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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-35700
 
Diamondback Energy, Inc.
(Exact Name of Registrant As Specified in Its Charter)
DE
45-4502447
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification Number)
500 West Texas Ave.
Suite 100
Midland, TX
79701
(Address of principal executive offices)(Zip code)
(432) 221-7400
(Registrant’s telephone number, including area code)
 Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockFANGThe Nasdaq Stock Market LLC
(NASDAQ Global Select Market)

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

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

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

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

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

As of November 4, 2022, the registrant had 175,998,577 shares of common stock outstanding.



DIAMONDBACK ENERGY, INC.
FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2022
TABLE OF CONTENTS
Page


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Table of Contents
GLOSSARY OF OIL AND NATURAL GAS TERMS
The following is a glossary of certain oil and natural gas industry terms that are used in this Quarterly Report on Form 10-Q (this “report”):
BasinA large depression on the earth’s surface in which sediments accumulate.
Bbl or barrelOne stock tank barrel, or 42 U.S. gallons liquid volume, used in this report in reference to crude oil or other liquid hydrocarbons.
BOOne barrel of crude oil.
BO/dOne BO per day.
BOEOne barrel of oil equivalent, with six thousand cubic feet of natural gas being equivalent to one barrel of oil.
BOE/dBOE per day.
British Thermal Unit or BtuThe quantity of heat required to raise the temperature of one pound of water by one degree Fahrenheit.
CompletionThe process of treating a drilled well followed by the installation of permanent equipment for the production of natural gas or oil, or in the case of a dry hole, the reporting of abandonment to the appropriate agency.
Gross acres or gross wellsThe total acres or wells, as the case may be, in which a working interest is owned.
Horizontal wellsWells drilled directionally horizontal to allow for development of structures not reachable through traditional vertical drilling mechanisms.
MBblOne thousand barrels of crude oil and other liquid hydrocarbons.
MBOEOne thousand BOE.
MBOE/dOne thousand BOE per day.
McfOne thousand cubic feet of natural gas.
Mineral interestsThe interests in ownership of the resource and mineral rights, giving an owner the right to profit from the extracted resources.
MMBtuOne million British Thermal Units.
MMcfMillion cubic feet of natural gas.
Net acres or net wellsThe sum of the fractional working interest owned in gross acres.
Oil and natural gas propertiesTracts of land consisting of properties to be developed for oil and natural gas resource extraction.
ProspectA specific geographic area which, based on supporting geological, geophysical or other data and also preliminary economic analysis using reasonably anticipated prices and costs, is deemed to have potential for the discovery of commercial hydrocarbons.
Proved reservesThe estimated quantities of oil, natural gas and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be commercially recoverable in future years from known reservoirs under existing economic and operating conditions.
ReservesThe estimated remaining quantities of oil and natural gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means of delivering oil and natural gas or related substances to the market and all permits and financing required to implement the project. Reserves are not assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non-productive reservoir (i.e., absence of reservoir, structurally low reservoir or negative test results). Such areas may contain prospective resources (i.e., potentially recoverable resources from undiscovered accumulations).
ReservoirA porous and permeable underground formation containing a natural accumulation of producible natural gas and/or crude oil that is confined by impermeable rock or water barriers and is separate from other reservoirs.
Royalty interestAn interest that gives an owner the right to receive a portion of the resources or revenues without having to carry any costs of development, which may be subject to expiration.
Working interestAn operating interest that gives the owner the right to drill, produce and conduct operating activities on the property and receive a share of production and requires the owner to pay a share of the costs of drilling and production operations.
WTIWest Texas Intermediate.
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GLOSSARY OF CERTAIN OTHER TERMS
The following is a glossary of certain other terms that are used in this report:
ASCAccounting Standards Codification.
ASUAccounting Standards Update.
December 2019 NotesThe Company’s 3.250% senior unsecured notes due 2026 and the Company’s 3.500% senior unsecured notes due 2029 issued under the IG Indenture and the related first supplemental indenture.
Equity PlanThe Company’s 2021 Amended and Restated Equity Incentive Plan.
Exchange ActThe Securities Exchange Act of 1934, as amended.
FASBFinancial Accounting Standards Board.
GAAPAccounting principles generally accepted in the United States.
IG IndentureThe indenture, dated as of December 5, 2019, among the Company, the subsidiary guarantors party thereto and Wells Fargo, as the trustee, as supplemented by the supplemental indentures relating to the outstanding December 2019 Notes (defined above), the March 2021 Notes (defined below) and the March 2022 Notes (defined below).
LIBORThe London interbank offered rate.
March 2021 NotesThe Company’s 0.900% Senior Notes due 2023, the Company’s 3.125% Senior Notes due 2031 and the Company’s 4.400% Senior Notes due 2051 issued under the IG Indenture and the related third supplemental indenture.
March 2022 NotesThe Company’s 4.250% Senior Notes due 2052, issued under the IG Indenture and the related third supplemental indenture.
NYMEXNew York Mercantile Exchange.
OPECOrganization of the Petroleum Exporting Countries.
Rattler LLCRattler Midstream Operating LLC, a Delaware limited liability company and a subsidiary of Rattler.
SECUnited States Securities and Exchange Commission.
Senior NotesThe outstanding December 2019 Notes, the March 2021 Notes and the March 2022 Notes.
SOFRThe secured overnight financing rate.
TSRTotal stockholder return of the Company’s common stock.
ViperViper Energy Partners LP, a Delaware limited partnership.
Viper LLCViper Energy Partners LLC, a Delaware limited liability company and a subsidiary of Viper.
Wells FargoWells Fargo Bank, National Association.

