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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2014	Oct. 29, 2014
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3
Entity Registrant Name	Diamondback Energy, Inc.
Entity Central Index Key	0001539838
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		56,752,819

Consolidated Balance Sheet (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 40,644	$ 15,555
Accounts receivable:
Joint interest and other	39,626	14,437
Oil and natural gas sales	46,687	23,533
Related party	3,915	1,303
Inventories	3,105	5,631
Deferred income taxes	0	112
Derivative instruments	6,061	213
Prepaid expenses and other	3,223	1,184
Total current assets	143,261	61,968
Property and equipment
Oil and natural gas properties, based on the full cost method of accounting ($867,479 and $369,561 excluded from amortization at September 30, 2014 and December 31, 2013, respectively)	2,900,293	1,648,360
Pipeline and gas gathering assets	7,102	6,142
Other property and equipment	47,286	4,071
Accumulated depletion, depreciation, amortization and impairment	(328,522)	(212,236)
Property and equipment, net of accumulated depreciation, depletion, amortization and impairment	2,626,159	1,446,337
Derivative instruments	0	218
Other assets	51,135	13,091
Total assets	2,820,555	1,521,614
Current liabilities:
Accounts payable-trade	8,009	2,679
Accounts payable-related party	0	17
Accrued capital expenditures	118,514	74,649
Other accrued liabilities	50,768	34,750
Revenues and royalties payable	17,951	9,225
Deferred income taxes	1,044	0
Total current liabilities	196,286	121,320
Long-term debt	590,000	460,000
Asset retirement obligations	8,115	2,989
Deferred income taxes	140,308	91,764
Total liabilities	934,709	676,073
Contingencies
Stockholders’ equity:
Common stock, $0.01 par value, 100,000,000 shares authorized, 56,680,359 issued and outstanding at September 30, 2014; 47,106,216 issued and outstanding at December 31, 2013	567	471
Additional paid-in capital	1,553,367	842,557
Retained earnings	97,594	2,513
Total Diamondback Energy, Inc. stockholders’ equity	1,651,528	845,541
Noncontrolling interest	234,318	0
Total equity	1,885,846	845,541
Total liabilities and equity	$ 2,820,555	$ 1,521,614

Consolidated Balance Sheet (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Oil and natural gas properties, amortization excluded	$ 867,479	$ 369,561
Common Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares, Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	56,680,359	47,106,216
Common Stock, Shares, Outstanding	56,680,359	47,106,216

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:
Oil sales	$ 126,406	$ 53,086	$ 331,446	$ 119,373
Natural gas sales	2,338	859	6,006	2,586
Natural gas sales - related party	2,374	704	6,370	1,796
Natural gas liquid sales	3,619	1,970	9,507	5,441
Natural gas liquid sales - related party	4,390	1,172	10,806	2,898
Total revenues	139,127	57,791	364,135	132,094
Costs and expenses:
Lease operating expenses	13,766	4,718	31,998	14,527
Lease operating expenses - related party	39	246	218	840
Production and ad valorem taxes	8,634	3,420	22,318	7,970
Production and ad valorem taxes - related party	320	133	1,032	325
Gathering and transportation	110	69	426	175
Gathering and transportation - related party	750	192	1,719	466
Depreciation, depletion and amortization	45,370	17,423	116,364	42,976
General and administrative expenses (including non-cash stock based compensation, net of capitalized amounts, of $2,069 and $490 for the three months ended September 30, 2014 and 2013, respectively, and $5,387 and $1,426 for the nine months ended September 30, 2014 and 2013, respectively)	6,016	1,810	13,891	6,350
General and administrative expenses - related party	479	311	1,095	863
Asset retirement obligation accretion expense	127	46	303	134
Total costs and expenses	75,611	28,368	189,364	74,626
Income from operations	63,516	29,423	174,771	57,468
Other income (expense)
Interest income	0	1	0	1
Interest expense	(9,846)	(1,089)	(24,090)	(2,109)
Other income	17	0	17	0
Other income - related party	31	270	91	1,047
Other expense	(8)	0	(1,416)	0
Gain (loss) on derivative instruments, net	14,909	(4,910)	(577)	(1,881)
Total other income (expense), net	5,103	(5,728)	(25,975)	(2,942)
Income before income taxes	68,619	23,695	148,796	54,526
Provision for income taxes
Current	3,982	0	3,982	0
Deferred	19,996	9,099	48,760	20,063
Net income	44,641	14,596	96,054	34,463
Less: Net income attributable to noncontrolling interest	902	0	973	0
Net income attributable to Diamondback Energy, Inc.	$ 43,739	$ 14,596	$ 95,081	$ 34,463
Earnings per common share
Basic (in dollars per share)	$ 0.79	$ 0.33	$ 1.85	$ 0.85
Diluted (in dollars per share)	$ 0.79	$ 0.33	$ 1.83	$ 0.85
Weighted average common shares outstanding
Basic (in shares)	55,152	44,385	51,489	40,309
Diluted (in shares)	55,442	44,698	51,888	40,524

Consolidated Statements of Operations (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Statement [Abstract]
Non-cash stock based compensation, net of capitalized amount	$ 2,069	$ 490	$ 5,387	$ 1,426

Consolidated Statement of Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2014 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]
Balance at beginning of period at Dec. 31, 2013	$ 845,541	$ 471	$ 842,557	$ 2,513	$ 0
Balance at beginning of period, shares at Dec. 31, 2013	47,106,216	47,106,000
Increase (Decrease) in Stockholders' Equity
Net proceeds from issuance of common units - Viper Energy Partners LP	$ 232,334				232,334
Unit-based compensation	1,011				1,011
Stock-based compensation	9,134		9,134
Tax benefits related to stock-based compensation	3,173		3,173
Common shares issued in public offering, net of offering costs	693,381	$ 92	693,289
Common shares issued in public offering, net of offering costs, shares		9,200,000
Exercise of stock options and vesting of restricted stock units	5,218	$ 4	5,214
Exercise of stock options and awards of restricted stock, shares		380,000
Net income	96,054			95,081	973
Balance at end of period at Sep. 30, 2014	$ 1,885,846	$ 567	$ 1,553,367	$ 97,594	$ 234,318
Balance at end of period, shares at Sep. 30, 2014	56,680,359	56,686,000

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:
Net income	$ 96,054	$ 34,463
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for deferred income taxes	48,760	20,063
Excess tax benefit from stock-based compensation	(749)	0
Asset retirement obligation accretion expense	303	134
Depreciation, depletion, and amortization	116,364	42,976
Amortization of debt issuance costs	1,505	526
Change in fair value of derivative instruments	(5,630)	(3,733)
Stock based compensation expense	5,387	1,426
(Gain) loss on sale of assets, net	1,405	(31)
Changes in operating assets and liabilities:
Accounts receivable	(33,985)	(13,262)
Accounts receivable-related party	(2,612)	(350)
Inventories	915	309
Prepaid expenses and other	(5,681)	(1,376)
Accounts payable and accrued liabilities	7,812	7,324
Accounts payable and accrued liabilities-related party	(17)	(82)
Accrued interest	11,940	0
Revenues and royalties payable	8,726	3,260
Net cash provided by operating activities	251,995	91,647
Cash flows from investing activities:
Additions to oil and natural gas properties-related party	(309,009)	(188,201)
Additions to oil and natural gas properties-related party	(3,410)	(11,594)
Acquisition of Gulfport properties	0	(18,550)
Acquisition of mineral interests	(57,688)	(440,000)
Acquisition of leasehold interests	(840,482)	(166,635)
Pipeline and gas gathering assets	(1,437)	0
Purchase of other property and equipment	(43,215)	(4,965)
Proceeds from sale of property and equipment	11	62
Cost method investment	(33,851)	0
Settlement of non-hedge derivative instruments	0	(289)
Net cash used in investing activities	(1,289,081)	(830,172)
Cash flows from financing activities:
Proceeds from borrowings on credit facility	425,900	49,000
Repayment on credit facility	(295,900)	(49,000)
Proceeds from senior notes	0	450,000
Debt issuance costs	(2,358)	(9,524)
Public offering costs	(2,203)	(505)
Proceeds from public offerings	928,432	322,680
Exercise of stock options	5,131	2,616
Excess tax benefits of stock-based compensation	3,173	0
Net cash provided by financing activities	1,062,175	765,267
Net increase in cash and cash equivalents	25,089	26,742
Cash and cash equivalents at beginning of period	15,555	26,358
Cash and cash equivalents at end of period	40,644	53,100
Supplemental disclosure of cash flow information:
Interest paid, net of capitalized interest	12,729	383
Supplemental disclosure of non-cash transactions:
Asset retirement obligation incurred	567	162
Asset retirement obligation revisions in estimated liability	588	0
Asset retirement obligation acquired	3,678	471
Change in accrued capital expenditures	43,865	25,793
Capitalized stock based compensation	$ 4,758	$ 679

