0001539838-24-000150 | 10-Q | XBRL Viewer

REVENUE FROM CONTRACTS WITH CUSTOMERS

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

The following tables present the Company’s revenue from contracts with customers:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Oil sales	$	1,998	$	1,708	$	3,865	$	3,362
Natural gas sales	5		48		55		117
Natural gas liquid sales	171		140		355		319
Total oil, natural gas and natural gas liquid revenues	2,174		1,896		4,275		3,798
Sales of purchased oil	300		—		416		—
Midstream and marketing services	7		22		15		43
Total revenue from contracts with customers	$	2,481	$	1,918	$	4,706	$	3,841

The following tables present the Company’s revenue from oil, natural gas, and natural gas liquids disaggregated by basin:


	Three Months Ended June 30, 2024								Three Months Ended June 30, 2023
	Midland Basin		Delaware Basin		Other		Total		Midland Basin		Delaware Basin		Other		Total
	(In millions)
Oil sales	$	1,659	$	338	$	1	$	1,998	$	1,322	$	384	$	2	$	1,708
Natural gas sales	2		3		—		5		31		17		—		48
Natural gas liquid sales	128		42		1		171		93		47		—		140
Total	$	1,789	$	383	$	2	$	2,174	$	1,446	$	448	$	2	$	1,896

	Six Months Ended June 30, 2024								Six Months Ended June 30, 2023
	Midland Basin		Delaware Basin		Other		Total		Midland Basin		Delaware Basin		Other		Total
	(In millions)
Oil sales	$	3,162	$	698	$	5	$	3,865	$	2,617	$	742	$	3	$	3,362
Natural gas sales	36		18		1		55		79		38		—		117
Natural gas liquid sales	265		89		1		355		225		94		—		319
Total	$	3,463	$	805	$	7	$	4,275	$	2,921	$	874	$	3	$	3,798

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

DERIVATIVES

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

At June 30, 2024, 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 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, collateral is not required from either the counterparties or the Company on its outstanding commodity derivative contracts.

As of June 30, 2024, 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
Jul. - Dec.	2024	Basis Swap(1)	12,000	Argus WTI Midland	$1.19		$—	$—
Jul. - Dec.	2024	Roll Swap	40,000	WTI Cushing	$0.82		$—	$—
Jul. - Dec.	2024	Costless Collar	4,000	WTI Cushing	$—		$55.00	$93.66
Jan. - Dec.	2025	Basis Swap(1)	10,000	Argus WTI Midland	$1.22		$—	$—
NATURAL GAS
Jul. - Dec.	2024	Costless Collar	290,000	Henry Hub	$—		$2.83	$7.52
Jul. - Dec.	2024	Basis Swap(1)	380,000	Waha Hub	$(1.18)		$—	$—
Jan. - Dec.	2025	Basis Swap(1)	480,000	Waha Hub	$(0.76)		$—	$—
Jan. - Dec.	2025	Costless Collar	490,000	Henry Hub	$—		$2.50	$5.57

(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	Deferred Premium
OIL
Jul. - Sep.	2024	Put	80,000	Brent	$55.25	$1.55
Jul. - Sep.	2024	Put	28,000	Argus WTI Houston	$56.07	$1.58
Jul. - Sep.	2024	Put	59,000	WTI Cushing	$57.97	$1.57
Oct. - Dec.	2024	Put	57,000	Brent	$56.32	$1.55
Oct. - Dec.	2024	Put	26,000	Argus WTI Houston	$58.46	$1.65
Oct. - Dec.	2024	Put	83,000	WTI Cushing	$58.43	$1.66
Jan. - Mar.	2025	Put	21,000	Brent	$60.00	$1.46
Jan. - Mar.	2025	Put	14,000	Argus WTI Houston	$60.00	$1.63
Jan. - Mar.	2025	Put	67,000	WTI Cushing	$58.36	$1.67
Apr. - Jul.	2025	Put	4,000	Brent	$60.00	$1.59
Apr. - Jul.	2025	Put	2,000	Argus WTI Houston	$60.00	$1.36
Apr. - Jul.	2025	Put	34,000	WTI Cushing	$57.35	$1.66

Interest Rate Swaps and Treasury Locks

Interest Rate Swaps

The Company has two receive-fixed, pay variable interest rate swap agreements for notional amounts of $600 million which are considered economic hedges of the Company’s $1.2 billion 3.50% fixed rate senior notes due 2029 (the “2029 Notes”). The Company receives a fixed 3.50% rate of interest on these swaps and pays the variable rate of SOFR plus 2.1865%. The interest rate swaps are not treated as hedges for accounting purposes and, as a result, changes in fair value are recorded in earnings under the caption “Gain (loss) on derivative instruments, net” in the condensed consolidated statements of operations.

The interest rate swaps were designated as fair value hedges at inception, but the Company subsequently elected to discontinue hedge accounting. The cumulative fair value basis adjustment recorded at the time of dedesignation is being amortized to interest expense over the remaining term of the 2029 Notes utilizing the effective interest method. See Note 8—Debt for further details.

Treasury Locks

During the second quarter of 2024, the Company entered into certain treasury lock contracts to reduce the forecasted interest rate risk associated with the issuance of the April 2024 Notes. The treasury locks were terminated and settled upon issuance of the April 2024 Notes with a loss of $25 million recognized in the caption “Gain (loss) on derivative instruments, net” on the condensed consolidated income statement for the three and six months ended June 30, 2024.

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 13—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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Gain (loss) on derivative instruments, net:
Commodity contracts	$	54	$	(152)	$	38	$	(261)
Interest rate swaps	(11)		(37)		(43)		(21)
Treasury locks	(25)		—		(25)		—
Total	$	18	$	(189)	$	(30)	$	(282)

Net cash received (paid) on settlements:
Commodity contracts	$	24	$	(17)	$	20	$	(16)
Interest rate swaps	(27)		(22)		(27)		(22)
Treasury locks	(25)		—		(25)		—
Total	$	(28)	$	(39)	$	(32)	$	(38)

DEBT - Viper’s Credit Agreement (Details) - Viper revolving credit facility - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 2,000,000,000.0		$ 2,000,000,000.0
Elected commitment amount	850,000,000		850,000,000
Viper Energy Inc
Line of Credit Facility [Line Items]
Current borrowing capacity	1,300,000,000		1,300,000,000
Remaining borrowing capacity	$ 673,000,000		$ 673,000,000
Weighted average rate	7.63%	7.53%	7.52%	7.24%

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) $ / shares in Units, $ in Millions				6 Months Ended
	Mar. 08, 2024 USD ($) $ / shares shares	Nov. 13, 2023 shares	Oct. 31, 2023 USD ($) $ / shares shares	Jun. 30, 2024 segment	Mar. 31, 2024
Subsidiary, Sale of Stock [Line Items]
Conversion of stock, shares converted (in shares)		1
Number of business segments \| segment				1
Number of shares issued (in shares)			7,220,000
Sale of stock price (usd per share) \| $ / shares	$ 35.00		$ 27.72
Viper Energy Inc
Subsidiary, Sale of Stock [Line Items]
Proceeds from sale of stock \| $	$ 451		$ 200
Viper
Subsidiary, Sale of Stock [Line Items]
Ownership percentage (below 50% in March 2024)	50.00%			48.00%	50.00%
Common Class B
Subsidiary, Sale of Stock [Line Items]
Conversion of stock, shares converted (in shares)		1
Common Class A
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)	13,230,000

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 6,908	$ 582
Restricted cash	3	3
Accounts receivable:
Joint interest and other, net	119	192
Oil and natural gas sales, net ($132 million and $109 million related to Viper)	711	654
Inventories	55	63
Derivative instruments	4	17
Prepaid expenses and other current assets	25	110
Total current assets	7,825	1,621
Property and equipment:
Oil and natural gas properties, full cost method of accounting ($8,131 million and $8,659 million excluded from amortization at June 30, 2024 and December 31, 2023, respectively) ($4,568 million and $4,629 million and $1,581 million and $1,769 million excluded from amortization related to Viper)	43,793	42,430
Other property, equipment and land	666	673
Accumulated depletion, depreciation, amortization and impairment ($962 million and $866 million related to Viper)	(17,360)	(16,429)
Property and equipment, net	27,099	26,674
Equity method investments	542	529
Derivative instruments	15	1
Deferred income taxes, net	32	45
Investment in real estate, net	82	84
Other assets	42	47
Total assets	35,637	29,001
Current liabilities:
Accounts payable - trade	331	261
Accrued capital expenditures	446	493
Other accrued liabilities	457	475
Revenues and royalties payable	782	764
Derivative instruments	72	86
Income taxes payable	49	29
Total current liabilities	2,137	2,108
Long-term debt ($998 million and $1,083 million related to Viper)	11,980	6,641
Derivative instruments	134	122
Asset retirement obligations	300	239
Deferred income taxes	2,549	2,449
Other long-term liabilities	10	12
Total liabilities	17,110	11,571
Commitments and contingencies (Note 15)
Stockholders’ equity:
Common stock, $0.01 par value; 400,000,000 shares authorized; 178,394,239 and 178,723,871 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	2	2
Additional paid-in capital	14,267	14,142
Retained earnings (accumulated deficit)	3,187	2,489
Accumulated other comprehensive income (loss)	(8)	(8)
Total Diamondback Energy, Inc. stockholders’ equity	17,448	16,625
Non-controlling interest	1,079	805
Total equity	18,527	17,430
Total liabilities and stockholders' equity	$ 35,637	$ 29,001

FAIR VALUE MEASUREMENTS - Recurring Measurements (Details) - Fair Value, Recurring - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Noncurrent Assets
Assets:
Gross Amounts Offset in Balance Sheet	$ 0	$ 0
Investment	8	5
Commodity derivative instruments \| Current Assets
Assets:
Total Gross Fair Value	84	88
Gross Amounts Offset in Balance Sheet	(80)	(71)
Net Fair Value Presented in Balance Sheet	4	17
Commodity derivative instruments \| Noncurrent Assets
Assets:
Total Gross Fair Value	33	8
Gross Amounts Offset in Balance Sheet	(18)	(7)
Net Fair Value Presented in Balance Sheet	15	1
Commodity derivative instruments \| Current Liabilities
Liabilities:
Total Gross Fair Value	104	111
Gross Amounts Offset in Balance Sheet	(80)	(71)
Net Fair Value Presented in Balance Sheet	24	40
Commodity derivative instruments \| Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	20	12
Gross Amounts Offset in Balance Sheet	(18)	(7)
Net Fair Value Presented in Balance Sheet	2	5
Interest rate swaps \| Current Liabilities
Liabilities:
Total Gross Fair Value	48	46
Gross Amounts Offset in Balance Sheet	0	0
Net Fair Value Presented in Balance Sheet	48	46
Interest rate swaps \| Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	132	117
Gross Amounts Offset in Balance Sheet	0	0
Net Fair Value Presented in Balance Sheet	132	117
Level 1 \| Noncurrent Assets
Assets:
Investment	8	5
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 Liabilities
Liabilities:
Total Gross Fair Value	0	0
Level 1 \| Interest rate swaps \| Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	0	0
Level 2 \| Noncurrent Assets
Assets:
Investment	0	0
Level 2 \| Commodity derivative instruments \| Current Assets
Assets:
Total Gross Fair Value	84	88
Level 2 \| Commodity derivative instruments \| Noncurrent Assets
Assets:
Total Gross Fair Value	33	8
Level 2 \| Commodity derivative instruments \| Current Liabilities
Liabilities:
Total Gross Fair Value	104	111
Level 2 \| Commodity derivative instruments \| Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	20	12
Level 2 \| Interest rate swaps \| Current Liabilities
Liabilities:
Total Gross Fair Value	48	46
Level 2 \| Interest rate swaps \| Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	132	117
Level 3 \| Noncurrent Assets
Assets:
Investment	0	0
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 Liabilities
Liabilities:
Total Gross Fair Value	0	0
Level 3 \| Interest rate swaps \| Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	$ 0	$ 0

STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Dividends [Line Items]
Dividend paid (in usd per share)	$ 1.97	$ 3.08	$ 0.83	$ 2.95	$ 5.05	$ 3.78
Dividends	$ 355	$ 552	$ 151	$ 546	$ 907	$ 697
Base Dividend
Dividends [Line Items]
Dividend paid (in usd per share)	$ 0.90	$ 0.90	$ 0.80	$ 0.80	$ 1.80	$ 1.60
Variable Dividend
Dividends [Line Items]
Dividend paid (in usd per share)	$ 1.07	$ 2.18	$ 0.03	$ 2.15	$ 3.25	$ 2.18

SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS

6 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Information Disclosure [Abstract]

SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS


	Six Months Ended June 30,
		2024		2023
		(In millions)
Supplemental disclosure of cash flow information:

Cash (paid) received for income taxes, net		$	(260)	$	(54)
Supplemental disclosure of non-cash transactions:
Accrued capital expenditures included in accounts payable and accrued expenses		$	659	$	686

Common stock issued for acquisitions		$	—	$	633

SEGMENT INFORMATION - Summary of Business Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 2,483	$ 1,919	$ 4,710	$ 3,844
Depreciation, depletion, amortization and accretion	483	432	952	835
Income (loss) from operations	1,156	1,000	2,274	2,025
Interest expense, net	(44)	(49)	(83)	(93)
Other income (expense)	19	(216)	(30)	(258)
Income (loss) from equity investments	15	16	17	30
Provision for (benefit from) income taxes	252	165	475	372
Net income (loss) attributable to non-controlling interest	57	30	98	64
Net income (loss) attributable to the Company	837	556	1,605	1,268
Total assets	35,637	29,001	35,637	29,001	$ 29,001
All Other
Segment Reporting Information [Line Items]
Revenues	50	127	97	247
Operating Segments \| Upstream
Segment Reporting Information [Line Items]
Revenues	2,474	1,895	4,691	3,799
Depreciation, depletion, amortization and accretion	478	421	941	809
Income (loss) from operations	1,139	979	2,229	1,981
Interest expense, net	(44)	(49)	(83)	(93)
Other income (expense)	20	(207)	(25)	(302)
Income (loss) from equity investments	0	(1)	0	(1)
Provision for (benefit from) income taxes	249	162	470	365
Net income (loss) attributable to non-controlling interest	57	30	98	64
Net income (loss) attributable to the Company	809	530	1,553	1,156
Total assets	35,079	28,362	35,079	28,362	28,362
Operating Segments \| All Other
Segment Reporting Information [Line Items]
Revenues	9	24	19	45
Depreciation, depletion, amortization and accretion	5	11	11	26
Income (loss) from operations	14	54	35	99
Interest expense, net	0	0	0	0
Other income (expense)	0	(1)	0	52
Income (loss) from equity investments	15	17	17	31
Provision for (benefit from) income taxes	3	3	5	7
Net income (loss) attributable to non-controlling interest	0	0	0	0
Net income (loss) attributable to the Company	26	67	47	175
Total assets	1,163	1,242	1,163	1,242	1,242
Eliminations
Segment Reporting Information [Line Items]
Revenues	(41)	(103)	(78)	(202)
Depreciation, depletion, amortization and accretion	0	0	0	0
Income (loss) from operations	3	(33)	10	(55)
Interest expense, net	0	0	0	0
Other income (expense)	(1)	(8)	(5)	(8)
Income (loss) from equity investments	0	0	0	0
Provision for (benefit from) income taxes	0	0	0	0
Net income (loss) attributable to non-controlling interest	0	0	0	0
Net income (loss) attributable to the Company	2	(41)	5	(63)
Total assets	$ (605)	$ (603)	$ (605)	$ (603)	$ (603)

EQUITY-BASED COMPENSATION - Valuation Assumptions (Details) - Equity Plan - Performance Shares - $ / shares		6 Months Ended
	Mar. 01, 2024	Jun. 30, 2024
Restricted Stock Awards & Units
Granted (in usd per share)	$ 341.38	$ 341.38
Risk-free rate	4.38%
Company volatility	41.40%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

ACQUISITIONS AND DIVESTITURES

6 Months Ended

Jun. 30, 2024

Acquisitions And Divestitures [Abstract]

ACQUISITIONS AND DIVESTITURES

2024 Activity

See Note 16—Endeavor Energy Resources, LP Acquisition for details on the previously announced plan of merger. The Company had no other material acquisition or divestiture activity during the six months ended June 30, 2024.