iii

Table of Contents
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Various statements contained in this report are “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding our: future performance; business strategy; future operations (including drilling plans and capital plans); estimates and projections of revenues, losses, costs, expenses, returns, cash flow, and financial position; reserve estimates and our ability to replace or increase reserves; anticipated benefits of strategic transactions (including acquisitions and divestitures); and plans and objectives of management (including plans for future cash flow from operations and for executing environmental strategies) are forward-looking statements. When used in this report, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to the Company are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. In particular, the factors discussed in this report and detailed under Part II, Item 1A. Risk Factors in this report, Part II, Item 1A Risk Factors in our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022, Part II, Item 1A Risk Factors in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, and our Annual Report on Form 10–K for the year ended December 31, 2021 could affect our actual results and cause our actual results to differ materially from expectations, estimates or assumptions expressed, forecasted or implied in such forward-looking statements. Unless the context requires otherwise, references to “we,” “us,” “our” or the “Company” are intended to mean the business and operations of the Company and its consolidated subsidiaries.

Factors that could cause our outcomes to differ materially include (but are not limited to) the following:

changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities;
the impact of public health crises, including epidemic or pandemic diseases such as the COVID-19 pandemic, and any related company or government policies or actions;
actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments;
changes in general economic, business or industry conditions, including changes in foreign currency exchange rates, interest rates and inflation rates and concerns over a potential economic downturn or recession;
regional supply and demand factors, including delays, curtailment delays or interruptions of production, or governmental orders, rules or regulations that impose production limits;
federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations;
physical and transition risks relating to climate change;
restrictions on the use of water, including limits on the use of produced water and a moratorium on new produced water well permits recently imposed by the Texas Railroad Commission in an effort to control induced seismicity in the Permian Basin;
significant declines in prices for oil, natural gas, or natural gas liquids, which could require recognition of significant impairment charges;
changes in U.S. energy, environmental, monetary and trade policies;
conditions in the capital, financial and credit markets, including the availability and pricing of capital for drilling and development operations and our environmental and social responsibility projects;
challenges with employee retention and an increasingly competitive labor market due to a sustained labor shortage or increased turnover caused by the COVID-19 pandemic;
changes in availability or cost of rigs, equipment, raw materials, supplies, oilfield services;
changes in safety, health, environmental, tax, and other regulations or requirements (including those addressing air emissions, water management, or the impact of global climate change);
security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, or from breaches of information technology systems of third parties with whom we transact business;
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lack of, or disruption in, access to adequate and reliable transportation, processing, storage, and other facilities for our oil, natural gas, and natural gas liquids;
failures or delays in achieving expected reserve or production levels from existing and future oil and natural gas developments, including due to operating hazards, drilling risks, or the inherent uncertainties in predicting reserve and reservoir performance;
difficulty in obtaining necessary approvals and permits;
severe weather conditions;
acts of war or terrorist acts and the governmental or military response thereto;
changes in the financial strength of counterparties to our credit agreement and hedging contracts;
changes in our credit rating; and
other risks and factors disclosed in this report.