Description of the Business and Basis of Presentation	9 Months Ended
Description of the Business and Basis of Presentation	Sep. 30, 2014
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. (“Diamondback” or the “Company”), together with its subsidiaries, is an independent oil and gas company currently focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. Diamondback was incorporated in Delaware on December 30, 2011. On June 17, 2014, Diamondback entered into a contribution agreement (the “Contribution Agreement”) with Viper Energy Partners LP (the “Partnership”), Viper Energy Partners GP LLC (the “General Partner”) and Viper Energy Partners LLC to transfer Diamondback’s ownership interest in Viper Energy Partners LLC to the Partnership in exchange for 70,450,000 common units. Diamondback also owns and controls the General Partner, which holds a non-economic general partner interest in the Partnership. On June 23, 2014, the Partnership completed its initial public offering (the “Viper Offering”) of 5,750,000 common units, and the Company’s common units represented an approximate 92% limited partner interest in the Partnership. On September 19, 2014, the Partnership completed an underwritten public offering of 3,500,000 common units. At the completion of this offering, the Company owned approximately 88% of the common units of the Partnership. See Note 4—Viper Energy Partners LP for additional information regarding the Partnership. The wholly owned subsidiaries of Diamondback, as of September 30, 2014, include Diamondback E&P LLC, a Delaware limited liability company, Diamondback O&G LLC, a Delaware limited liability company, Viper Energy Partners GP LLC, a Delaware limited liability company, and White Fang Energy LLC, a Delaware limited liability company. The consolidated subsidiaries include the wholly owned subsidiaries as well as Viper Energy Partners LP, a Delaware limited partnership and Viper Energy Partners LLC, a Delaware limited liability company. Basis of Presentation The 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 Partnership is consolidated in the financial statements of the Company. As of September 30, 2014, the Company owned approximately 88% of the common units of the Partnership and the Company’s wholly owned subsidiary, Viper Energy Partners GP LLC, is the General Partner of the Partnership. These financial statements have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (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 accounting principles generally accepted in the United States have been omitted pursuant to such 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, 2013, which contains a summary of the Company’s significant accounting policies and other disclosures.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2014
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 consolidated financial statements and related disclosures must be estimated by management, requiring certain assumptions to be made with respect to values or conditions that cannot be known with certainty at the time the consolidated financial statements are prepared. These estimates and assumptions affect the amounts the Company reports for assets and liabilities and the Company’s disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates. The Company evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Company considers reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from the Company’s estimates. Any effects on the Company’s business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Significant items subject to such estimates and assumptions include estimates of proved oil and natural gas reserves and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, asset retirement obligations, the fair value determination of acquired assets and liabilities, stock-based compensation, fair value estimates of commodity derivatives and estimates of income taxes. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers”. ASU 2014-09 supersedes most of the existing revenue recognition requirements in accounting principles generally accepted in the United States and requires (i) an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services and (ii) requires expanded disclosures regarding the nature, amount, timing and certainty of revenue and cash flows from contracts with customers. The standard will be effective for annual and interim reporting periods beginning after December 15, 2016, with early application not permitted. The standard allows for either full retrospective adoption, meaning the standard is applied to all periods presented in the financial statements, or modified retrospective adoption, meaning the standard is applied only to the most current period presented. The Company is currently evaluating the impact this standard will have on its financial position, results of operations or cash flows.

Acquisitions

9 Months Ended

Sep. 30, 2014

Business Combinations [Abstract]

Acquisitions

ACQUISITIONS

2014 Activity

On September 9, 2014, the Company completed the acquisition of oil and natural gas interests in the Permian Basin from unrelated third party sellers. The Company acquired approximately 17,617 gross (12,967 net) acres with an approximate 74% working interest (approximately 75% net revenue interest). The acquisition was accounted for according to the acquisition method, which requires the recording of net assets acquired and consideration transferred at fair value. This acquisition was funded in part by the net proceeds of the July 2014 equity offering discussed in Note 8 below.

The following represents the estimated fair values of the assets and liabilities assumed on the acquisition date. The aggregate consideration transferred was $523,260,000 in cash, subject to post-closing adjustments, resulting in no goodwill or bargain purchase gain.



	(in thousands)
Joint interest receivables	$	42
Proved oil and natural gas properties	128,589
Unevaluated oil and natural gas properties	400,527
Total assets acquired	529,158
Accrued production and ad valorem taxes	358
Revenues payable	3,174
Asset retirement obligations	2,366
Total liabilities assumed	5,898
Total fair value of net assets	$	523,260

The Company has included in its consolidated statements of operations revenues of $2,804,000 and direct operating expenses of $1,424,000 for the period from September 9, 2014 to September 30, 2014 due to the acquisition. The disclosure of net earnings is impracticable to calculate due to the full cost method of depletion.

On August 25, 2014, the Company completed an acquisition of surface rights in the Permian Basin from an unrelated third party seller. The Company acquired surface rights to approximately 4,200 acres for approximately $41.9 million.

On February 27 and 28, 2014, the Company completed acquisitions of oil and natural gas interests in the Permian Basin from unrelated third party sellers. The Company acquired approximately 6,450 gross (4,785 net) acres with a 74% working interest (56% net revenue interest). The acquisitions were accounted for according to the acquisition method, which requires the recording of net assets acquired and consideration transferred at fair value. These acquisitions were funded in part by the net proceeds of the February 2014 equity offering discussed in Note 8 below.

The following represents the estimated fair values of the assets and liabilities assumed on the acquisition dates. The aggregate consideration transferred was $292,159,000 in cash, subject to post-closing adjustments, resulting in no goodwill or bargain purchase gain.



	(in thousands)
Proved oil and natural gas properties	$	170,174
Unevaluated oil and natural gas properties	123,243
Total assets acquired	293,417
Asset retirement obligations	1,258
Total liabilities assumed	1,258
Total fair value of net assets	$	292,159

The Company has included in its consolidated statements of operations revenues of $30,965,000 and direct operating expenses of $4,738,000 for the period from February 28, 2014 to September 30, 2014 due to the acquisitions. The disclosure of net earnings is impracticable to calculate due to the full cost method of depletion.

During the nine months ended September 30, 2014, the Partnership acquired (i) mineral interests underlying an aggregate of approximately 10,565 gross (3,461) net acres in the Midland and Delaware basins for approximately $57.7 million and (ii) a minor equity interest in an entity that owns mineral, overriding royalty, net profits, leasehold and other similar interests for approximately $33.9 million. The equity interest is so minor that we have no influence over partnership operating and financial polices and is accounted for under the cost method.

Pro Forma Financial Information

The following unaudited summary pro forma consolidated statement of operations data of Diamondback for the three months and nine months ended September 30, 2014 and 2013 have been prepared to give effect to the February 27 and 28, 2014 acquisitions and the September 9, 2014 acquisition as if they had occurred on January 1, 2013. The pro forma data are not necessarily indicative of financial results that would have been attained had the acquisitions occurred on January 1, 2013. The pro forma data also necessarily exclude various operation expenses related to the properties and the financial statements should not be viewed as indicative of operations in future periods.



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013

	(Pro Forma)
	(in thousands, except per share amounts)
Revenues	$	139,127	$	87,809	$	409,520	$	214,671
Income from operations	63,516		44,300		186,483		90,967
Net income	43,739		23,760		102,583		55,576
Basic earnings per common share	$	0.74	$	0.46	$	1.74	$	1.09
Diluted earnings per common share	$	0.74	$	0.46	$	1.73	$	1.08

2013 Activity

In September 2013, the Company completed two separate acquisitions of additional leasehold interests in the Permian Basin from unrelated third party sellers for an aggregate purchase price of $165.0 million, subject to certain adjustments. The first of these acquisitions closed on September 4, 2013 when the Company acquired certain assets located in northwestern Martin County, Texas, consisting of a 100% working interest (80% net revenue interest) in 4,506 gross and net acres. The second of these acquisitions closed on September 26, 2013, when the Company acquired certain assets located primarily in southwestern Dawson County, Texas, consisting of a 71% working interest (55% net revenue interest) in 9,390 gross (6,638 net) acres. These acquisitions were funded with a portion of the net proceeds from the August 2013 equity offering discussed in Note 8 below.

On September 19, 2013, the Company completed the acquisition of the mineral interests underlying approximately 14,804 gross (12,687 net) acres in Midland County, Texas in the Permian Basin. As part of the closing of the acquisition, the mineral interests were conveyed from the previous owners to Viper Energy Partners LLC and, subsequently, were contributed to the Partnership on June 17, 2014. See Note 4—Viper Energy Partners LP for additional information regarding the Partnership. The mineral interests entitle the holder of such interests to receive a 21.4% royalty interest on all production on an acreage weighted basis from this acreage with no additional future capital or operating expense required. The $440.0 million purchase price was funded with the net proceeds of the Company’s offering of Senior Notes discussed in Note 7 below.