2023 Activity

Acquisitions

GRP Acquisition

On November 1, 2023, Viper and Viper LLC acquired certain mineral and royalty interests from Royalty Asset Holdings, LP, Royalty Asset Holdings II, LP and Saxum Asset Holdings, LP and affiliates of Warwick Capital Partners and GRP Energy Capital (collectively, “GRP”), pursuant to a definitive purchase and sale agreement for approximately 9.02 million Viper common units and $750 million in cash, including transactions costs and subject to customary post-closing adjustments (the “GRP Acquisition”). The mineral and royalty interests acquired in the GRP Acquisition represent 4,600 net royalty acres in the Permian Basin, plus an additional 2,700 net royalty acres in other major basins. The cash consideration for the GRP Acquisition was funded through a combination of cash on hand and held in escrow, borrowings under the Viper credit agreement, proceeds from Viper’s offering of $400 million in aggregate principal amount of its 7.375% Senior Notes due in 2031 and proceeds from the $200 million common unit issuance to the Company.

Lario Acquisition

On January 31, 2023, the Company closed on its acquisition of all leasehold interests and related assets of Lario Permian, LLC, a wholly owned subsidiary of Lario Oil and Gas Company, and certain associated sellers (collectively “Lario”). The acquisition included approximately 25,000 gross (16,000 net) acres in the Midland Basin and certain related oil and gas assets (the “Lario Acquisition”), in exchange for 4.33 million shares of the Company’s common stock and $814 million in cash, including certain customary post-closing adjustments. Approximately $113 million of the cash consideration was deposited in an indemnity holdback escrow account at closing to be distributed upon satisfactory settlement of any potential title defects on the acquired properties. The Company released the full amount of the indemnity holdback to Lario during the first quarter of 2024. The cash portion of the consideration for the Lario Acquisition was funded through a combination of cash on hand, a

portion of the net proceeds from the Company’s offering of 6.250% Senior Notes due 2053 and borrowings under the Company’s revolving credit facility.

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


Consideration:
Shares of Diamondback common stock issued at closing	4,330
Closing price per share of Diamondback common stock on the closing date	$	146.12
Fair value of Diamondback common stock issued	$	633
Cash consideration	814
Total consideration (including fair value of Diamondback common stock issued)	$	1,447

Purchase Price Allocation

The Lario 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 Lario Acquisition to the identifiable assets acquired and the liabilities assumed based on the fair values at the acquisition date. The purchase price allocation was completed in December 2023.

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








Total consideration	$	1,447

Fair value of liabilities assumed:
Other long-term liabilities	37

Fair value of assets acquired:
Oil and natural gas properties	1,460
Inventories	2
Other property, equipment and land	22
Amount attributable to assets acquired	1,484
Net assets acquired and liabilities assumed	$	1,447

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, vehicles and a field office were 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 and were included in the Company’s condensed consolidated balance sheets under the caption “Other property, equipment and land.” 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 in the fair value hierarchy.

With the completion of the Lario Acquisition, the Company acquired proved properties of $924 million and unproved properties of $536 million.

Divestitures

Divestiture of Deep Blue Water Assets and Deep Blue Formation

On September 1, 2023, the Company closed on a joint venture agreement with Five Point Energy LLC (“Five Point”) to form Deep Blue Midland Basin LLC (“Deep Blue”). At closing, the Company contributed certain treated water, fresh water and saltwater disposal assets (the “Deep Blue Water Assets”) with a net carrying value of $702 million, including certain post-closing adjustments, and Five Point contributed $251 million in cash to Deep Blue. In exchange for these contributions, Deep

Blue issued the Company a one-time cash distribution of approximately $516 million and issued to the Company a 30% equity ownership and voting interest, and issued to Five Point a 70% equity ownership and voting interest.

Additionally, under a separate agreement with Deep Blue, the Company continued to operate the Deep Blue Water Assets on a short-term basis. Five Point agreed to pay the Company approximately $47 million upon the successful transfer of operations to Deep Blue and the Company recorded approximately $43 million as a contingent consideration receivable on the closing date based on the assessed probability of earning the additional consideration. Upon the successful transfer of operations in June 2024, the Company received the full contingent consideration amount of $47 million.

The Company recorded its 30% equity interest in Deep Blue at fair value based on the cash consideration contributed by Five Point to Deep Blue in exchange for its 70% equity ownership and the estimated fair value of contingent consideration to be contributed by Five Point in future years. The Company’s equity method investment in Deep Blue had an initial fair value of $126 million. The Company’s proportionate share of the income or loss from Deep Blue will be recognized on a two-month lag. The Company has recognized an aggregate $13 million loss on the sale of its Deep Blue Water Assets, of which approximately $1 million was recognized during the six months ended June 30, 2024. The loss on the sale of Deep Blue Water Assets is included in the caption “Other operating expenses” in the condensed consolidated statement of operations. The majority of measurements utilized to determine the fair value amounts reported above relating to this transaction are based on inputs that are not observable in the market and are therefore considered Level 3 inputs in the fair value hierarchy.

The Company and Five Point currently anticipate collectively contributing $500 million in follow-on capital to fund future growth projects and acquisitions.

As part of the transaction, the Company also entered into a 15-year dedication with Deep Blue for its produced water and supply water within a 12-county area of mutual interest in the Midland Basin. See Note 7—Related Party Transactions for further discussion of transactions with Deep Blue.

OMOG Divestiture

On July 28, 2023, the Company divested its 43% limited liability company interest in OMOG JV LLC (“OMOG”) for $225 million in cash received at closing. This divestiture resulted in a gain on the sale of equity method investments of approximately $35 million. The Company used its net proceeds from this transaction for debt reduction and other general corporate purposes.

Non-Core Assets Divestiture

On April 28, 2023, the Company divested non-core assets to an unrelated third-party buyer consisting of approximately 19,000 net acres in Glasscock County, TX for net cash proceeds at closing of $269 million, including customary post-closing adjustments. The Company used its net proceeds from this transaction for debt reduction and other general corporate purposes.

On March 31, 2023, the Company divested non-core assets consisting of approximately 4,900 net acres in Ward and Winkler counties to unrelated third-party buyers for $72 million in net cash proceeds, including customary post-closing adjustments.

The divestitures of non-core oil and gas assets 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.

Gray Oak Divestiture

On January 9, 2023, the Company divested its 10% non-operating equity investment in Gray Oak Pipeline, LLC (“Gray Oak”) for $172 million in net cash proceeds and recorded a gain on the sale of equity method investments of approximately $53 million, which is included in the caption “Other income (expense), net” on the condensed consolidated statement of operations for the three and six months ended June 30, 2023.

ENDEAVOR ENERGY RESOURCES, LP ACQUISITION	6 Months Ended
ENDEAVOR ENERGY RESOURCES, LP ACQUISITION	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ENDEAVOR ENERGY RESOURCES, LP ACQUISITION	ENDEAVOR ENERGY RESOURCES, LP ACQUISITION On February 11, 2024, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, Eclipse Merger Sub I, LLC, Eclipse Merger Sub II, LLC, Endeavor Manager, LLC (solely or purposes of certain sections set forth therein), and Endeavor Parent, LLC (“Endeavor”), to acquire Endeavor (the “Endeavor Acquisition”) for consideration consisting of a base cash amount of $8.0 billion, subject to adjustments under the terms of the Merger Agreement, and approximately 117.27 million shares of the Company’s common stock. The pending Endeavor Acquisition is expected to close in the third or fourth quarter of 2024, subject to regulatory approvals under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the satisfaction or waiver of certain other customary closing conditions. In a special meeting held on April 26, 2024, the Company’s stockholders approved the issuance of the Company’s common stock to Endeavor as consideration for the Endeavor Acquisition. As a result of the Endeavor Acquisition, equityholders of Endeavor are expected to hold, at closing, approximately 39.5% of the outstanding Company common stock. If the Merger Agreement is terminated under certain circumstances, the Company may be required to pay a termination fee of $1.4 billion, including if the Merger Agreement is terminated because the Company’s board of directors has changed its recommendation in respect of the stockholder proposal relating to approval of the issuance of the Company common stock in the Endeavor Acquisition.

EQUITY-BASED COMPENSATION - Performance Restricted Stock Activity (Details) - Equity Plan - Performance Shares - $ / shares		6 Months Ended
	Mar. 01, 2024	Jun. 30, 2024
Performance Restricted Stock Units
Unvested, beginning balance (in shares)		278,056
Granted (in shares)	110,989	110,989
Unvested, ending balance (in shares)		389,045
Weighted Average Grant-Date Fair Value
Unvested, beginning balance (in usd per share)		$ 234.80
Granted (in usd per share)	$ 341.38	341.38
Unvested, ending balance (in usd per share)		$ 265.21
Share based compensation arrangement by share based payment maximum award potential (in shares)		923,176

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	Jun. 30, 2024
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 primarily in the Permian Basin in West Texas. As of June 30, 2024, the wholly owned subsidiaries of Diamondback include Diamondback E&P LLC (“Diamondback E&P”), a Delaware limited liability company, Rattler Midstream GP LLC, a Delaware limited liability company, Rattler Midstream LP, a Delaware limited partnership and QEP Resources, Inc., a Delaware corporation. Viper Conversion to Corporate Structure On November 13, 2023, the Company’s publicly traded subsidiary, Viper Energy Partners LP, completed its conversion from a Delaware limited partnership into a Delaware corporation, Viper Energy, Inc. (“Viper”) (the “Viper Conversion”). At the time of the Viper Conversion, each of the Company’s common units representing limited partnership interest in Viper Energy Partners, LP was converted, on a unit-for-unit basis, into one issued and outstanding, fully paid and nonassessable share of Class A common stock of Viper Energy, Inc., and each of the Company’s Class B units representing a limited partnership interest in Viper Energy Partners, LP was converted, on a unit-for-unit basis, into one issued and outstanding, fully paid and nonassessable share of Class B common stock of Viper. At the time of the Conversion, Viper was a “controlled company” under the Nasdaq rules as the Company owned more than 50% of the voting power of Viper’s common stock. 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 has one reportable segment, the upstream segment. On October 31, 2023, pursuant to a common unit purchase and sale agreement entered into on September 4, 2023, Viper issued approximately 7.22 million of its common units, which were converted to shares of Viper Class A common stock at the time of the Viper Conversion, to the Company at a price of $27.72 per unit for total consideration to Viper of approximately $200 million. On March 5, 2024, the Company exercised certain of its demand rights, pursuant to a registration rights agreement initially entered into on June 23, 2014, as amended and restated on May 9, 2018 and November 10, 2023, and on March 8, 2024, completed a public offering of approximately 13.23 million of Viper’s Class A common stock at a price of $35.00 per share for proceeds, net of underwriters’ discount, of approximately $451 million. After this offering, the Company owned less than 50% of Viper’s combined outstanding Class A common stock and Class B common stock, resulting in Viper no longer being a controlled company under the Nasdaq rules. However, the Company determined that it still controls the activities of Viper in accordance with the guidance for variable interest entities in Accounting Standards Codification Topic 810— “Consolidation” (“ASC 810”) and therefore continues to consolidate Viper in the Company’s financial statements at June 30, 2024. See further discussion of the Company’s determination that Viper is a variable interest entity (“VIE”) in Note 2—Summary of Significant Accounting Policies. 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. As of June 30, 2024, the Company owned approximately 48% of Viper’s combined outstanding Class A common stock and Class B common stock. 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, 2023, 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.

DEBT - Term Loan Agreement (Details) - Term Loan Agreement - USD ($)	Feb. 29, 2024	Jun. 30, 2024
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,500,000,000
Long-term line of credit amount outstanding		$ 0
Remaining borrowing capacity		$ 1,500,000,000
Commitment fee	0.125%
Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.10%
Federal Funds
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
1-month Adjusted Term SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Tranche A Loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,000,000,000
Tranche A Loans \| Minimum \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.125%
Tranche A Loans \| Minimum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.125%
Tranche A Loans \| Maximum \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.00%
Tranche A Loans \| Maximum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Tranche B Loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 500,000,000
Tranche B Loans \| Minimum \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%
Tranche B Loans \| Minimum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.25%
Tranche B Loans \| Maximum \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.125%
Tranche B Loans \| Maximum \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.125%

ASSET RETIREMENT OBLIGATIONS

6 Months Ended

Jun. 30, 2024

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:


	Six Months Ended June 30,
	2024		2023
	(In millions)
Asset retirement obligations, beginning of period	$	245	$	347
Additional liabilities incurred	2		12
Liabilities acquired	1		3
Liabilities settled and divested	(16)		(42)
Accretion expense	8		14
Revisions in estimated liabilities	71		(43)
Asset retirement obligations, end of period	311		291
Less current portion(1)	11		5
Asset retirement obligations - long-term	$	300	$	286

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

COMMITMENTS AND CONTINGENCIES (Details)	135 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Mar. 31, 2024 lawsuit
Environmental Matters
Loss Contingencies [Line Items]
Number of lawsuits company is defendant	3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE - Change in Ownership of Consolidated Subsidiaries (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income (loss) attributable to the Company	$ 837		$ 556		$ 1,605	$ 1,268
Change in ownership of consolidated subsidiaries, net	0	$ 15	2	$ 2
Subsidiaries
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income (loss) attributable to the Company	837		556		1,605	1,268
Change in ownership of consolidated subsidiaries, net	(6)		(15)		(61)	(24)
Change from net income (loss) attributable to the Company's stockholders and transfers with non-controlling interest	$ 831		$ 541		$ 1,544	$ 1,244

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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+ Details