In light of these factors, the events anticipated by our forward-looking statements may not occur at the time anticipated or at all. Moreover, we operate in a very competitive and rapidly changing environment and new risks emerge from time to time. We cannot predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements we may make. Accordingly, you should not place undue reliance on any forward-looking statements made in this report. All forward-looking statements speak only as of the date of this report or, if earlier, as of the date they were made. We do not intend to, and disclaim any obligation to, update or revise any forward-looking statements unless required by applicable law.
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PART I. FINANCIAL INFORMATION


ITEM 1.     CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Diamondback Energy, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
September 30,December 31,
20222021
(In millions, except par values and share data)
Assets
Current assets:
Cash and cash equivalents$27 $654 
Restricted cash7 18 
Accounts receivable:
Joint interest and other, net115 72 
Oil and natural gas sales, net669 598 
Inventories59 62 
Derivative instruments98 13 
Income tax receivable2 1 
Prepaid expenses and other current assets54 28 
Total current assets1,031 1,446 
Property and equipment:
Oil and natural gas properties, full cost method of accounting ($8,386 million and $8,496 million excluded from amortization at September 30, 2022 and December 31, 2021, respectively)
35,019 32,914 
Other property, equipment and land1,371 1,250 
Accumulated depletion, depreciation, amortization and impairment(14,487)(13,545)
Property and equipment, net21,903 20,619 
Funds held in escrow5 12 
Equity method investments674 613 
Derivative instruments11 4 
Deferred income taxes, net74 40 
Investment in real estate, net87 88 
Other assets58 76 
Total assets$23,843 $22,898 















See accompanying notes to condensed consolidated financial statements.
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Table of Contents
Diamondback Energy, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets - (Continued)
(Unaudited)
September 30,December 31,
20222021
Liabilities and Stockholders’ Equity(In millions, except par values and share data)
Current liabilities:
Accounts payable - trade$139 $36 
Accrued capital expenditures371 295 
Current maturities of long-term debt10 45 
Other accrued liabilities403 419 
Revenues and royalties payable634 452 
Derivative instruments90 174 
Income taxes payable31 17 
Total current liabilities1,678 1,438 
Long-term debt5,347 6,642 
Derivative instruments184 29 
Asset retirement obligations325 166 
Deferred income taxes1,737 1,338 
Other long-term liabilities14 40 
Total liabilities9,285 9,653 
Commitments and contingencies (Note 14)
Stockholders’ equity:
Common stock, $0.01 par value; 400,000,000 shares authorized; 175,631,465 and 177,551,347 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
2 2 
Additional paid-in capital13,646 14,084 
Retained earnings (accumulated deficit)195 (1,998)
Total Diamondback Energy, Inc. stockholders’ equity13,843 12,088 
Non-controlling interest715 1,157 
Total equity14,558 13,245 
Total liabilities and equity$23,843 $22,898 





