Viper Energy Partners LP	9 Months Ended
Viper Energy Partners LP	Sep. 30, 2014
Noncontrolling Interest [Abstract]
Viper Energy Partners LP	VIPER ENERGY PARTNERS LP The Partnership is a publicly traded Delaware limited partnership, the common units of which are listed on the NASDAQ Global Market under the symbol “VNOM”. The Partnership was formed by Diamondback on February 27, 2014, to, among other things, own, acquire and exploit oil and natural gas properties in North America. The Partnership is currently focused on oil and natural gas properties in the Permian Basin. Viper Energy Partners GP LLC, a fully consolidated subsidiary of Diamondback, serves as the general partner of, and holds a non-economic general partner interest in, the Partnership. As of September 30, 2014, the Company owned approximately 88% of the common units of the Partnership. Prior to the completion on June 23, 2014 of the Viper Offering, Diamondback owned all of the general and limited partner interests in the Partnership. The Viper Offering consisted of 5,750,000 common units representing approximately 8% of the limited partner interests in the Partnership at a price to the public of $26.00 per common unit, which included 750,000 common units issued pursuant to an option to purchase additional common units granted to the underwriters on the same terms. The Partnership received net proceeds of approximately $137.2 million from the sale of these common units, net of offering expenses and underwriting discounts and commissions. In connection with the Viper Offering, Diamondback contributed all of the membership interests in Viper Energy Partners LLC to the Partnership in exchange for 70,450,000 common units. In addition, in connection with the closing of the Viper Offering, the Partnership agreed to distribute to Diamondback all cash and cash equivalents and the royalty income receivable on hand in the aggregate amount of approximately $11.6 million and the net proceeds from the Viper Offering. As of September 30, 2014, the Partnership had distributed $148.8 million to Diamondback. The contribution of Viper Energy Partners LLC to the Partnership was accounted for as a combination of entities under common control with assets and liabilities transferred at their carrying amounts in a manner similar to a pooling of interests. On September 19, 2014, the Partnership completed an underwritten public offering of 3,500,000 common units. The common units were sold to the public at $28.50 per unit and the Partnership received net proceeds of approximately $95.1 million from the sale of these common units, net of offering expenses and underwriting discounts and commissions. The Company has also entered into the following agreements with the Partnership: Partnership Agreement In connection with the closing of the Viper Offering, the General Partner and Diamondback entered into the first amended and restated agreement of limited partnership (the “Partnership Agreement”), dated June 23, 2014. The Partnership Agreement requires the Partnership to reimburse the General Partner for all direct and indirect expenses incurred or paid on the Partnership’s behalf and all other expenses allocable to the Partnership or otherwise incurred by the General Partner in connection with operating the Partnership’s business. The Partnership Agreement does not set a limit on the amount of expenses for which the General Partner and its affiliates may be reimbursed. These expenses include salary, bonus, incentive compensation and other amounts paid to persons who perform services for the Partnership or on its behalf and expenses allocated to the General Partner by its affiliates. The General Partner is entitled to determine the expenses that are allocable to the Partnership. Tax Sharing In connection with the closing of the Viper Offering, the Partnership entered into a tax sharing agreement (the “Tax Sharing Agreement”) with Diamondback pursuant to which the Partnership will reimburse Diamondback for its share of state and local income and other taxes for which the Partnership’s results are included in a combined or consolidated tax return filed by Diamondback with respect to taxable periods including or beginning on June 23, 2014. The amount of any such reimbursement is limited to the tax the Partnership would have paid had it not been included in a combined group with Diamondback. Diamondback may use its tax attributes to cause its combined or consolidated group, of which the Partnership may be a member for this purpose, to owe less or no tax. In such a situation, the Partnership would reimburse Diamondback for the tax the Partnership would have owed had the tax attributes not been available or used for the Partnership’s benefit, even though Diamondback had no cash tax expense for that period. Other Agreements See Note 10—Related Party Transactions for details of the the advisory services agreement the Partnership and General Partner entered into with Wexford Capital LP (“Wexford”). The Partnership has entered into a secured revolving credit facility with Wells Fargo Bank, National Association, (“Wells Fargo”) as administrative agent sole book runner and lead arranger. See Note 7—Debt for a description of this credit facility.

Property and Equipment

9 Months Ended

Sep. 30, 2014

Property, Plant and Equipment [Abstract]

Property and Equipment

PROPERTY AND EQUIPMENT

Property and equipment includes the following:



	September 30,			December 31,
	2014			2013

	(in thousands)
Oil and natural gas properties:
Subject to depletion	$	2,032,814		$	1,278,799
Not subject to depletion-acquisition costs
Incurred in 2014	594,465			—
Incurred in 2013	203,863			279,353
Incurred in 2012	68,387			87,252
Incurred in 2011	764			1,598
Incurred in 2010	—			1,358
Total not subject to depletion	867,479			369,561
Gross oil and natural gas properties	2,900,293			1,648,360
Less accumulated depreciation, depletion, amortization and impairment	(326,228		)	(210,837		)
Oil and natural gas properties, net	2,574,065			1,437,523
Pipeline and gas gathering assets, net	6,998			6,142
Other property and equipment, net	45,096			2,672
Property and equipment, net of accumulated depreciation, depletion, amortization and impairment	$	2,626,159		$	1,446,337

The average depletion rate per barrel equivalent unit of production was $23.71 and $24.39 for the three months and nine months ended September 30, 2014, respectively, and $25.24 and $24.76 for the three months and nine months ended September 30, 2013, respectively. Internal costs capitalized to the full cost pool represent management’s estimate of costs incurred directly related to exploration and development activities such as geological and other administrative costs associated with overseeing the exploration and development activities. All internal costs not directly associated with exploration and development activities were charged to expense as they were incurred. Capitalized internal costs were approximately $2,383,000 and $7,311,000 for the three months and nine months ended September 30, 2014, respectively, and $1,038,000 and $2,678,000 for the three months and nine months ended September 30, 2013, respectively. Costs associated with unevaluated properties are excluded from the full cost pool until the Company has made a determination as to the existence of proved reserves. The inclusion of the Company’s unevaluated costs into the amortization base is expected to be completed within three to five years.

Asset Retirement Obligations

9 Months Ended

Sep. 30, 2014

Asset Retirement Obligation [Abstract]

Asset Retirement Obligations

ASSET RETIREMENT OBLIGATIONS

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



	Nine Months Ended
	September 30,
	2014			2013

	(in thousands)
Asset retirement obligation, beginning of period	$	3,029		$	2,145
Additional liability incurred	567			162
Liabilities acquired	3,678			471
Liabilities settled	(10		)	(14		)
Accretion expense	303			134
Revisions in estimated liabilities	588			—
Asset retirement obligation, end of period	8,155			2,898
Less current portion	40			20
Asset retirement obligations - long-term	$	8,115		$	2,878

The Company’s asset retirement obligations primarily relate to the future plugging and abandonment of wells and related facilities. The Company estimates the future plugging and abandonment costs of wells, the ultimate productive life of the properties, a risk-adjusted discount rate and an inflation factor in order to determine the current present value of this obligation. To the extent future revisions to these assumptions impact the present value of the existing asset retirement obligation liability, a corresponding adjustment is made to the oil and natural gas property balance.

Debt

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Debt

DEBT

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



	September 30,		December 31,
	2014		2013

	(in thousands)
Revolving credit facility	$	140,000	$	10,000
7.625 % Senior Notes due 2021	450,000		450,000
Total long-term debt	$	590,000	$	460,000

Senior Notes

On September 18, 2013, the Company completed an offering of $450.0 million in aggregate principal amount of 7.625% senior unsecured notes due 2021 (the “Senior Notes”). The Senior Notes bear interest at the rate of 7.625% per annum, payable semi-annually, in arrears on April 1 and October 1 of each year, commencing on April 1, 2014 and will mature on October 1, 2021. On June 23, 2014, in connection with the Viper Offering, the Company designated the Partnership, the General Partner and Viper Energy LLC as unrestricted subsidiaries and, upon such designation, Viper Energy LLC, which was a guarantor under the indenture governing of the Senior Notes, was released as a guarantor under the indenture. As of September 30, 2014, the Senior Notes are now fully and unconditionally guaranteed by Diamondback O&G LLC, Diamondback E&P LLC and White Fang Energy LLC and will also be guaranteed by any future restricted subsidiaries of Diamondback. The net proceeds from the Senior Notes were used to fund the acquisition of mineral interests underlying approximately 14,804 gross (12,687 net) acres in Midland County, Texas in the Permian Basin.

The Senior Notes were issued under, and are governed by, an indenture among the Company, the subsidiary guarantors party thereto and Wells Fargo Bank, N.A., as the trustee, as amended and supplemented (the “Indenture”). The Indenture contains certain covenants that, subject to certain exceptions and qualifications, among other things, limit the Company’s ability and the ability of the restricted subsidiaries to incur or guarantee additional indebtedness, make certain investments, declare or pay dividends or make other distributions on, or redeem or repurchase, capital stock, prepay subordinated indebtedness, sell assets including capital stock of subsidiaries, agree to payment restrictions affecting the Company’s restricted subsidiaries, consolidate, merge, sell or otherwise dispose of all or substantially all of its assets, enter into transactions with affiliates, incur liens, engage in business other than the oil and gas business and designate certain of the Company’s subsidiaries as unrestricted subsidiaries. If the Company experiences certain kinds of changes of control or if it sells certain of its assets, holders of the Senior Notes may have the right to require the Company to repurchase their Senior Notes.

The Company will have the option to redeem the Senior Notes, in whole or in part, at any time on or after October 1, 2016 at the redemption prices (expressed as percentages of principal amount) of 105.719% for the 12-month period beginning on October 1, 2016, 103.813% for the 12-month period beginning on October 1, 2017, 101.906% for the 12-month period beginning on October 1, 2018 and 100.000% beginning on October 1, 2019 and at any time thereafter with any accrued and unpaid interest to, but not including, the date of redemption. In addition, prior to October 1, 2016, the Company may redeem all or a part of the Senior Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date, plus a “make-whole” premium at the redemption date. Furthermore, before October 1, 2016, the Company may, at any time or from time to time, redeem up to 35% of the aggregate principal amount of the Senior Notes with the net cash proceeds of certain equity offerings at a redemption price of 107.625% of the principal amount of the Senior Notes being redeemed plus any accrued and unpaid interest to the date of redemption, if at least 65% of the aggregate principal amount of the Senior Notes originally issued under the Indenture remains outstanding immediately after such redemption and the redemption occurs within 120 days of the closing date of such equity offering.

In connection with the issuance of the Senior Notes, the Company and the subsidiary guarantors entered into a Registration Rights Agreement (the “Registration Rights Agreement”) with the initial purchasers on September 18, 2013, pursuant to which the Company and the subsidiary guarantors have agreed to file a registration statement with respect to an offer to exchange the Senior Notes for a new issue of substantially identical debt securities registered under the Securities Act, which registration statement was declared effective by the SEC on September 15, 2014 and the exchange offer completed on October 23, 2014.

