0001539838-22-000167 | 10-Q | XBRL Viewer

Changes in operating assets and liabilities:

Accounts receivable

(113)

(307)

Income tax receivable

(1)

152

Prepaid expenses and other

(16)

Accounts payable and accrued liabilities

(29)

(39)

Income tax payable

Revenues and royalties payable

182

257

Net cash provided by (used in) operating activities

(4)

(11)

4,884

2,777

Cash flows from investing activities:

Drilling, completions and infrastructure additions to oil and natural gas properties

(1,327)

(1,030)

Additions to midstream assets

(69)

(23)

Property acquisitions

(629)

(454)

Proceeds from sale of assets

105

112

Funds held in escrow

Net cash provided by (used in) investing activities

(38)

(1,952)

(1,323)

Cash flows from financing activities:

Proceeds from borrowings under credit facilities

4,100

759

Repayments under credit facilities

(4,119)

(853)

Proceeds from senior notes

750

2,200

Repayment of senior notes

(1,910)

(2,540)

Proceeds from (repayments to) joint venture

(41)

(14)

Premium on extinguishment of debt

(49)

(178)

Repurchased shares under buyback program

(782)

(22)

Repurchased units under buyback program

(122)

(63)

Dividends to stockholders

(1,174)

(221)

Distributions to non-controlling interest

(181)

(72)

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

Net cash provided by (used in) financing activities

(42)

(3,570)

(1,021)

Net increase (decrease) in cash and cash equivalents

(638)

433

Cash, cash equivalents and restricted cash at beginning of period

672

108

Cash, cash equivalents and restricted cash at end of period

^[1]

$ 34

$ 541

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

SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS

9 Months Ended

Sep. 30, 2022

Supplemental Cash Flow Information Disclosure [Abstract]

SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS


	Nine Months Ended September 30,
		2022		2021
		(In millions)
Supplemental disclosure of cash flow information:

Cash paid (received) for income taxes		$	560	$	(151)
Supplemental disclosure of non-cash transactions:
Accrued capital expenditures included in accounts payable and accrued expenses		$	431	$	269

Common stock issued for business combination and acquisitions		$	595	$	1,727

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	Sep. 30, 2022
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. As of September 30, 2022, the wholly owned subsidiaries of Diamondback include Diamondback E&P LLC (“Diamondback E&P”), a Delaware limited liability company, Viper Energy Partners GP LLC, a Delaware limited liability company, Rattler Midstream GP LLC, a Delaware limited liability company (“Rattler GP”), Rattler Midstream LP, a Delaware limited partnership (“Rattler”), and QEP Resources, Inc. (“QEP”), a Delaware corporation. Rattler Merger On August 24, 2022 (the “Effective Date”), the Company completed the merger with Rattler pursuant to which the Company acquired all of the approximately 39 million publicly held outstanding common units of Rattler in exchange for approximately 4 million shares of the Company’s common stock (the “Rattler Merger”). Rattler continued as the surviving entity. Following the Rattler Merger, as of September 30, 2022, the Company owned all of Rattler’s outstanding common units and Class B units, and Rattler GP remained the general partner of Rattler. Following the closing of the Rattler Merger, Rattler’s common units were delisted from the NASDAQ Global Select Market and Rattler filed a certification on Form 15 with the SEC requesting the deregistration of its common units and suspension of Rattler’s reporting obligations under the Exchange Act. The Rattler Merger was accounted for as a non-cash equity transaction resulting in increases to common stock of $44 thousand, additional paid-in-capital of $344 million, and merger and integration expense of $11 million, and a decrease in noncontrolling interests in consolidated subsidiaries of $344 million. For periods prior to the Effective Date, the results of operations attributable to the non-controlling interest in Rattler are presented within equity and net income and are shown separately from the equity and net income attributable to the Company. 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. The Company consists of two operating segments: (i) the upstream operations 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 ownership, operation, development and acquisition of midstream infrastructure assets in the Midland and Delaware Basins of the Permian Basin. Prior to the Rattler Merger, both the upstream operations segment and the midstream operations segment were also considered reportable segments. Following the Rattler Merger, the Company determined only the upstream operations segment met the quantitative requirements of a reportable segment. Diamondback’s publicly traded subsidiary Viper Energy Partners LP (“Viper”) is consolidated in the Company’s financial statements. As of September 30, 2022, the Company owned approximately 55% of Viper’s total units outstanding. The Company’s wholly owned subsidiary, Viper Energy Partners GP LLC, is the general partner of Viper. The results of operations attributable to the non-controlling interest in Viper are presented within equity and net income and are shown separately from the 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, 2021, 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

9 Months Ended

Sep. 30, 2022

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 as of 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, the effects of COVID-19, the war in Ukraine and actions by OPEC members and other exporting nations on the supply and demand in global oil and natural gas markets continued to contribute to economic and pricing volatility. The financial results of companies in the oil and natural gas industry have been impacted materially as a result of these events and changing market conditions. Such circumstances generally increase 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, the fair value determination of acquired assets and liabilities assumed, 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 nine months ended September 30, 2022 and 2021 to the line items within the condensed consolidated balance sheets:


	Nine Months Ended September 30,
	2022		2021
	(In millions)
Cash and cash equivalents	$	27	$	457
Restricted cash	7		18
Restricted cash included in funds held in escrow	—		66
Total cash, cash equivalents and restricted cash	$	34	$	541

Recent Accounting Pronouncements

Recently Adopted Pronouncements

There are no recently adopted pronouncements.

Accounting Pronouncements Not Yet Adopted

In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805) – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” This update requires the acquirer in a business combination to record contract asset and liabilities following Topic 606 – “Revenue from Contracts with Customers” at acquisition as if it had originated the contract, rather than at fair value. This update is effective for public business entities beginning after December 15, 2022 with early adoption permitted. The Company continues to evaluate the provisions of this update, but does not believe the adoption will 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, the effects of adoption are not expected to be material or are clarifications of ASUs previously disclosed.

REVENUE FROM CONTRACTS WITH CUSTOMERS

9 Months Ended

Sep. 30, 2022

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 September 30, 2022								Three Months Ended September 30, 2021
	Midland Basin		Delaware Basin		Other		Total		Midland Basin		Delaware Basin		Other		Total
	(In millions)
Oil sales	$	1,311	$	539	$	3	$	1,853	$	983	$	419	$	104	$	1,506
Natural gas sales	200		95		1		296		91		57		4		152
Natural gas liquid sales	188		80		—		268		150		73		16		239

Total	$	1,699	$	714	$	4	$	2,417	$	1,224	$	549	$	124	$	1,897


	Nine Months Ended September 30, 2022								Nine Months Ended September 30, 2021
	Midland Basin		Delaware Basin		Other		Total		Midland Basin		Delaware Basin		Other		Total
	(In millions)
Oil sales	$	4,319	$	1,661	$	8	$	5,988	$	2,428	$	1,185	$	232	$	3,845
Natural gas sales	466		246		2		714		207		145		11		363
Natural gas liquid sales	586		268		2		856		327		172		29		528

Total	$	5,371	$	2,175	$	12	$	7,558	$	2,962	$	1,502	$	272	$	4,736

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 https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS AND DIVESTITURES

9 Months Ended

Sep. 30, 2022

ACQUISITIONS AND DIVESTITURES

2022 Activity

On January 18, 2022, the Company acquired, from an unrelated third-party seller, approximately 6,200 net acres in the Delaware Basin for $232 million in cash, including customary post-closing adjustments. The acquisition was funded through cash on hand.

See Note 15 — Subsequent Events for transactions entered into or completed in the fourth quarter of 2022.

2021 Activity

Guidon Operating LLC

On February 26, 2021, the Company completed its acquisition of 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 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. 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. The purchase price allocation was complete as of the first quarter of 2022. The following table sets forth the Company’s purchase price allocation (in millions):


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 were 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. 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.

With the completion of the Guidon Acquisition, the Company acquired proved properties of $537 million and unproved properties of $573 million. The results of operations attributable to the Guidon Acquisition since the acquisition date have been included in the condensed consolidated statements of operations and include $107 million and $240 million of total revenue and $52 million and $117 million of net income for the three and nine months ended September 30, 2021, respectively.

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”).

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	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. The purchase price allocation was complete as of the first quarter of 2022. The following table sets forth the Company’s purchase price allocation (in millions):


Total consideration	$	987

Fair value of liabilities assumed:
Accounts payable - trade	$	26
Accrued capital expenditures	38
Other accrued liabilities	107
Revenues and royalties payable	67
Derivative instruments	242
Long-term debt	1,710
Asset retirement obligations	54

Other long-term liabilities	63
Amount attributable to liabilities assumed	$	2,307

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	2,922
Other property, equipment and land	16
Deferred income taxes	39
Other assets	106
Amount attributable to assets acquired	3,294
Net assets acquired and liabilities assumed	$	987

The purchase price allocation above is based on 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 costs which were 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 $2.0 billion and unproved properties of $733 million, primarily in the Midland Basin and the Williston Basin. In October 2021, the Company completed the divestiture of the Williston Basin properties, acquired as part of the QEP Merger and consisting of approximately 95,000 net acres, to Oasis Petroleum Inc. for net cash proceeds of approximately $586 million, after customary closing adjustments. See “—Williston Basin Divestiture” below.

The results of operations attributable to the QEP Merger since the acquisition date have been included in the condensed consolidated statements of operations and include $422 million and $835 million of total revenue and $162 million and $301 million of net income for the three and nine months ended September 30, 2021, respectively.

Pro Forma Financial Information

The following unaudited summary pro forma financial information for the three and nine months ended September 30, 2021 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 $77 million for the nine months ended September 30, 2021, and acquisition-related costs incurred by QEP of $31 million through the closing date of the QEP Merger. 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 the 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 September 30, 2021		Nine Months Ended September 30, 2021
	(In millions, except per share amounts)
Revenues	$	1,910	$	5,047
Income (loss) from operations	$	1,164	$	2,870
Net income (loss)	$	649	$	1,183
Basic earnings (loss) per common share	$	3.59	$	6.54
Diluted earnings (loss) per common share	$	5.56	$	6.50

Williston Basin Divestiture

On October 21, 2021, the Company completed the divestiture of its Williston Basin oil and natural gas assets, consisting of approximately 95,000 net acres, to Oasis Petroleum Inc., for net cash proceeds of approximately $586 million, after customary closing adjustments. This transaction did not result in a significant alteration of the relationship between the Company’s capitalized costs and proved reserves and, accordingly, the Company recorded the proceeds as a reduction of its full cost pool with no gain or loss recognized on the sale. The Company used its net proceeds from this transaction toward debt reduction.

2021 Drop Down Transaction

On December 1, 2021, Diamondback completed the sale of certain water midstream assets to Rattler in exchange for cash proceeds of approximately $164 million, including post-closing adjustments, in a drop down transaction (the “Drop Down”). The midstream assets consist primarily of produced water gathering and disposal systems, produced water recycling facilities, and sourced water gathering and storage assets acquired by the Company through the Guidon Acquisition and the QEP Merger with a carrying value of approximately $164 million. The Drop Down transaction was accounted for as a transaction between entities under common control.

Viper’s Swallowtail Acquisition

On October 1, 2021, Viper acquired certain mineral and royalty interests from the Swallowtail entities pursuant to a definitive purchase and sale agreement for 15.25 million of Viper’s common units and approximately $225 million in cash (the “Swallowtail Acquisition”). The mineral and royalty interests acquired in the Swallowtail Acquisition represent approximately 2,313 net royalty acres primarily in the Northern Midland Basin, of which approximately 62% are operated by Diamondback as of December 31, 2021. The Swallowtail Acquisition had an effective date of August 1, 2021. The cash portion of this transaction was funded through a combination of Viper’s cash on hand and approximately $190 million of borrowings under Viper LLC’s revolving credit facility.

PROPERTY AND EQUIPMENT

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

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


	September 30,		December 31,
	2022		2021
	(In millions)
Oil and natural gas properties:
Subject to depletion	$	26,633	$	24,418
Not subject to depletion	8,386		8,496
Gross oil and natural gas properties	35,019		32,914
Accumulated depletion	(6,331)		(5,434)
Accumulated impairment	(7,954)		(7,954)
Oil and natural gas properties, net	20,734		19,526
Other property, equipment and land	1,371		1,250
Accumulated depreciation, amortization, accretion and impairment	(202)		(157)
Total property and equipment, net	$	21,903	$	20,619

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 and nine months ended September 30, 2022 or 2021 based on the results of the respective quarterly ceiling tests.

In connection with the QEP Merger and the Guidon Acquisition, the Company recorded the oil and natural gas properties acquired at fair value, based on forward strip oil and natural gas pricing existing at the closing date of the respective transactions, in accordance with ASC 820 Fair Value Measurement. Pursuant to SEC guidance, the Company determined that the fair value of the properties acquired in the QEP Merger and the Guidon Acquisition clearly exceeded the related full cost ceiling limitation beyond a reasonable doubt. As such, the Company requested and received a waiver from the SEC to exclude the properties acquired from the ceiling test calculation for the quarter ended March 31, 2021. As a result, no impairment expense related to the QEP Merger and the Guidon Acquisition was recorded for the three months ended March 31, 2021. Had the Company not received a waiver from the SEC, an impairment charge of approximately $1.1 billion would have been recorded for such period. Management affirmed there has not been a decline in the fair value of these acquired assets. The properties acquired in the QEP Merger and the Guidon Acquisition had total unamortized costs at March 31, 2021 of $3.0 billion and $1.1 billion, respectively.