See accompanying notes to condensed consolidated financial statements.
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Table of Contents
Diamondback Energy, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(In millions, except per share amounts, shares in thousands)
Revenues:
Oil sales$1,853 $1,506 $5,988 $3,845 
Natural gas sales296 152 714 363 
Natural gas liquid sales268 239 856 528 
Other operating income20 13 55 39 
Total revenues2,437 1,910 7,613 4,775 
Costs and expenses:
Lease operating expenses183 156 491 415 
Production and ad valorem taxes156 124 495 304 
Gathering and transportation71 67 191 154 
Depreciation, depletion, amortization and accretion336 341 979 955 
General and administrative expenses34 38 109 99 
Merger and integration expenses11  11 77 
Other operating expenses32 20 85 81 
Total costs and expenses823 746 2,361 2,085 
Income (loss) from operations1,614 1,164 5,252 2,690 
Other income (expense):
Interest expense, net(43)(57)(122)(170)
Other income (expense), net(5)2 (3)(4)
Gain (loss) on derivative instruments, net(24)(234)(677)(895)
Gain (loss) on sale of equity method investments   23 
Gain (loss) on extinguishment of debt(1)(12)(59)(73)
Income (loss) from equity investments19 4 56 6 
Total other income (expense), net(54)(297)(805)(1,113)
Income (loss) before income taxes1,560 867 4,447 1,577 
Provision for (benefit from) income taxes290 193 913 352 
Net income (loss) 1,270 674 3,534 1,225 
Net income (loss) attributable to non-controlling interest86 25 155 45 
Net income (loss) attributable to Diamondback Energy, Inc.$1,184 $649 $3,379 $1,180 
Earnings (loss) per common share:
Basic$6.72 $3.55 $18.99 $6.66 
Diluted$6.72 $3.55 $18.99 $6.66 
Weighted average common shares outstanding:
Basic174,406 181,027 176,169 175,464 
Diluted174,408 181,027 176,171 175,464 
Dividends declared per share$2.26 $0.50 $8.36 $1.35 






See accompanying notes to condensed consolidated financial statements.
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Table of Contents
Diamondback Energy, Inc. and Subsidiaries
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited)
Common StockAdditional Paid-in CapitalRetained Earnings (Accumulated Deficit)Non-Controlling InterestTotal
SharesAmount
($ in millions, shares in thousands)
Balance December 31, 2021177,551 $2 $14,084 $(1,998)$1,157 $13,245 
Unit-based compensation— — — — 3 3 
Distribution equivalent rights payments— — — — (1)(1)
Stock-based compensation— — 16 — — 16 
Cash paid for tax withholding on vested equity awards— — (15)— — (15)
Repurchased shares under buyback program(58)— (7)— — (7)
Repurchased units under buyback programs— — — — (42)(42)
Distributions to non-controlling interest— — — — (47)(47)
Dividend paid— — — (107)— (107)
Exercise of stock options and issuance of restricted stock units and awards58 — 1 — — 1 
Change in ownership of consolidated subsidiaries, net— — (12)— 15 3 
Net income (loss)— — — 779 24 803 
Balance March 31, 2022177,551 2 14,067 (1,326)1,109 13,852 
Unit-based compensation— — — — 3 3 
Distribution equivalent rights payments— — — (7)— (7)
Stock-based compensation— — 17 — — 17 
Cash paid for tax withholding on vested equity awards— — — — (3)(3)
Repurchased shares under buyback program(2,369)— (303)— — (303)
Repurchased units under buyback programs— — — — (29)(29)
Distributions to non-controlling interest— — — — (63)(63)
Dividend paid— — — (541)— (541)
Exercise of stock options and vesting of restricted stock units and awards19 — — — — — 
Change in ownership of consolidated subsidiaries, net— — (9)— 12 3 
Net income (loss)— — — 1,416 45 1,461 
Balance June 30, 2022175,201 2 13,772 (458)1,074 14,390 
Unit-based compensation— — — — 2 2 
Distribution equivalent rights payments— — — (5)(1)(6)
Stock-based compensation— — 17 — — 17 
Repurchased shares under buyback program(3,922)— (472)— — (472)
Repurchased units under buyback programs— — — — (51)(51)
Common shares issued for acquisition4,352 — 344 — (344) 
Distributions to non-controlling interest— — — — (71)(71)
Dividend paid— — — (526)— (526)
Change in ownership of consolidated subsidiaries, net— — (15)— 20 5 
Net income (loss)— — — 1,184 86 1,270 
Balance September 30, 2022175,631 $2 $13,646 $195 $715 $14,558 