Credit Facility-Wells Fargo Bank

The Company’s secured second amended and restated credit agreement, dated November 1, 2013, with a syndication of banks, including Wells Fargo as administrative agent sole book runner and lead arranger, provides for a revolving credit facility in the maximum amount of $600.0 million, subject to scheduled semi-annual and other elective collateral borrowing base redeterminations based on the Company’s oil and natural gas reserves and other factors (the “borrowing base”). The borrowing base is scheduled to be re-determined semi-annually with effective dates of April 1st and October 1st. In addition, the Company may request up to three additional redeterminations of the borrowing base during any 12-month period. As of September 30, 2014, the borrowing base was set at $350.0 million and the Company had outstanding borrowings of $140.0 million.

The outstanding borrowings under the credit agreement bear interest at a rate elected by the Company that is equal to an alternative base rate (which is equal to the greatest of the prime rate, the Federal Funds effective rate plus 0.5% and 3-month LIBOR plus 1.0%) or LIBOR, in each case plus the applicable margin. The applicable margin ranges from 0.5% to 1.50% in the case of the alternative base rate and from 1.50% to 2.50% in the case of LIBOR, in each case depending on the amount of the loan outstanding in relation to the borrowing base. The Company is obligated to pay a quarterly commitment fee ranging from 0.375% to 0.500% per year on the unused portion of the borrowing base, which fee is also dependent on the amount of the loan outstanding in relation to the borrowing base. Loan principal may be optionally repaid from time to time without premium or penalty (other than customary LIBOR breakage), and is required to be paid (a) if the loan amount exceeds the borrowing base, whether due to a borrowing base redetermination or otherwise (in some cases subject to a cure period) and (b) at the maturity date of November 1, 2018.

On June 9, 2014, Diamondback entered into a first amendment (the “First Amendment”) to the second amended and restated credit agreement, dated November 1, 2013 (together, the “Credit Agreement”). The First Amendment modified certain provisions of the credit agreement to, among other things, allow the Company to designate one or more of its subsidiaries as “Unrestricted Subsidiaries” that are not subject to certain restrictions contained in the credit agreement. In connection with the Viper Offering, the Company designated the Partnership, the General Partner and Viper Energy LLC as unrestricted subsidiaries under the credit agreement. As of September 30, 2014, the loan is guaranteed by Diamondback, Diamondback E&P LLC and White Fang Energy LLC and will also be guaranteed by any future restricted subsidiaries of Diamondback. The credit agreement is also secured by substantially all of the assets of the Company, Diamondback O&G LLC and the guarantors.

The credit agreement contains various affirmative, negative and financial maintenance covenants. These covenants, among other things, limit additional indebtedness, additional liens, sales of assets, mergers and consolidations, dividends and distributions, transactions with affiliates and entering into certain swap agreements and require the maintenance of the financial ratios described below.



Financial Covenant			Required Ratio
Ratio of total debt to EBITDAX			Not greater than 4.0 to 1.0
Ratio of current assets to liabilities, as defined in the credit agreement			Not less than 1.0 to 1.0

The covenant prohibiting additional indebtedness allows for the issuance of unsecured debt of up to $750.0 million in the form of senior or senior subordinated notes and, in connection with any such issuance, the reduction of the borrowing base by 25% of the stated principal amount of each such issuance. A borrowing base reduction in connection with such issuance may require a portion of the outstanding principal of the loan to be repaid. As of September 30, 2014, the Company had $450.0 million of senior unsecured notes outstanding.

As of September 30, 2014 and December 31, 2013, the Company was in compliance with all financial covenants under its revolving credit facility, as then in effect. The lenders may accelerate all of the indebtedness under the Company’s revolving credit facility upon the occurrence and during the continuance of any event of default. The credit agreement contains customary events of default, including non-payment, breach of covenants, materially incorrect representations, cross-default, bankruptcy and change of control. There are no cure periods for events of default due to non-payment of principal and breaches of negative and financial covenants, but non-payment of interest and breaches of certain affirmative covenants are subject to customary cure periods.

Partnership Credit Facility-Wells Fargo Bank

On July 8, 2014, the Partnership entered into a secured revolving credit agreement with Wells Fargo, as the administrative agent, sole book runner and lead arranger. The credit agreement, which was amended August 15, 2014 to add additional lenders to the lending group, provides for a revolving credit facility in the maximum amount of $500.0 million, subject to scheduled semi-annual and other elective collateral borrowing base redeterminations based on the Partnership’s oil and natural gas reserves and other factors (the “borrowing base”). The borrowing base is scheduled to be re-determined semi-annually with effective dates of April 1st and October 1st. In addition, the Partnership may request up to three additional redeterminations of the borrowing base during any 12-month period. As of September 30, 2014, the borrowing base was set at $110.0 million. The Partnership had no outstanding borrowings as of September 30, 2014.

The outstanding borrowings under the credit agreement bear interest at a rate elected by the Partnership that is equal to an alternative base rate (which is equal to the greatest of the prime rate, the Federal Funds effective rate plus 0.5% and 3-month LIBOR plus 1.0%) or LIBOR, in each case plus the applicable margin. The applicable margin ranges from 0.5% to 1.50% in the case of the alternative base rate and from 1.50% to 2.50% in the case of LIBOR, in each case depending on the amount of the loan outstanding in relation to the borrowing base. The Partnership is obligated to pay a quarterly commitment fee ranging from 0.375% to 0.500% per year on the unused portion of the borrowing base, which fee is also dependent on the amount of the loan outstanding in relation to the borrowing base. Loan principal may be optionally repaid from time to time without premium or penalty (other than customary LIBOR breakage), and is required to be paid (a) if the loan amount exceeds the borrowing base, whether due to a borrowing base redetermination or otherwise (in some cases subject to a cure period) and (b) at the maturity date of July 8, 2019. The loan is secured by substantially all of the assets of the Partnership and its subsidiaries.



Financial Covenant			Required Ratio
Ratio of total debt to EBITDAX			Not greater than 4.0 to 1.0
Ratio of current assets to liabilities, as defined in the credit agreement			Not less than 1.0 to 1.0
EBITDAX will be annualized beginning with the quarter ended September 30, 2014 and ending with the quarter ending March 31, 2015

The covenant prohibiting additional indebtedness allows for the issuance of unsecured debt of up to $250.0 million in the form of senior unsecured notes and, in connection with any such issuance, the reduction of the borrowing base by 25% of the stated principal amount of each such issuance. A borrowing base reduction in connection with such issuance may require a portion of the outstanding principal of the loan to be repaid.

The lenders may accelerate all of the indebtedness under the Partnership’s revolving credit facility upon the occurrence and during the continuance of any event of default. The credit agreement contains customary events of default, including non-payment, breach of covenants, materially incorrect representations, cross-default, bankruptcy and change of control. There are no cure periods for events of default due to non-payment of principal and breaches of negative and financial covenants, but non-payment of interest and breaches of certain affirmative covenants are subject to customary cure periods.

Capital Stock and Earnings Per Share

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

Capital Stock and Earnings Per Share

CAPITAL STOCK AND EARNINGS PER SHARE

As of September 30, 2014, Diamondback had completed the following equity offerings since the closing of its initial public offering on October 17, 2012:

On May 21, 2013, the Company completed an underwritten primary public offering of 5,175,000 shares of common stock, which included 675,000 shares of common stock issued pursuant to an option to purchase additional shares granted to the underwriters. The stock was sold to the public at $29.25 per share and the Company received net proceeds of approximately $144.4 million from the sale of these shares of common stock, net of offering expenses and underwriting discounts and commissions.

In August 2013, the Company completed an underwritten public offering of 4,600,000 shares of common stock, which included 600,000 shares of common stock issued pursuant to an option to purchase additional shares granted to the underwriters. The stock was sold to the public at $40.25 per share and the Company received net proceeds of approximately $177.5 million from the sale of these shares of common stock, net of offering expenses and underwriting discounts and commissions.

In February 2014, the Company completed an underwritten public offering of 3,450,000 shares of common stock, which included 450,000 shares of common stock issued pursuant to an option to purchase additional shares granted to the underwriters. The stock was sold to the public at $62.67 per share and the Company received net proceeds of approximately $208.4 million from the sale of these shares of common stock, net of offering expenses and underwriting discounts and commissions.

On July 25, 2014, the Company completed an underwritten public offering of 5,750,000 shares of common stock, which included 750,000 shares of common stock issued pursuant to an option to purchase additional shares granted to the underwriters. The stock was sold to the public at $87.00 per share and the Company received net proceeds of approximately $485.0 million from the sale of these shares of common stock, net of offering expenses and underwriting discounts and commissions.