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations, beginning of period	$ 245	$ 347
Additional liabilities incurred	2	12
Liabilities acquired	1	3
Liabilities settled and divested	(16)	(42)
Accretion expense	8	14
Revisions in estimated liabilities	71	(43)
Asset retirement obligations, end of period	311	291
Less current portion	11	5
Asset retirement obligations - long-term	$ 300	$ 286	$ 239

STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE - Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity [Abstract]
Net income (loss) attributable to the Company	$ 837	$ 556	$ 1,605	$ 1,268
Less: net income (loss) allocated to participating securities	6	5	11	9
Net income (loss) attributable to common stockholders	$ 831	$ 551	$ 1,594	$ 1,259
Weighted average common shares outstanding:
Basic weighted average common units outstanding (in shares)	178,360	180,373	178,418	181,176
Effect of dilutive securities:
Weighted-average potential common shares issuable (in shares)	0	0	0	0
Diluted weighted average common shares outstanding (in shares)	178,360	180,373	178,418	181,176
Basic net income (loss) attributable to common stock (in usd per share)	$ 4.66	$ 3.05	$ 8.93	$ 6.95
Diluted net income (loss) attributable to common stock (in usd per share)	$ 4.66	$ 3.05	$ 8.93	$ 6.95

DEBT

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

DEBT

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


	June 30,		December 31,
	2024		2023
	(In millions)
3.250% Senior Notes due 2026	$	750	$	750
5.625% Senior Notes due 2026	14		14
5.200% Senior Notes due 2027	850		—
7.125% Medium-term Notes, Series B, due 2028	73		73
3.500% Senior Notes due 2029	915		921
5.150% Senior Notes due 2030	850		—
3.125% Senior Notes due 2031	767		789
6.250% Senior Notes due 2033	1,100		1,100
5.400% Senior Notes due 2034	1,300		—
4.400% Senior Notes due 2051	650		650
4.250% Senior Notes due 2052	750		750
6.250% Senior Notes due 2053	650		650
5.750% Senior Notes due 2054	1,500		—
5.900% Senior Notes due 2064	1,000		—
Unamortized debt issuance costs	(94)		(46)
Unamortized discount costs	(27)		(23)
Unamortized premium costs	3		4
Unamortized basis adjustment of dedesignated interest rate swap agreements(1)	(78)		(84)

Viper revolving credit facility	177		263
Viper 5.375% Senior Notes due 2027	430		430
Viper 7.375% Senior Notes due 2031	400		400


Total long-term debt	$	11,980	$	6,641

(1) 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. This basis adjustment is being amortized to interest expense over the remaining term of the 2029 Notes utilizing the effective interest method.

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

Credit Agreement

On March 6, 2024, Diamondback E&P, as borrower, and Diamondback Energy, Inc., as parent guarantor, entered into a fourteenth amendment to the existing credit agreement, which upon consummation of the pending Endeavor Acquisition (as defined in Note 16—Endeavor Energy Resources, LP Acquisition) will among other things, (i) increase the maximum credit amount from $1.6 billion to $2.5 billion, (ii) decrease the swingline commitments amount from $100 million to $50 million and (iii) make certain amendments to the representations and warranties, affirmative and negative covenants, and events of default. As of June 30, 2024, the Company had no outstanding borrowings under the credit agreement and $1.6 billion available for future borrowings. During the three and six months ended June 30, 2023, the weighted average interest rate on borrowings under the credit agreement was 6.37% and 6.23%, respectively. The credit agreement matures on June 2, 2028.

As of June 30, 2024, the Company was in compliance with all financial maintenance covenants under the credit agreement.

Term Loan Agreement

In connection with the pending Endeavor Acquisition (as defined in Note 16—Endeavor Energy Resources, LP Acquisition), Diamondback Energy, Inc., as guarantor, entered into a Term Loan Credit Agreement with Diamondback E&P LLC, as borrower, and Citibank, N.A., as administrative agent (the “Term Loan Agreement”) on February 29, 2024.

The Term Loan Agreement provides the Company with the ability to borrow up to $1.5 billion, which is comprised of $1 billion of Tranche A Loans and $500 million of Tranche B Loans (collectively, the “Term Loans”) on an unsecured basis to pay a portion of the cash consideration for the pending Endeavor Acquisition (as defined in Note 16—Endeavor Energy Resources, LP Acquisition), repay certain debt of Endeavor or pay fees, costs and expenses related to the acquisition. As of June 30, 2024, the Company had no outstanding borrowings under the Term Loan Agreement and $1.5 billion available for future borrowings.

The availability of the Term Loans, which have not yet been funded, is subject to the satisfaction of certain limited customary acquisition-financing conditions under the Term Loan Agreement. The Term Loans will be made in a single borrowing on the date of closing of the pending Endeavor Acquisition (as defined in Note 16—Endeavor Energy Resources, LP Acquisition) (the “Closing Date”) and will mature and be payable in full, in the case of the Tranche A Loans, on the first anniversary of the Closing Date and, in the case of the Tranche B Loans, on the second anniversary of the Closing Date.

Outstanding borrowings under the Term Loan Agreement bear interest at a per annum rate elected by the Company 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% and 0.250% to 1.125% for Tranche A and Tranche B, respectively, per annum in the case of the alternate base rate, and from 1.125% to 2.000% and 1.250% to 2.125% for Tranche A and Tranche B, respectively, per annum in the case of Adjusted Term SOFR, in each case based on the pricing level, and (ii) the commitment fee is equal to 0.125% per annum on the aggregate principal amount of the commitments. The pricing level depends on the Company’s long-term senior unsecured debt ratings.

Bridge Facility

On February 11, 2024, in connection with the pending Endeavor Acquisition (as defined in Note 16—Endeavor Energy Resources, LP Acquisition), Diamondback Energy, Inc., as guarantor, obtained commitments of $8.0 billion to a 364-day senior unsecured term loan facility with Diamondback E&P LLC, as borrower, and Citigroup Global Markets Inc., as administrative agent (the “Bridge Facility”). The Bridge Facility was reduced on a dollar-for-dollar basis by the amount of the Term Loan Agreement to $6.5 billion on February 29, 2024 and was further reduced on a dollar-for-dollar basis by the amount of the April 2024 Notes (as defined below) to $1.0 billion. The undrawn Bridge Facility was terminated on June 4, 2024. The Company recorded additional interest expense of $19 million and $28 million during the three and six months ended June 30, 2024, respectively, related to the amortization and write-off of debt issuance costs incurred for the Bridge Facility.

Issuance of Notes

On April 18, 2024, the Company issued an aggregate of $5.5 billion in senior notes, consisting of (i) $850 million aggregate principal amount of 5.200% Senior Notes due April 18, 2027 (the “2027 Notes”), (ii) $850 million aggregate principal amount of 5.150% Senior Notes due January 30, 2030 (the “2030 Notes”), (iii) $1.3 billion aggregate principal amount of 5.400% Senior Notes due April 18, 2034 (the “2034 Notes”), (iv) $1.5 billion aggregate principal amount of 5.750% Senior Notes due April 18, 2054 (the “2054 Notes”), and (v) $1.0 billion aggregate principal amount of 5.900% Senior Notes due April 18, 2064 (the “2064 Notes” and together with the 2027 Notes, the 2030 Notes the 2034 Notes and the 2054 Notes, the “April 2024 Notes”). The Company received net proceeds of $5.5 billion, including discounts and underwriter fees. Interest on the 2030 Notes is payable semi-annually on January 30 and July 30 of each year, beginning on July 30, 2024. Interest on each other series of notes will be payable semi-annually on April 18 and October 18 of each year, beginning on October 18, 2024. The Company intends to use the net proceeds to fund a portion of the cash consideration for the pending Endeavor Acquisition.

Retirement of Notes

In the first quarter of 2024, the Company opportunistically repurchased principal amounts of $22 million of its 3.125% Senior Notes due 2031 and $6 million of its 3.500% Senior Notes due 2029 for total cash consideration, including accrued interest paid of $25 million. These repurchases resulted in an immaterial gain on extinguishment of debt during the six months ended June 30, 2024.

Viper’s Credit Agreement

Viper LLC’s credit agreement, as amended to date, provides for a revolving credit facility in the maximum credit amount of $2.0 billion with a borrowing base of $1.3 billion based on Viper LLC’s oil and natural gas reserves and other factors. As of June 30, 2024, the elected commitment amount was $850 million, with $177 million of outstanding borrowings and $673 million available for future borrowings. During the three and six months ended June 30, 2024 and 2023, the weighted average interest rates on borrowings under the Viper credit agreement were 7.63%, 7.52%, 7.53% and 7.24%, respectively. As of June 30, 2024, Viper LLC was in compliance with all financial maintenance covenants under the Viper credit agreement. The revolving credit facility will mature on September 22, 2028.

- Definition

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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+ Details

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-35700
Entity Registrant Name	Diamondback Energy, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-4502447
Entity Address, Address Line One	500 West Texas Ave.
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Midland
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	79701
City Area Code	432
Local Phone Number	221-7400
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	FANG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		178,394,452
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001539838
Current Fiscal Year End Date	--12-31

ACQUISITIONS AND DIVESTITURES - Divestitures (Details)						3 Months Ended	6 Months Ended		10 Months Ended	12 Months Ended
ACQUISITIONS AND DIVESTITURES - Divestitures (Details)	Sep. 01, 2023 USD ($) county	Jul. 28, 2023 USD ($)	Apr. 28, 2023 USD ($) a	Mar. 31, 2023 USD ($) a	Jan. 09, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investments							$ 542,000,000		$ 542,000,000	$ 529,000,000
Number of counties \| county	12
Deep Blue
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contractual obligations							500,000,000		500,000,000
Disposed of by Sale \| Water Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on disposition of assets							1,000,000		13,000,000
Disposed of by Sale \| Glasscock County Disposition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land, net \| a			19,000
Consideration for divestiture			$ 269,000,000
Gain (loss) on disposal			$ 0
Disposed of by Sale \| Ward and Winkler Counties Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land, net \| a				4,900
Consideration for divestiture				$ 72,000,000
Gain (loss) on disposal				$ 0
Deep Blue
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Distribution	$ 516,000,000
Equity method interest investment ownership percentage	30.00%
Contingent consideration receivable	$ 43,000,000
Equity method investments	$ 126,000,000
Agreement term	15 years
Deep Blue \| Five Point Energy LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent consideration	$ 47,000,000						$ 47,000,000		$ 47,000,000
Deep Blue \| Diamondback Energy, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment, aggregate cost	702,000,000
Deep Blue \| Five Point Energy LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment, aggregate cost	$ 251,000,000
Equity method interest investment ownership percentage	70.00%
OMOG JV LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment, percentage sold		43.00%
Proceeds from the sale of equity method investments		$ 225,000,000
Gain on the sale of equity method investments										$ 35,000,000
Gray Oak Pipeline, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment, percentage sold					10.00%
Proceeds from the sale of equity method investments					$ 172,000,000
Gain on the sale of equity method investments						$ 53,000,000		$ 53,000,000

DEBT - Long-term Debt (Details) $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2024	Jun. 30, 2024 derivative	Jun. 30, 2024 instrument	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (94)				$ (46)
Unamortized discount costs	(27)				(23)
Unamortized premium costs	3				4
Unamortized basis adjustment of dedesignated interest rate swap agreements	(78)				(84)
Total long-term debt	11,980				6,641
Fair value of interest rate swap agreements
Debt Instrument [Line Items]
Number of agreements			2	2
3.250% Senior Notes due 2026 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate		3.25%
Long-term debt, gross	750				750
5.625% Senior Notes due 2026 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate		5.625%
Long-term debt, gross	14				14
5.200% Senior Notes due 2027 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate		5.20%
Long-term debt, gross	850				0
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				73
3.500% Senior Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate		3.50%
Long-term debt, gross	915				921
5.150% Senior Notes due 2030 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate		5.15%
Long-term debt, gross	850				0
3.125% Senior Notes due 2031 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate		3.125%
Long-term debt, gross	767				789
6.250% Senior Notes due 2033 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate		6.25%
Long-term debt, gross	1,100				1,100
5.400% Senior Notes due 2034 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate		5.40%
Long-term debt, gross	1,300				0
4.400% Senior Notes due 2051 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate		4.40%
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				750
6.250% Senior Notes due 2053 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate		6.25%
Long-term debt, gross	650				650
5.750% Senior Notes due 2054 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate		5.75%
Long-term debt, gross	1,500				0
5.900% Senior Notes due 2064 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate		5.90%
Long-term debt, gross	1,000				0
Viper revolving credit facility \| Viper
Debt Instrument [Line Items]
Long-term debt, gross	177				263
Viper 5.375% Senior Notes due 2027 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate		5.375%
Viper 5.375% Senior Notes due 2027 \| Senior Notes \| Viper
Debt Instrument [Line Items]
Long-term debt, gross	430				430
Viper 7.375% Senior Notes due 2031 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate		7.375%
Viper 7.375% Senior Notes due 2031 \| Senior Notes \| Viper
Debt Instrument [Line Items]
Long-term debt, gross	400				$ 400
Senior Notes Due 2029 \| Fair value of interest rate swap agreements \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Fair value hedges	$ 1,200
Derivative, fixed interest rate		3.50%

INCOME TAXES - Narratives (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
INCOME TAXES - Narratives (Details) - USD ($) $ in Millions	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Subsidiary, Sale of Stock [Line Items]
Income taxes payable		$ (15)	$ (19)
Public Offering of Viper’s Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Income taxes payable	$ 36
Increase in deferred tax liability	3
Increase in the deferred tax asset, net of valuation allowance	$ 18