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

9 Months Ended

Sep. 30, 2022

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:


	Nine Months Ended September 30,
	2022		2021
	(In millions)
Asset retirement obligations, beginning of period	$	171	$	109
Additional liabilities incurred	31		9
Liabilities acquired	3		64
Liabilities settled and divested	(12)		(17)
Accretion expense	10		7
Revisions in estimated liabilities	133		13
Asset retirement obligations, end of period	336		185
Less current portion(1)	11		7
Asset retirement obligations - long-term	$	325	$	178

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

DEBT

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

DEBT

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


	September 30,		December 31,
	2022		2021
	(In millions)
5.375% Senior Notes due 2022	$	—	$	25
7.320% Medium-term Notes, Series A, due 2022	—		20
5.250% Senior Notes due 2023	10		10
2.875% Senior Notes due 2024	—		1,000
4.750% Senior Notes due 2025	—		500
3.250% Senior Notes due 2026	780		800
5.625% Senior Notes due 2026	14		14
7.125% Medium-term Notes, Series B, due 2028	73		100
3.500% Senior Notes due 2029	1,021		1,200
3.125% Senior Notes due 2031	789		900
4.400% Senior Notes due 2051	650		650
4.250% Senior Notes due 2052	750		—
DrillCo Agreement(1)	18		58
Unamortized debt issuance costs	(31)		(31)
Unamortized discount costs	(22)		(28)
Unamortized premium costs	5		8
Unamortized basis adjustment of dedesignated interest rate swap agreements(2)	(110)		(18)
Revolving credit facility	235		—
Viper revolving credit facility	245		304
Viper 5.375% Senior Notes due 2027	430		480
Rattler revolving credit facility	—		195
Rattler 5.625% Senior Notes due 2025	500		500
Total debt, net	5,357		6,687
Less: current maturities of long-term debt	(10)		(45)
Total long-term debt	$	5,347	$	6,642

(1) Represents amounts due under a participation and development agreement (the “DrillCo Agreement”), dated September 10, 2018, with Obsidian Resources, L.L.C. to fund oil and natural gas development.

(2) Represents the unamortized basis adjustment related to two receive-fixed, pay variable interest rate swap agreements which were previously designated as fair value hedges of the Company’s $1.2 billion 3.500% fixed rate senior notes due 2029. These swaps were dedesignated in the second quarter of 2022 as discussed further in Note 11—Derivatives.

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

Credit Agreement

As of September 30, 2022, Diamondback E&P, as borrower, and Diamondback Energy, Inc., as parent guarantor, have a credit agreement, as amended, which provides for a maximum credit amount of $1.6 billion. As of September 30, 2022, the Company had $235 million in outstanding borrowings under the credit agreement and $3 million in outstanding letters of credit, which reduce available borrowings under the credit agreement on a dollar for dollar basis. During both the three and nine months ended September 30, 2022 the weighted average interest rate on borrowings under the credit agreement was 3.92% and 3.50%, respectively. During the three and nine months ended September 30, 2021, the weighted average interest rates on borrowings under the credit agreement were 1.83% and 1.67%, respectively.

On June 2, 2022, the Company and Diamondback E&P entered into a thirteenth amendment to the Second Amended and Restated Credit Agreement, dated as of November 1, 2013, with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto.

This amendment, among other things, (i) extended the maturity date to June 2, 2027, which may be further extended by two one-year extensions pursuant to the terms set forth in the credit agreement, (ii) decreased the interest rate margin applicable to the loans and certain fees payable under the credit agreement and (iii) replaced the LIBOR interest rate benchmark with the secured overnight financing rate (“SOFR”). Outstanding borrowings under the credit agreement bear interest at a per annum rate elected by Diamondback E&P that is equal to (i) term SOFR plus 0.10% (“Adjusted Term SOFR”) or (ii) an alternate base rate (which is equal to the greatest of the prime rate, the Federal Funds effective rate plus 0.50%, and 1-month Adjusted Term SOFR plus 1.0%), in each case plus the applicable margin. After giving effect to the amendment, (i) the applicable margin ranges from 0.125% to 1.000% per annum in the case of the alternate base rate, and from 1.125% to 2.000% per annum in the case of Adjusted Term SOFR, in each case based on the pricing level, and (ii) the commitment fee ranges from 0.125% to 0.325% per annum on the average daily unused portion of the commitments, based on the pricing level. The pricing level depends on certain rating agencies’ rating of the Company’s long-term senior unsecured debt. The Company applied the optional expedient in ASU 2020-04, “Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting” for this contract modification, and as a result, the modification did not have an impact on its financial position, results of operations or liquidity.

As of September 30, 2022, the Company was in compliance with all financial maintenance covenants under the credit agreement.

March 2022 Notes Offering

On March 17, 2022, Diamondback Energy, Inc. issued $750 million aggregate principal amount of 4.250% Senior Notes due March 15, 2052 (the “March 2022 Notes”) and received net proceeds of $739 million, after deducting debt issuance costs and discounts of $11 million and underwriting discounts and offering expenses. Interest on the March 2022 Notes is payable semi-annually on March 15 and September 15 of each year, beginning on September 15, 2022.

The March 2022 Notes are the Company’s senior unsecured obligations and are fully and unconditionally guaranteed by Diamondback E&P. The March 2022 Notes are senior in right of payment to any of the Company’s future subordinated indebtedness and rank equal in right of payment with all of the Company’s existing and future senior indebtedness.

The Company may redeem the March 2022 Notes in whole or in part at any time prior to September 15, 2051 at the redemption price set forth in the fifth supplemental indenture to the IG Indenture.

Redemptions and Repurchases of Notes

In the first quarter of 2022, the Company fully redeemed the $500 million and $1.0 billion principal amounts of its outstanding 4.750% 2025 Senior Notes and 2.875% 2024 Senior Notes, respectively. Cash consideration for these redemptions totaled $1.6 billion, including make-whole premiums of $47 million, which resulted in a loss on extinguishment of debt of $54 million during the first quarter of 2022. The Company funded the redemptions with a portion of the net proceeds from the March 2022 Notes offering and cash on hand.

In the second quarter of 2022, the Company repurchased principal amounts of $27 million of its 7.125% Medium-term Notes due 2028, $111 million of its 3.125% Senior Notes due 2031, $179 million of its 3.500% Senior Notes due 2029 and $20 million of its 3.250% Senior Notes due 2026 for total cash consideration, including accrued interest paid, of $322 million. Additionally, during the second quarter of 2022, Viper repurchased $50 million in principal amount of its 5.375% Senior Notes due 2027 for total cash consideration of $49 million. These repurchases resulted in an immaterial loss on extinguishment of debt during the third quarter of 2022. The Company funded its repurchases with cash on hand and Viper funded its repurchases with cash on hand and borrowings under the Viper credit agreement.

In the third quarter of 2022, the Company fully redeemed the $25 million principal amount of the outstanding 5.375% Notes due 2022 and fully repaid at maturity the $20 million principal amount of the outstanding 7.320% Medium-term Notes due 2022. The Company funded these transactions with cash on hand.

Viper’s Credit Agreement

Viper LLC’s credit agreement, as amended, provides for a revolving credit facility in the maximum credit amount of $2.0 billion with a borrowing base of $580 million based on Viper LLC’s oil and natural gas reserves and other factors. As of September 30, 2022, the elected commitment amount was $500 million with $245 million of outstanding borrowings and $255 million available for future borrowings. During the three and nine months ended September 30, 2022 and 2021, the weighted average interest rates on borrowings under the Viper credit agreement were 4.75%, 3.53%, 1.98% and 2.14%, respectively. The Viper credit agreement will mature on June 2, 2025. As of September 30, 2022, Viper LLC was in compliance with all financial maintenance covenants under the Viper credit agreement.

Rattler’s Credit Agreement

In connection with the Rattler Merger in August 2022, all outstanding borrowings under Rattler LLC’s credit agreement in the amount of $269 million were fully repaid, all liens granted to secure such obligations were released and Rattler LLC’s credit agreement was terminated.

See Note 15—Subsequent Events for additional discussion of debt transactions completed in the fourth quarter of 2022.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE

STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE

Stock Repurchase Program

In September 2021, the Company’s board of directors approved a stock repurchase program to acquire up to $2.0 billion of the Company’s outstanding common stock. On July 28, 2022, the Company’s board of directors approved an increase in the Company’s common stock repurchase program from $2.0 billion to $4.0 billion. Purchases under the repurchase program may be made from time to time in open market or privately negotiated transactions, and are subject to market conditions, applicable legal requirements, contractual obligations and other factors. The repurchase program does not require the Company to acquire any specific number of shares. This repurchase program may be suspended from time to time, modified, extended or discontinued by the board of directors at any time. During the three and nine months ended September 30, 2022, the Company repurchased approximately $472 million and $782 million of common stock under this repurchase program, respectively. As of September 30, 2022, approximately $2.8 billion remained available for use to repurchase shares under the Company’s common stock repurchase program.

Change in Ownership of Consolidated Subsidiaries

Non-controlling interests in the accompanying condensed consolidated financial statements represent minority interest ownership in Viper and Rattler through the Effective Date 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In millions)
Net income (loss) attributable to the Company	$	1,184	$	649	$	3,379	$	1,180
Change in ownership of consolidated subsidiaries	(15)		(6)		(36)		(13)
Change from net income (loss) attributable to the Company's stockholders and transfers to non-controlling interest	$	1,169	$	643	$	3,343	$	1,167

Earnings (Loss) Per Share

The Company’s earnings (loss) per share amounts have been computed using the two-class method. The two-class method is an earnings allocation proportional to the respective ownership among holders of common stock and participating securities. Basic earnings (loss) 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 non-participating securities outstanding for the period. Additionally, the per share earnings of Viper 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	($ in millions, except per share amounts, shares in thousands)
Net income (loss) attributable to common stock	$	1,184	$	649	$	3,379	$	1,180
Less: distributed and undistributed earnings allocated to participating securities(1)	(12)		(6)		(34)		(11)
Net income (loss) attributable to common stockholders	$	1,172	$	643	$	3,345	$	1,169
Weighted average common shares outstanding:
Basic weighted average common shares outstanding	174,406		181,027		176,169		175,464
Effect of dilutive securities:
Weighted-average potential common shares issuable	2		—		2		—
Diluted weighted average common shares outstanding	174,408		181,027		176,171		175,464
Basic net income (loss) attributable to common stock	$	6.72	$	3.55	$	18.99	$	6.66
Diluted net income (loss) attributable to common stock	$	6.72	$	3.55	$	18.99	$	6.66

(1) Unvested restricted stock awards and performance stock awards that contain non-forfeitable distribution equivalent rights are considered participating securities and therefore are included in the earnings per share calculation pursuant to the two-class method.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Share-Based Payment Arrangement [Abstract]

EQUITY-BASED COMPENSATION

9 Months Ended

Sep. 30, 2022

EQUITY-BASED COMPENSATION

On June 3, 2021, the Company’s stockholders approved and adopted the Company’s 2021 amended and restated equity incentive plan (the “Equity Plan”), which, among other things, increased total shares authorized for issuance from 8.3 million to 11.8 million. At September 30, 2022, the Company had 5.2 million shares of common stock available for future grants.

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 September 30, 2022, the Company had outstanding restricted stock units and performance-based restricted stock units under the Equity Plan. The Company also has immaterial amounts of restricted share awards, stock options and stock appreciation rights outstanding which were issued under plans assumed in connection with previously completed mergers. The Company classifies all of its awards, other than its stock appreciation rights, 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 and stock appreciation rights using a Black-Scholes option valuation model. Stock appreciation rights are considered liability-classified awards.

In addition to the Equity Plan, Viper maintains its own long-term incentive plan, which is not significant to the Company.

The following table presents the financial statement impacts of the equity compensation plans and related costs:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In millions)
General and administrative expenses	$	14	$	14	$	42	$	37
Equity-based compensation capitalized pursuant to full cost method of accounting for oil and natural gas properties	$	6	$	5	$	16	$	14

Restricted Stock Units

The following table presents the Company’s restricted stock unit activity during the nine months ended September 30, 2022 under the Equity Plan:


	Restricted Stock Units	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2021	1,079,589	$	62.09
Granted(1)	478,797	$	134.00
Vested	(178,602)	$	92.75
Forfeited	(52,577)	$	70.78
Unvested at September 30, 2022	1,327,207	$	93.89

(1) Includes 156,490 restricted stock units granted through the conversion of Rattler restricted stock units at the completion of the Rattler Merger.

The aggregate fair value of restricted stock units that vested during the nine months ended September 30, 2022 was $111 million. As of September 30, 2022, the Company’s unrecognized compensation cost related to unvested restricted stock units was $80 million, which is expected to be recognized over a weighted-average period of 1.7 years.

Performance Based Restricted Stock Units

The following table presents the Company’s performance restricted stock units activity under the Equity Plan for the nine months ended September 30, 2022:


	Performance Restricted Stock Units	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2021	456,459	$	100.17
Granted	126,905	$	237.13


Unvested at September 30, 2022(1)	583,364	$	129.96

(1)A maximum of 1,408,973 units could be awarded based upon the Company’s final TSR ranking.

As of September 30, 2022, the Company’s unrecognized compensation cost related to unvested performance based restricted stock awards and units was $39 million, which is expected to be recognized over a weighted-average period of 1.4 years.

In March 2022, eligible employees received performance restricted stock unit awards totaling 126,905 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 3-year performance period of January 1, 2022 to December 31, 2024 and cliff vest at December 31, 2024 subject to continued employment. The initial payout of the March 2022 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 issuance 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 period presented:


	2022
Grant-date fair value	$	237.13

Risk-free rate	1.44		%
Company volatility	72.10		%

INCOME TAXES

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

The following table provides the Company’s provision for (benefit from) income taxes and the effective income tax rate for the periods indicated:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
	(In millions, except for tax rate)
Provision for (benefit from) income taxes	$	290		$	193		$	913		$	352
Effective income tax rate	18.6		%	22.3		%	20.5		%	22.3		%

Total income tax expense from continuing operations for the three and nine months ended September 30, 2022 and 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) discrete tax benefit resulting from a partial reduction in the valuation allowance on Viper’s deferred tax assets for the three and nine months ended September 30, 2022. During the three months ended September 30, 2022, Viper partially reduced the balance of its beginning-of-year valuation allowance by $50 million, based on a change in judgment about the realizability of its deferred tax assets in future years.

As of September 30, 2021, Viper maintained a partial valuation allowance against its deferred tax assets, based on its assessment of all available evidence, both positive and negative, supporting realizability of Viper’s deferred tax assets.

For the three and nine months ended September 30, 2022 and 2021, the Company’s items of discrete income tax expense or benefit were not material.