Earnings Per Share

The Company’s basic earnings per share amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share include the effect of potentially dilutive shares outstanding for the period. Additionally, for the diluted earnings per share computation, the per share earnings of the Partnership are included in the consolidated earnings per share computation based on the consolidated group's holdings of the subsidiary. A reconciliation of the components of basic and diluted earnings per common share is presented in the table below:



	Three Months Ended September 30,
	2014						2013
					Per					Per
	Income			Shares	Share		Income		Shares	Share

	(in thousands, except per share amounts)
Basic:
Net income attributable to common stock	$	43,739		55,152	$	0.79	$	14,596	44,385	$	0.33
Effect of Dilutive Securities:
Dilutive effect of potential common shares issuable	$	(53	)	290			—		313
Diluted:
Net income attributable to common stock	$	43,686		55,442	$	0.79	$	14,596	44,698	$	0.33



	Nine Months Ended September 30,
	2014					2013
				Per					Per
	Income		Shares	Share		Income		Shares	Share

	(in thousands, except per share amounts)
Basic:
Net income attributable to common stock	$	95,081	51,489	$	1.85	$	34,463	40,309	$	0.85
Effect of Dilutive Securities:
Dilutive effect of potential common shares issuable	$	16	399			—		215
Diluted:
Net income attributable to common stock	$	95,097	51,888	$	1.83	$	34,463	40,524	$	0.85

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
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-Paragraph d
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Stock Based Compensation

9 Months Ended

Sep. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Based Compensation

STOCK BASED COMPENSATION

For the three months and nine months ended September 30, 2014, the Company incurred $4,112,000 and $10,145,000, respectively, of stock based compensation, of which the Company capitalized $2,043,000 and $4,758,000, respectively, pursuant to the full cost method of accounting for oil and natural gas properties. For the three months and nine months ended September 30, 2013, the Company incurred $749,000 and $2,105,000, respectively, of stock based compensation, of which the Company capitalized $259,000 and $679,000, respectively, pursuant to the full cost method of accounting for oil and natural gas properties.

On June 17, 2014, in connection with the Viper Offering, the Board of Directors of the General Partner adopted the Viper Energy Partners LP Long Term Incentive Plan (“Viper LTIP”), effective June 17, 2014, for employees, officers, consultants and directors of the General Partner and any of its affiliates, including Diamondback, who perform services for the Partnership. The Viper LTIP provides for the grant of unit options, unit appreciation rights, restricted units, unit awards, phantom units, distribution equivalent rights, cash awards, performance awards, other unit-based awards and substitute awards. A total of 9,144,000 common units has been reserved for issuance pursuant to the Viper LTIP. Common units that are cancelled, forfeited or withheld to satisfy exercise prices or tax withholding obligations will be available for delivery pursuant to other awards. The Viper LTIP is administered by the Board of Directors of the General Partner or a committee thereof.

Stock Options

The following table presents the Company’s stock option activity under the 2012 Plan for the nine months ended September 30, 2014.



			Weighted Average
			Exercise		Remaining	Intrinsic
	Options		Price		Term	Value
					(in years)	(in thousands)
Outstanding at December 31, 2013	712,955		$	17.96
Granted	—		$	—
Exercised	(293,450	)	$	17.78
Expired/Forfeited	—		$	—
Outstanding at September 30, 2014	419,505		$	18.09	1.97	$	23,783

Vested and Expected to vest at September 30, 2014	419,505		$	18.09	1.97	$	23,783
Exercisable at September 30, 2014	159,755		$	17.50	1.47	$	9,151

The aggregate intrinsic value of stock options that were exercised during the nine months ended September 30, 2014 was $16,778,000. As of September 30, 2014, the unrecognized compensation cost related to unvested stock options was $959,000. Such cost is expected to be recognized over a weighted-average period of 1.2 years.

Restricted Stock Units

The following table presents the Company’s restricted stock units activity under the 2012 Plan during the nine months ended September 30, 2014.



			Weighted Average
	Restricted Stock		Grant-Date
	Units		Fair Value
Unvested at December 31, 2013	132,499		$	19.20
Granted	148,722		$	66.93
Vested	(98,560	)	$	38.31
Forfeited	(1,200	)	$	41.66
Unvested at September 30, 2014	181,461		$	47.80

The aggregate fair value of restricted stock units that vested during the nine months ended September 30, 2014 was $7,248,000. As of September 30, 2014, the Company’s unrecognized compensation cost related to unvested restricted stock awards and units was $6,703,000. Such cost is expected to be recognized over a weighted-average period of 1.6 years.

Performance Based Restricted Stock Units

To provide long-term incentives for the executive officers to deliver competitive returns to the Company’s stockholders, the Company has granted performance based restricted stock units to eligible employees. The ultimate number of shares awarded from these conditional restricted stock units is based upon measurement of total stockholder return of the Company’s common stock (“TSR”) as compared to a designated peer group during a three-year performance period. In February 2014, eligible employees received initial performance restricted stock unit awards totaling 79,150 units from which a minimum of 0% and a maximum of 200% units could be awarded. The awards have a performance period of January 1, 2013 to December 31, 2015 and cliff vest at December 31, 2015. There were no performance restricted stock units issued or outstanding during the nine months ended September 30, 2013.

The fair value of each performance restricted stock unit is estimated at the date of grant using a Monte Carlo simulation, which results in an expected percentage of units to be earned during the performance period. The following table presents a summary of the grant-date fair values of performance restricted stock units granted and the related assumptions.



	2014
Grant-date fair value	$	125.63
Risk-free rate	0.30		%
Company volatility	39.60		%

The following table presents the Company’s performance restricted stock units activity under the 2012 Plan for the nine months ended September 30, 2014.



		Performance	Weighted Average
		Restricted Stock	Grant-Date
		Units	Fair Value
Unvested at December 31, 2013		—	$	—
Granted		79,150	$	125.63
Vested		—	$	—
Forfeited		—	$	—
Unvested at September 30, 2014 ⁽¹⁾		79,150	$	125.63

(1)	A maximum of 158,300 units could be awarded based upon the Company’s final TSR ranking.

As of September 30, 2014, the Company’s unrecognized compensation cost related to unvested performance based restricted stock awards and units was $6,751,000. Such cost is expected to be recognized over a weighted-average period of 1.3 years.

Partnership Unit Options

In accordance with the Viper LTIP, the exercise price of unit options granted may not be less than the market value of the common units at the date of grant. The units issued under the Viper LTIP will consist of new common units of the Partnership. On June 17, 2014, the Board of Directors of the General Partner granted 2,500,000 unit options to our executive officers of the General Partner. The unit options vest approximately 33% ratably on each of the next three anniversaries of the date of grant. In the event the fair market value per unit as of the exercise date is less than the exercise price per option unit then the vested options will automatically terminate and become null and void as of the exercise date.

The fair value of the unit options on the date of grant is expensed over the applicable vesting period. The Partnership estimates the fair values of unit options granted using a Black-Scholes option valuation model, which requires the Partnership to make several assumptions. At the time of grant the Partnership did not have a history of market prices, thus the expected volatility was determined using the historical volatility for a peer group of companies. The expected term of options granted was determined based on the contractual term of the awards. The risk-free interest rate is based on the U.S. treasury yield curve rate for the expected term of the unit option at the date of grant. The expected dividend yield was based upon projected performance of the Partnership.



	2014
Grant-date fair value	$	4.24
Expected volatility	36.0		%
Expected dividend yield	5.9		%
Expected term (in years)	3.0
Risk-free rate	0.99		%

The following table presents the unit option activity under the Viper LTIP for the nine months ended September 30, 2014.



		Weighted Average
	Unit	Exercise		Remaining	Intrinsic
	Options	Price		Term	Value
				(in years)	(in thousands)
Outstanding at December 31, 2013	—	$	—
Granted	2,500,000	$	26.00
Outstanding at September 30, 2014	2,500,000	$	26.00	2.72	$	—

Vested and Expected to vest at September 30, 2014	2,500,000	$	26.00	2.72	$	—
Exercisable at September 30, 2014	—	$	—	—	$	—

As of September 30, 2014, the unrecognized compensation cost related to unvested unit options was $9,589,000. Such cost is expected to be recognized over a weighted-average period of 2.7 years.

