rattler LLC
Schedule of Equity Method Investments [Line Items]
Equity method interest investment ownership percentage							10.00%
Equity method investments	116	121
Gray Oak Pipeline, LLC \| Rattler LLC
Schedule of Equity Method Investments [Line Items]
Equity method interest investment ownership percentage						10.00%
Equity method investments	127	130
Wink to Webster Pipeline LLC(1) \| Rattler LLC
Schedule of Equity Method Investments [Line Items]
Equity method interest investment ownership percentage					4.00%
Equity method investments	86	83
OMOG JV LLC \| Rattler LLC
Schedule of Equity Method Investments [Line Items]
Equity method interest investment ownership percentage				60.00%
Equity method investments	191	194
Amarillo Rattler, LLC(2) \| Rattler LLC
Schedule of Equity Method Investments [Line Items]
Equity method interest investment ownership percentage			50.00%
Equity method investments	$ 5	$ 5

EQUITY METHOD INVESTMENTS - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Rattler LLC
Schedule of Equity Method Investments [Line Items]
Impairments in equity method investments	$ 0	$ 0

DEBT - Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 24, 2021	Mar. 17, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt, gross	$ 7,656			$ 5,815
Unamortized debt issuance costs	(42)			(29)
Unamortized discount costs	(31)			(27)
Unamortized premium costs	15			15
Current maturities of long-term debt	(191)			(191)
Total debt, net	7,465			5,624
4.625% Notes due 2021
Debt Instrument [Line Items]
Long-term debt, gross	$ 191			191
Debt instrument stated interest rate	4.625%
5.375% Senior Notes due 2022(1)
Debt Instrument [Line Items]
Long-term debt, gross	$ 25			0
Debt instrument stated interest rate	5.375%		5.375%
7.320% Medium-term Notes, Series A, due 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 20			20
Debt instrument stated interest rate	7.32%
0.900% Senior Notes due 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 650			0
Debt instrument stated interest rate	0.90%	0.90%
5.250% Senior Notes due 2023(1)
Debt Instrument [Line Items]
Long-term debt, gross	$ 10			0
Debt instrument stated interest rate	5.25%		5.25%
2.875% Senior Notes due 2024
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,000			1,000
Debt instrument stated interest rate	2.875%
4.750% Senior Notes due 2025
Debt Instrument [Line Items]
Long-term debt, gross	$ 500			500
Debt instrument stated interest rate	4.75%
5.375% Senior Notes due 2025
Debt Instrument [Line Items]
Long-term debt, gross	$ 432			800
Debt instrument stated interest rate	5.375%
3.250% Senior Notes due 2026
Debt Instrument [Line Items]
Long-term debt, gross	$ 800			800
Debt instrument stated interest rate	3.25%
5.625% Senior Notes due 2026(1)
Debt Instrument [Line Items]
Long-term debt, gross	$ 18			0
Debt instrument stated interest rate	5.625%		5.625%
7.125% Medium-term Notes, Series B, due 2028
Debt Instrument [Line Items]
Long-term debt, gross	$ 100			100
Debt instrument stated interest rate	7.125%
3.500% Senior Notes due 2029
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,200			1,200
Debt instrument stated interest rate	3.50%
3.125% Senior Notes due 2031
Debt Instrument [Line Items]
Long-term debt, gross	$ 900			0
Debt instrument stated interest rate	3.125%	3.125%
4.400% Senior Notes due 2051
Debt Instrument [Line Items]
Long-term debt, gross	$ 650			0
Debt instrument stated interest rate	4.40%	4.40%
DrillCo Agreement
Debt Instrument [Line Items]
Long-term debt, gross	$ 75			79
Company revolving credit facility
Debt Instrument [Line Items]
Long-term debt, gross	52			23
Viper revolving credit facility \| Viper Energy Partners LP
Debt Instrument [Line Items]
Long-term debt, gross	$ 57			84
Viper 5.375% Senior Notes due 2027
Debt Instrument [Line Items]
Debt instrument stated interest rate	5.375%
Viper 5.375% Senior Notes due 2027 \| Viper Energy Partners LP
Debt Instrument [Line Items]
Long-term debt, gross	$ 480			480
Rattler revolving credit facility \| Rattler LLC
Debt Instrument [Line Items]
Long-term debt, gross	$ 54			79
Rattler 5.625% Senior Notes due 2025
Debt Instrument [Line Items]
Debt instrument stated interest rate	5.625%
Rattler 5.625% Senior Notes due 2025 \| Rattler LLC
Debt Instrument [Line Items]
Long-term debt, gross	$ 500			$ 500

DEBT - Second Amended and Restated Credit Facility (Details)	3 Months Ended
	Mar. 31, 2021 USD ($) letter	Mar. 31, 2020	Dec. 31, 2020 USD ($)
Line of Credit Facility [Line Items]
Outstanding borrowings	$ 7,656,000,000		$ 5,815,000,000
Revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	2,000,000,000
Outstanding borrowings	52,000,000		$ 23,000,000
Remaining borrowing capacity	$ 1,900,000,000
Number of letters of credit outstanding \| letter	3,000,000
Weighted average rate	1.65%	3.02%

DEBT - March 2021 Notes Offering (Details) - USD ($)	Mar. 24, 2021	Mar. 31, 2021	Mar. 17, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Issuance costs and discount		$ 31,000,000		$ 27,000,000
March 2021 Notes
Debt Instrument [Line Items]
Issuance costs and discount			$ 24,000,000
Proceeds from debt, net	$ 2,180,000,000
Debt, redemption price, percentage	100.00%
Debt, redemption price, percentage upon change of control triggering event	101.00%
0.900% Senior Notes due 2023
Debt Instrument [Line Items]
Aggregate principal amount	$ 650,000,000
Debt instrument stated interest rate	0.90%	0.90%
3.125% Senior Notes due 2031
Debt Instrument [Line Items]
Aggregate principal amount	$ 900,000,000
Debt instrument stated interest rate	3.125%	3.125%
4.400% Senior Notes due 2051
Debt Instrument [Line Items]
Aggregate principal amount	$ 650,000,000
Debt instrument stated interest rate	4.40%	4.40%