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interest
Balance at beginning of period (in shares) at Dec. 31, 2022		179,841,000
Balance at beginning of period at Dec. 31, 2022	$ 15,690	$ 2	$ 14,213	$ 801	$ (7)	$ 681
Increase (Decrease) in Stockholders' Equity
Unit-based compensation	1					1
Distribution equivalent rights payments	(4)			(4)		0
Stock-based compensation	15		15
Cash paid for tax withholding on vested equity awards (in shares)		(119,000)
Cash paid for tax withholding on vested equity awards	(18)		(18)
Repurchased shares for share buyback program (in Shares)		(2,531,000)
Repurchased shares under buyback program	(332)		(332)
Repurchased units under buyback programs	(34)					(34)
Common units issued for acquisitions (in Shares)		4,330,000
Common shares issued for acquisition	633		633
Distributions to non-controlling interest	(34)					(34)
Dividend paid	(542)			(542)
Exercise of stock options and issuance of restricted stock units and awards (in Shares)		84,000
Change in ownership of consolidated subsidiaries, net	2		(9)			11
Net income (loss)	746			712		34
Balance at end of period (in shares) at Mar. 31, 2023		181,605,000
Balance at end of period at Mar. 31, 2023	16,123	$ 2	14,502	967	(7)	659
Balance at beginning of period (in shares) at Dec. 31, 2022		179,841,000
Balance at beginning of period at Dec. 31, 2022	15,690	$ 2	14,213	801	(7)	681
Increase (Decrease) in Stockholders' Equity
Net income (loss)	1,332
Balance at end of period (in shares) at Jun. 30, 2023		179,219,000
Balance at end of period at Jun. 30, 2023	16,212	$ 2	14,187	1,372	(7)	658
Balance at beginning of period (in shares) at Mar. 31, 2023		181,605,000
Balance at beginning of period at Mar. 31, 2023	16,123	$ 2	14,502	967	(7)	659
Increase (Decrease) in Stockholders' Equity
Distribution equivalent rights payments	(1)			(1)
Stock-based compensation	22		22
Cash paid for tax withholding on vested equity awards (in shares)		(18,000)
Cash paid for tax withholding on vested equity awards	(1)		(1)			0
Repurchased shares for share buyback program (in Shares)		(2,427,000)
Repurchased shares under buyback program	(321)		(321)
Repurchased units under buyback programs	(23)					(23)
Distributions to non-controlling interest	(25)					(25)
Dividend paid	(150)			(150)
Exercise of stock options and issuance of restricted stock units and awards (in Shares)		59,000
Change in ownership of consolidated subsidiaries, net	2		(15)			17
Net income (loss)	586			556		30
Balance at end of period (in shares) at Jun. 30, 2023		179,219,000
Balance at end of period at Jun. 30, 2023	$ 16,212	$ 2	14,187	1,372	(7)	658
Balance at beginning of period (in shares) at Dec. 31, 2023	178,723,871	178,724,000
Balance at beginning of period at Dec. 31, 2023	$ 17,430	$ 2	14,142	2,489	(8)	805
Increase (Decrease) in Stockholders' Equity
Distribution equivalent rights payments	(4)			(4)
Stock-based compensation	21		21
Cash paid for tax withholding on vested equity awards (in shares)		(187,000)
Cash paid for tax withholding on vested equity awards	(34)		(34)
Repurchased shares for share buyback program (in Shares)		(279,000)
Repurchased shares under buyback program	(42)		(42)
Proceeds from partial sale of investment in Viper Energy, Inc.	416		219			197
Distributions to non-controlling interest	(44)					(44)
Dividend paid	(548)			(548)
Exercise of stock options and issuance of restricted stock units and awards (in Shares)		82,000
Change in ownership of consolidated subsidiaries, net	15		(55)			70
Net income (loss)	809			768		41
Balance at end of period (in shares) at Mar. 31, 2024		178,340,000
Balance at end of period at Mar. 31, 2024	$ 18,019	$ 2	14,251	2,705	(8)	1,069
Balance at beginning of period (in shares) at Dec. 31, 2023	178,723,871	178,724,000
Balance at beginning of period at Dec. 31, 2023	$ 17,430	$ 2	14,142	2,489	(8)	805
Increase (Decrease) in Stockholders' Equity
Net income (loss)	$ 1,703
Balance at end of period (in shares) at Jun. 30, 2024	178,394,239	178,394,000
Balance at end of period at Jun. 30, 2024	$ 18,527	$ 2	14,267	3,187	(8)	1,079
Balance at beginning of period (in shares) at Mar. 31, 2024		178,340,000
Balance at beginning of period at Mar. 31, 2024	18,019	$ 2	14,251	2,705	(8)	1,069
Increase (Decrease) in Stockholders' Equity
Unit-based compensation	1					1
Distribution equivalent rights payments	(3)			(3)
Stock-based compensation	25		25
Cash paid for tax withholding on vested equity awards (in shares)		(16,000)
Cash paid for tax withholding on vested equity awards	(3)		(3)
Distributions to non-controlling interest	(54)					(54)
Dividend paid	(352)			(352)
Exercise of stock options and issuance of restricted stock units and awards (in Shares)		70,000
Change in ownership of consolidated subsidiaries, net	0		(6)			6
Net income (loss)	$ 894			837		57
Balance at end of period (in shares) at Jun. 30, 2024	178,394,239	178,394,000
Balance at end of period at Jun. 30, 2024	$ 18,527	$ 2	$ 14,267	$ 3,187	$ (8)	$ 1,079

EQUITY-BASED COMPENSATION - Restricted Stock Units (Details) - Equity Plan - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Restricted Stock Units
Unvested, beginning balance (in shares) \| shares	751,196
Granted (in shares) \| shares	317,818
Vested (in shares) \| shares	(153,045)
Forfeited (in shares) \| shares	(20,368)
Unvested, ending balance (in shares) \| shares	895,601
Weighted Average Grant-Date Fair Value
Unvested, beginning balance (in usd per share) \| $ / shares	$ 132.29
Granted (in usd per share) \| $ / shares	180.69
Vested (in usd per share) \| $ / shares	145.12
Forfeited (in usd per share) \| $ / shares	147.24
Unvested, ending balance (in usd per share) \| $ / shares	$ 146.93

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Assets and Liabilities Measured at Fair Value on a Recurring Basis

As discussed in Note 13—Fair Value Measurements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, certain financial instruments of the Company are reported at fair value on the Company’s condensed consolidated balance sheets. The net amounts of derivative instruments are classified as current or noncurrent based on their anticipated settlement dates. The Company has an immaterial investment that is reported at fair value using observable, quoted stock prices and is included in “Other assets” on the Company’s condensed consolidated balance sheets at June 30, 2024 and December 31, 2023.

The following table provides the fair value of financial instruments that are recorded at fair value in the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023:


	As of June 30, 2024
	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	$	—	$	84	$	—	$	84	$	(80)	$	4

Non-current assets- Derivative instruments:
Commodity derivative instruments	$	—	$	33	$	—	$	33	$	(18)	$	15
Non-current assets- Other assets:
Investment	$	8	$	—	$	—	$	8	$	—	$	8

Liabilities:
Current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	104	$	—	$	104	$	(80)	$	24
Interest rate swaps	$	—	$	48	$	—	$	48	$	—	$	48
Non-current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	20	$	—	$	20	$	(18)	$	2
Interest rate swaps	$	—	$	132	$	—	$	132	$	—	$	132


	As of December 31, 2023
	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	$	—	$	88	$	—	$	88	$	(71)	$	17

Non-current assets- Derivative instruments:
Commodity derivative instruments	$	—	$	8	$	—	$	8	$	(7)	$	1
Non-current assets- Other assets:
Investment	$	5	$	—	$	—	$	5	$	—	$	5

Liabilities:
Current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	111	$	—	$	111	$	(71)	$	40
Interest rate swaps	$	—	$	46	$	—	$	46	$	—	$	46
Non-current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	12	$	—	$	12	$	(7)	$	5
Interest rate swaps	$	—	$	117	$	—	$	117	$	—	$	117

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:


	June 30, 2024				December 31, 2023
	Carrying				Carrying
	Value		Fair Value		Value		Fair Value
	(In millions)
Debt	$	11,980	$	11,664	$	6,641	$	6,507

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 are 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, equity method investments, asset retirement obligations 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, prepaid expenses and other current assets, payables and other accrued liabilities approximate their fair value because of the short-term nature of the instruments.

- Definition

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.

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+ Details

PROPERTY AND EQUIPMENT (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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


	June 30,		December 31,
	2024		2023
	(In millions)
Oil and natural gas properties:
Subject to depletion	$	35,662	$	33,771
Not subject to depletion	8,131		8,659
Gross oil and natural gas properties	43,793		42,430
Accumulated depletion	(9,247)		(8,333)
Accumulated impairment	(7,954)		(7,954)
Oil and natural gas properties, net	26,592		26,143
Other property, equipment and land	666		673
Accumulated depreciation, amortization, accretion and impairment	(159)		(142)
Total property and equipment, net	$	27,099	$	26,674

INCOME TAXES - Schedule Tax Provision (Benefit) and Effective Income Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Provision for (benefit from) income taxes	$ 252	$ 165	$ 475	$ 372
Effective income tax rate	22.00%	22.00%	21.80%	21.80%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
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-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2024
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 has one reportable segment, the upstream segment. On October 31, 2023, pursuant to a common unit purchase and sale agreement entered into on September 4, 2023, Viper issued approximately 7.22 million of its common units, which were converted to shares of Viper Class A common stock at the time of the Viper Conversion, to the Company at a price of $27.72 per unit for total consideration to Viper of approximately $200 million. On March 5, 2024, the Company exercised certain of its demand rights, pursuant to a registration rights agreement initially entered into on June 23, 2014, as amended and restated on May 9, 2018 and November 10, 2023, and on March 8, 2024, completed a public offering of approximately 13.23 million of Viper’s Class A common stock at a price of $35.00 per share for proceeds, net of underwriters’ discount, of approximately $451 million. After this offering, the Company owned less than 50% of Viper’s combined outstanding Class A common stock and Class B common stock, resulting in Viper no longer being a controlled company under the Nasdaq rules. However, the Company determined that it still controls the activities of Viper in accordance with the guidance for variable interest entities in Accounting Standards Codification Topic 810— “Consolidation” (“ASC 810”) and therefore continues to consolidate Viper in the Company’s financial statements at June 30, 2024. See further discussion of the Company’s determination that Viper is a variable interest entity (“VIE”) in Note 2—Summary of Significant Accounting Policies. 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. As of June 30, 2024, the Company owned approximately 48% of Viper’s combined outstanding Class A common stock and Class B common stock. 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, 2023, which contains a summary of the Company’s significant accounting policies and other disclosures.
Use of Estimates	Use of Estimates Certain amounts included in or affecting the Company’s condensed 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 condensed 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 condensed 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 war in Ukraine and the Israel-Hamas war, higher interest rates, global supply chain disruptions, recent measures to combat persistent inflation and instability in the financial sector have contributed to recent 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, fair value estimates of derivative instruments, the fair value determination of acquired assets and liabilities assumed and estimates of income taxes, including deferred tax valuation allowances.
Variable Interest Entity	Variable Interest Entity Viper is a publicly traded corporation formed by the Company in 2014 to provide an attractive return to its stockholders (the largest of which is Diamondback) by focusing on business results, maximizing dividends through organic growth and pursuing accretive growth opportunities through acquisitions of mineral, royalty, overriding royalty, net profits and similar interests from the Company and from third parties. Viper has no employees and the Company provides management, operating and administrative services to Viper under a services and secondment agreement, including the services of the executive officers and other employees. In connection with the reduction of the Company’s ownership percentage in Viper to below 50% in March 2024, the Company re-evaluated whether Viper should continue to be consolidated in the Company’s financial statements. Viper meets the definition of a VIE under ASC 810 and the Company continues to be the primary beneficiary of the VIE through its ability, via existing contractual agreements, to direct the activities that most significantly affect the economic performance of Viper. The Company also has the obligation to absorb losses and the right to receive benefits that could be significant to Viper. As such, the Company will continue to consolidate the activity of Viper. Viper maintains its own capital structure that is separate from the Company. The Company is not under any obligation to provide additional financial support or investment to Viper. Viper’s assets cannot be used by the Company for general corporate purposes, and the creditors of Viper’s liabilities do not have recourse to the Company’s assets. The assets and liabilities of Viper are included in the Company’s condensed consolidated balance sheets and disclosed parenthetically, if material.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Pronouncements In March 2023, the FASB issued ASU 2023-01, “Leases (Topic 842) – Common Control Arrangements.” This update (i) requires all lessees that are a party to a lease between entities under common control in which there are leasehold improvements to record amortization over the useful life of the leasehold improvements to the common control group, regardless of the lease term, and (ii) requires leasehold improvements to be accounted for as a transfer between entities under common control through an adjustment to equity if, and when, the lessee no longer controls the use of the underlying asset. The Company adopted this update effective January 1, 2024 by electing to apply the guidance in ASU 2023-01 prospectively to all new leasehold improvements recognized on or after January 1, 2024. As such, the adoption of this update did not have a material impact on the Company’s financial position, results of operations or liquidity. Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures,” which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. The amendments are effective for annual periods beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures. Adoption of the update will not impact the Company’s financial position, results of operations or liquidity. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) – Improvements to Income Tax Disclosures,” which requires that certain information in a reporting entity’s tax rate reconciliation be disaggregated and provides additional requirements regarding income taxes paid. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted, and should be applied either prospectively or retrospectively. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures. Adoption of the update will not impact the Company’s financial position, results of operations or liquidity. The Company considers the applicability and impact of all ASUs. ASUs not listed above were assessed and determined to be either not applicable, previously disclosed, or not material upon adoption.
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.

DERIVATIVES (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

As of June 30, 2024, 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
Jul. - Dec.	2024	Basis Swap(1)	12,000	Argus WTI Midland	$1.19		$—	$—
Jul. - Dec.	2024	Roll Swap	40,000	WTI Cushing	$0.82		$—	$—
Jul. - Dec.	2024	Costless Collar	4,000	WTI Cushing	$—		$55.00	$93.66
Jan. - Dec.	2025	Basis Swap(1)	10,000	Argus WTI Midland	$1.22		$—	$—
NATURAL GAS
Jul. - Dec.	2024	Costless Collar	290,000	Henry Hub	$—		$2.83	$7.52
Jul. - Dec.	2024	Basis Swap(1)	380,000	Waha Hub	$(1.18)		$—	$—
Jan. - Dec.	2025	Basis Swap(1)	480,000	Waha Hub	$(0.76)		$—	$—
Jan. - Dec.	2025	Costless Collar	490,000	Henry Hub	$—		$2.50	$5.57


Settlement Month	Settlement Year	Type of Contract	Bbls Per Day	Index	Strike Price	Deferred Premium
OIL
Jul. - Sep.	2024	Put	80,000	Brent	$55.25	$1.55
Jul. - Sep.	2024	Put	28,000	Argus WTI Houston	$56.07	$1.58
Jul. - Sep.	2024	Put	59,000	WTI Cushing	$57.97	$1.57
Oct. - Dec.	2024	Put	57,000	Brent	$56.32	$1.55
Oct. - Dec.	2024	Put	26,000	Argus WTI Houston	$58.46	$1.65
Oct. - Dec.	2024	Put	83,000	WTI Cushing	$58.43	$1.66
Jan. - Mar.	2025	Put	21,000	Brent	$60.00	$1.46
Jan. - Mar.	2025	Put	14,000	Argus WTI Houston	$60.00	$1.63
Jan. - Mar.	2025	Put	67,000	WTI Cushing	$58.36	$1.67
Apr. - Jul.	2025	Put	4,000	Brent	$60.00	$1.59
Apr. - Jul.	2025	Put	2,000	Argus WTI Houston	$60.00	$1.36
Apr. - Jul.	2025	Put	34,000	WTI Cushing	$57.35	$1.66

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Gain (loss) on derivative instruments, net:
Commodity contracts	$	54	$	(152)	$	38	$	(261)
Interest rate swaps	(11)		(37)		(43)		(21)
Treasury locks	(25)		—		(25)		—
Total	$	18	$	(189)	$	(30)	$	(282)

Net cash received (paid) on settlements:
Commodity contracts	$	24	$	(17)	$	20	$	(16)
Interest rate swaps	(27)		(22)		(27)		(22)
Treasury locks	(25)		—		(25)		—
Total	$	(28)	$	(39)	$	(32)	$	(38)

- Definition

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.