For periods subsequent to the Effective Date of the Rattler Merger, Rattler is anticipated to be a member of the group filing consolidated income tax returns with Diamondback Energy, Inc. and its subsidiaries. As such, Rattler’s current and deferred income taxes continue to be included in the Company’s consolidated income tax expense from continuing operations and, only for periods prior to the Rattler Merger, in net income attributable to the non-controlling interest. Management considered the likelihood that Rattler’s net operating losses and other deferred tax attributes will be utilized, including in light of inclusion in consolidated income tax returns with Diamondback and in light of the annual limitation on utilization of tax attributes following an ownership change pursuant to Internal Revenue Code Section 382. As a result of the assessment, including consideration of all available positive and negative evidence, management determined that it continues to be more likely than not that Rattler will realize its deferred tax assets as of September 30, 2022.

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’s opening balance sheet net deferred tax asset was finalized during the first quarter of 2022 at $39 million, and primarily consisted of deferred tax assets related to tax attributes acquired from QEP, partially offset by a valuation allowance related to federal and state tax attributes estimated not more likely than to be realized prior to expiration 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 CHIPS and Science Act of 2022 was enacted on August 9, 2022, and the Inflation Reduction Act of 2022 (“IRA”) was enacted on August 16, 2022, which created a 15% corporate alternative minimum tax (“CAMT”) on profits of corporations whose average financial statement income exceeds $1 billion and included several other provisions applicable to U.S. income taxes for corporations, generally effective beginning in 2023. The Company considered the impact of this legislation in the

period of enactment and concluded there was not a material impact to the Company’s current or deferred income tax balances. The Company has made an accounting policy election to account for the effects of the CAMT on realizability of its deferred tax assets as a period cost, to the extent the Company is subject to the CAMT and related tax consequences arise in future periods. These changes are effective for the 2023 tax periods.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
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-Section 50
-Paragraph 17
-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
-SubTopic 10
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
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-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Paragraph 2
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

9 Months Ended

Sep. 30, 2022

DERIVATIVES

At September 30, 2022, the Company has commodity derivative contracts and interest rate swaps outstanding. All derivative financial instruments are recorded at fair value.

Commodity Contracts

The Company has entered into multiple crude oil and natural gas 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. The Company has not designated its commodity derivative instruments as hedges for accounting purposes and, as a result, marks its commodity 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.”

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 has entered into commodity derivative instruments only with counterparties that are also lenders under its credit facility and have been deemed an acceptable credit risk. As such, the Company does not require collateral from its counterparties.

The Company had certain commodity derivative contracts that contained an other-than-insignificant financing element at inception during 2021 and, therefore, the cash receipts were classified as cash flows from financing activities in the condensed consolidated statements of cash flow for the nine months ended September 30, 2021.

As of September 30, 2022, the Company had the following outstanding commodity 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 Floor Price	Weighted Average Ceiling Price
OIL
Oct. - Dec.	2022	Basis Swap(1)	10,000	Argus WTI Midland	$0.84		$—	$—
Oct. - Dec.	2022	Roll Swap	55,000	WTI	$0.89		$—	$—


Oct. - Dec.	2022	Costless Collar	15,000	Brent	$—		$55.00	$103.06
Oct. - Dec.	2022	Costless Collar	7,000	Argus WTI Houston	$—		$50.00	$95.55
Oct. - Dec.	2022	Costless Collar	4,000	WTI	$—		$50.00	$128.01
Jan. - June	2023	Costless Collar	6,000	Brent	$—		$60.00	$114.57
Jan. - Dec.	2023	Basis Swap(1)	22,000	Argus WTI Midland	$0.88		$—	$—









NATURAL GAS
Oct. - Dec.	2022	Basis Swap(1)	330,000	Waha Hub	$(0.68)		$—	$—
Oct. - Dec.	2022	Costless Collar	380,000	Henry Hub	$—		$2.79	$6.24
Jan. - June	2023	Basis Swap(1)	350,000	Waha Hub	$(1.20)		$—	$—
Jan. - Mar.	2023	Costless Collar	370,000	Henry Hub	$—		$3.14	$9.28
Apr. - June	2023	Costless Collar	330,000	Henry Hub	$—		$3.17	$9.13
July - Dec.	2023	Costless Collar	310,000	Henry Hub	$—		$3.18	$9.22
July - Dec.	2023	Basis Swap(1)	330,000	Waha Hub	$(1.24)		$—	$—
Jan. - Dec.	2024	Basis Swap(1)	30,000	Waha Hub	$(0.96)		$—	$—

(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 the Cushing, Oklahoma oil price and the Waha Hub natural gas price for the notional volumes covered by the basis swap contracts.


Settlement Month	Settlement Year	Type of Contract	Bbls Per Day	Index	Strike Price	Weighted Average Differential	Deferred Premium
OIL



Oct. - Dec.	2022	Put	71,000	Brent	$51.13	$—	$1.78
Oct. - Dec.	2022	Put	20,000	Argus WTI Houston	$51.00	$—	$1.81
Oct. - Dec.	2022	Put	8,000	WTI	$55.00	$—	$1.54
Oct. - Dec.	2022	Basis Put(1)	50,000	Brent	$—	$(10.40)	$0.78
Jan. - Mar.	2023	Put	53,000	Brent	$52.83	$—	$1.75
Jan. - Mar.	2023	Put	18,000	Argus WTI Houston	$53.33	$—	$1.79
Jan. - Mar.	2023	Put	8,000	WTI	$54.25	$—	$1.90
Apr. - June	2023	Put	31,000	Brent	$51.94	$—	$1.81
Apr. - June	2023	Put	8,000	Argus WTI Houston	$51.25	$—	$1.77
July - Sep.	2023	Put	9,000	Brent	$51.11	$—	$1.91
July - Sep.	2023	Put	2,000	Argus WTI Houston	$55.00	$—	$1.86

(1) The Company has basis puts for the spread between the Brent crude oil price and NYMEX WTI crude oil price.

During the nine months ended September 30, 2022, the Company terminated certain commodity derivative contracts prior to their contractual maturities as shown in the table below:


					Swaps	Puts	Collars
Settlement Month	Settlement Year	Type of Contract	Bbls Per Day	Index	Weighted Average Fixed Price	Strike Price	Weighted Average Floor Price	Weighted Average Ceiling Price
OIL
Apr. - June	2022	Costless Collar	8,000	WTI	$—	$—	$45.00	$71.60
Apr. - June	2022	Costless Collar	8,000	Brent	$—	$—	$45.00	$74.78
Apr. - June	2022	Costless Collar	6,000	Argus WTI Houston	$—	$—	$45.00	$69.53
Apr. - Sep.	2022	Costless Collar	2,000	Brent	$—	$—	$50.00	$80.00
Apr. - Sep.	2022	Costless Collar	2,000	Argus WTI Houston	$—	$—	$50.00	$76.70
July - Sep.	2022	Costless Collar	4,000	Argus WTI Houston	$—	$—	$50.00	$75.00
July - Dec.	2022	Swaption	8,250	Brent	$68.62	$—	$—	$—
July - Sept.	2022	Collar	2,000	WTI Cushing	$—	$—	$45.00	$95.30
July - Sept.	2022	Call	2,000	WTI Cushing	$—	$90.00	$—	$—

Interest Rate Swaps

In the second quarter of 2021, the Company entered into two interest rate swap agreements for notional amounts of $600 million, which were designated as fair value hedges of the Company’s $1.2 billion 3.50% fixed rate senior notes due 2029 (the “2029 Notes”) at inception. The Company receives a fixed 3.50% rate of interest on these swaps and pays an average variable rate of interest based on three month LIBOR plus 2.1865%, thereby limiting its exposure to changes in the fair value of debt due to movements in LIBOR interest rates. Under hedge accounting, these interest rate swaps were considered perfectly effective and gains and losses due to changes in the fair value of the interest rate swaps were completely offset by changes in the fair value of the hedged portion of the 2029 Notes in the condensed consolidated statements of operations.

In the second quarter of 2022, the Company elected to fully dedesignate these interest rate swaps and hedge accounting was discontinued. The cumulative fair value basis adjustment recorded on the 2029 Notes at the time of dedesignation totaled $135 million. This basis adjustment is being amortized to interest expense over the remaining term of the 2029 Notes utilizing the effective interest method. The dedesignated interest rate swaps are considered economic hedges of the Company’s fixed-rate debt. As such, changes in the fair value of the interest rate swaps after the date of dedesignation have been recorded in earnings under the caption “Gain (loss) on derivative instruments, net” in the condensed consolidated statements of operations.

During the first quarter of 2021, the Company used interest rate swaps to reduce its exposure to variable rate interest payments associated with the Company’s revolving credit facility. These 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 previously outstanding interest rate swaps which resulted in cash received upon settlement of $80 million, net of fees, during the nine months ended September 30, 2021. 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 nine months ended September 30, 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 12—Fair Value Measurements for further details.

Gains and Losses on Derivative Instruments

The following table summarizes the gains and losses on derivative instruments not designated as hedging instruments included in the condensed consolidated statements of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In millions)
Gain (loss) on derivative instruments, net:
Commodity contracts	$	39	$	(234)	$	(615)	$	(1,025)
Interest rate swaps	(63)		—		(62)		130
Total	$	(24)	$	(234)	$	(677)	$	(895)

Net cash received (paid) on settlements:
Commodity contracts(1)(2)	$	(96)	$	(397)	$	(822)	$	(902)
Interest rate swaps(3)	—		—		6		80
Total	$	(96)	$	(397)	$	(816)	$	(822)

(1)The three and nine months ended September 30, 2022 includes cash paid on commodity contracts terminated prior to their contractual maturity of $3 million and $138 million, respectively.

(2)The three and nine months ended September 30, 2021 include cash paid on commodity contracts terminated prior to their contractual maturity of $16 million.

(3)The nine months ended September 30, 2021 includes cash received on interest rate swap contracts terminated prior to their contractual maturity of $80 million.

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2022

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.

See Note 4—Acquisitions and Divestitures for discussion of the fair values of proved oil and natural gas properties assumed in business combinations.

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 commodity derivative instruments and interest rate swaps. The fair values of the Company’s commodity 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. The fair values of the Company’s interest rate swaps designated as fair value hedges and those that are not designated as hedges are determined based on inputs that are readily available in public markets, can be derived from information available in publicly quoted markets, or are provided by financial institutions that trade these contracts. These valuations are Level 2 inputs. The fair value of interest rate swaps is recorded as an asset or liability on the condensed consolidated balance sheet. At December 31, 2021, the net change in fair value of the Company’s interest rate swaps designated as hedges were offset by the change in value of the hedged item, long-term debt, within the condensed consolidated balance sheet.

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 under the captions “Derivative instruments” in the Company’s condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021. The net amounts of derivative instruments are classified as current or noncurrent based on their anticipated settlement dates.


	As of September 30, 2022
	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 assets- Derivative instruments:

Commodity derivative instruments	$	—	$	189	$	—	$	189	$	(91)	$	98

Non-current assets- Derivative instruments:

Commodity derivative instruments	$	—	$	25	$	—	$	25	$	(14)	$	11

Liabilities:
Current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	154	$	—	$	154	$	(91)	$	63
Interest rate swaps	$	—	$	27	$	—	$	27	$	—	$	27
Non-current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	22	$	—	$	22	$	(14)	$	8
Interest rate swaps	$	—	$	176	$	—	$	176	$	—	$	176


	As of December 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 assets- Derivative instruments:

Commodity derivative instruments	$	—	$	60	$	—	$	60	$	(57)	$	3
Interest rate swaps designated as hedges	$	—	$	10	$	—	$	10	$	—	$	10
Non-current assets- Derivative instruments:

Commodity derivative instruments	$	—	$	12	$	—	$	12	$	(8)	$	4
Interest rate swaps designated as hedges	$	—	$	1	$	—	$	1	$	(1)	$	—
Liabilities:
Current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	231	$	—	$	231	$	(57)	$	174

Non-current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	9	$	—	$	9	$	(8)	$	1
Interest rate swaps designated as hedges	$	—	$	29	$	—	$	29	$	(1)	$	28

Assets and Liabilities Not Recorded at Fair Value

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


	September 30, 2022				December 31, 2021
	Carrying				Carrying
	Value		Fair Value		Value		Fair Value
	(In millions)
Debt	$	5,357	$	4,782	$	6,687	$	7,148

The fair values of the Company’s credit agreement and the Viper 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 quoted market price at each period end, a Level 1 classification in the fair value hierarchy.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain assets and liabilities are measured at fair value on a nonrecurring basis in certain circumstances. These assets and liabilities can include those acquired in a business combination, inventory, proved and unproved oil and gas properties and other long-lived assets that are written down to fair value when they are impaired or held for sale. Refer to Note 4—Acquisitions and Divestitures and Note 5—Property and Equipment for additional discussion of nonrecurring fair value adjustments.

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	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2022
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 ordinary 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, personal injury claims, title disputes, royalty disputes, contract claims, contamination claims relating to oil and natural gas exploration and development and environmental claims, including claims involving assets previously sold to third parties and no longer part of the Company’s current operations. 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	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Third Quarter 2022 Dividend Declaration On November 4, 2022, the board of directors of the Company declared a cash dividend for the third quarter of 2022 of $2.26 per share of common stock, payable on November 25, 2022 to its stockholders of record at the close of business on November 17, 2022. The dividend consists of a base quarterly dividend of $0.75 per share of common stock and a variable quarterly dividend of $1.51 per share of common stock. Future base and variable dividends are at the discretion of the board of directors of the Company. Acquisition and Divestiture On October 11, 2022, the Company entered into a definitive purchase and sale agreement with FireBird Energy LLC to acquire approximately 75,000 gross (68,000 net) acres in the Midland Basin and certain related oil and gas assets (the “FireBird Acquisition”). Consideration for the FireBird Acquisition consists of $775 million in cash and 5.86 million shares of the Company’s common stock, subject to customary adjustments. The FireBird Acquisition is expected to close late in the fourth quarter of 2022, subject to continued diligence and closing conditions, including completion of the waiting period under the Hart-Scott-Rodino Act. In October 2022, the Company completed the divestiture of non-core Delaware Basin acreage consisting of approximately 3,250 net acres, with net production of approximately 550 BO/d (800 BOE/d) for $155 million of net proceeds. The Company expects to use the net proceeds from this transaction towards debt reduction. October 2022 Notes Offering and Redemption of Rattler’s 5.625% Senior Notes due 2025 On October 28, 2022, the Company issued $1.1 billion of 6.250% Senior Notes due 2033 (the “October 2022 Notes”) and received gross proceeds of $1.1 billion, before any adjustments for debt issuance costs and discounts. The Company used a portion of the net proceeds from the October 2022 Notes offering to fund, in full, the redemption of all of the outstanding Rattler 5.625% Senior Notes due 2025 in the aggregate principal amount of $500 million, including a premium and accrued and unpaid interest thereon. The Company intends to use the remaining net proceeds for general corporate purposes, including the funding of a portion of the cash consideration for the FireBird Acquisition at closing, if it occurs. Interest on the October 2022 Notes is payable semi-annually in March and September, beginning in March 2023.

SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

SEGMENT INFORMATION

As of September 30, 2022, the Company has one reportable segment, 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. Other operations are included in the “All Other” category in the table below.

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


	Upstream		All Other		Eliminations		Total
	(In millions)
Three Months Ended September 30, 2022:
Third-party revenues	$	2,419	$	18	$	—	$	2,437
Intersegment revenues	—		96		(96)		—
Total revenues	2,419		114		(96)		2,437
Depreciation, depletion, amortization and accretion	323		13		—		336


Income (loss) from operations	1,598		41		(25)		1,614
Interest expense, net	(33)		(10)		—		(43)
Other income (expense)	(27)		20		(4)		(11)
Provision for (benefit from) income taxes	287		3		—		290
Net income (loss) attributable to non-controlling interest	76		10		—		86
Net income (loss) attributable to Diamondback Energy, Inc.	1,175		38		(29)		1,184
As of September 30, 2022:
Total assets	$	22,225	$	2,041	$	(423)	$	23,843


	Upstream		All Other		Eliminations		Total
	(In millions)
Three Months Ended September 30, 2021:
Third-party revenues	$	1,896	$	14	$	—	$	1,910
Intersegment revenues	—		95		(95)		—
Total revenues	1,896		109		(95)		1,910
Depreciation, depletion, amortization and accretion	324		17		—		341


Income (loss) from operations	1,126		54		(16)		1,164
Interest expense, net	(50)		(7)		—		(57)
Other income (expense)	(243)		4		(1)		(240)
Provision for (benefit from) income taxes	190		3		—		193
Net income (loss) attributable to non-controlling interest	16		9		—		25
Net income (loss) attributable to Diamondback Energy, Inc.	627		39		(17)		649
As of December 31, 2021:
Total assets	$	21,329	$	1,942	$	(373)	$	22,898


	Upstream		All Other		Eliminations		Total
	(In millions)
Nine Months Ended September 30, 2022:
Third-party revenues	$	7,563	$	50	$	—	$	7,613
Intersegment revenues	—		273		(273)		—
Total revenues	7,563		323		(273)		7,613
Depreciation, depletion, amortization and accretion	929		50		—		979


Income (loss) from operations	5,197		119		(64)		5,252
Interest expense, net	(94)		(28)		—		(122)
Other income (expense)	(727)		57		(13)		(683)
Provision for (benefit from) income taxes	904		9		—		913
Net income (loss) attributable to non-controlling interest	125		30		—		155
Net income (loss) attributable to Diamondback Energy, Inc.	3,347		109		(77)		3,379
As of September 30, 2022:
Total assets	$	22,225	$	2,041	$	(423)	$	23,843


	Upstream		All Other		Eliminations		Total
	(In millions)
Nine Months Ended September 30, 2021:
Third-party revenues	$	4,737	$	38	$	—	$	4,775
Intersegment revenues	—		281		(281)		—
Total revenues	4,737		319		(281)		4,775
Depreciation, depletion, amortization and accretion	911		44		—		955

Impairment of midstream assets	—		3		—		3
Income (loss) from operations	2,605		131		(46)		2,690
Interest expense, net	(147)		(23)		—		(170)
Other income (expense)	(967)		29		(5)		(943)
Provision for (benefit from) income taxes	344		8		—		352
Net income (loss) attributable to non-controlling interest	18		27		—		45
Net income (loss) attributable to Diamondback Energy, Inc.	1,129		102		(51)		1,180
As of December 31, 2021:
Total assets	$	21,329	$	1,942	$	(373)	$	22,898

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)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	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. The Company consists of two operating segments: (i) the upstream operations 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 ownership, operation, development and acquisition of midstream infrastructure assets in the Midland and Delaware Basins of the Permian Basin. Prior to the Rattler Merger, both the upstream operations segment and the midstream operations segment were also considered reportable segments. Following the Rattler Merger, the Company determined only the upstream operations segment met the quantitative requirements of a reportable segment. Diamondback’s publicly traded subsidiary Viper Energy Partners LP (“Viper”) is consolidated in the Company’s financial statements. As of September 30, 2022, the Company owned approximately 55% of Viper’s total units outstanding. The Company’s wholly owned subsidiary, Viper Energy Partners GP LLC, is the general partner of Viper. The results of operations attributable to the non-controlling interest in Viper are presented within equity and net income and are shown separately from the 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, 2021, which contains a summary of the Company’s significant accounting policies and other disclosures.
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 as of 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, the effects of COVID-19, the war in Ukraine and actions by OPEC members and other exporting nations on the supply and demand in global oil and natural gas markets continued to contribute to economic and pricing volatility. The financial results of companies in the oil and natural gas industry have been impacted materially as a result of these events and changing market conditions. Such circumstances generally increase 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, the fair value determination of acquired assets and liabilities assumed, fair value estimates of derivative instruments and estimates of income taxes.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Pronouncements There are no recently adopted pronouncements. Accounting Pronouncements Not Yet Adopted In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805) – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” This update requires the acquirer in a business combination to record contract asset and liabilities following Topic 606 – “Revenue from Contracts with Customers” at acquisition as if it had originated the contract, rather than at fair value. This update is effective for public business entities beginning after December 15, 2022 with early adoption permitted. The Company continues to evaluate the provisions of this update, but does not believe the adoption will 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, the effects of adoption are not expected to be material or are clarifications of ASUs previously disclosed.
Revenue from Contracts with Customers	Revenue from Contracts with CustomersSales 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. See Note 4—Acquisitions and Divestitures for discussion of the fair values of proved oil and natural gas properties assumed in business combinations.

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)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]


	Nine Months Ended September 30,
	2022		2021
	(In millions)
Cash and cash equivalents	$	27	$	457
Restricted cash	7		18
Restricted cash included in funds held in escrow	—		66
Total cash, cash equivalents and restricted cash	$	34	$	541

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	Three Months Ended September 30, 2022								Three Months Ended September 30, 2021
	Midland Basin		Delaware Basin		Other		Total		Midland Basin		Delaware Basin		Other		Total
	(In millions)
Oil sales	$	1,311	$	539	$	3	$	1,853	$	983	$	419	$	104	$	1,506
Natural gas sales	200		95		1		296		91		57		4		152
Natural gas liquid sales	188		80		—		268		150		73		16		239

Total	$	1,699	$	714	$	4	$	2,417	$	1,224	$	549	$	124	$	1,897


	Nine Months Ended September 30, 2022								Nine Months Ended September 30, 2021
	Midland Basin		Delaware Basin		Other		Total		Midland Basin		Delaware Basin		Other		Total
	(In millions)
Oil sales	$	4,319	$	1,661	$	8	$	5,988	$	2,428	$	1,185	$	232	$	3,845
Natural gas sales	466		246		2		714		207		145		11		363
Natural gas liquid sales	586		268		2		856		327		172		29		528

Total	$	5,371	$	2,175	$	12	$	7,558	$	2,962	$	1,502	$	272	$	4,736

ACQUISITIONS AND DIVESTITURES (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [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 following table sets forth the Company’s purchase price allocation (in millions):


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	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 purchase price allocation (in millions):


Total consideration	$	987

Fair value of liabilities assumed:
Accounts payable - trade	$	26
Accrued capital expenditures	38
Other accrued liabilities	107
Revenues and royalties payable	67
Derivative instruments	242
Long-term debt	1,710
Asset retirement obligations	54

Other long-term liabilities	63
Amount attributable to liabilities assumed	$	2,307

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	2,922
Other property, equipment and land	16
Deferred income taxes	39
Other assets	106
Amount attributable to assets acquired	3,294
Net assets acquired and liabilities assumed	$	987

Schedule of Acquisition Pro Forma Information


	Three Months Ended September 30, 2021		Nine Months Ended September 30, 2021
	(In millions, except per share amounts)
Revenues	$	1,910	$	5,047
Income (loss) from operations	$	1,164	$	2,870
Net income (loss)	$	649	$	1,183
Basic earnings (loss) per common share	$	3.59	$	6.54
Diluted earnings (loss) per common share	$	5.56	$	6.50

PROPERTY AND EQUIPMENT (Tables)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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


	September 30,		December 31,
	2022		2021
	(In millions)
Oil and natural gas properties:
Subject to depletion	$	26,633	$	24,418
Not subject to depletion	8,386		8,496
Gross oil and natural gas properties	35,019		32,914
Accumulated depletion	(6,331)		(5,434)
Accumulated impairment	(7,954)		(7,954)
Oil and natural gas properties, net	20,734		19,526
Other property, equipment and land	1,371		1,250
Accumulated depreciation, amortization, accretion and impairment	(202)		(157)
Total property and equipment, net	$	21,903	$	20,619

ASSET RETIREMENT OBLIGATIONS (Tables)

9 Months Ended

Sep. 30, 2022

Asset Retirement Obligation [Abstract]

Schedule of Asset Retirement Obligations

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


	Nine Months Ended September 30,
	2022		2021
	(In millions)
Asset retirement obligations, beginning of period	$	171	$	109
Additional liabilities incurred	31		9
Liabilities acquired	3		64
Liabilities settled and divested	(12)		(17)
Accretion expense	10		7
Revisions in estimated liabilities	133		13
Asset retirement obligations, end of period	336		185
Less current portion(1)	11		7
Asset retirement obligations - long-term	$	325	$	178

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

DEBT (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

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


	September 30,		December 31,
	2022		2021
	(In millions)
5.375% Senior Notes due 2022	$	—	$	25
7.320% Medium-term Notes, Series A, due 2022	—		20
5.250% Senior Notes due 2023	10		10
2.875% Senior Notes due 2024	—		1,000
4.750% Senior Notes due 2025	—		500
3.250% Senior Notes due 2026	780		800
5.625% Senior Notes due 2026	14		14
7.125% Medium-term Notes, Series B, due 2028	73		100
3.500% Senior Notes due 2029	1,021		1,200
3.125% Senior Notes due 2031	789		900
4.400% Senior Notes due 2051	650		650
4.250% Senior Notes due 2052	750		—
DrillCo Agreement(1)	18		58
Unamortized debt issuance costs	(31)		(31)
Unamortized discount costs	(22)		(28)
Unamortized premium costs	5		8
Unamortized basis adjustment of dedesignated interest rate swap agreements(2)	(110)		(18)
Revolving credit facility	235		—
Viper revolving credit facility	245		304
Viper 5.375% Senior Notes due 2027	430		480
Rattler revolving credit facility	—		195
Rattler 5.625% Senior Notes due 2025	500		500
Total debt, net	5,357		6,687
Less: current maturities of long-term debt	(10)		(45)
Total long-term debt	$	5,347	$	6,642

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 Change in Ownership Interest

STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In millions)
Net income (loss) attributable to the Company	$	1,184	$	649	$	3,379	$	1,180
Change in ownership of consolidated subsidiaries	(15)		(6)		(36)		(13)
Change from net income (loss) attributable to the Company's stockholders and transfers to non-controlling interest	$	1,169	$	643	$	3,343	$	1,167

Schedule of Reconciliation of Basic and Diluted Net Income Per Share

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	($ in millions, except per share amounts, shares in thousands)
Net income (loss) attributable to common stock	$	1,184	$	649	$	3,379	$	1,180
Less: distributed and undistributed earnings allocated to participating securities(1)	(12)		(6)		(34)		(11)
Net income (loss) attributable to common stockholders	$	1,172	$	643	$	3,345	$	1,169
Weighted average common shares outstanding:
Basic weighted average common shares outstanding	174,406		181,027		176,169		175,464
Effect of dilutive securities:
Weighted-average potential common shares issuable	2		—		2		—
Diluted weighted average common shares outstanding	174,408		181,027		176,171		175,464
Basic net income (loss) attributable to common stock	$	6.72	$	3.55	$	18.99	$	6.66
Diluted net income (loss) attributable to common stock	$	6.72	$	3.55	$	18.99	$	6.66

EQUITY-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Effects of Stock-Based Compensation Plans and Related Costs

The following table presents the financial statement impacts of the equity compensation plans and related costs:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In millions)
General and administrative expenses	$	14	$	14	$	42	$	37
Equity-based compensation capitalized pursuant to full cost method of accounting for oil and natural gas properties	$	6	$	5	$	16	$	14

Schedule of Restricted Stock Units

The following table presents the Company’s restricted stock unit activity during the nine months ended September 30, 2022 under the Equity Plan:


	Restricted Stock Units	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2021	1,079,589	$	62.09
Granted(1)	478,797	$	134.00
Vested	(178,602)	$	92.75
Forfeited	(52,577)	$	70.78
Unvested at September 30, 2022	1,327,207	$	93.89

(1) Includes 156,490 restricted stock units granted through the conversion of Rattler restricted stock units at the completion of the Rattler Merger.

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 nine months ended September 30, 2022:


	Performance Restricted Stock Units	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2021	456,459	$	100.17
Granted	126,905	$	237.13


Unvested at September 30, 2022(1)	583,364	$	129.96

(1)A maximum of 1,408,973 units could be awarded based upon the Company’s final TSR ranking.