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2014
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Administrative Services An entity under common management provided technical, administrative and payroll services to the Company under a shared services agreement which began March 1, 2008. The initial term of this shared service agreement was two years. Since the expiration of such two-year period on March 1, 2010, the agreement, by its terms continued on a month-to-month basis. Effective August 31, 2014, this agreement was mutually terminated. For the three months and nine months ended September 30, 2014, the Company incurred total costs of $3,000 and $6,000, respectively. For the three months and nine months ended September 30, 2013, the Company incurred total costs of $70,000 and $179,000, respectively. Costs incurred unrelated to drilling activities are expensed and costs incurred in the acquisition, exploration and development of proved oil and natural gas properties have been capitalized. As of September 30, 2014 and December 31, 2013, the Company owed the administrative services affiliate no amounts and $17,000, respectively. These amounts are included in accounts payable-related party in the accompanying consolidated balance sheets. Effective January 1, 2012, the Company entered into an additional shared services agreement with this entity. Under this agreement, the Company provided this entity and, at its request, certain affiliates, with consulting, technical and administrative services. The initial term of the additional shared services agreement was two years. Thereafter, the agreement continued on a month-to-month basis subject to the right of either party to terminate the agreement upon thirty days prior written notice. Effective August 31, 2014, this agreement was mutually terminated. Costs that are attributable to and billed to other affiliates are reported as other income-related party. For the three months and nine months ended September 30, 2014, the affiliate reimbursed the Company $31,000 and $91,000, respectively, and for the three months and nine months ended September 30, 2013, the affiliate reimbursed the Company $270,000 and $1,047,000, respectively, for services under the shared services agreement. As of September 30, 2014 and December 31, 2013, the affiliate owed the Company no amounts for either period. Drilling Services Bison Drilling and Field Services LLC (“Bison”), an entity controlled by Wexford, has performed drilling and field services for the Company under master drilling and field service agreements. Under the Company’s most recent master drilling agreement with Bison, effective as of January 1, 2013, Bison committed to accept orders from the Company for the use of at least two of its rigs. At September 30, 2014, the Company was not utilizing any Bison rigs. This master drilling agreement is terminable by either party on 30 days’ prior written notice, although neither party will be relieved of its respective obligations arising from a drilling contract being performed prior to the termination of the master drilling agreement. For the three months and nine months ended September 30, 2014, the Company incurred total costs for services performed by Bison of $907,000 and $3,402,000, respectively. For the three months and nine months ended September 30, 2013, the Company incurred total costs for services performed by Bison of $2,168,000 and $11,795,000, respectively. The Company owed Bison no amounts as of September 30, 2014 and December 31, 2013. Effective September 9, 2013, the Company entered into a master service agreement with Panther Drilling Systems LLC (“Panther Drilling”), an entity controlled by Wexford, under which Panther Drilling provides directional drilling and other services. This master service agreement is terminable by either party on 30 days’ prior written notice, although neither party will be relieved of its respective obligations arising from work performed prior to the termination of the master service agreement. In the third quarter 2013, the Company began using Panther Drilling’s directional drilling services, however the amount incurred for services performed by Panther Drilling during the nine months ended September 30, 2013 was not material. For the three months and nine months ended September 30, 2014, the Company incurred total costs for services performed by Panther Drilling of zero and $305,000, respectively. The Company owed Panther Drilling no amounts as of September 30, 2014 and December 31, 2013. Coronado Midstream The Company is party to a gas purchase agreement, dated May 1, 2009, as amended, with Coronado Midstream LLC (“Coronado Midstream”), formerly known as MidMar Gas LLC, an entity affiliated with Wexford that owns a gas gathering system and processing plant in the Permian Basin. Under this agreement, Coronado Midstream is obligated to purchase from the Company, and the Company is obligated to sell to Coronado Midstream, all of the gas conforming to certain quality specifications produced from certain of the Company’s Permian Basin acreage. Following the expiration of the initial ten year term, the agreement will continue on a year-to-year basis until terminated by either party on 30 days’ written notice. Under the gas purchase agreement, Coronado Midstream is obligated to pay the Company 87% of the net revenue received by Coronado Midstream for all components of the Company’s dedicated gas, including the liquid hydrocarbons, and the sale of residue gas, in each case extracted, recovered or otherwise processed at Coronado Midstream’s gas processing plant, and 94.56% of the net revenue received by Coronado Midstream from the sale of such gas components and residue gas, extracted, recovered or otherwise processed at Chevron’s Headlee plant. The Company recognized revenues from Coronado Midstream of $6,764,000 and $17,176,000 for the three months and nine months ended September 30, 2014, respectively, and $1,877,000 and $4,694,000 for the three months and nine months ended September 30, 2013, respectively. The Company recognized production and ad valorem taxes and gathering and transportation expenses from Coronado Midstream of $1,070,000 and $2,751,000 for the three months and nine months ended September 30, 2014, respectively, and $325,000 and $791,000 for the three months and nine months ended September 30, 2013, respectively. As of September 30, 2014 and December 31, 2013, Coronado Midstream owed the Company $3,915,000 and $1,303,000, respectively, for the Company’s portion of the net proceeds from the sale of gas, gas products and residue gas. Sand Supply Muskie Proppant LLC (“Muskie”), an entity affiliated with Wexford, processes and sells fracing grade sand for oil and natural gas operations. The Company began purchasing sand from Muskie in March 2013. On May 16, 2013, the Company entered into a master services agreement with Muskie, pursuant to which Muskie agreed to sell custom natural sand proppant to the Company based on the Company’s requirements. The Company is not obligated to place any orders with, or accept any offers from, Muskie for sand proppant. The agreement may be terminated at the option of either party on 30 days’ notice. The Company purchased no sand from Muskie, and incurred no costs payable to Muskie, for the three months and nine months ended September 30, 2014, respectively. The Company incurred no costs and costs of $234,000 for sand purchased from Muskie for the three months and nine months ended September 30, 2013, respectively. The Company owed Muskie no amounts as of September 30, 2014 or December 31, 2013. Midland Leases Effective May 15, 2011, the Company occupied corporate office space in Midland, Texas under a lease with a five-year term. The office space is owned by an entity controlled by an affiliate of Wexford. The Company paid $97,000 and $288,000 for the three months and nine months ended September 30, 2014, respectively, and $49,000 and $131,000, for the three months and nine months ended September 30, 2013, respectively, under this lease. In the second and third quarters of 2013, the Company amended this agreement to increase the size of the leased premises. The monthly rent under the lease increased from $13,000 to $15,000 beginning on August 1, 2013 and increased further to $25,000 beginning on October 1, 2013. The monthly rent will continue to increase approximately 4% annually on June 1 of each year during the remainder of the lease term. The Company leased field office space in Midland, Texas from an unrelated third party from March 1, 2011 to March 1, 2014. Effective March 1, 2014, the building was purchased by an entity controlled by an affiliate of Wexford. The remaining term of the lease as of March 1, 2014 is four years. The Company paid rent of $37,000 and $84,000 to the related party for the three months and nine months ended September 30, 2014. The monthly base rent is $11,000 which will increase 3% annually on March 1 of each year during the remainder of the lease term. During the third quarter of 2014, the Company negotiated a sublease with Bison, in which Bison will lease the field office space for the same term as the initial lease and will pay the monthly rent of $11,000 which will increase 3% annually on March 1 of each year during the remainder of the lease term Oklahoma City Lease Effective January 1, 2012, the Company occupied corporate office space in Oklahoma City, Oklahoma under a lease with a 67 month term. The office space is owned by an entity controlled by an affiliate of Wexford. The Company paid $74,000 and $199,000 for the three months and nine months ended September 30, 2014, respectively, and $67,000 and $178,000 for the three months and nine months ended September 30, 2013, respectively, under this lease. Effective April 1, 2013, the Company amended this lease to increase the size of the leased premises, at which time the monthly base rent increased to $19,000 for the remainder of the lease term. The Company was also responsible for paying a portion of specified costs, fees and expenses associated with the operation of the premises. Effective September 23, 2014, this lease agreement was mutually terminated. Advisory Services Agreement & Professional Services from Wexford The Company entered into an advisory services agreement (the “Advisory Services Agreement”) with Wexford, dated as of October 11, 2012, under which Wexford provides the Company with general financial and strategic advisory services related to the business in return for an annual fee of $500,000, plus reasonable out-of-pocket expenses. The Advisory Services Agreement has a term of two years commencing on October 18, 2012, and will continue for additional one-year periods unless terminated in writing by either party at least ten days prior to the expiration of the then current term. It may be terminated at any time by either party upon 30 days prior written notice. In the event the Company terminates such agreement, it is obligated to pay all amounts due through the remaining term. In addition, the Company agreed to pay Wexford to-be-negotiated market-based fees approved by the Company’s independent directors for such services as may be provided by Wexford at the Company’s request in connection with future acquisitions and divestitures, financings or other transactions in which the Company may be involved. The services provided by Wexford under the Advisory Services Agreement do not extend to the Company’s day-to-day business or operations. The Company has agreed to indemnify Wexford and its affiliates from any and all losses arising out of or in connection with the Advisory Services Agreement except for losses resulting from Wexford’s or its affiliates’ gross negligence or willful misconduct. The Company incurred total costs of $125,000 and $375,000 for the three months and nine months ended September 30, 2014, respectively, and $125,000 and $375,000 for the three months and nine months ended September 30, 2013, respectively, under the Advisory Services Agreement. As of September 30, 2014 and December 31, 2013, the Company owed Wexford no amounts for either period. Advisory Services Agreement- Viper Energy Partners LP In connection with the closing of the Viper Offering, the Partnership and General Partner entered into an advisory services agreement (the “Viper Advisory Services Agreement”) with Wexford, dated as of June 23, 2014, under which Wexford provides the Partnership and our General Partner with general financial and strategic advisory services related to the business in return for an annual fee of $500,000, plus reasonable out-of-pocket expenses. The Viper Advisory Services Agreement has a term of two years commencing on June 23, 2014, and will continue for additional one-year periods unless terminated in writing by either party at least ten days prior to the expiration of the then current term. It may be terminated at any time by either party upon 30 days prior written notice. In the event the Partnership or General Partner terminates such agreement, the Partnership is obligated to pay all amounts due through the remaining term. In addition, the Partnership and General Partner have agreed to pay Wexford to-be-negotiated market-based fees approved by the conflict committee of the board of directors of our General Partner for such services as may be provided by Wexford at our request in connection with future acquisitions and divestitures, financings or other transactions in which we may be involved. The services provided by Wexford under the Viper Advisory Services Agreement do not extend to the Partnership or General Partners day-to-day business or operations. The Partnership and General Partner have agreed to indemnify Wexford and its affiliates from any and all losses arising out of or in connection with the Viper Advisory Services Agreement except for losses resulting from Wexford’s or its affiliates’ gross negligence or willful misconduct. For the three months and nine months ended September 30, 2014, the Partnership incurred costs of $143,000 and $143,000, respectively, under the agreement. As of September 30, 2014, the Partnership owed Wexford no amounts. Secondary Offering Costs On September 23, 2014, Gulfport Energy Corporation (“Gulfport”) and certain entities controlled by Wexford completed an underwritten secondary public offering of 2,500,000 shares of the Company’s common stock. The Company incurred estimated costs of approximately $100,000 related to this secondary public offering. On June 27, 2014, Gulfport and certain entities controlled by Wexford completed an underwritten secondary public offering of 2,000,000 shares of the Company’s common stock. The shares were sold to the public at $90.04 per share and the selling stockholders received all proceeds from this offering after deducting the underwriting discount. The Company incurred costs of approximately $129,000 related to this secondary public offering. On June 24, 2013, Gulfport and certain entities controlled by Wexford completed an underwritten secondary public offering of 6,000,000 shares of the Company’s common stock and, on July 5, 2013, the underwriters purchased an additional 869,222 shares of the Company’s common stock from these selling stockholders pursuant to an option to purchase such additional shares granted to the underwriters. The shares were sold to the public at $34.75 per share and the selling stockholders received all proceeds from this offering after deducting the underwriting discount. The Company incurred costs of approximately $185,000 related to this secondary public offering.