+ References + Details

SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS (Tables)

6 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Information Disclosure [Abstract]

Schedule of Supplemental Disclosures of Cash Flow Information


	Six Months Ended June 30,
		2024		2023
		(In millions)
Supplemental disclosure of cash flow information:

Cash (paid) received for income taxes, net		$	(260)	$	(54)
Supplemental disclosure of non-cash transactions:
Accrued capital expenditures included in accounts payable and accrued expenses		$	659	$	686

Common stock issued for acquisitions		$	—	$	633

RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Related Party Transactions

The following table presents the significant related party balances included in the condensed consolidated balance sheet at June 30, 2024 and December 31, 2023:


	June 30,		December 31,
	2024		2023
	(In millions)
Current assets - Accounts receivable	$	6	$	61
Current liabilities - Accrued capital expenditures	$	(20)	$	(21)
Current liabilities - Other accrued liabilities	$	(19)	$	(18)

The following table presents the significant related party transactions included in the condensed consolidated statement of operations for the three and six months ended June 30, 2024 and 2023:


	Three months ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Lease operating expenses	$	28	$	—	$	54	$	—

DERIVATIVES - Derivative Positions (Details) bbl in Thousands, MMBTU in Thousands	6 Months Ended
	Jun. 30, 2024 MMBTU $ / bbl $ / MMBTU bbl
2024 \| Jul. - Dec. \| OIL \| Argus WTI Midland \| Basis Swap
Derivative [Line Items]
Volume (BBls) \| bbl	12
Weighted average differential (per Bbl/MMBtu)	1.19
Weighted Average Floor Price (per Bbl/MMBtu)	0
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	0
2024 \| Jul. - Dec. \| OIL \| WTI Cushing \| Roll Swap
Derivative [Line Items]
Volume (BBls) \| bbl	40
Weighted average differential (per Bbl/MMBtu)	0.82
Weighted Average Floor Price (per Bbl/MMBtu)	0
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	0
2024 \| Jul. - Dec. \| OIL \| WTI Cushing \| Costless Collar
Derivative [Line Items]
Volume (BBls) \| bbl	4
Weighted average differential (per Bbl/MMBtu)	0
Weighted Average Floor Price (per Bbl/MMBtu)	55.00
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	93.66
2024 \| Jul. - Dec. \| NATURAL GAS \| Henry Hub \| Costless Collar
Derivative [Line Items]
Volume, energy measure (MMBtu) \| MMBTU	290
Weighted average differential (per Bbl/MMBtu) \| $ / MMBTU	0
Weighted Average Floor Price (per Bbl/MMBtu) \| $ / MMBTU	2.83
Weighted Average Ceiling Price (USD per Bbl/MMBtu) \| $ / MMBTU	7.52
2024 \| Jul. - Dec. \| NATURAL GAS \| Waha Hub \| Basis Swap
Derivative [Line Items]
Volume, energy measure (MMBtu) \| MMBTU	380
Weighted average differential (per Bbl/MMBtu) \| $ / MMBTU	(1.18)
Weighted Average Floor Price (per Bbl/MMBtu) \| $ / MMBTU	0
Weighted Average Ceiling Price (USD per Bbl/MMBtu) \| $ / MMBTU	0
2024 \| Jan. - Dec. \| OIL \| Argus WTI Midland \| Basis Swap
Derivative [Line Items]
Volume (BBls) \| bbl	10
Weighted average differential (per Bbl/MMBtu)	1.22
Weighted Average Floor Price (per Bbl/MMBtu)	0
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	0
2024 \| Jul. - Sep. \| OIL \| WTI Cushing \| Put
Derivative [Line Items]
Volume (BBls) \| bbl	59
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	1.57
Strike Price (USD per Bbl)	57.97
2024 \| Jul. - Sep. \| OIL \| Brent \| Put
Derivative [Line Items]
Volume (BBls) \| bbl	80
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	1.55
Strike Price (USD per Bbl)	55.25
2024 \| Jul. - Sep. \| OIL \| Argus WTI Houston \| Put
Derivative [Line Items]
Volume (BBls) \| bbl	28
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	1.58
Strike Price (USD per Bbl)	56.07
2024 \| Oct. - Dec. \| OIL \| WTI Cushing \| Put
Derivative [Line Items]
Volume (BBls) \| bbl	83
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	1.66
Strike Price (USD per Bbl)	58.43
2024 \| Oct. - Dec. \| OIL \| Brent \| Put
Derivative [Line Items]
Volume (BBls) \| bbl	57
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	1.55
Strike Price (USD per Bbl)	56.32
2024 \| Oct. - Dec. \| OIL \| Argus WTI Houston \| Put
Derivative [Line Items]
Volume (BBls) \| bbl	26
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	1.65
Strike Price (USD per Bbl)	58.46
2025 \| Jan. - Dec. \| NATURAL GAS \| Henry Hub \| Costless Collar
Derivative [Line Items]
Volume, energy measure (MMBtu) \| MMBTU	490
Weighted average differential (per Bbl/MMBtu) \| $ / MMBTU	0
Weighted Average Floor Price (per Bbl/MMBtu) \| $ / MMBTU	2.50
Weighted Average Ceiling Price (USD per Bbl/MMBtu) \| $ / MMBTU	5.57
2025 \| Jan. - Dec. \| NATURAL GAS \| Waha Hub \| Basis Swap
Derivative [Line Items]
Volume, energy measure (MMBtu) \| MMBTU	480
Weighted average differential (per Bbl/MMBtu) \| $ / MMBTU	(0.76)
Weighted Average Floor Price (per Bbl/MMBtu) \| $ / MMBTU	0
Weighted Average Ceiling Price (USD per Bbl/MMBtu) \| $ / MMBTU	0
2025 \| Jan. - Mar. \| OIL \| WTI Cushing \| Put
Derivative [Line Items]
Volume (BBls) \| bbl	67
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	1.67
Strike Price (USD per Bbl)	58.36
2025 \| Jan. - Mar. \| OIL \| Brent \| Put
Derivative [Line Items]
Volume (BBls) \| bbl	21
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	1.46
Strike Price (USD per Bbl)	60.00
2025 \| Jan. - Mar. \| OIL \| Argus WTI Houston \| Put
Derivative [Line Items]
Volume (BBls) \| bbl	14
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	1.63
Strike Price (USD per Bbl)	60.00
2025 \| Apr. - Jul. \| OIL \| WTI Cushing \| Put
Derivative [Line Items]
Volume (BBls) \| bbl	34
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	1.66
Strike Price (USD per Bbl)	57.35
2025 \| Apr. - Jul. \| OIL \| Brent \| Put
Derivative [Line Items]
Volume (BBls) \| bbl	4
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	1.59
Strike Price (USD per Bbl)	60.00
2025 \| Apr. - Jul. \| OIL \| Argus WTI Houston \| Put
Derivative [Line Items]
Volume (BBls) \| bbl	2
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	1.36
Strike Price (USD per Bbl)	60.00

EQUITY-BASED COMPENSATION

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

EQUITY-BASED COMPENSATION

Under the Equity Plan approved by the board of directors, the Company is authorized to issue up to 11.8 million shares of incentive and non-statutory stock options, restricted stock awards and restricted stock units, performance awards and stock appreciation rights to eligible employees. The Company currently has outstanding restricted stock units and performance-based restricted stock units under the Equity Plan. At June 30, 2024, approximately 4.7 million shares of common stock remain available for future grants under the Equity Plan. The Company classifies its restricted stock units and performance-based restricted stock units 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.

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 equity compensation plans and related costs on the Company’s financial statements:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
General and administrative expenses	$	19	$	16	$	33	$	27
Equity-based compensation capitalized pursuant to full cost method of accounting for oil and natural gas properties	$	7	$	6	$	14	$	11

Restricted Stock Units

The following table presents the Company’s restricted stock unit activity during the six months ended June 30, 2024 under the Equity Plan:


	Restricted Stock Units	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2023	751,196	$	132.29
Granted	317,818	$	180.69
Vested	(153,045)	$	145.12
Forfeited	(20,368)	$	147.24
Unvested at June 30, 2024	895,601	$	146.93

The aggregate grant date fair value of restricted stock units that vested during the six months ended June 30, 2024 was $22 million. As of June 30, 2024, the Company’s unrecognized compensation cost related to unvested restricted stock units was $98 million, which is expected to be recognized over a weighted-average period of 2.1 years.

Performance Based Restricted Stock Units

The following table presents the Company’s performance restricted stock units activity under the Equity Plan for the six months ended June 30, 2024:


	Performance Restricted Stock Units	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2023	278,056	$	234.80
Granted	110,989	$	341.38


Unvested at June 30, 2024(1)	389,045	$	265.21

(1)A maximum of 923,176 units could be awarded based upon the Company’s final TSR ranking.

As of June 30, 2024, the Company’s unrecognized compensation cost related to unvested performance based restricted stock awards and units was $57 million, which is expected to be recognized over a weighted-average period of 1.8 years.

In March 2024, eligible employees received performance restricted stock unit awards totaling 110,989 units from which a minimum of 0% and a maximum of 200% of the units could be awarded based upon the measurement of total stockholder return of the Company’s common stock as compared to a designated peer group during the three-year performance period of January 1, 2024 to December 31, 2026 and cliff vest at December 31, 2026 subject to continued employment. The initial payout of the March 2024 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 periods presented:


	March 2024
Grant-date fair value	$	341.38
Risk-free rate	4.38		%
Company volatility	41.40		%

DEBT - Bridge Facility (Details) - Endeavor Acquisition - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Apr. 18, 2024	Feb. 29, 2024	Feb. 11, 2024
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 6,500	$ 8,000
Additional interest expense	$ 19	$ 28
Bridge Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 1,000

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Second Quarter 2024 Dividend Declaration On August 1, 2024, the board of directors of the Company declared a cash dividend for the second quarter of 2024 of $2.34 per share of common stock, payable on August 22, 2024 to its stockholders of record at the close of business on August 15, 2024. The dividend consists of a base quarterly dividend of $0.90 per share of common stock and a variable quarterly dividend of $1.44 per share of common stock. Future base and variable dividends are at the discretion of the board of directors of the Company. WTG Midstream Transaction The Company owns a 25% non-operating equity investment in Remuda Midstream Holdings LLC, referred to as the WTG joint venture. On July 15, 2024, the WTG joint venture sold its WTG Midstream LLC subsidiary (the “WTG Midstream transaction”), for which the Company received as its portion of the consideration 10.1 million common units issued by Energy Transfer LP (NYSE: ET) and $190 million in cash, subject to customary post-close adjustments. Of the 10.1 million common units received, approximately 4.1 million is held in escrow pursuant to a separate escrow agreement. The Company is currently evaluating the financial impact that this transaction will have on its operating results for the third quarter of 2024. The Company intends to use its net proceeds from the WTG Midstream transaction to reduce debt associated with the pending Endeavor Acquisition.

ACQUISITIONS AND DIVESTITURES - Schedule of Acquisition Consideration Paid (Details) - Lario Acquisition $ / shares in Units, shares in Thousands, $ in Millions	Jan. 31, 2023 USD ($) $ / shares shares
Asset Acquisition [Line Items]
Shares of Diamondback common stock issued at closing (shares) \| shares	4,330
Closing price per share of Diamondback common stock on the closing date (in usd per share) \| $ / shares	$ 146.12
Fair value of Diamondback common stock issued	$ 633
Cash consideration	814
Total consideration (including fair value of Diamondback common stock issued)	$ 1,447

DERIVATIVES - Gains and Losses on Derivative Instruments Included in Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net:	$ 18	$ (189)	$ (30)	$ (282)
Net cash received (paid) on settlements:	(28)	(39)	(32)	(38)
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net:	54	(152)	38	(261)
Net cash received (paid) on settlements:	24	(17)	20	(16)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net:	(11)	(37)	(43)	(21)
Net cash received (paid) on settlements:	(27)	(22)	(27)	(22)
Treasury locks
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net:	(25)	0	(25)	0
Net cash received (paid) on settlements:	$ (25)	$ 0	$ (25)	$ 0

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

As of June 30, 2024, 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 sources of the revenue included in the “All Other” category include midstream gathering, compression, water handling, disposal and treatment operations which are primarily derived from intersegment transactions for services provided to the upstream segment. The segments comprise the structure used by the Company’s Chief Operating Decision Maker (“CODM”) to make key operating decisions and assess performance.

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 June 30, 2024:
Third-party revenues	$	2,474	$	9	$	—	$	2,483
Intersegment revenues	—		41		(41)		—
Total revenues	$	2,474	$	50	$	(41)	$	2,483
Depreciation, depletion, amortization and accretion	$	478	$	5	$	—	$	483

Income (loss) from operations	$	1,139	$	14	$	3	$	1,156
Interest expense, net	$	(44)	$	—	$	—	$	(44)
Other income (expense)	$	20	$	—	$	(1)	$	19
Income (loss) from equity investments	$	—	$	15	$	—	$	15
Provision for (benefit from) income taxes	$	249	$	3	$	—	$	252
Net income (loss) attributable to non-controlling interest	$	57	$	—	$	—	$	57
Net income (loss) attributable to Diamondback Energy, Inc.	$	809	$	26	$	2	$	837
As of June 30, 2024:
Total assets	$	35,079	$	1,163	$	(605)	$	35,637


	Upstream		All Other		Eliminations		Total
	(In millions)
Three Months Ended June 30, 2023:
Third-party revenues	$	1,895	$	24	$	—	$	1,919
Intersegment revenues	—		103		(103)		—
Total revenues	$	1,895	$	127	$	(103)	$	1,919
Depreciation, depletion, amortization and accretion	$	421	$	11	$	—	$	432

Income (loss) from operations	$	979	$	54	$	(33)	$	1,000
Interest expense, net	$	(49)	$	—	$	—	$	(49)
Other income (expense)	$	(207)	$	(1)	$	(8)	$	(216)
Income (loss) from equity investments	$	(1)	$	17	$	—	$	16
Provision for (benefit from) income taxes	$	162	$	3	$	—	$	165
Net income (loss) attributable to non-controlling interest	$	30	$	—	$	—	$	30
Net income (loss) attributable to Diamondback Energy, Inc.	$	530	$	67	$	(41)	$	556
As of December 31, 2023:
Total assets	$	28,362	$	1,242	$	(603)	$	29,001


	Upstream		All Other		Eliminations		Total
	(In millions)
Six Months Ended June 30, 2024:
Third-party revenues	$	4,691	$	19	$	—	$	4,710
Intersegment revenues	—		78		(78)		—
Total revenues	$	4,691	$	97	$	(78)	$	4,710
Depreciation, depletion, amortization and accretion	$	941	$	11	$	—	$	952

Income (loss) from operations	$	2,229	$	35	$	10	$	2,274
Interest expense, net	$	(83)	$	—	$	—	$	(83)
Other income (expense)	$	(25)	$	—	$	(5)	$	(30)
Income (loss) from equity investments	$	—	$	17	$	—	$	17
Provision for (benefit from) income taxes	$	470	$	5	$	—	$	475
Net income (loss) attributable to non-controlling interest	$	98	$	—	$	—	$	98
Net income (loss) attributable to Diamondback Energy, Inc.	$	1,553	$	47	$	5	$	1,605
As of June 30, 2024:
Total assets	$	35,079	$	1,163	$	(605)	$	35,637


	Upstream		All Other		Eliminations		Total
	(In millions)
Six Months Ended June 30, 2023:
Third-party revenues	$	3,799	$	45	$	—	$	3,844
Intersegment revenues	—		202		(202)		—
Total revenues	$	3,799	$	247	$	(202)	$	3,844
Depreciation, depletion, amortization and accretion	$	809	$	26	$	—	$	835

Income (loss) from operations	$	1,981	$	99	$	(55)	$	2,025
Interest expense, net	$	(93)	$	—	$	—	$	(93)
Other income (expense)	$	(302)	$	52	$	(8)	$	(258)
Income (loss) from equity investments	$	(1)	$	31	$	—	$	30
Provision for (benefit from) income taxes	$	365	$	7	$	—	$	372
Net income (loss) attributable to non-controlling interest	$	64	$	—	$	—	$	64
Net income (loss) attributable to Diamondback Energy, Inc.	$	1,156	$	175	$	(63)	$	1,268
As of December 31, 2023:
Total assets	$	28,362	$	1,242	$	(603)	$	29,001

- Definition

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.