Schedule 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 period presented:


	2022
Grant-date fair value	$	237.13

Risk-free rate	1.44		%
Company volatility	72.10		%

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table provides the Company’s provision for (benefit from) income taxes and the effective income tax rate for the periods indicated:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
	(In millions, except for tax rate)
Provision for (benefit from) income taxes	$	290		$	193		$	913		$	352
Effective income tax rate	18.6		%	22.3		%	20.5		%	22.3		%

DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

As of September 30, 2022, the Company had the following outstanding commodity 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 Floor Price	Weighted Average Ceiling Price
OIL
Oct. - Dec.	2022	Basis Swap(1)	10,000	Argus WTI Midland	$0.84		$—	$—
Oct. - Dec.	2022	Roll Swap	55,000	WTI	$0.89		$—	$—


Oct. - Dec.	2022	Costless Collar	15,000	Brent	$—		$55.00	$103.06
Oct. - Dec.	2022	Costless Collar	7,000	Argus WTI Houston	$—		$50.00	$95.55
Oct. - Dec.	2022	Costless Collar	4,000	WTI	$—		$50.00	$128.01
Jan. - June	2023	Costless Collar	6,000	Brent	$—		$60.00	$114.57
Jan. - Dec.	2023	Basis Swap(1)	22,000	Argus WTI Midland	$0.88		$—	$—









NATURAL GAS
Oct. - Dec.	2022	Basis Swap(1)	330,000	Waha Hub	$(0.68)		$—	$—
Oct. - Dec.	2022	Costless Collar	380,000	Henry Hub	$—		$2.79	$6.24
Jan. - June	2023	Basis Swap(1)	350,000	Waha Hub	$(1.20)		$—	$—
Jan. - Mar.	2023	Costless Collar	370,000	Henry Hub	$—		$3.14	$9.28
Apr. - June	2023	Costless Collar	330,000	Henry Hub	$—		$3.17	$9.13
July - Dec.	2023	Costless Collar	310,000	Henry Hub	$—		$3.18	$9.22
July - Dec.	2023	Basis Swap(1)	330,000	Waha Hub	$(1.24)		$—	$—
Jan. - Dec.	2024	Basis Swap(1)	30,000	Waha Hub	$(0.96)		$—	$—


Settlement Month	Settlement Year	Type of Contract	Bbls Per Day	Index	Strike Price	Weighted Average Differential	Deferred Premium
OIL



Oct. - Dec.	2022	Put	71,000	Brent	$51.13	$—	$1.78
Oct. - Dec.	2022	Put	20,000	Argus WTI Houston	$51.00	$—	$1.81
Oct. - Dec.	2022	Put	8,000	WTI	$55.00	$—	$1.54
Oct. - Dec.	2022	Basis Put(1)	50,000	Brent	$—	$(10.40)	$0.78
Jan. - Mar.	2023	Put	53,000	Brent	$52.83	$—	$1.75
Jan. - Mar.	2023	Put	18,000	Argus WTI Houston	$53.33	$—	$1.79
Jan. - Mar.	2023	Put	8,000	WTI	$54.25	$—	$1.90
Apr. - June	2023	Put	31,000	Brent	$51.94	$—	$1.81
Apr. - June	2023	Put	8,000	Argus WTI Houston	$51.25	$—	$1.77
July - Sep.	2023	Put	9,000	Brent	$51.11	$—	$1.91
July - Sep.	2023	Put	2,000	Argus WTI Houston	$55.00	$—	$1.86

(1) The Company has basis puts for the spread between the Brent crude oil price and NYMEX WTI crude oil price.

During the nine months ended September 30, 2022, the Company terminated certain commodity derivative contracts prior to their contractual maturities as shown in the table below:


					Swaps	Puts	Collars
Settlement Month	Settlement Year	Type of Contract	Bbls Per Day	Index	Weighted Average Fixed Price	Strike Price	Weighted Average Floor Price	Weighted Average Ceiling Price
OIL
Apr. - June	2022	Costless Collar	8,000	WTI	$—	$—	$45.00	$71.60
Apr. - June	2022	Costless Collar	8,000	Brent	$—	$—	$45.00	$74.78
Apr. - June	2022	Costless Collar	6,000	Argus WTI Houston	$—	$—	$45.00	$69.53
Apr. - Sep.	2022	Costless Collar	2,000	Brent	$—	$—	$50.00	$80.00
Apr. - Sep.	2022	Costless Collar	2,000	Argus WTI Houston	$—	$—	$50.00	$76.70
July - Sep.	2022	Costless Collar	4,000	Argus WTI Houston	$—	$—	$50.00	$75.00
July - Dec.	2022	Swaption	8,250	Brent	$68.62	$—	$—	$—
July - Sept.	2022	Collar	2,000	WTI Cushing	$—	$—	$45.00	$95.30
July - Sept.	2022	Call	2,000	WTI Cushing	$—	$90.00	$—	$—

Schedule of Derivative Contract Gains and Losses Included in the Consolidated Statements of Operations

The following table summarizes the gains and losses on derivative instruments not designated as hedging instruments included in the condensed consolidated statements of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In millions)
Gain (loss) on derivative instruments, net:
Commodity contracts	$	39	$	(234)	$	(615)	$	(1,025)
Interest rate swaps	(63)		—		(62)		130
Total	$	(24)	$	(234)	$	(677)	$	(895)

Net cash received (paid) on settlements:
Commodity contracts(1)(2)	$	(96)	$	(397)	$	(822)	$	(902)
Interest rate swaps(3)	—		—		6		80
Total	$	(96)	$	(397)	$	(816)	$	(822)

(1)The three and nine months ended September 30, 2022 includes cash paid on commodity contracts terminated prior to their contractual maturity of $3 million and $138 million, respectively.

(2)The three and nine months ended September 30, 2021 include cash paid on commodity contracts terminated prior to their contractual maturity of $16 million.

(3)The nine months ended September 30, 2021 includes cash received on interest rate swap 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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Schedule of Fair Value Measurement Information For Financial Instruments Measured on a Recurring Basis

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]


	As of September 30, 2022
	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 assets- Derivative instruments:

Commodity derivative instruments	$	—	$	189	$	—	$	189	$	(91)	$	98

Non-current assets- Derivative instruments:

Commodity derivative instruments	$	—	$	25	$	—	$	25	$	(14)	$	11

Liabilities:
Current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	154	$	—	$	154	$	(91)	$	63
Interest rate swaps	$	—	$	27	$	—	$	27	$	—	$	27
Non-current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	22	$	—	$	22	$	(14)	$	8
Interest rate swaps	$	—	$	176	$	—	$	176	$	—	$	176


	As of December 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 assets- Derivative instruments:

Commodity derivative instruments	$	—	$	60	$	—	$	60	$	(57)	$	3
Interest rate swaps designated as hedges	$	—	$	10	$	—	$	10	$	—	$	10
Non-current assets- Derivative instruments:

Commodity derivative instruments	$	—	$	12	$	—	$	12	$	(8)	$	4
Interest rate swaps designated as hedges	$	—	$	1	$	—	$	1	$	(1)	$	—
Liabilities:
Current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	231	$	—	$	231	$	(57)	$	174

Non-current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	9	$	—	$	9	$	(8)	$	1
Interest rate swaps designated as hedges	$	—	$	29	$	—	$	29	$	(1)	$	28

Schedule of Offsetting Assets


	As of September 30, 2022
	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 assets- Derivative instruments:

Commodity derivative instruments	$	—	$	189	$	—	$	189	$	(91)	$	98

Non-current assets- Derivative instruments:

Commodity derivative instruments	$	—	$	25	$	—	$	25	$	(14)	$	11

Liabilities:
Current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	154	$	—	$	154	$	(91)	$	63
Interest rate swaps	$	—	$	27	$	—	$	27	$	—	$	27
Non-current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	22	$	—	$	22	$	(14)	$	8
Interest rate swaps	$	—	$	176	$	—	$	176	$	—	$	176


	As of December 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 assets- Derivative instruments:

Commodity derivative instruments	$	—	$	60	$	—	$	60	$	(57)	$	3
Interest rate swaps designated as hedges	$	—	$	10	$	—	$	10	$	—	$	10
Non-current assets- Derivative instruments:

Commodity derivative instruments	$	—	$	12	$	—	$	12	$	(8)	$	4
Interest rate swaps designated as hedges	$	—	$	1	$	—	$	1	$	(1)	$	—
Liabilities:
Current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	231	$	—	$	231	$	(57)	$	174

Non-current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	9	$	—	$	9	$	(8)	$	1
Interest rate swaps designated as hedges	$	—	$	29	$	—	$	29	$	(1)	$	28

Schedule of Offsetting Liabilities


	As of September 30, 2022
	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 assets- Derivative instruments:

Commodity derivative instruments	$	—	$	189	$	—	$	189	$	(91)	$	98

Non-current assets- Derivative instruments:

Commodity derivative instruments	$	—	$	25	$	—	$	25	$	(14)	$	11

Liabilities:
Current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	154	$	—	$	154	$	(91)	$	63
Interest rate swaps	$	—	$	27	$	—	$	27	$	—	$	27
Non-current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	22	$	—	$	22	$	(14)	$	8
Interest rate swaps	$	—	$	176	$	—	$	176	$	—	$	176


	As of December 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 assets- Derivative instruments:

Commodity derivative instruments	$	—	$	60	$	—	$	60	$	(57)	$	3
Interest rate swaps designated as hedges	$	—	$	10	$	—	$	10	$	—	$	10
Non-current assets- Derivative instruments:

Commodity derivative instruments	$	—	$	12	$	—	$	12	$	(8)	$	4
Interest rate swaps designated as hedges	$	—	$	1	$	—	$	1	$	(1)	$	—
Liabilities:
Current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	231	$	—	$	231	$	(57)	$	174

Non-current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	9	$	—	$	9	$	(8)	$	1
Interest rate swaps designated as hedges	$	—	$	29	$	—	$	29	$	(1)	$	28

Schedule of 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:


	September 30, 2022				December 31, 2021
	Carrying				Carrying
	Value		Fair Value		Value		Fair Value
	(In millions)
Debt	$	5,357	$	4,782	$	6,687	$	7,148

SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS (Tables)

9 Months Ended

Sep. 30, 2022

Supplemental Cash Flow Information Disclosure [Abstract]

Schedule of Supplemental Disclosures of Cash Flow Information


	Nine Months Ended September 30,
		2022		2021
		(In millions)
Supplemental disclosure of cash flow information:

Cash paid (received) for income taxes		$	560	$	(151)
Supplemental disclosure of non-cash transactions:
Accrued capital expenditures included in accounts payable and accrued expenses		$	431	$	269

Common stock issued for business combination and acquisitions		$	595	$	1,727

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Results Of The Company Business Segments

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


	Upstream		All Other		Eliminations		Total
	(In millions)
Three Months Ended September 30, 2022:
Third-party revenues	$	2,419	$	18	$	—	$	2,437
Intersegment revenues	—		96		(96)		—
Total revenues	2,419		114		(96)		2,437
Depreciation, depletion, amortization and accretion	323		13		—		336


Income (loss) from operations	1,598		41		(25)		1,614
Interest expense, net	(33)		(10)		—		(43)
Other income (expense)	(27)		20		(4)		(11)
Provision for (benefit from) income taxes	287		3		—		290
Net income (loss) attributable to non-controlling interest	76		10		—		86
Net income (loss) attributable to Diamondback Energy, Inc.	1,175		38		(29)		1,184
As of September 30, 2022:
Total assets	$	22,225	$	2,041	$	(423)	$	23,843


	Upstream		All Other		Eliminations		Total
	(In millions)
Three Months Ended September 30, 2021:
Third-party revenues	$	1,896	$	14	$	—	$	1,910
Intersegment revenues	—		95		(95)		—
Total revenues	1,896		109		(95)		1,910
Depreciation, depletion, amortization and accretion	324		17		—		341


Income (loss) from operations	1,126		54		(16)		1,164
Interest expense, net	(50)		(7)		—		(57)
Other income (expense)	(243)		4		(1)		(240)
Provision for (benefit from) income taxes	190		3		—		193
Net income (loss) attributable to non-controlling interest	16		9		—		25
Net income (loss) attributable to Diamondback Energy, Inc.	627		39		(17)		649
As of December 31, 2021:
Total assets	$	21,329	$	1,942	$	(373)	$	22,898


	Upstream		All Other		Eliminations		Total
	(In millions)
Nine Months Ended September 30, 2022:
Third-party revenues	$	7,563	$	50	$	—	$	7,613
Intersegment revenues	—		273		(273)		—
Total revenues	7,563		323		(273)		7,613
Depreciation, depletion, amortization and accretion	929		50		—		979


Income (loss) from operations	5,197		119		(64)		5,252
Interest expense, net	(94)		(28)		—		(122)
Other income (expense)	(727)		57		(13)		(683)
Provision for (benefit from) income taxes	904		9		—		913
Net income (loss) attributable to non-controlling interest	125		30		—		155
Net income (loss) attributable to Diamondback Energy, Inc.	3,347		109		(77)		3,379
As of September 30, 2022:
Total assets	$	22,225	$	2,041	$	(423)	$	23,843


	Upstream		All Other		Eliminations		Total
	(In millions)
Nine Months Ended September 30, 2021:
Third-party revenues	$	4,737	$	38	$	—	$	4,775
Intersegment revenues	—		281		(281)		—
Total revenues	4,737		319		(281)		4,775
Depreciation, depletion, amortization and accretion	911		44		—		955

Impairment of midstream assets	—		3		—		3
Income (loss) from operations	2,605		131		(46)		2,690
Interest expense, net	(147)		(23)		—		(170)
Other income (expense)	(967)		29		(5)		(943)
Provision for (benefit from) income taxes	344		8		—		352
Net income (loss) attributable to non-controlling interest	18		27		—		45
Net income (loss) attributable to Diamondback Energy, Inc.	1,129		102		(51)		1,180
As of December 31, 2021:
Total assets	$	21,329	$	1,942	$	(373)	$	22,898