DEBT - QEP Notes and Repurchases of Notes (Details) - USD ($)		1 Months Ended	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2021	Mar. 31, 2021	Mar. 31, 2020	Mar. 17, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Outstanding borrowings	$ 7,656,000,000	$ 7,656,000,000	$ 7,656,000,000			$ 5,815,000,000
Repurchase of debt			1,916,000,000	$ 0
Loss on extinguishment of debt			61,000,000	$ 0
QEP Notes
Debt Instrument [Line Items]
Outstanding borrowings	1,650,000,000	$ 1,650,000,000	1,650,000,000
Repurchase of debt	$ 1,700,000,000
Loss on extinguishment of debt			$ 47,000,000
5.375% Senior Notes due 2022(1)
Debt Instrument [Line Items]
Aggregate principal amount					$ 478,000,000
Debt instrument stated interest rate	5.375%	5.375%	5.375%		5.375%
Outstanding borrowings	$ 25,000,000	$ 25,000,000	$ 25,000,000			0
Debt, fair value	$ 453,000,000	$ 453,000,000	$ 453,000,000
Effective percentage	94.65%	94.65%	94.65%
5.250% Senior Notes due 2023(1)
Debt Instrument [Line Items]
Aggregate principal amount					$ 673,000,000
Debt instrument stated interest rate	5.25%	5.25%	5.25%		5.25%
Outstanding borrowings	$ 10,000,000	$ 10,000,000	$ 10,000,000			0
Debt, fair value	$ 663,000,000	$ 663,000,000	$ 663,000,000
Effective percentage	98.43%	98.43%	98.43%
5.625% Senior Notes due 2026(1)
Debt Instrument [Line Items]
Aggregate principal amount					$ 558,000,000
Debt instrument stated interest rate	5.625%	5.625%	5.625%		5.625%
Outstanding borrowings	$ 18,000,000	$ 18,000,000	$ 18,000,000			0
Debt, fair value	$ 538,000,000	$ 538,000,000	$ 538,000,000
Effective percentage	96.35%	96.35%	96.35%
5.375% Senior Notes due 2025
Debt Instrument [Line Items]
Debt instrument stated interest rate	5.375%	5.375%	5.375%
Outstanding borrowings	$ 432,000,000	$ 432,000,000	$ 432,000,000			$ 800,000,000
Repurchase of debt		381,000,000
Loss on extinguishment of debt		14,000,000
Repurchased principal amount	$ 368,000,000	$ 368,000,000	$ 368,000,000
Percentage of outstanding debt	45.97%	45.97%	45.97%

DEBT - Viper’s Credit Agreement (Details) - USD ($)	3 Months Ended
DEBT - Viper’s Credit Agreement (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Line of Credit Facility [Line Items]
Outstanding borrowings	$ 7,656,000,000		$ 5,815,000,000
Viper revolving credit facility \| Viper Energy Partners LP
Line of Credit Facility [Line Items]
Maximum borrowing capacity	2,000,000,000
Current borrowing capacity	580,000,000
Outstanding borrowings	57,000,000		$ 84,000,000
Remaining borrowing capacity	$ 523,000,000
Weighted average rate	1.88%	3.32%

DEBT - Rattler's Credit Agreement (Details) - USD ($)	3 Months Ended
DEBT - Rattler's Credit Agreement (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Line of Credit Facility [Line Items]
Outstanding borrowings	$ 7,656,000,000		$ 5,815,000,000
Rattler revolving credit facility \| Rattler LLC
Line of Credit Facility [Line Items]
Maximum borrowing capacity	600,000,000
Expandable amount	1,000,000,000
Outstanding borrowings	54,000,000		$ 79,000,000
Remaining borrowing capacity	$ 546,000,000
Weighted average rate	1.40%	2.79%

CAPITAL STOCK AND EARNINGS PER SHARE - Narrative (Details) - shares	Mar. 17, 2021	Dec. 21, 2020
Business Acquisition [Line Items]
Number of shares to be issued in acquisition (in shares)	242,374,000
Guidon Operating LLC
Business Acquisition [Line Items]
Number of shares issued (in shares)		10,676,000
QEP Resources Inc
Business Acquisition [Line Items]
Number of shares issued (in shares)		12,120,000

CAPITAL STOCK AND EARNINGS PER SHARE - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Basic:
Net income (loss) attributable to common stock	$ 220	$ (272)
Basic weighted average common units outstanding (in shares)	164,169	158,291
Effect of dilutive securities:
Potential common shares issuable (in shares)	757	203
Diluted:
Diluted weighted average common shares outstanding (in shares)	164,926	158,494
Basic net income attributable to common stock (in USD per share)	$ 1.34	$ (1.72)
Diluted net income attributable to common stock (in USD per share)	$ 1.33	$ (1.72)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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CAPITAL STOCK AND EARNINGS PER SHARE - Change in Ownership of Consolidated Subsidiaries (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income (loss) attributable to the Company	$ 220	$ (272)
Change in ownership of consolidated subsidiaries, net	0
Limited Partner
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income (loss) attributable to the Company	220	(272)
Change in ownership of consolidated subsidiaries, net	(4)	0
Change from net income (loss) attributable to the Company's stockholders and transfers to non-controlling interest	$ 216	$ (272)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.