+ References

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+ Details

Debt - Issuance of Notes (Details) - USD ($)	Apr. 18, 2024	Jun. 30, 2024
Line of Credit Facility [Line Items]
Proceeds from issuance of debt	$ 5,500,000,000
Senior Notes
Line of Credit Facility [Line Items]
Aggregate principal amount	5,500,000,000
Senior Notes \| 5.200% Senior Notes due 2027
Line of Credit Facility [Line Items]
Aggregate principal amount	850,000,000
Debt instrument stated interest rate		5.20%
Senior Notes \| 5.150% Senior Notes due 2030
Line of Credit Facility [Line Items]
Aggregate principal amount	850,000,000
Debt instrument stated interest rate		5.15%
Senior Notes \| 5.400% Senior Notes due 2034
Line of Credit Facility [Line Items]
Aggregate principal amount	1,300,000,000
Debt instrument stated interest rate		5.40%
Senior Notes \| 5.750% Senior Notes due 2054
Line of Credit Facility [Line Items]
Aggregate principal amount	1,500,000,000
Debt instrument stated interest rate		5.75%
Senior Notes \| 5.900% Senior Notes due 2064
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 1,000,000,000.0
Debt instrument stated interest rate		5.90%

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurement Information for Financial Instruments Measured on a Recurring Basis

The following table provides the fair value of financial instruments that are recorded at fair value in the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023:


	As of June 30, 2024
	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	$	—	$	84	$	—	$	84	$	(80)	$	4

Non-current assets- Derivative instruments:
Commodity derivative instruments	$	—	$	33	$	—	$	33	$	(18)	$	15
Non-current assets- Other assets:
Investment	$	8	$	—	$	—	$	8	$	—	$	8

Liabilities:
Current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	104	$	—	$	104	$	(80)	$	24
Interest rate swaps	$	—	$	48	$	—	$	48	$	—	$	48
Non-current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	20	$	—	$	20	$	(18)	$	2
Interest rate swaps	$	—	$	132	$	—	$	132	$	—	$	132


	As of December 31, 2023
	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	$	—	$	88	$	—	$	88	$	(71)	$	17

Non-current assets- Derivative instruments:
Commodity derivative instruments	$	—	$	8	$	—	$	8	$	(7)	$	1
Non-current assets- Other assets:
Investment	$	5	$	—	$	—	$	5	$	—	$	5

Liabilities:
Current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	111	$	—	$	111	$	(71)	$	40
Interest rate swaps	$	—	$	46	$	—	$	46	$	—	$	46
Non-current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	12	$	—	$	12	$	(7)	$	5
Interest rate swaps	$	—	$	117	$	—	$	117	$	—	$	117

Schedule of Offsetting Assets

The following table provides the fair value of financial instruments that are recorded at fair value in the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023:


	As of June 30, 2024
	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	$	—	$	84	$	—	$	84	$	(80)	$	4

Non-current assets- Derivative instruments:
Commodity derivative instruments	$	—	$	33	$	—	$	33	$	(18)	$	15
Non-current assets- Other assets:
Investment	$	8	$	—	$	—	$	8	$	—	$	8

Liabilities:
Current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	104	$	—	$	104	$	(80)	$	24
Interest rate swaps	$	—	$	48	$	—	$	48	$	—	$	48
Non-current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	20	$	—	$	20	$	(18)	$	2
Interest rate swaps	$	—	$	132	$	—	$	132	$	—	$	132


	As of December 31, 2023
	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	$	—	$	88	$	—	$	88	$	(71)	$	17

Non-current assets- Derivative instruments:
Commodity derivative instruments	$	—	$	8	$	—	$	8	$	(7)	$	1
Non-current assets- Other assets:
Investment	$	5	$	—	$	—	$	5	$	—	$	5

Liabilities:
Current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	111	$	—	$	111	$	(71)	$	40
Interest rate swaps	$	—	$	46	$	—	$	46	$	—	$	46
Non-current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	12	$	—	$	12	$	(7)	$	5
Interest rate swaps	$	—	$	117	$	—	$	117	$	—	$	117

Schedule of Offsetting Liabilities

The following table provides the fair value of financial instruments that are recorded at fair value in the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023:


	As of June 30, 2024
	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	$	—	$	84	$	—	$	84	$	(80)	$	4

Non-current assets- Derivative instruments:
Commodity derivative instruments	$	—	$	33	$	—	$	33	$	(18)	$	15
Non-current assets- Other assets:
Investment	$	8	$	—	$	—	$	8	$	—	$	8

Liabilities:
Current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	104	$	—	$	104	$	(80)	$	24
Interest rate swaps	$	—	$	48	$	—	$	48	$	—	$	48
Non-current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	20	$	—	$	20	$	(18)	$	2
Interest rate swaps	$	—	$	132	$	—	$	132	$	—	$	132


	As of December 31, 2023
	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	$	—	$	88	$	—	$	88	$	(71)	$	17

Non-current assets- Derivative instruments:
Commodity derivative instruments	$	—	$	8	$	—	$	8	$	(7)	$	1
Non-current assets- Other assets:
Investment	$	5	$	—	$	—	$	5	$	—	$	5

Liabilities:
Current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	111	$	—	$	111	$	(71)	$	40
Interest rate swaps	$	—	$	46	$	—	$	46	$	—	$	46
Non-current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	12	$	—	$	12	$	(7)	$	5
Interest rate swaps	$	—	$	117	$	—	$	117	$	—	$	117

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:


	June 30, 2024				December 31, 2023
	Carrying				Carrying
	Value		Fair Value		Value		Fair Value
	(In millions)
Debt	$	11,980	$	11,664	$	6,641	$	6,507

RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2024

RELATED PARTY TRANSACTIONS

Deep Blue

In addition to the Deep Blue transaction discussed in Note 4—Acquisitions and Divestitures, the Company has other significant related party transactions with Deep Blue which include (i) certain accounts receivable from Deep Blue, (ii) accrued capital expenditures and other accrued payables related to a commitment to fund certain capital expenditures on projects that were in process at the time of the Deep Blue transaction, and (iii) lease operating expenses and capitalized expenses related to fees paid to Deep Blue under a 15-year dedication for its produced water and supply water within a 12-county area of mutual interest in the Midland Basin.

The following table presents the significant related party balances included in the condensed consolidated balance sheet at June 30, 2024 and December 31, 2023:


	June 30,		December 31,
	2024		2023
	(In millions)
Current assets - Accounts receivable	$	6	$	61
Current liabilities - Accrued capital expenditures	$	(20)	$	(21)
Current liabilities - Other accrued liabilities	$	(19)	$	(18)

During the three and six months ended June 30, 2024, the Company recorded approximately $29 million and $60 million, respectively, for water services provided by Deep Blue during the completion phase of wells. These costs were capitalized and are included in the caption “Oil and natural gas properties” on the condensed consolidated balance sheet.

The following table presents the significant related party transactions included in the condensed consolidated statement of operations for the three and six months ended June 30, 2024 and 2023:


	Three months ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Lease operating expenses	$	28	$	—	$	54	$	—

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
	(In millions, except for tax rate)
Provision for (benefit from) income taxes	$	252		$	165		$	475		$	372
Effective income tax rate	22.0		%	22.0		%	21.8		%	21.8		%

DERIVATIVES - Interest Rate Swaps and Treasury Locks (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024	Jun. 30, 2024 derivative	Jun. 30, 2024 instrument
Derivative [Line Items]
Loss on derivative instruments	$ (18,000,000)	$ 189,000,000	$ 30,000,000	$ 282,000,000
Interest rate swaps
Derivative [Line Items]
Number of instruments held						2	2
Derivative, notional amount	600,000,000		600,000,000
Interest rate swaps \| Designated as Hedging Instrument
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		1,200,000,000
Derivative, fixed interest rate					3.50%
Treasury locks
Derivative [Line Items]
Loss on derivative instruments	$ 25,000,000		$ 25,000,000

EQUITY-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2024

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 equity compensation plans and related costs on the Company’s financial statements:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
General and administrative expenses	$	19	$	16	$	33	$	27
Equity-based compensation capitalized pursuant to full cost method of accounting for oil and natural gas properties	$	7	$	6	$	14	$	11

Schedule of Restricted Stock Units

The following table presents the Company’s restricted stock unit activity during the six months ended June 30, 2024 under the Equity Plan:


	Restricted Stock Units	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2023	751,196	$	132.29
Granted	317,818	$	180.69
Vested	(153,045)	$	145.12
Forfeited	(20,368)	$	147.24
Unvested at June 30, 2024	895,601	$	146.93

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 six months ended June 30, 2024:


	Performance Restricted Stock Units	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2023	278,056	$	234.80
Granted	110,989	$	341.38


Unvested at June 30, 2024(1)	389,045	$	265.21

(1)A maximum of 923,176 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 periods presented:


	March 2024
Grant-date fair value	$	341.38
Risk-free rate	4.38		%
Company volatility	41.40		%

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Oil and natural gas properties:
Not subject to depletion	$ 8,131	$ 8,659
Gross oil and natural gas properties	43,793	42,430
Accumulated depreciation, amortization, accretion and impairment	(17,360)	(16,429)
Other property, equipment and land	666	673
Property and equipment, net	27,099	26,674
Oil and Natural Gas
Oil and natural gas properties:
Subject to depletion	35,662	33,771
Not subject to depletion	8,131	8,659
Gross oil and natural gas properties	43,793	42,430
Accumulated depreciation, amortization, accretion and impairment	(9,247)	(8,333)
Accumulated impairment	(7,954)	(7,954)
Oil and natural gas properties, net	26,592	26,143
Other Property and Equipment, Net
Oil and natural gas properties:
Accumulated depreciation, amortization, accretion and impairment	(159)	(142)
Other property, equipment and land	$ 666	$ 673

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accounts receivable	$ 711	$ 654
Oil and natural gas properties, amortization excluded	8,131	8,659
Oil and natural gas properties, full cost method gross	43,793	42,430
Accumulated depreciation, amortization, accretion and impairment	(17,360)	(16,429)
Long-term debt	$ 11,980	$ 6,641
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Shares authorized (in shares)	400,000,000	400,000,000
Shares issued (in shares)	178,394,239	178,723,871
Shares outstanding (in shares)	178,394,239	178,723,871
Variable Interest Entity, Primary Beneficiary
Accounts receivable	$ 132	$ 109
Oil and natural gas properties, amortization excluded	1,581	1,769
Oil and natural gas properties, full cost method gross	4,568	4,629
Accumulated depreciation, amortization, accretion and impairment	(962)	(866)
Long-term debt	$ 998	$ 1,083

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 1,703	$ 1,332
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for (benefit from) deferred income taxes	129	175
Depreciation, depletion, amortization and accretion	952	835
(Gain) loss on extinguishment of debt	(2)	4
(Gain) loss on derivative instruments, net	30	282
Cash received (paid) on settlement of derivative instruments	(32)	(38)
(Income) loss from equity investment, net	(17)	(30)
Equity-based compensation expense	33	27
Other	57	(26)
Changes in operating assets and liabilities:
Accounts receivable	(45)	38
Income tax receivable	12	164
Prepaid expenses and other current assets	89	13
Accounts payable and accrued liabilities	(95)	74
Income taxes payable	(15)	(19)
Revenues and royalties payable	14	86
Other	50	21
Net cash provided by (used in) operating activities	2,863	2,938
Cash flows from investing activities:
Drilling, completions and infrastructure additions to oil and natural gas properties	(1,241)	(1,303)
Additions to midstream assets	(5)	(65)
Property acquisitions	(203)	(1,025)
Proceeds from sale of assets	252	532
Other	(3)	(13)
Net cash provided by (used in) investing activities	(1,200)	(1,874)
Cash flows from financing activities:
Proceeds from borrowings under credit facilities	174	3,451
Repayments under credit facilities	(260)	(3,036)
Proceeds from senior notes	5,500	0
Repayment of senior notes	(25)	(134)
Repurchased shares under buyback program	(42)	(653)
Repurchased shares/units under Viper's buyback program	0	(57)
Proceeds from partial sale of investment in Viper Energy, Inc.	451	0
Dividends paid to stockholders	(900)	(692)
Dividends/distributions to non-controlling interest	(98)	(59)
Other	(137)	(27)
Net cash provided by (used in) financing activities	4,663	(1,207)
Net increase (decrease) in cash and cash equivalents	6,326	(143)
Cash, cash equivalents and restricted cash at beginning of period	585	164
Cash, cash equivalents and restricted cash at end of period	$ 6,911	$ 21

PROPERTY AND EQUIPMENT

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

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


	June 30,		December 31,
	2024		2023
	(In millions)
Oil and natural gas properties:
Subject to depletion	$	35,662	$	33,771
Not subject to depletion	8,131		8,659
Gross oil and natural gas properties	43,793		42,430
Accumulated depletion	(9,247)		(8,333)
Accumulated impairment	(7,954)		(7,954)
Oil and natural gas properties, net	26,592		26,143
Other property, equipment and land	666		673
Accumulated depreciation, amortization, accretion and impairment	(159)		(142)
Total property and equipment, net	$	27,099	$	26,674

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 six months ended June 30, 2024 or 2023 based on the results of the respective quarterly ceiling tests.