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) shares in Thousands, $ in Thousands		3 Months Ended			9 Months Ended
	Aug. 24, 2022 USD ($) shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($)	Mar. 31, 2021 USD ($) shares	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)
Business Acquisition [Line Items]
Common units issued for acquisitions		$ 0		$ 1,727,000
Number of business segments \| segment					2
Merger and integration expenses		$ 11,000	$ 0		$ 11,000	$ 77,000
Common Stock
Business Acquisition [Line Items]
Common units issued for acquisitions (in Shares) \| shares	4,000	4,352		22,795
Additional Paid-in Capital
Business Acquisition [Line Items]
Common units issued for acquisitions		$ 344,000		$ 1,727,000
Non-Controlling Interest
Business Acquisition [Line Items]
Common units issued for acquisitions		$ (344,000)
Rattler Midstream Partners, LP
Business Acquisition [Line Items]
Shares acquired (in shares) \| shares	39,000
Noncash increases to common stock	$ 44
Viper Energy Partners LP
Business Acquisition [Line Items]
Ownership percentage		55.00%			55.00%

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

Sep. 30, 2022

Dec. 31, 2021

Sep. 30, 2021

Dec. 31, 2020

Accounting Policies [Abstract]

Cash and cash equivalents

$ 27

$ 654

$ 457

Restricted cash

Restricted cash included in funds held in escrow

Total cash, cash equivalents and restricted cash

$ 34

^[1]

$ 672

$ 541

^[1]

$ 108

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

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 2,417	$ 1,897	$ 7,558	$ 4,736
Midland Basin
Disaggregation of Revenue [Line Items]
Revenue	1,699	1,224	5,371	2,962
Delaware Basin
Disaggregation of Revenue [Line Items]
Revenue	714	549	2,175	1,502
Other
Disaggregation of Revenue [Line Items]
Revenue	4	124	12	272
Oil sales
Disaggregation of Revenue [Line Items]
Revenue	1,853	1,506	5,988	3,845
Oil sales \| Midland Basin
Disaggregation of Revenue [Line Items]
Revenue	1,311	983	4,319	2,428
Oil sales \| Delaware Basin
Disaggregation of Revenue [Line Items]
Revenue	539	419	1,661	1,185
Oil sales \| Other
Disaggregation of Revenue [Line Items]
Revenue	3	104	8	232
Natural gas sales
Disaggregation of Revenue [Line Items]
Revenue	296	152	714	363
Natural gas sales \| Midland Basin
Disaggregation of Revenue [Line Items]
Revenue	200	91	466	207
Natural gas sales \| Delaware Basin
Disaggregation of Revenue [Line Items]
Revenue	95	57	246	145
Natural gas sales \| Other
Disaggregation of Revenue [Line Items]
Revenue	1	4	2	11
Natural gas liquid sales
Disaggregation of Revenue [Line Items]
Revenue	268	239	856	528
Natural gas liquid sales \| Midland Basin
Disaggregation of Revenue [Line Items]
Revenue	188	150	586	327
Natural gas liquid sales \| Delaware Basin
Disaggregation of Revenue [Line Items]
Revenue	80	73	268	172
Natural gas liquid sales \| Other
Disaggregation of Revenue [Line Items]
Revenue	$ 0	$ 16	$ 2	$ 29

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 AND DIVESTITURES - Narrative (Details) shares in Thousands							1 Months Ended	3 Months Ended	9 Months Ended
	Jan. 18, 2022 USD ($) a	Dec. 01, 2021 USD ($)	Oct. 21, 2021 USD ($) a	Oct. 01, 2021 USD ($) a shares	Mar. 31, 2021 USD ($)	Feb. 26, 2021 USD ($) a well shares	Mar. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 17, 2021 a
Business Acquisition [Line Items]
Long-term debt, gross										$ 5,357,000,000	$ 6,687,000,000
Williston Basin
Business Acquisition [Line Items]
Gain (loss) on disposition of assets			$ 0
Williston Basin \| Discontinued Operations, Disposed of by Sale
Business Acquisition [Line Items]
Area of land \| a			95,000
Asset acquisition, price of acquisition, expected			$ 586,000,000
QEP Resources Inc
Business Acquisition [Line Items]
Proved properties					$ 2,000,000,000
Unproved properties					$ 733,000,000
Revenues								$ 422,000,000	$ 835,000,000
Direct operating expenses								162,000,000	301,000,000
Total tier one acres \| a												49,000
Exchange ratio												0.050
Acquisition related costs									77,000,000
Acquisition related costs, incurred by QEP								31,000,000
Guidon Operating LLC
Business Acquisition [Line Items]
Payments for asset acquisitions						$ 375,000,000
Number of shares issued (in shares) \| shares						10,676
Number of additional wells \| well						210
Proved properties							$ 537,000,000
Unproved properties							$ 573,000,000
Revenues								107,000,000	240,000,000
Direct operating expenses								$ 52,000,000	$ 117,000,000
2021 Dropdown Transaction
Business Acquisition [Line Items]
Price of acquisition		$ 164,000,000
Asset acquisition, property acquired		$ 164,000,000
Viper’s Swallowtail Acquisition
Business Acquisition [Line Items]
Payments for asset acquisitions				$ 225,000,000
Number of shares issued (in shares) \| shares				15,250
Viper’s Swallowtail Acquisition \| Viper’s Revolving Credit Facility
Business Acquisition [Line Items]
Long-term debt, gross				$ 190,000,000
Viper’s Swallowtail Acquisition \| Diamondback Energy, Inc
Business Acquisition [Line Items]
Percentage of shares operated				62.00%
Delaware Basin \| First Quarter 2022 Acquisition
Business Acquisition [Line Items]
Area of land \| a	6,200
Payments for asset acquisitions	$ 232,000,000
Northern Midland Basin \| Guidon Operating LLC
Business Acquisition [Line Items]
Area of land \| a						32,500
Northern Midland Basin \| Viper’s Swallowtail Acquisition
Business Acquisition [Line Items]
Area of land \| a				2,313

ACQUISITIONS AND DIVESTITURES - Schedule of Acquisition Consideration Paid (Details) - Guidon Operating LLC $ / shares in Units, shares in Thousands, $ in Millions	Feb. 26, 2021 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 (in USD per share) \| $ / shares	$ 69.28
Fair value of Diamondback common stock issued	$ 740
Payments for asset acquisitions	375
Total consideration	$ 1,115

ACQUISITIONS AND DIVESTITURES - Schedule of Purchase Price Allocation (Details) - Guidon Operating LLC $ in Millions	Feb. 26, 2021 USD ($)
Schedule of Asset Acquisition [Line Items]
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

ACQUISITIONS AND DIVESTITURES - Schedule Of Acquisition Consideration Paid (Details) - QEP Resources Inc $ / shares in Units, shares in Thousands, $ 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
Shares of QEP equity awards included in precombination consideration (in shares)	4,221
Total shares of QEP common stock eligible for merger consideration (in shares)	242,374
Exchange ratio	0.050
Additional shares of Diamondback common stock to be issued as merger consideration (in shares)	12,119
Business acquisition, share price (in USD per share) \| $ / shares	$ 81.41
Total consideration \| $	$ 987

ACQUISITIONS AND DIVESTITURES - Schedule of Preliminary Purchase Price Allocation (Details) - QEP Resources Inc - USD ($) $ in Millions	Mar. 17, 2021	Mar. 31, 2022
Business Combination, Consideration Transferred [Abstract]
Total consideration	$ 987
Fair value of liabilities assumed:
Accounts payable - trade	26
Accrued capital expenditures	38
Other accrued liabilities	107
Revenues and royalties payable	67
Derivative instruments	242
Long-term debt	1,710
Asset retirement obligations	54
Other long-term liabilities	63
Amount attributable to liabilities assumed	2,307
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	2,922
Other property, equipment and land	16
Deferred income taxes	39	$ 39
Other assets	106
Amount attributable to assets acquired	3,294
Net assets acquired and liabilities assumed	$ 987

ACQUISITIONS AND DIVESTITURES - Business Acquisition, Pro Forma Information (Details) - QEP Resources Inc - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Business Acquisition [Line Items]
Revenues	$ 1,910	$ 5,047
Income (loss) from operations	1,164	2,870
Net income (loss)	$ 649	$ 1,183
Basic earnings (loss) per common share (in USD per share)	$ 3.59	$ 6.54
Diluted earnings (loss) per common share (in USD per share)	$ 5.56	$ 6.50

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Oil and natural gas properties:
Not subject to depletion	$ 8,386	$ 8,496
Gross oil and natural gas properties	35,019	32,914
Accumulated depletion and depreciation	(14,487)	(13,545)
Other property, equipment and land	1,371	1,250
Property and equipment, net	21,903	20,619
Oil and Natural Gas
Oil and natural gas properties:
Subject to depletion	26,633	24,418
Not subject to depletion	8,386	8,496
Gross oil and natural gas properties	35,019	32,914
Accumulated depletion and depreciation	(6,331)	(5,434)
Accumulated impairment	(7,954)	(7,954)
Oil and natural gas properties, net	20,734	19,526
Other Property and Equipment, Net
Oil and natural gas properties:
Accumulated depletion and depreciation	(202)	(157)
Other property, equipment and land	$ 1,371	$ 1,250

PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($)	3 Months Ended			9 Months Ended
PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Impairment of oil and natural gas properties	$ 0	$ 0		$ 0	$ 0
Guidon Operating LLC And QEP Resources
Business Acquisition [Line Items]
Impairment of oil and natural gas properties			$ 0
QEP Resources Inc
Business Acquisition [Line Items]
Unamortized costs			3,000,000,000
Guidon Operating LLC
Business Acquisition [Line Items]
Unamortized costs			$ 1,100,000,000

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations, beginning of period	$ 171	$ 109
Additional liabilities incurred	31	9
Liabilities acquired	3	64
Liabilities settled and divested	(12)	(17)
Accretion expense	10	7
Revisions in estimated liabilities	133	13
Asset retirement obligations, end of period	336	185
Less current portion	11	7
Asset retirement obligations - long-term	$ 325	$ 178	$ 166

DEBT - Long-term Debt (Details) $ in Millions	Sep. 30, 2022 USD ($) derivative	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021 USD ($)	Jun. 30, 2021 instrument
Debt Instrument [Line Items]
Long-term debt, gross	$ 5,357			$ 6,687
Unamortized debt issuance costs	(31)			(31)
Unamortized discount costs	(22)			(28)
Unamortized premium costs	5			8
Unamortized basis adjustment of dedesignated interest rate swap agreements	(110)			(18)
Current maturities of long-term debt	(10)			(45)
Total long-term debt	$ 5,347			6,642
Number of agreements \| instrument					2
Fair value of interest rate swap agreements
Debt Instrument [Line Items]
Number of agreements \| derivative	2
5.375% Senior Notes due 2022
Debt Instrument [Line Items]
Debt instrument stated interest rate	5.375%
5.375% Senior Notes due 2022 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 0			25
7.320% Medium-term Notes, Series A, due 2022
Debt Instrument [Line Items]
Debt instrument stated interest rate	7.32%
7.320% Medium-term Notes, Series A, due 2022 \| Medium-term Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 0			20
5.250% Senior Notes due 2023
Debt Instrument [Line Items]
Debt instrument stated interest rate	5.25%
5.250% Senior Notes due 2023 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 10			10
2.875% Senior Notes due 2024
Debt Instrument [Line Items]
Debt instrument stated interest rate	2.875%
2.875% Senior Notes due 2024 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate			2.875%
Long-term debt, gross	$ 0			1,000
4.750% Senior Notes due 2025
Debt Instrument [Line Items]
Debt instrument stated interest rate	4.75%
4.750% Senior Notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate			4.75%
Long-term debt, gross	$ 0			500
3.250% Senior Notes due 2026
Debt Instrument [Line Items]
Debt instrument stated interest rate	3.25%
3.250% Senior Notes due 2026 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate		3.25%
Long-term debt, gross	$ 780			800
5.625% Senior Notes due 2026
Debt Instrument [Line Items]
Debt instrument stated interest rate	5.625%
5.625% Senior Notes due 2026 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 14			14
7.125% Medium-term Notes, Series B, due 2028
Debt Instrument [Line Items]
Debt instrument stated interest rate	7.125%
7.125% Medium-term Notes, Series B, due 2028 \| Medium-term Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate		7.125%
Long-term debt, gross	$ 73			100
3.500% Senior Notes due 2029
Debt Instrument [Line Items]
Debt instrument stated interest rate	3.50%
3.500% Senior Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate		3.50%
Long-term debt, gross	$ 1,021			1,200
3.125% Senior Notes due 2031
Debt Instrument [Line Items]
Debt instrument stated interest rate	3.125%
3.125% Senior Notes due 2031 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate		3.125%
Long-term debt, gross	$ 789			900
4.400% Senior Notes due 2051
Debt Instrument [Line Items]
Debt instrument stated interest rate	4.40%
4.400% Senior Notes due 2051 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 650			650
4.250% Senior Notes due 2052 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate	4.25%
Long-term debt, gross	$ 750			0
DrillCo Agreement
Debt Instrument [Line Items]
Long-term debt, gross	18			58
Revolving credit facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	235			0
Viper revolving credit facility \| Viper Energy Partners LP
Debt Instrument [Line Items]
Long-term debt, gross	245			304
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	430			480
Rattler revolving credit facility \| Rattler LLC
Debt Instrument [Line Items]
Long-term debt, gross	$ 0			195
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 - Credit Agreement (Details)		3 Months Ended		9 Months Ended
DEBT - Credit Agreement (Details)	Jun. 02, 2022 extension	Sep. 30, 2022 USD ($)	Sep. 30, 2021	Sep. 30, 2022 USD ($)	Sep. 30, 2021	Dec. 31, 2021 USD ($)	Jun. 02, 2021 USD ($)
Line of Credit Facility [Line Items]
Outstanding borrowings		$ 5,357,000,000		$ 5,357,000,000		$ 6,687,000,000
Credit agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity							$ 1,600,000,000
Outstanding letters of credit		$ 3,000,000		$ 3,000,000
Weighted average rate		3.92%	1.83%	3.50%	1.67%
Number of credit facility extensions \| extension	2
Debt term, extension period	1 year
Credit agreement \| Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage based on unused portion of borrowing base				0.125%
Credit agreement \| Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage based on unused portion of borrowing base				0.325%
Credit agreement \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate				0.10%
Credit agreement \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate				1.125%
Credit agreement \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate				2.00%
Credit agreement \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| One Month
Line of Credit Facility [Line Items]
Basis spread on variable rate				1.00%
Credit agreement \| Federal Funds Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate				0.50%
Credit agreement \| Base Rate \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate				0.125%
Credit agreement \| Base Rate \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate				1.00%