- 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 + Details

Derivatives

9 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

DERIVATIVES

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

The Company has used price swap contracts to reduce price volatility associated with certain of its oil sales. With respect to the Company’s fixed price swap contracts, the counterparty is required to make a payment to the Company if the settlement price for any settlement period is less than the swap price, and the Company is required to make a payment to the counterparty if the settlement price for any settlement period is greater than the swap price. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on Argus Louisiana light sweet pricing.

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

As of September 30, 2014, the Company had open crude oil derivative positions with respect to future production as set forth in the table below. When aggregating multiple contracts, the weighted average contract price is disclosed.



Crude Oil—Argus Louisiana Light Sweet Fixed Price Swap

Production Period	Volume (Bbls)	Fixed Swap Price
October - December 2014	644,000	$	98.64
January - April 2015	331,000	99.71

Balance sheet offsetting of derivative assets and liabilities

The fair value of swaps 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 that are with the same counterparty and are subject to contractual terms which provide for net settlement.

The following tables present the gross amounts of recognized derivative assets and liabilities, the amounts offset under master netting arrangements with counterparties and the resulting net amounts presented in the Company’s consolidated balance sheets as of September 30, 2014 and December 31, 2013.



	September 30, 2014

	(in thousands)
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet			Net Amounts of Assets Presented in the Consolidated Balance Sheet
Derivative assets	$	6,061	$	—		$	6,061

	December 31, 2013

	(in thousands)
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet			Net Amounts of Assets Presented in the Consolidated Balance Sheet
Derivative assets	$	998	$	(567	)	$	431

The net amounts are classified as current or noncurrent based on their anticipated settlement dates. The net fair value of the Company’s derivative assets and liabilities and their locations on the consolidated balance sheet are as follows:



	September 30,		December 31,
	2014		2013

	(in thousands)
Current Assets: Derivative instruments	$	6,061	$	213
Noncurrent Assets: Derivative instruments	—		218
Total Assets	$	6,061	$	431

None of the Company’s derivatives have been designated as hedges. As such, all changes in fair value are immediately recognized in earnings. The following table summarizes the gains and losses on derivative instruments included in the consolidated statements of operations:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013

	(in thousands)
Non-cash gain (loss) on open non-hedge derivative instruments	$	16,440		$	(1,695	)	$	5,630		$	3,733
Loss on settlement of non-hedge derivative instruments	(1,531		)	(3,215		)	(6,207		)	(5,614		)
Gain (loss) on derivative instruments	$	14,909		$	(4,910	)	$	(577	)	$	(1,881	)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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-Name Accounting Standards Codification
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+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

Assets and Liabilities Measured at Fair Value on a Recurring Basis

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

The following table provides fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013.



		Fair value measurements at September 30, 2014 using:

	(in thousands)
		Quoted Prices in Active Markets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
Assets:
Fixed price swaps		$	—	$	6,061	$	—	$	6,061

		Fair value measurements at December 31, 2013 using:

	(in thousands)
		Quoted Prices in Active Markets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
Assets:
Fixed price swaps		$	—	$	431	$	—	$	431

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The following table provides the fair value of financial instruments that are not recorded at fair value in the consolidated financial statements.



	September 30, 2014				December 31, 2013
	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value

	(in thousands)
Debt:
Revolving credit facility	$	140,000	$	140,000	$	10,000	$	10,000
7.625% Senior Notes due 2021	450,000		486,000		450,000		460,406
Partnership revolving credit facility	—		—		—		—

The fair value of the revolving credit facility approximates its carrying value based on borrowing rates available to the Company for bank loans with similar terms and maturities and is classified as Level 2 in the fair value hierarchy. The fair value of the Senior Notes was determined using the September 30, 2014 quoted market price, a Level 1 classification in the fair value hierarchy. The fair value of the Partnership’s revolving credit facility approximates its carrying value based on borrowing rates available to us for bank loans with similar terms and maturities and is classified as Level 2 in the fair value hierarchy. The Partnership had no outstanding borrowings as of September 30, 2014.

- 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.

+ References + Details

Contingencies	9 Months Ended
Contingencies	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIES In September 2010, Windsor Permian LLC (“Windsor Permian”) (now known as Diamondback O&G LLC) purchased certain property in Goodhue County, Minnesota, that was prospective for hydraulic fracturing grade sand. Prior to the purchase, the prior owners of the property had entered into a Mineral Development Agreement with the plaintiff and the Company purchased the property subject to that agreement. Windsor Permian subsequently contributed the property to Muskie. In an amended complaint filed in November 2012 by the plaintiff against the prior owners of the property, Windsor Permian and certain affiliates of Windsor Permian in the first judicial district court in Goodhue County, Minnesota, the plaintiff sought damages from the Company and the other defendants alleging, among other things, interference with contractual relationship, interference with prospective advantage and unjust enrichment. In an order filed on May 24, 2013, the judge denied certain motions made by the defendants and set a trial date to determine liability, with a damage phase of the matter to commence on a later date if there is a determination of liability. Following a trial on the liability phase on June 21, 2013, the jury determined that the defendants intentionally interfered with plaintiff’s contract but that the interference did not cause the plaintiff to be unable to acquire mining permits prior to the enactment of the moratorium by Goodhue County. In an order filed on July 10, 2013, the judge ordered the damage phase to be set for trial following a pretrial and scheduling conference. Subsequently, the plaintiff disclosed a new damage theory, and the defendants filed motions with the court to dismiss plaintiff’s claims on the grounds that the damage claim was speculative and that plaintiff could not prove damages as a matter of law. Plaintiff also filed a motion for leave to amend its complaint to assert a punitive damage claim. The motions were argued in December 2013. In March 2014, the judge entered an order granting the defendants’ motions to exclude testimony and for summary judgment. All parties agreed not to pursue an appeal from the order and waived any entitlement to costs, which effectively concluded this matter. The Company could be subject to various possible loss contingencies which arise primarily from interpretation of federal and state laws and regulations affecting the natural gas and crude oil industry. Such contingencies include differing interpretations as to the prices at which natural gas and crude oil sales may be made, the prices at which royalty owners may be paid for production from their leases, environmental issues and other matters. Management believes it has complied with the various laws and regulations, administrative rulings and interpretations.

Subsequent Events

9 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

Subsequent to September 30, 2014, the Company entered into new commodity contracts. The contracts are fixed price oil swaps that will settle against the weighted average price per barrel of
Argus Louisiana light sweet or NYMEX West Texas Intermediate during the calculation period. The following table presents the terms of the contracts:



		Fixed Swap
	Volumes (Bbls)	Price		Production Period
Crude Oil—Argus Louisiana Light Sweet Fixed Price Swap	183,000	$	82.95	November 2014	-	December 2014
Crude Oil—Argus Louisiana Light Sweet Fixed Price Swap	1,095,000	$	90.99	January 2015	-	December 2015
Crude Oil—NYMEX West Texas Intermediate Fixed Price Swap	1,825,000	$	84.10	January 2015	-	December 2015
Crude Oil—ICE Brent Fixed Price Swap	640,000	$	88.78	February 2015	-	January 2016
Crude Oil—ICE Brent Fixed Price Swap	91,000	$	88.72	January 2016	-	February 2016

The Company’s lead lender under its revolving credit agreement recently approved an increase in the Company’s borrowing base to $750.0 million, however the Company has elected to limit the lenders’ aggregate commitment to $500.0 million.

Guarantor Financial Statements

9 Months Ended

Sep. 30, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Guarantor Financial Statements

GUARANTOR FINANCIAL STATEMENTS

Diamondback E&P, Diamondback O&G and White Fang Energy LLC (the “Guarantor Subsidiaries”) are guarantors under the Indenture relating to the Senior Notes. On June 23, 2014, in connection with the initial public offering of Viper Energy Partners LP, the Company designated the Partnership, its general partner, Viper Energy Partners GP, and the Partnership’s subsidiary Viper Energy Partners LLC (the “Non-Guarantor Subsidiaries”) as unrestricted subsidiaries under the Indenture and, upon such designation, Viper Energy Partners LLC, which was a guarantor under the Indenture prior to such designation, was released as a guarantor under the Indenture. Viper Energy Partners LLC is a limited liability company formed on September 18, 2013 to own and acquire mineral and other oil and natural gas interests in properties in the Permian Basin in West Texas. The following presents condensed consolidated financial information for the Company (“Parent”), the Guarantor Subsidiaries, the Non–Guarantor Subsidiaries and on a consolidated basis. Elimination entries presented are necessary to combine the entities. The information is presented in accordance with the requirements of Rule 3-10 under the SEC’s Regulation S-X. The financial information may not necessarily be indicative of results of operations, cash flows or financial position had the Guarantor Subsidiaries operated as independent entities. The Company has not presented separate financial and narrative information for each of the Guarantor Subsidiaries because it believes such financial and narrative information would not provide any additional information that would be material in evaluating the sufficiency of the Guarantor Subsidiaries.