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.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to the Company	$ 837	$ 556	$ 1,605	$ 1,268

- Definition

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

+ References

+ Details

DEBT (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

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


	June 30,		December 31,
	2024		2023
	(In millions)
3.250% Senior Notes due 2026	$	750	$	750
5.625% Senior Notes due 2026	14		14
5.200% Senior Notes due 2027	850		—
7.125% Medium-term Notes, Series B, due 2028	73		73
3.500% Senior Notes due 2029	915		921
5.150% Senior Notes due 2030	850		—
3.125% Senior Notes due 2031	767		789
6.250% Senior Notes due 2033	1,100		1,100
5.400% Senior Notes due 2034	1,300		—
4.400% Senior Notes due 2051	650		650
4.250% Senior Notes due 2052	750		750
6.250% Senior Notes due 2053	650		650
5.750% Senior Notes due 2054	1,500		—
5.900% Senior Notes due 2064	1,000		—
Unamortized debt issuance costs	(94)		(46)
Unamortized discount costs	(27)		(23)
Unamortized premium costs	3		4
Unamortized basis adjustment of dedesignated interest rate swap agreements(1)	(78)		(84)

Viper revolving credit facility	177		263
Viper 5.375% Senior Notes due 2027	430		430
Viper 7.375% Senior Notes due 2031	400		400


Total long-term debt	$	11,980	$	6,641

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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-Topic 210
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 30
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Midstream and marketing services	$ 9	$ 23	$ 19	$ 46
Total revenue from contracts with customers	2,483	1,919	4,710	3,844
Aggregate Revenues
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	2,481	1,918	4,706	3,841
Total oil, natural gas and natural gas liquid revenues
Disaggregation of Revenue [Line Items]
Revenue	2,174	1,896	4,275	3,798
Total oil, natural gas and natural gas liquid revenues \| Midland Basin
Disaggregation of Revenue [Line Items]
Revenue	1,789	1,446	3,463	2,921
Total oil, natural gas and natural gas liquid revenues \| Delaware Basin
Disaggregation of Revenue [Line Items]
Revenue	383	448	805	874
Total oil, natural gas and natural gas liquid revenues \| Other
Disaggregation of Revenue [Line Items]
Revenue	2	2	7	3
Oil sales
Disaggregation of Revenue [Line Items]
Revenue	1,998	1,708	3,865	3,362
Oil sales \| Midland Basin
Disaggregation of Revenue [Line Items]
Revenue	1,659	1,322	3,162	2,617
Oil sales \| Delaware Basin
Disaggregation of Revenue [Line Items]
Revenue	338	384	698	742
Oil sales \| Other
Disaggregation of Revenue [Line Items]
Revenue	1	2	5	3
Natural gas sales
Disaggregation of Revenue [Line Items]
Revenue	5	48	55	117
Natural gas sales \| Midland Basin
Disaggregation of Revenue [Line Items]
Revenue	2	31	36	79
Natural gas sales \| Delaware Basin
Disaggregation of Revenue [Line Items]
Revenue	3	17	18	38
Natural gas sales \| Other
Disaggregation of Revenue [Line Items]
Revenue	0	0	1	0
Natural gas liquid sales
Disaggregation of Revenue [Line Items]
Revenue	171	140	355	319
Natural gas liquid sales \| Midland Basin
Disaggregation of Revenue [Line Items]
Revenue	128	93	265	225
Natural gas liquid sales \| Delaware Basin
Disaggregation of Revenue [Line Items]
Revenue	42	47	89	94
Natural gas liquid sales \| Other
Disaggregation of Revenue [Line Items]
Revenue	1	0	1	0
Sales of purchased oil
Disaggregation of Revenue [Line Items]
Revenue	300	0	416	0
Midstream and marketing services
Disaggregation of Revenue [Line Items]
Midstream and marketing services	$ 7	$ 22	$ 15	$ 43

STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE

Stock Repurchase Program

The Company’s board of directors has approved a common stock repurchase program to acquire up to $4.0 billion of the Company’s outstanding common stock, excluding excise tax. 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 regulatory and 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 months ended June 30, 2024, the Company had no repurchases of common stock under the repurchase program. During the six months ended June 30, 2024 and the three and six months ended June 30, 2023, the Company repurchased, excluding excise tax, approximately $42 million, $321 million and $653 million of common stock under this repurchase program, respectively. As of June 30, 2024, approximately $1.6 billion remained available for use to repurchase shares under the Company’s common stock repurchase program, excluding excise tax.

Change in Ownership of Consolidated Subsidiaries

Non-controlling interests in the accompanying condensed consolidated financial statements represent minority interest ownership in Viper and are presented as a component of equity. When the Company’s relative ownership interests in Viper 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Net income (loss) attributable to the Company	$	837	$	556	$	1,605	$	1,268
Change in ownership of consolidated subsidiaries	(6)		(15)		(61)		(24)
Change from net income (loss) attributable to the Company's stockholders and transfers with non-controlling interest	$	831	$	541	$	1,544	$	1,244

Dividends

The following table presents dividends and distribution equivalent rights paid on the Company’s common stock during the respective periods:


	Base		Variable		Total Per Share		Total
	(In millions, except per share amounts)
2024
First quarter	$	0.90	$	2.18	$	3.08	$	552
Second quarter	0.90		1.07		1.97		355

Total year-to-date	$	1.80	$	3.25	$	5.05	$	907

2023
First quarter	$	0.80	$	2.15	$	2.95	$	546
Second quarter	0.80		0.03		0.83		151


Total year-to-date	$	1.60	$	2.18	$	3.78	$	697

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions, except per share amounts, shares in thousands)
Net income (loss) attributable to common shares	$	837	$	556	$	1,605	$	1,268
Less: distributed and undistributed earnings allocated to participating securities(1)	6		5		11		9
Net income (loss) attributable to common stockholders	$	831	$	551	$	1,594	$	1,259
Weighted average common shares outstanding:
Basic weighted average common shares outstanding	178,360		180,373		178,418		181,176
Effect of dilutive securities:
Weighted-average potential common shares issuable	—		—		—		—
Diluted weighted average common shares outstanding	178,360		180,373		178,418		181,176
Basic net income (loss) attributable to common shares	$	4.66	$	3.05	$	8.93	$	6.95
Diluted net income (loss) attributable to common shares	$	4.66	$	3.05	$	8.93	$	6.95

(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.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DEBT - Retirement of Notes (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Repurchase of debt		$ 25	$ 134
Senior Notes
Debt Instrument [Line Items]
Repurchase of debt	$ 25
3.125% Senior Notes due 2031 \| Senior Notes
Debt Instrument [Line Items]
Redemption, amount	22
Debt instrument stated interest rate		3.125%
3.500% Senior Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Redemption, amount	$ 6
Debt instrument stated interest rate		3.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The 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, employment claims, claims alleging violations of antitrust laws, 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 accrued liabilities 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. Environmental Matters The United States Department of the Interior, Bureau of Safety and Environmental Enforcement, ordered several oil and gas operators, including a corporate predecessor of Energen Corporation, to perform decommissioning and reclamation activities related to a Louisiana offshore oil and gas production platform and related facilities. In response to the insolvency of the operator of record, the government ordered the former operators and/or alleged former lease record title owners to decommission the platform and related facilities. The Company has agreed to an arrangement with other operators to contribute to a trust to fund the decommissioning costs, however, the Company’s portion of such costs are not expected to be material. Several coastal Louisiana parishes and the State of Louisiana have filed numerous lawsuits under Louisiana’s State and Local Coastal Resources Management Act (“SLCRMA”) against numerous oil and gas producers seeking damages for coastal erosion in or near oil fields located within Louisiana’s coastal zone. The Company is a defendant in three of these cases, and Plaintiffs’ claims against the Company relate to the prior operations of entities previously acquired by Energen Corporation. The Company has exercised contractual indemnification rights where applicable. Plaintiffs’ SLCRMA theories are unprecedented, and there remains significant uncertainty about the claims (both as to scope and damages). Although the Company cannot predict the ultimate outcome of these matters, the Company believes the claims lack merit and intends to continue vigorously defending these lawsuits.

RELATED PARTY TRANSACTIONS - Schedule Related Party (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Current assets - Accounts receivable	$ 711		$ 711		$ 654
Current liabilities - Accrued capital expenditures	(446)		(446)		(493)
Current liabilities - Other accrued liabilities	(457)		(457)		(475)
Lease operating expenses	254	$ 200	509	$ 392
Related Party
Related Party Transaction [Line Items]
Current assets - Accounts receivable	6		6		61
Current liabilities - Accrued capital expenditures	(20)		(20)		(21)
Current liabilities - Other accrued liabilities	(19)		(19)		$ (18)
Lease operating expenses	$ 28	$ 0	$ 54	$ 0

SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplemental disclosure of cash flow information:
Cash (paid) received for income taxes, net	$ (260)	$ (54)
Supplemental disclosure of non-cash transactions:
Accrued capital expenditures included in accounts payable and accrued expenses	659	686
Common stock issued for business combinations	$ 0	$ 633

ASSET RETIREMENT OBLIGATIONS (Tables)

6 Months Ended

Jun. 30, 2024

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:


	Six Months Ended June 30,
	2024		2023
	(In millions)
Asset retirement obligations, beginning of period	$	245	$	347
Additional liabilities incurred	2		12
Liabilities acquired	1		3
Liabilities settled and divested	(16)		(42)
Accretion expense	8		14
Revisions in estimated liabilities	71		(43)
Asset retirement obligations, end of period	311		291
Less current portion(1)	11		5
Asset retirement obligations - long-term	$	300	$	286

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

ACQUISITIONS AND DIVESTITURES - Acquisitions (Details) shares in Thousands	Nov. 01, 2023 USD ($) a shares	Jan. 31, 2023 USD ($) a shares	Jun. 30, 2024	Apr. 18, 2024 USD ($)	Oct. 19, 2023 USD ($)
Senior Notes
Business Acquisition [Line Items]
Aggregate principal amount				$ 5,500,000,000
Viper 7.375% Senior Notes due 2031 \| Viper
Business Acquisition [Line Items]
Aggregate principal amount					$ 400,000,000
Viper 7.375% Senior Notes due 2031 \| Senior Notes
Business Acquisition [Line Items]
Debt instrument stated interest rate			7.375%
6.250% Senior Notes due 2053 \| Senior Notes
Business Acquisition [Line Items]
Debt instrument stated interest rate			6.25%
Viper Acquisition
Business Acquisition [Line Items]
Equity transferred (in shares) \| shares	9,020
Total consideration	$ 750,000,000
2023 Permian Basin Acquisition
Business Acquisition [Line Items]
Net royalty acres \| a	4,600
2023 Other Major Basin Acquisitions
Business Acquisition [Line Items]
Net royalty acres \| a	2,700
Lario Acquisition
Business Acquisition [Line Items]
Total consideration		$ 1,447,000,000
Area of land \| a		25,000
Area of land, net \| a		16,000
Number of shares issued (in shares) \| shares		4,330
Cash consideration		$ 814,000,000
Funds held in escrow		113,000,000
Proved properties		924,000,000
Unproved properties		$ 536,000,000

ACQUISITIONS AND DIVESTITURES (Tables)

6 Months Ended

Jun. 30, 2024

Acquisitions And Divestitures [Abstract]

Schedule of Asset Acquisition

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


Consideration:
Shares of Diamondback common stock issued at closing	4,330
Closing price per share of Diamondback common stock on the closing date	$	146.12
Fair value of Diamondback common stock issued	$	633
Cash consideration	814
Total consideration (including fair value of Diamondback common stock issued)	$	1,447

Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed

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








Total consideration	$	1,447

Fair value of liabilities assumed:
Other long-term liabilities	37

Fair value of assets acquired:
Oil and natural gas properties	1,460
Inventories	2
Other property, equipment and land	22
Amount attributable to assets acquired	1,484
Net assets acquired and liabilities assumed	$	1,447

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates Certain amounts included in or affecting the Company’s condensed 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 condensed 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 condensed 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 war in Ukraine and the Israel-Hamas war, higher interest rates, global supply chain disruptions, recent measures to combat persistent inflation and instability in the financial sector have contributed to recent 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, fair value estimates of derivative instruments, the fair value determination of acquired assets and liabilities assumed and estimates of income taxes, including deferred tax valuation allowances. Variable Interest Entity Viper is a publicly traded corporation formed by the Company in 2014 to provide an attractive return to its stockholders (the largest of which is Diamondback) by focusing on business results, maximizing dividends through organic growth and pursuing accretive growth opportunities through acquisitions of mineral, royalty, overriding royalty, net profits and similar interests from the Company and from third parties. Viper has no employees and the Company provides management, operating and administrative services to Viper under a services and secondment agreement, including the services of the executive officers and other employees. In connection with the reduction of the Company’s ownership percentage in Viper to below 50% in March 2024, the Company re-evaluated whether Viper should continue to be consolidated in the Company’s financial statements. Viper meets the definition of a VIE under ASC 810 and the Company continues to be the primary beneficiary of the VIE through its ability, via existing contractual agreements, to direct the activities that most significantly affect the economic performance of Viper. The Company also has the obligation to absorb losses and the right to receive benefits that could be significant to Viper. As such, the Company will continue to consolidate the activity of Viper. Viper maintains its own capital structure that is separate from the Company. The Company is not under any obligation to provide additional financial support or investment to Viper. Viper’s assets cannot be used by the Company for general corporate purposes, and the creditors of Viper’s liabilities do not have recourse to the Company’s assets. The assets and liabilities of Viper are included in the Company’s condensed consolidated balance sheets and disclosed parenthetically, if material. Recent Accounting Pronouncements Recently Adopted Pronouncements In March 2023, the FASB issued ASU 2023-01, “Leases (Topic 842) – Common Control Arrangements.” This update (i) requires all lessees that are a party to a lease between entities under common control in which there are leasehold improvements to record amortization over the useful life of the leasehold improvements to the common control group, regardless of the lease term, and (ii) requires leasehold improvements to be accounted for as a transfer between entities under common control through an adjustment to equity if, and when, the lessee no longer controls the use of the underlying asset. The Company adopted this update effective January 1, 2024 by electing to apply the guidance in ASU 2023-01 prospectively to all new leasehold improvements recognized on or after January 1, 2024. As such, the adoption of this update did not have a material impact on the Company’s financial position, results of operations or liquidity. Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures,” which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. The amendments are effective for annual periods beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures. Adoption of the update will not impact the Company’s financial position, results of operations or liquidity. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) – Improvements to Income Tax Disclosures,” which requires that certain information in a reporting entity’s tax rate reconciliation be disaggregated and provides additional requirements regarding income taxes paid. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted, and should be applied either prospectively or retrospectively. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures. Adoption of the update will not impact the Company’s financial position, results of operations or liquidity. The Company considers the applicability and impact of all ASUs. ASUs not listed above were assessed and determined to be either not applicable, previously disclosed, or not material upon adoption.