DEBT - March 2022 Notes Offering (Details) - 4.250% Senior Notes due 2052 - Senior Notes - USD ($) $ in Millions	Mar. 17, 2022	Sep. 30, 2022
Debt Instrument [Line Items]
Aggregate principal amount	$ 750
Debt instrument stated interest rate		4.25%
Proceeds from debt, net	739
Debt issuance costs and discounts	$ 11

DEBT - Redemptions and Repurchases of Notes (Details) - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Debt Instrument [Line Items]
Repurchase of debt					$ 1,910,000,000	$ 2,540,000,000
Loss on extinguishment of debt	$ 1,000,000			$ 12,000,000	$ 59,000,000	$ 73,000,000
Senior Notes
Debt Instrument [Line Items]
Repurchase of debt		$ 322,000,000	$ 1,600,000,000
Loss on extinguishment of debt			54,000,000
Redemption premium fees			47,000,000
4.750% Senior Notes due 2025
Debt Instrument [Line Items]
Debt instrument stated interest rate	4.75%				4.75%
4.750% Senior Notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Redemption, amount			$ 500,000,000
Debt instrument stated interest rate			4.75%
2.875% Senior Notes due 2024
Debt Instrument [Line Items]
Debt instrument stated interest rate	2.875%				2.875%
2.875% Senior Notes due 2024 \| Senior Notes
Debt Instrument [Line Items]
Redemption, amount			$ 1,000,000,000
Debt instrument stated interest rate			2.875%
7.125% Medium-term Notes due 2028
Debt Instrument [Line Items]
Debt instrument stated interest rate	7.125%				7.125%
7.125% Medium-term Notes due 2028 \| Medium-term Notes
Debt Instrument [Line Items]
Redemption, amount		$ 27,000,000
Debt instrument stated interest rate		7.125%
3.125% Senior Notes due 2031
Debt Instrument [Line Items]
Debt instrument stated interest rate	3.125%				3.125%
3.125% Senior Notes due 2031 \| Senior Notes
Debt Instrument [Line Items]
Redemption, amount		$ 111,000,000
Debt instrument stated interest rate		3.125%
3.500% Senior Notes due 2029
Debt Instrument [Line Items]
Debt instrument stated interest rate	3.50%				3.50%
3.500% Senior Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Redemption, amount		$ 179,000,000
Debt instrument stated interest rate		3.50%
3.250% Senior Notes due 2026
Debt Instrument [Line Items]
Debt instrument stated interest rate	3.25%				3.25%
3.250% Senior Notes due 2026 \| Senior Notes
Debt Instrument [Line Items]
Redemption, amount		$ 20,000,000
Debt instrument stated interest rate		3.25%
Viper 5.375% Senior Notes due 2027
Debt Instrument [Line Items]
Redemption, amount		$ 50,000,000
Debt instrument stated interest rate		5.375%
Repurchase of debt		$ 49,000,000
5.375% Senior Notes due 2022
Debt Instrument [Line Items]
Debt instrument stated interest rate	5.375%				5.375%
Repurchased principal amount	$ 25,000,000				$ 25,000,000
7.320% Medium-term Notes, Series A, due 2022
Debt Instrument [Line Items]
Debt instrument stated interest rate	7.32%				7.32%
Repurchased principal amount	$ 20,000,000				$ 20,000,000

DEBT - Viper’s Credit Agreement (Details) - USD ($)	3 Months Ended		9 Months Ended
DEBT - Viper’s Credit Agreement (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Line of Credit Facility [Line Items]
Outstanding borrowings	$ 5,357,000,000		$ 5,357,000,000		$ 6,687,000,000
Viper revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	2,000,000,000		2,000,000,000
Viper revolving credit facility \| Viper Energy Partners LP
Line of Credit Facility [Line Items]
Maximum borrowing capacity	500,000,000		500,000,000
Current borrowing capacity	580,000,000		580,000,000
Outstanding borrowings	245,000,000		245,000,000		$ 304,000,000
Remaining borrowing capacity	$ 255,000,000		$ 255,000,000
Weighted average rate	4.75%	1.98%	3.53%	2.14%

DEBT - Rattler's Credit Agreement (Details) $ in Millions	1 Months Ended
DEBT - Rattler's Credit Agreement (Details) $ in Millions	Aug. 31, 2022 USD ($)
Rattler revolving credit facility \| Rattler LLC
Line of Credit Facility [Line Items]
Repurchase of debt	$ 269

STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Jul. 28, 2022	Sep. 30, 2021
Equity [Abstract]
Stock repurchase program authorized amount			$ 4,000,000,000	$ 2,000,000,000
Shares repurchased during period	$ 472,000,000	$ 782,000,000
Stock repurchase remaining authorized amount	$ 2,800,000,000	$ 2,800,000,000

STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE - Change in Ownership of Consolidated Subsidiaries (Details) - USD ($) $ in Millions	3 Months Ended					9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income (loss) attributable to the Company	$ 1,184			$ 649		$ 3,379	$ 1,180
Change in ownership of consolidated subsidiaries	5	$ 3	$ 3	0	$ 1
Limited Partner
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income (loss) attributable to the Company	1,184			649		3,379	1,180
Change in ownership of consolidated subsidiaries	(15)			(6)		(36)	(13)
Change from net income (loss) attributable to the Company's stockholders and transfers to non-controlling interest	$ 1,169			$ 643		$ 3,343	$ 1,167

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

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STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity [Abstract]
Net income (loss) attributable to common stock	$ 1,184	$ 649	$ 3,379	$ 1,180
Less: net income (loss) allocated to participating securities	(12)	(6)	(34)	(11)
Net income (loss) attributable to common stockholders	$ 1,172	$ 643	$ 3,345	$ 1,169
Weighted average common shares outstanding:
Basic weighted average common units outstanding (in shares)	174,406	181,027	176,169	175,464
Effect of dilutive securities:
Potential common shares issuable (in shares)	2	0	2	0
Diluted weighted average common shares outstanding (in shares)	174,408	181,027	176,171	175,464
Basic net income (loss) attributable to common stock (in USD per share)	$ 6.72	$ 3.55	$ 18.99	$ 6.66
Diluted net income (loss) attributable to common stock (in USD per share)	$ 6.72	$ 3.55	$ 18.99	$ 6.66

STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE - Capital Stock (Details) - USD ($)	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Jul. 28, 2022
Equity [Abstract]
Stock repurchase program authorized amount				$ 2,000,000,000		$ 4,000,000,000
Stock repurchase program amount repurchased	$ 472,000,000	$ 303,000,000	$ 7,000,000	$ 22,000,000	$ 12,000,000
Stock repurchase remaining authorized amount	$ 2,800,000,000

EQUITY-BASED COMPENSATION - (Narratives) (Details) - Equity Plan - shares shares in Millions	Sep. 30, 2022	Jun. 03, 2021	Jun. 02, 2021
Restricted Stock Awards & Units
Shares authorized for issuance (in shares)		11.8	8.3
Common stock available for future grants (in shares)	5.2

EQUITY-BASED COMPENSATION - Schedule of Stock-Based Compensation Plans and Related Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Equity-based compensation capitalized pursuant to full cost method of accounting for oil and natural gas properties	$ 6	$ 5	$ 16	$ 14
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
General and administrative expenses	$ 14	$ 14	$ 42	$ 37

EQUITY-BASED COMPENSATION - Restricted Stock Units (Details) - Equity Plan - Restricted Stock Units (RSUs)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Restricted Stock Units
Unvested, beginning balance (in shares)	1,079,589
Granted (in shares)	478,797
Vested (in shares)	(178,602)
Forfeited (in shares)	(52,577)
Unvested, ending balance (in shares)	1,327,207
Weighted Average Grant-Date Fair Value
Unvested, beginning balance (in USD per share) \| $ / shares	$ 62.09
Granted (in USD per share) \| $ / shares	134.00
Vested (in USD per share) \| $ / shares	92.75
Forfeited (in USD per share) \| $ / shares	70.78
Unvested, ending balance (in USD per share) \| $ / shares	$ 93.89
Grants in period related to merger (in shares)	156,490

EQUITY-BASED COMPENSATION - Restricted Stock Units (Narratives) (Details) - Restricted Stock Units (RSUs) - Equity Plan $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregated fair value of restricted stock	$ 111
Share based award not recognized	$ 80
Share based payment not recognized	1 year 8 months 12 days

EQUITY-BASED COMPENSATION - Performance Restricted Stock Activity (Details) - Equity Plan - Performance Shares - $ / shares	1 Months Ended	9 Months Ended
	Mar. 31, 2022	Sep. 30, 2022
Performance Restricted Stock Units
Unvested, beginning balance (in shares)		456,459
Granted (in shares)	126,905	126,905
Unvested, ending balance (in shares)		583,364
Weighted Average Grant-Date Fair Value
Unvested, beginning balance (in USD per share)		$ 100.17
Granted (in USD per share)		237.13
Unvested, ending balance (in USD per share)		$ 129.96
Share based compensation arrangement by share based payment maximum award potential (in shares)		1,408,973

EQUITY-BASED COMPENSATION - Performance Based Restricted Stock Units (Narratives) (Details) - Performance Shares - Equity Plan - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Mar. 31, 2022	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based award not recognized		$ 39
Share based payment not recognized		1 year 4 months 24 days
Granted (in shares)	126,905	126,905
Number of shares authorized percent of shares granted	250.00%
Performance shares, performance period	3 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized percent of shares granted	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized percent of shares granted	200.00%

EQUITY-BASED COMPENSATION - Valuation Assumptions (Details) - Equity Plan - Performance Shares	9 Months Ended
	Sep. 30, 2022 $ / shares
Restricted Stock Awards & Units
Granted (in USD per share)	$ 237.13
Risk-free rate	1.44%
Company volatility	72.10%

INCOME TAXES - Schedule Tax Provision (Benefit) and Effective Income Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Provision for (benefit from) income taxes	$ 290	$ 193	$ 913	$ 352
Effective income tax rate	18.60%	22.30%	20.50%	22.30%

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022	Mar. 17, 2021
Business Acquisition [Line Items]
Valuation allowance decrease	$ 50
QEP Resources Inc
Business Acquisition [Line Items]
Deferred income taxes		$ 39	$ 39