See accompanying notes to condensed consolidated financial statements.
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Table of Contents
Diamondback Energy, Inc. and Subsidiaries
Condensed Consolidated Statements of Stockholders’ Equity - (Continued)
(Unaudited)


Common StockAdditional Paid-in CapitalRetained Earnings (Accumulated Deficit)Non-Controlling InterestTotal
SharesAmount
($ in millions, shares in thousands)
Balance December 31, 2020158,088 $2 $12,656 $(3,864)$1,010 $9,804 
Unit-based compensation— — — — 3 3 
Distribution equivalent rights payments— — — (1)— (1)
Common units issued for acquisitions22,795 — 1,727 — — 1,727 
Stock-based compensation— — 11 — — 11 
Cash paid for tax withholding on vested equity awards— — (6)— — (6)
Repurchased units under buyback programs— — — — (24)(24)
Distributions to non-controlling interest— — — — (17)(17)
Dividend paid— — — (68)— (68)
Exercise of stock options and issuance of restricted stock units and awards101 — — — — — 
Change in ownership of consolidated subsidiaries, net— — (4)— 4  
Net income (loss)— — — 220 3 223 
Balance March 31, 2021180,984 2 14,384 (3,713)979 11,652 
Unit-based compensation— — — — 3 3 
Distribution equivalent rights payments— — — (1)(1)(2)
Stock-based compensation— — 15 — — 15 
Cash paid for tax withholding on vested equity awards— — — — (2)(2)
Repurchased units under buyback programs— — — — (12)(12)
Distributions to non-controlling interest— — — — (24)(24)
Dividend paid— — — (72)— (72)
Exercise of stock options and vesting of restricted stock units and awards65 — 3 — — 3 
Change in ownership of consolidated subsidiaries, net— — (3)— 4 1 
Net income (loss)— — — 311 17 328 
Balance June 30, 2021181,049 2 14,399 (3,475)964 11,890 
Unit-based compensation— — — — 3 3 
Distribution equivalent rights payments— — — — (1)(1)
Stock-based compensation— — 17 — — 17 
Repurchased shares under buyback program(268)— (22)— — (22)
Repurchased units under buyback programs— — — — (27)(27)
Distributions to non-controlling interest— — — — (31)(31)
Dividend paid— — — (82)— (82)
Exercise of stock options and vesting of restricted stock units and awards10 — 1 — — 1 
Change in ownership of consolidated subsidiaries, net— — (6)— 6  
Net income (loss)— — — 649 25 674 
Balance September 30, 2021180,791 $2 $14,389 $(2,908)$939 $12,422 




See accompanying notes to condensed consolidated financial statements.
5

Table of Contents
Diamondback Energy, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended September 30,
20222021
(In millions)
Cash flows from operating activities:
Net income (loss) $3,534 $1,225 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for (benefit from) deferred income taxes375 348 
Depreciation, depletion, amortization and accretion979 955 
(Gain) loss on extinguishment of debt59 73 
(Gain) loss on derivative instruments, net677 895 
Cash received (paid) on settlement of derivative instruments(816)(847)
(Income) loss from equity investment(56)(6)
Equity-based compensation expense42 37 
(Gain) loss on sale of equity method investments (23)
Other57 45 
Changes in operating assets and liabilities:
Accounts receivable(113)(307)
Income tax receivable(1)152 
Prepaid expenses and other(16)23 
Accounts payable and accrued liabilities(29)(39)
Income tax payable14  
Revenues and royalties payable182 257 
Other(4)