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

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Change in Ownership Interest

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Net income (loss) attributable to the Company	$	837	$	556	$	1,605	$	1,268
Change in ownership of consolidated subsidiaries	(6)		(15)		(61)		(24)
Change from net income (loss) attributable to the Company's stockholders and transfers with non-controlling interest	$	831	$	541	$	1,544	$	1,244

Schedule of Dividends Declared

The following table presents dividends and distribution equivalent rights paid on the Company’s common stock during the respective periods:


	Base		Variable		Total Per Share		Total
	(In millions, except per share amounts)
2024
First quarter	$	0.90	$	2.18	$	3.08	$	552
Second quarter	0.90		1.07		1.97		355

Total year-to-date	$	1.80	$	3.25	$	5.05	$	907

2023
First quarter	$	0.80	$	2.15	$	2.95	$	546
Second quarter	0.80		0.03		0.83		151


Total year-to-date	$	1.60	$	2.18	$	3.78	$	697

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions, except per share amounts, shares in thousands)
Net income (loss) attributable to common shares	$	837	$	556	$	1,605	$	1,268
Less: distributed and undistributed earnings allocated to participating securities(1)	6		5		11		9
Net income (loss) attributable to common stockholders	$	831	$	551	$	1,594	$	1,259
Weighted average common shares outstanding:
Basic weighted average common shares outstanding	178,360		180,373		178,418		181,176
Effect of dilutive securities:
Weighted-average potential common shares issuable	—		—		—		—
Diluted weighted average common shares outstanding	178,360		180,373		178,418		181,176
Basic net income (loss) attributable to common shares	$	4.66	$	3.05	$	8.93	$	6.95
Diluted net income (loss) attributable to common shares	$	4.66	$	3.05	$	8.93	$	6.95

SEGMENT INFORMATION- Additional Information (Details)	6 Months Ended
SEGMENT INFORMATION- Additional Information (Details)	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	1

INCOME TAXES

6 Months Ended

Jun. 30, 2024

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 June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
	(In millions, except for tax rate)
Provision for (benefit from) income taxes	$	252		$	165		$	475		$	372
Effective income tax rate	22.0		%	22.0		%	21.8		%	21.8		%

Total income tax expense from continuing operations for the three and six months ended June 30, 2024 and 2023 differed from amounts computed by applying the U.S. 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.

As of June 30, 2024, 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.

In connection with the Company’s public offering of Viper’s Class A common stock and resulting change of ownership in Viper in March 2024, the Company recorded a $36 million increase in tax payable and a $3 million increase in deferred tax liability through paid in capital and an $18 million increase in the deferred tax asset, net of valuation allowance, through non-controlling interest on the Company’s condensed consolidated balance sheet.

Based on application of the Inflation Reduction Act of 2022 guidance, the Company’s income tax expense for the three and six months ended June 30, 2024 was not impacted by the corporate alternative minimum tax.

The Company has not incurred any excise tax on its share repurchases, net of share issuances, during the three and six months ended June 30, 2024.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

EQUITY-BASED COMPENSATION - Schedule of Stock-Based Compensation Plans and Related Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
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	$ 7	$ 6	$ 14	$ 11
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
General and administrative expenses	$ 19	$ 16	$ 33	$ 27

STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity [Abstract]
Stock repurchase program authorized amount	$ 4,000,000,000.0		$ 4,000,000,000.0
Shares repurchased and retired	0	$ 321,000,000	42,000,000	$ 653,000,000
Stock repurchase remaining authorized amount	$ 1,600,000,000		$ 1,600,000,000

PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Impairment of oil and natural gas properties	$ 0	$ 0	$ 0	$ 0

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024:
Third-party revenues	$	2,474	$	9	$	—	$	2,483
Intersegment revenues	—		41		(41)		—
Total revenues	$	2,474	$	50	$	(41)	$	2,483
Depreciation, depletion, amortization and accretion	$	478	$	5	$	—	$	483

Income (loss) from operations	$	1,139	$	14	$	3	$	1,156
Interest expense, net	$	(44)	$	—	$	—	$	(44)
Other income (expense)	$	20	$	—	$	(1)	$	19
Income (loss) from equity investments	$	—	$	15	$	—	$	15
Provision for (benefit from) income taxes	$	249	$	3	$	—	$	252
Net income (loss) attributable to non-controlling interest	$	57	$	—	$	—	$	57
Net income (loss) attributable to Diamondback Energy, Inc.	$	809	$	26	$	2	$	837
As of June 30, 2024:
Total assets	$	35,079	$	1,163	$	(605)	$	35,637


	Upstream		All Other		Eliminations		Total
	(In millions)
Three Months Ended June 30, 2023:
Third-party revenues	$	1,895	$	24	$	—	$	1,919
Intersegment revenues	—		103		(103)		—
Total revenues	$	1,895	$	127	$	(103)	$	1,919
Depreciation, depletion, amortization and accretion	$	421	$	11	$	—	$	432

Income (loss) from operations	$	979	$	54	$	(33)	$	1,000
Interest expense, net	$	(49)	$	—	$	—	$	(49)
Other income (expense)	$	(207)	$	(1)	$	(8)	$	(216)
Income (loss) from equity investments	$	(1)	$	17	$	—	$	16
Provision for (benefit from) income taxes	$	162	$	3	$	—	$	165
Net income (loss) attributable to non-controlling interest	$	30	$	—	$	—	$	30
Net income (loss) attributable to Diamondback Energy, Inc.	$	530	$	67	$	(41)	$	556
As of December 31, 2023:
Total assets	$	28,362	$	1,242	$	(603)	$	29,001


	Upstream		All Other		Eliminations		Total
	(In millions)
Six Months Ended June 30, 2024:
Third-party revenues	$	4,691	$	19	$	—	$	4,710
Intersegment revenues	—		78		(78)		—
Total revenues	$	4,691	$	97	$	(78)	$	4,710
Depreciation, depletion, amortization and accretion	$	941	$	11	$	—	$	952

Income (loss) from operations	$	2,229	$	35	$	10	$	2,274
Interest expense, net	$	(83)	$	—	$	—	$	(83)
Other income (expense)	$	(25)	$	—	$	(5)	$	(30)
Income (loss) from equity investments	$	—	$	17	$	—	$	17
Provision for (benefit from) income taxes	$	470	$	5	$	—	$	475
Net income (loss) attributable to non-controlling interest	$	98	$	—	$	—	$	98
Net income (loss) attributable to Diamondback Energy, Inc.	$	1,553	$	47	$	5	$	1,605
As of June 30, 2024:
Total assets	$	35,079	$	1,163	$	(605)	$	35,637


	Upstream		All Other		Eliminations		Total
	(In millions)
Six Months Ended June 30, 2023:
Third-party revenues	$	3,799	$	45	$	—	$	3,844
Intersegment revenues	—		202		(202)		—
Total revenues	$	3,799	$	247	$	(202)	$	3,844
Depreciation, depletion, amortization and accretion	$	809	$	26	$	—	$	835

Income (loss) from operations	$	1,981	$	99	$	(55)	$	2,025
Interest expense, net	$	(93)	$	—	$	—	$	(93)
Other income (expense)	$	(302)	$	52	$	(8)	$	(258)
Income (loss) from equity investments	$	(1)	$	31	$	—	$	30
Provision for (benefit from) income taxes	$	365	$	7	$	—	$	372
Net income (loss) attributable to non-controlling interest	$	64	$	—	$	—	$	64
Net income (loss) attributable to Diamondback Energy, Inc.	$	1,156	$	175	$	(63)	$	1,268
As of December 31, 2023:
Total assets	$	28,362	$	1,242	$	(603)	$	29,001

ENDEAVOR ENERGY RESOURCES, LP ACQUISITION (Details) - Endeavor Acquisition shares in Thousands, $ in Billions	Feb. 11, 2024 USD ($) shares
Business Acquisition [Line Items]
Expected price of acquisition	$ 8.0
Number of shares issued in acquisition (in shares) \| shares	117,270
Termination fee	$ 1.4
Endeavor
Business Acquisition [Line Items]
Expected ownership percentage by noncontrolling owners	39.50%

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following tables present the Company’s revenue from contracts with customers:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Oil sales	$	1,998	$	1,708	$	3,865	$	3,362
Natural gas sales	5		48		55		117
Natural gas liquid sales	171		140		355		319
Total oil, natural gas and natural gas liquid revenues	2,174		1,896		4,275		3,798
Sales of purchased oil	300		—		416		—
Midstream and marketing services	7		22		15		43
Total revenue from contracts with customers	$	2,481	$	1,918	$	4,706	$	3,841

The following tables present the Company’s revenue from oil, natural gas, and natural gas liquids disaggregated by basin:


	Three Months Ended June 30, 2024								Three Months Ended June 30, 2023
	Midland Basin		Delaware Basin		Other		Total		Midland Basin		Delaware Basin		Other		Total
	(In millions)
Oil sales	$	1,659	$	338	$	1	$	1,998	$	1,322	$	384	$	2	$	1,708
Natural gas sales	2		3		—		5		31		17		—		48
Natural gas liquid sales	128		42		1		171		93		47		—		140
Total	$	1,789	$	383	$	2	$	2,174	$	1,446	$	448	$	2	$	1,896

	Six Months Ended June 30, 2024								Six Months Ended June 30, 2023
	Midland Basin		Delaware Basin		Other		Total		Midland Basin		Delaware Basin		Other		Total
	(In millions)
Oil sales	$	3,162	$	698	$	5	$	3,865	$	2,617	$	742	$	3	$	3,362
Natural gas sales	36		18		1		55		79		38		—		117
Natural gas liquid sales	265		89		1		355		225		94		—		319
Total	$	3,463	$	805	$	7	$	4,275	$	2,921	$	874	$	3	$	3,798

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Aug. 01, 2024	Jul. 15, 2024	Jun. 30, 2024
Remuda Midstream Holdings LLC
Subsequent Event [Line Items]
Equity method interest investment ownership percentage			25.00%
Subsequent Event \| WTG Midstream LLC \| Disposed of by Sale
Subsequent Event [Line Items]
Proceeds from the sale of equity method investments		$ 190
Subsequent Event \| Energy Transfer LP \| WTG Midstream LLC \| Disposed of by Sale
Subsequent Event [Line Items]
Equity transferred as consideration (in shares)		10.1
Equity to be held in escrow (in shares)		4.1
Subsequent Event \| Common Stock \| Quarterly Base Dividend
Subsequent Event [Line Items]
Dividends payable (in usd per share)	$ 0.90
Subsequent Event \| Common Stock \| Quarterly Variable Dividend
Subsequent Event [Line Items]
Dividends payable (in usd per share)	1.44
Subsequent Event \| Cash Distribution
Subsequent Event [Line Items]
Dividends declared per share (in usd per share)	$ 2.34

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Other operating income	$ 9	$ 23	$ 19	$ 46
Total revenues	2,483	1,919	4,710	3,844
Costs and expenses:
Lease operating expenses	254	200	509	392
Production and ad valorem taxes	141	148	260	303
Depreciation, depletion, amortization and accretion	483	432	952	835
General and administrative expenses	46	37	92	77
Merger and integration expenses	3	2	15	10
Other operating expenses	19	32	33	66
Total costs and expenses	1,327	919	2,436	1,819
Income (loss) from operations	1,156	1,000	2,274	2,025
Other income (expense):
Interest expense, net	(44)	(49)	(83)	(93)
Other income (expense), net	1	(23)	(2)	28
Gain (loss) on derivative instruments, net	18	(189)	(30)	(282)
Gain (loss) on extinguishment of debt	0	(4)	2	(4)
Income (loss) from equity investments, net	15	16	17	30
Total other income (expense), net	(10)	(249)	(96)	(321)
Income (loss) before income taxes	1,146	751	2,178	1,704
Provision for (benefit from) income taxes	252	165	475	372
Net income (loss)	894	586	1,703	1,332
Net income (loss) attributable to non-controlling interest	57	30	98	64
Net income (loss) attributable to Diamondback Energy, Inc.	$ 837	$ 556	$ 1,605	$ 1,268
Earnings (loss) per common share:
Basic (in usd per share)	$ 4.66	$ 3.05	$ 8.93	$ 6.95
Diluted (in usd per share)	$ 4.66	$ 3.05	$ 8.93	$ 6.95
Weighted average common shares outstanding:
Basic (in shares)	178,360	180,373	178,418	181,176
Diluted (in shares)	178,360	180,373	178,418	181,176
Oil sales
Revenues:
Revenue	$ 1,998	$ 1,708	$ 3,865	$ 3,362
Natural gas sales
Revenues:
Revenue	5	48	55	117
Natural gas liquid sales
Revenues:
Revenue	171	140	355	319
Purchased oil
Revenues:
Revenue	300	0	416	0
Costs and expenses:
Cost of goods and services sold	299	0	416	0
Gathering, processing and transportation
Costs and expenses:
Cost of goods and services sold	$ 82	$ 68	$ 159	$ 136

ACQUISITIONS AND DIVESTITURES - Schedule of Purchase Price Allocation (Details) - Lario Acquisition $ in Millions	Jan. 31, 2023 USD ($)
Asset Acquisition [Line Items]
Total consideration	$ 1,447
Fair value of liabilities assumed:
Other long-term liabilities	37
Fair value of assets acquired:
Oil and natural gas properties	1,460
Inventories	2
Other property, equipment and land	22
Amount attributable to assets acquired	1,484
Net assets acquired and liabilities assumed	$ 1,447

EQUITY-BASED COMPENSATION - Narratives (Details) - Equity Plan - USD ($) $ in Millions		6 Months Ended
	Mar. 01, 2024	Jun. 30, 2024
Restricted Stock Awards & Units
Shares authorized for issuance (in shares)		11,800,000
Common stock available for future grants (in shares)		4,700,000
Restricted Stock Units (RSUs)
Restricted Stock Awards & Units
Aggregated fair value of restricted stock		$ 22
Share based award not recognized		$ 98
Share based payment not recognized		2 years 1 month 6 days
Granted (in shares)		317,818
Performance Shares
Restricted Stock Awards & Units
Share based award not recognized		$ 57
Share based payment not recognized		1 year 9 months 18 days
Granted (in shares)	110,989	110,989
Number of shares authorized percent of shares granted	250.00%
Performance shares, performance period	3 years
Performance Shares \| Minimum
Restricted Stock Awards & Units
Number of shares authorized percent of shares granted	0.00%
Performance Shares \| Maximum
Restricted Stock Awards & Units
Number of shares authorized percent of shares granted	200.00%

DEBT - Credit Agreement (Details) - Credit agreement - Revolving Credit Facility - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2024	Mar. 06, 2024	Mar. 05, 2024
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 1,600,000,000
Maximum borrowing capacity, contingent on merger close				$ 2,500,000,000
Elected commitment amount					$ 100,000,000
Commitment amount, contingent on merger close				$ 50,000,000
Long-term line of credit amount outstanding			$ 0
Remaining borrowing capacity			$ 1,600,000,000
Weighted average rate	6.37%	6.23%

RELATED PARTY TRANSACTIONS - Narrative (Details) $ in Millions		3 Months Ended	6 Months Ended
	Sep. 01, 2023 county	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)
Related Party Transaction [Line Items]
Number of counties \| county	12
Water Services Agreement
Related Party Transaction [Line Items]
Related party transaction amounts \| $		$ 29	$ 60
Deep Blue
Related Party Transaction [Line Items]
Agreement term	15 years

FAIR VALUE MEASUREMENTS - Asset and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Carrying Value
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Debt	$ 11,980	$ 6,641
Fair Value \| Nonrecurring
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Debt	$ 11,664	$ 6,507