DERIVATIVES - Derivative Positions (Details) bbl in Thousands	9 Months Ended
	Sep. 30, 2022 $ / bbl bbl
2022 \| Oct. - Dec. \| OIL \| Argus WTI Midland \| Basis Swap
Derivative [Line Items]
Bbls Per Day \| bbl	10
Weighted average differential (per Bbl)	0.84
Weighted Average Floor Price (USD per Bbl)	0
Weighted Average Ceiling Price (USD per Bbl)	0
2022 \| Oct. - Dec. \| OIL \| WTI \| Roll Swap
Derivative [Line Items]
Bbls Per Day \| bbl	55
Weighted average differential (per Bbl)	0.89
Weighted Average Floor Price (USD per Bbl)	0
Weighted Average Ceiling Price (USD per Bbl)	0
2022 \| Oct. - Dec. \| OIL \| WTI \| Costless Collar
Derivative [Line Items]
Bbls Per Day \| bbl	4
Weighted average differential (per Bbl)	0
Weighted Average Floor Price (USD per Bbl)	50.00
Weighted Average Ceiling Price (USD per Bbl)	128.01
2022 \| Oct. - Dec. \| OIL \| WTI \| Put
Derivative [Line Items]
Bbls Per Day \| bbl	8
Weighted Average Floor Price (USD per Bbl)	0
Weighted Average Ceiling Price (USD per Bbl)	1.54
Strike Price (USD per Bbl)	55.00
2022 \| Oct. - Dec. \| OIL \| Brent \| Costless Collar
Derivative [Line Items]
Bbls Per Day \| bbl	15
Weighted average differential (per Bbl)	0
Weighted Average Floor Price (USD per Bbl)	55.00
Weighted Average Ceiling Price (USD per Bbl)	103.06
2022 \| Oct. - Dec. \| OIL \| Brent \| Put
Derivative [Line Items]
Bbls Per Day \| bbl	71
Weighted Average Floor Price (USD per Bbl)	0
Weighted Average Ceiling Price (USD per Bbl)	1.78
Strike Price (USD per Bbl)	51.13
2022 \| Oct. - Dec. \| OIL \| Brent \| Basis Put
Derivative [Line Items]
Bbls Per Day \| bbl	50
Weighted Average Ceiling Price (USD per Bbl)	(10.40)
Weighted Average Ceiling Price (USD per Bbl)	0.78
Strike Price (USD per Bbl)	0
2022 \| Oct. - Dec. \| OIL \| Argus WTI Houston \| Costless Collar
Derivative [Line Items]
Bbls Per Day \| bbl	7
Weighted average differential (per Bbl)	0
Weighted Average Floor Price (USD per Bbl)	50.00
Weighted Average Ceiling Price (USD per Bbl)	95.55
2022 \| Oct. - Dec. \| OIL \| Argus WTI Houston \| Put
Derivative [Line Items]
Bbls Per Day \| bbl	20
Weighted Average Floor Price (USD per Bbl)	0
Weighted Average Ceiling Price (USD per Bbl)	1.81
Strike Price (USD per Bbl)	51.00
2022 \| Oct. - Dec. \| NATURAL GAS \| Waha Hub \| Basis Swap
Derivative [Line Items]
Bbls Per Day \| bbl	330
Weighted average differential (per Bbl)	(0.68)
Weighted Average Floor Price (USD per Bbl)	0
Weighted Average Ceiling Price (USD per Bbl)	0
2022 \| Oct. - Dec. \| NATURAL GAS \| Henry Hub \| Costless Collar
Derivative [Line Items]
Bbls Per Day \| bbl	380
Weighted average differential (per Bbl)	0
Weighted Average Floor Price (USD per Bbl)	2.79
Weighted Average Ceiling Price (USD per Bbl)	6.24
2023 \| Jan. - June \| OIL \| Brent \| Costless Collar
Derivative [Line Items]
Bbls Per Day \| bbl	6
Weighted average differential (per Bbl)	0
Weighted Average Floor Price (USD per Bbl)	60.00
Weighted Average Ceiling Price (USD per Bbl)	114.57
2023 \| Jan. - June \| NATURAL GAS \| Waha Hub \| Basis Swap
Derivative [Line Items]
Bbls Per Day \| bbl	350
Weighted average differential (per Bbl)	(1.20)
Weighted Average Floor Price (USD per Bbl)	0
Weighted Average Ceiling Price (USD per Bbl)	0
2023 \| Jan. - Dec. \| OIL \| Argus WTI Midland \| Basis Swap
Derivative [Line Items]
Bbls Per Day \| bbl	22
Weighted average differential (per Bbl)	0.88
Weighted Average Floor Price (USD per Bbl)	0
Weighted Average Ceiling Price (USD per Bbl)	0
2023 \| Jan. - Mar. \| OIL \| WTI \| Put
Derivative [Line Items]
Bbls Per Day \| bbl	8
Weighted Average Floor Price (USD per Bbl)	0
Weighted Average Ceiling Price (USD per Bbl)	1.90
Strike Price (USD per Bbl)	54.25
2023 \| Jan. - Mar. \| OIL \| Brent \| Put
Derivative [Line Items]
Bbls Per Day \| bbl	53
Weighted Average Floor Price (USD per Bbl)	0
Weighted Average Ceiling Price (USD per Bbl)	1.75
Strike Price (USD per Bbl)	52.83
2023 \| Jan. - Mar. \| OIL \| Argus WTI Houston \| Put
Derivative [Line Items]
Bbls Per Day \| bbl	18
Weighted Average Floor Price (USD per Bbl)	0
Weighted Average Ceiling Price (USD per Bbl)	1.79
Strike Price (USD per Bbl)	53.33
2023 \| Jan. - Mar. \| NATURAL GAS \| Henry Hub \| Costless Collar
Derivative [Line Items]
Bbls Per Day \| bbl	370
Weighted average differential (per Bbl)	0
Weighted Average Floor Price (USD per Bbl)	3.14
Weighted Average Ceiling Price (USD per Bbl)	9.28
2023 \| Apr. - June \| OIL \| Brent \| Put
Derivative [Line Items]
Bbls Per Day \| bbl	31
Weighted Average Floor Price (USD per Bbl)	0
Weighted Average Ceiling Price (USD per Bbl)	1.81
Strike Price (USD per Bbl)	51.94
2023 \| Apr. - June \| OIL \| Argus WTI Houston \| Put
Derivative [Line Items]
Bbls Per Day \| bbl	8
Weighted Average Floor Price (USD per Bbl)	0
Weighted Average Ceiling Price (USD per Bbl)	1.77
Strike Price (USD per Bbl)	51.25
2023 \| Apr. - June \| NATURAL GAS \| Henry Hub \| Costless Collar
Derivative [Line Items]
Bbls Per Day \| bbl	330
Weighted average differential (per Bbl)	0
Weighted Average Floor Price (USD per Bbl)	3.17
Weighted Average Ceiling Price (USD per Bbl)	9.13
2023 \| July - Sep. \| OIL \| Brent \| Put
Derivative [Line Items]
Bbls Per Day \| bbl	9
Weighted Average Floor Price (USD per Bbl)	0
Weighted Average Ceiling Price (USD per Bbl)	1.91
Strike Price (USD per Bbl)	51.11
2023 \| July - Sep. \| OIL \| Argus WTI Houston \| Put
Derivative [Line Items]
Bbls Per Day \| bbl	2
Weighted Average Floor Price (USD per Bbl)	0
Weighted Average Ceiling Price (USD per Bbl)	1.86
Strike Price (USD per Bbl)	55.00
2023 \| July - Dec. \| NATURAL GAS \| Waha Hub \| Basis Swap
Derivative [Line Items]
Bbls Per Day \| bbl	330
Weighted average differential (per Bbl)	(1.24)
Weighted Average Floor Price (USD per Bbl)	0
Weighted Average Ceiling Price (USD per Bbl)	0
2023 \| July - Dec. \| NATURAL GAS \| Henry Hub \| Costless Collar
Derivative [Line Items]
Bbls Per Day \| bbl	310
Weighted average differential (per Bbl)	0
Weighted Average Floor Price (USD per Bbl)	3.18
Weighted Average Ceiling Price (USD per Bbl)	9.22
2024 \| Oct. - Dec. \| NATURAL GAS \| Waha Hub \| Basis Swap
Derivative [Line Items]
Bbls Per Day \| bbl	30
Weighted average differential (per Bbl)	(0.96)
Weighted Average Floor Price (USD per Bbl)	0
Weighted Average Ceiling Price (USD per Bbl)	0

DERIVATIVES - Restructurings Derivative Positions By Terminating (Details) - Terminated Early - 2022 - OIL	9 Months Ended
	Sep. 30, 2022 $ / bbl bbl
Apr. - June \| WTI \| Costless Collar
Derivative [Line Items]
Bbls Per Day \| bbl	8,000
Weighted Average Fixed Price (usd perBbl)	0
Strike Price (USD per Bbl)	0
Weighted Average Floor Price (USD per Bbl)	45.00
Weighted Average Ceiling Price (USD per Bbl)	71.60
Apr. - June \| Brent \| Costless Collar
Derivative [Line Items]
Bbls Per Day \| bbl	8,000
Weighted Average Fixed Price (usd perBbl)	0
Strike Price (USD per Bbl)	0
Weighted Average Floor Price (USD per Bbl)	45.00
Weighted Average Ceiling Price (USD per Bbl)	74.78
Apr. - June \| Argus WTI Houston \| Costless Collar
Derivative [Line Items]
Bbls Per Day \| bbl	6,000
Weighted Average Fixed Price (usd perBbl)	0
Strike Price (USD per Bbl)	0
Weighted Average Floor Price (USD per Bbl)	45.00
Weighted Average Ceiling Price (USD per Bbl)	69.53
Apr. - Sep. \| Brent \| Costless Collar
Derivative [Line Items]
Bbls Per Day \| bbl	2,000
Weighted Average Fixed Price (usd perBbl)	0
Strike Price (USD per Bbl)	0
Weighted Average Floor Price (USD per Bbl)	50.00
Weighted Average Ceiling Price (USD per Bbl)	80.00
Apr. - Sep. \| Argus WTI Houston \| Costless Collar
Derivative [Line Items]
Bbls Per Day \| bbl	2,000
Weighted Average Fixed Price (usd perBbl)	0
Strike Price (USD per Bbl)	0
Weighted Average Floor Price (USD per Bbl)	50.00
Weighted Average Ceiling Price (USD per Bbl)	76.70
July - Sep. \| Argus WTI Houston \| Costless Collar
Derivative [Line Items]
Bbls Per Day \| bbl	4,000
Weighted Average Fixed Price (usd perBbl)	0
Strike Price (USD per Bbl)	0
Weighted Average Floor Price (USD per Bbl)	50.00
Weighted Average Ceiling Price (USD per Bbl)	75.00
July - Sep. \| WTI Cushing \| Collar
Derivative [Line Items]
Bbls Per Day \| bbl	2,000
Weighted Average Fixed Price (usd perBbl)	0
Strike Price (USD per Bbl)	0
Weighted Average Floor Price (USD per Bbl)	45.00
Weighted Average Ceiling Price (USD per Bbl)	95.30
July - Sep. \| WTI Cushing \| Call
Derivative [Line Items]
Bbls Per Day \| bbl	2,000
Weighted Average Fixed Price (usd perBbl)	0
Strike Price (USD per Bbl)	90.00
Weighted Average Floor Price (USD per Bbl)	0
Weighted Average Ceiling Price (USD per Bbl)	0
July - Dec. \| Brent \| Swaption
Derivative [Line Items]
Bbls Per Day \| bbl	8,250
Weighted Average Fixed Price (usd perBbl)	68.62
Strike Price (USD per Bbl)	0
Weighted Average Floor Price (USD per Bbl)	0
Weighted Average Ceiling Price (USD per Bbl)	0

DERIVATIVES - Interest Rate Swaps (Details)	3 Months Ended			9 Months Ended
DERIVATIVES - Interest Rate Swaps (Details)	Sep. 30, 2022 USD ($) derivative	Sep. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) derivative	Sep. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($) instrument
Derivative [Line Items]
Number of instruments held \| instrument							2
Net cash received (paid) on settlements:	$ (96,000,000)	$ (397,000,000)		$ (816,000,000)	$ (822,000,000)
Interest rate swaps
Derivative [Line Items]
Number of instruments held \| derivative	2			2
Derivative, notional amount							$ 600,000,000
Net cash received (paid) on settlements:			$ 80,000,000
Interest rate swaps \| Designated as Hedging Instrument \| LIBOR
Derivative [Line Items]
Derivative, average variable interest rate							2.1865%
Interest rate swaps \| Senior Notes Due 2029 \| Designated as Hedging Instrument
Derivative [Line Items]
Fair value hedges							$ 1,200,000,000
Derivative, fixed interest rate							3.50%
Cumulative basis adjustments on discontinuation of hedge						$ 135,000,000

DERIVATIVES - Gains and Losses on Derivative Instruments Included in Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net:	$ (24)	$ (234)	$ (677)	$ (895)
Net cash received (paid) on settlements:	(96)	(397)	(816)	(822)
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net:	39	(234)	(615)	(1,025)
Net cash received (paid) on settlements:	(96)	(397)	(822)	(902)
Cash paid on contract	3	16	138	16
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net:	(63)	0	(62)	130
Net cash received (paid) on settlements:	$ 0	$ 0	$ 6	$ 80

FAIR VALUE MEASUREMENTS - Recurring Measurements (Details) - Fair Value, Recurring - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Commodity derivative instruments \| Current Assets
Assets:
Total Gross Fair Value	$ 189	$ 60
Gross Amounts Offset in Balance Sheet	(91)	(57)
Net Fair Value Presented in Balance Sheet	98	3
Commodity derivative instruments \| Noncurrent Assets
Assets:
Total Gross Fair Value	25	12
Gross Amounts Offset in Balance Sheet	(14)	(8)
Net Fair Value Presented in Balance Sheet	11	4
Commodity derivative instruments \| Current Liabilities
Liabilities:
Total Gross Fair Value	154	231
Gross Amounts Offset in Balance Sheet	(91)	(57)
Net Fair Value Presented in Balance Sheet	63	174
Commodity derivative instruments \| Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	22	9
Gross Amounts Offset in Balance Sheet	(14)	(8)
Net Fair Value Presented in Balance Sheet	8	1
Interest rate swaps \| Current Assets
Assets:
Total Gross Fair Value		10
Gross Amounts Offset in Balance Sheet		0
Net Fair Value Presented in Balance Sheet		10
Interest rate swaps \| Noncurrent Assets
Assets:
Total Gross Fair Value		1
Gross Amounts Offset in Balance Sheet		(1)
Net Fair Value Presented in Balance Sheet		0
Interest rate swaps \| Current Liabilities
Liabilities:
Total Gross Fair Value	27
Gross Amounts Offset in Balance Sheet	0
Net Fair Value Presented in Balance Sheet	27
Interest rate swaps \| Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	176	29
Gross Amounts Offset in Balance Sheet	0	(1)
Net Fair Value Presented in Balance Sheet	176	28
Level 1 \| Commodity derivative instruments \| Current Assets
Assets:
Total Gross Fair Value	0	0
Level 1 \| Commodity derivative instruments \| Noncurrent Assets
Assets:
Total Gross Fair Value	0	0
Level 1 \| Commodity derivative instruments \| Current Liabilities
Liabilities:
Total Gross Fair Value	0	0
Level 1 \| Commodity derivative instruments \| Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	0	0
Level 1 \| Interest rate swaps \| Current Assets
Assets:
Total Gross Fair Value		0
Level 1 \| Interest rate swaps \| Noncurrent Assets
Assets:
Total Gross Fair Value		0
Level 1 \| Interest rate swaps \| Current Liabilities
Liabilities:
Total Gross Fair Value	0
Level 1 \| Interest rate swaps \| Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	0	0
Level 2 \| Commodity derivative instruments \| Current Assets
Assets:
Total Gross Fair Value	189	60
Level 2 \| Commodity derivative instruments \| Noncurrent Assets
Assets:
Total Gross Fair Value	25	12
Level 2 \| Commodity derivative instruments \| Current Liabilities
Liabilities:
Total Gross Fair Value	154	231
Level 2 \| Commodity derivative instruments \| Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	22	9
Level 2 \| Interest rate swaps \| Current Assets
Assets:
Total Gross Fair Value		10
Level 2 \| Interest rate swaps \| Noncurrent Assets
Assets:
Total Gross Fair Value		1
Level 2 \| Interest rate swaps \| Current Liabilities
Liabilities:
Total Gross Fair Value	27
Level 2 \| Interest rate swaps \| Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	176	29
Level 3 \| Commodity derivative instruments \| Current Assets
Assets:
Total Gross Fair Value	0	0
Level 3 \| Commodity derivative instruments \| Noncurrent Assets
Assets:
Total Gross Fair Value	0	0
Level 3 \| Commodity derivative instruments \| Current Liabilities
Liabilities:
Total Gross Fair Value	0	0
Level 3 \| Commodity derivative instruments \| Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	0	0
Level 3 \| Interest rate swaps \| Current Assets
Assets:
Total Gross Fair Value		0
Level 3 \| Interest rate swaps \| Noncurrent Assets
Assets:
Total Gross Fair Value		0
Level 3 \| Interest rate swaps \| Current Liabilities
Liabilities:
Total Gross Fair Value	0
Level 3 \| Interest rate swaps \| Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Asset and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Carrying Value	$ 5,347	$ 6,642
Carrying Value \| Nonrecurring
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Carrying Value		6,687
Fair Value \| Nonrecurring
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Fair Value	$ 4,782	$ 7,148