Condensed Consolidated Balance Sheet
September 30, 2014
(In thousands)
						Non–
			Guarantor			Guarantor
	Parent		Subsidiaries			Subsidiaries			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	6,518	$	20,622		$	13,504		$	—		$	40,644
Accounts receivable	—		76,346			9,965			2			86,313
Accounts receivable - related party	—		3,915			—			—			3,915
Intercompany receivable	1,634,314		1,716,401			—			(3,350,715		)	—
Inventories	—		3,105			—			—			3,105
Other current assets	336		8,381			567			—			9,284
Total current assets	1,641,168		1,828,770			24,036			(3,350,713		)	143,261
Property and equipment
Oil and natural gas properties, at cost, based on the full cost method of accounting	—		2,389,296			510,997			—			2,900,293
Pipeline and gas gathering assets	—		7,102			—			—			7,102
Other property and equipment	—		47,286			—			—			47,286
Accumulated depletion, depreciation, amortization and impairment	—		(306,187		)	(24,801		)	2,466			(328,522		)
	—		2,137,497			486,196			2,466			2,626,159
Investment in subsidiaries	693,594		—			—			(693,594		)	—
Other assets	9,395		6,664			35,076			—			51,135
Total assets	$	2,344,157	$	3,972,931		$	545,308		$	(4,041,841	)	$	2,820,555
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable-trade	$	—	$	8,009		$	—		$	—		$	8,009
Intercompany payable	83,318		3,267,397			—			(3,350,715		)	—
Other current liabilities	19,003		167,485			1,789			—			188,277
Total current liabilities	102,321		3,442,891			1,789			(3,350,715		)	196,286
Long-term debt	450,000		140,000			—			—			590,000
Asset retirement obligations	—		8,115			—			—			8,115
Deferred income taxes	140,308		—			—			—			140,308
Total liabilities	692,629		3,591,006			1,789			(3,350,715		)	934,709
Commitments and contingencies
Stockholders’ equity:	1,651,528		381,925			543,519			(925,444		)	1,651,528
Noncontrolling interest	—		—			—			234,318			234,318
Total equity	1,651,528		381,925			543,519			(691,126		)	1,885,846
Total liabilities and equity	$	2,344,157	$	3,972,931		$	545,308		$	(4,041,841	)	$	2,820,555



Condensed Consolidated Balance Sheet
December 31, 2013
(In thousands)
						Non–
			Guarantor			Guarantor
	Parent		Subsidiaries			Subsidiaries			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	526	$	14,267		$	762		$	—		$	15,555
Accounts receivable	—		28,544			—			9,426			37,970
Accounts receivable - related party	—		1,303			—			—			1,303
Royalty income receivable	—		—			9,426			(9,426		)	—
Intercompany receivable	715,169		413,744			—			(1,128,913		)	—
Intercompany note receivable	440,000		—			—			(440,000		)	—
Inventories	—		5,631			—			—			5,631
Deferred income taxes	112		—			—			—			112
Other current assets	—		1,397			—			—			1,397
Total current assets	1,155,807		464,886			10,188			(1,568,913		)	61,968
Property and equipment
Oil and natural gas properties, at cost, based on the full cost method of accounting	—		1,200,326			448,034			—			1,648,360
Pipeline and gas gathering assets	—		6,142			—			—			6,142
Other property and equipment	—		4,071			—			—			4,071
Accumulated depletion, depreciation, amortization and impairment	—		(207,037		)	(5,199		)	—			(212,236		)
	—		1,003,502			442,835			—			1,446,337
Investment in subsidiaries	235,334		—			—			(235,334		)	—
Other assets	10,207		3,102			—			—			13,309
Total assets	$	1,401,348	$	1,471,490		$	453,023		$	(1,804,247	)	$	1,521,614
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable-trade	$	—	$	2,679		$	—		$	—		$	2,679
Accounts payable-related party	—		17			—			—			17
Intercompany payable	3,920		1,115,214			87			(1,119,221		)	—
Intercompany accrued interest	—		—			9,692			(9,692		)	—
Other current liabilities	10,123		108,245			256			—			118,624
Total current liabilities	14,043		1,226,155			10,035			(1,128,913		)	121,320
Long-term debt	450,000		10,000			—			—			460,000
Intercompany note payable	—		—			440,000			(440,000		)	—
Asset retirement obligations	—		2,989			—			—			2,989
Deferred income taxes	91,764		—			—			—			91,764
Total liabilities	555,807		1,239,144			450,035			(1,568,913		)	676,073
Commitments and contingencies
Stockholders’ equity:	845,541		232,346			2,988			(235,334		)	845,541
Total equity	845,541		232,346			2,988			(235,334		)	845,541
Total liabilities and equity	$	1,401,348	$	1,471,490		$	453,023		$	(1,804,247	)	$	1,521,614



Condensed Consolidated Statement of Operations
Three Months Ended September 30, 2014
(In thousands)
							Non–
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Revenues:
Oil sales	$	—		$	105,202		$	—		$	21,204		$	126,406
Natural gas sales	—			3,824			—			888			4,712
Natural gas liquid sales	—			6,880			—			1,129			8,009
Royalty income	—			—			22,767			(22,767		)	—
Total revenues	—			115,906			22,767			454			139,127
Costs and expenses:
Lease operating expenses	—			13,805			—			—			13,805
Production and ad valorem taxes	—			7,475			1,460			19			8,954
Gathering and transportation	—			866			—			(6		)	860
Depreciation, depletion and amortization	—			38,028			9,025			(1,683		)	45,370
General and administrative expenses	4,063			1,039			2,143			(750		)	6,495
Asset retirement obligation accretion expense	—			127			—			—			127
Total costs and expenses	4,063			61,340			12,628			(2,420		)	75,611
Income (loss) from operations	(4,063		)	54,566			10,139			2,874			63,516
Other income (expense)
Interest expense	(8,821		)	(708		)	(317		)	—			(9,846		)
Other income	6			31			11			—			48
Other income - intercompany	—			750			—			(750		)	—
Other expense	—			(8		)	—			—			(8		)
Other expense - intercompany	—			—			(750		)	750			—
Gain (loss) on derivative instruments, net	—			14,909			—			—			14,909
Total other income (expense), net	(8,815		)	14,974			(1,056		)	—			5,103
Income (loss) before income taxes	(12,878		)	69,540			9,083			2,874			68,619
Provision for income taxes	23,978			—			—			—			23,978
Net income (loss)	(36,856		)	69,540			9,083			2,874			44,641
Less: Net income attributable to noncontrolling interest	—			—			—			902			902
Net income (loss) attributable to Diamondback Energy, Inc.	$	(36,856	)	$	69,540		$	9,083		$	1,972		$	43,739



Condensed Consolidated Statement of Operations
Three Months Ended September 30, 2013
(In thousands)
							Non–
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Revenues:
Oil sales	$	—		$	51,745		$	—		$	1,341		$	53,086
Natural gas sales	—			1,527			—			36			1,563
Natural gas liquid sales	—			3,080			—			62			3,142
Royalty income	—			—			1,439			(1,439		)	—
Total revenues	—			56,352			1,439			—			57,791
Costs and expenses:
Lease operating expenses	—			4,964			—			—			4,964
Production and ad valorem taxes	—			3,460			93			—			3,553
Gathering and transportation	—			260			1			—			261
Depreciation, depletion and amortization	—			16,944			445			34			17,423
General and administrative expenses	703			1,418			9			(9		)	2,121
Asset retirement obligation accretion expense	—			46			—			—			46
Total costs and expenses	703			27,092			548			25			28,368
Income (loss) from operations	(703		)	29,260			891			(25		)	29,423
Other income (expense)
Interest income	1			—			—			—			1
Interest expense	(68		)	(399		)	(622		)	—			(1,089		)
Other income	—			270			—			—			270
Gain on derivative instruments, net	—			(4,910		)	—			—			(4,910		)
Total other income (expense), net	(67		)	(5,039		)	(622		)	—			(5,728		)
Income (loss) before income taxes	(770		)	24,221			269			(25		)	23,695
Provision for income taxes	9,099			—			—			—			9,099
Net income (loss)	$	(9,869	)	$	24,221		$	269		$	(25	)	$	14,596



Condensed Consolidated Statement of Operations
Nine Months Ended September 30, 2014
(In thousands)
							Non–
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Revenues:
Oil sales	$	—		$	280,024		$	—		$	51,422		$	331,446
Natural gas sales	—			10,394			—			1,982			12,376
Natural gas liquid sales	—			17,394			—			2,919			20,313
Royalty income	—			—			55,869			(55,869		)	—
Total revenues	—			307,812			55,869			454			364,135
Costs and expenses:
Lease operating expenses	—			32,216			—			—			32,216
Production and ad valorem taxes	—			19,540			3,791			19			23,350
Gathering and transportation	—			2,151			—			(6		)	2,145
Depreciation, depletion and amortization	—			98,445			19,602			(1,683		)	116,364
General and administrative expenses	11,476			1,832			2,584			(906		)	14,986
Asset retirement obligation accretion expense	—			303			—			—			303
Total costs and expenses	11,476			154,487			25,977			(2,576		)	189,364
Income (loss) from operations	(11,476		)	153,325			29,892			3,030			174,771
Other income (expense)
Interest income - intercompany	10,755			—			—			(10,755		)	—
Interest expense	(21,365		)	(2,408		)	(317		)	—			(24,090		)
Interest expense - intercompany	—			—			(10,755		)	10,755			—
Other income	6			91			11			—			108
Other income - intercompany	—			906			—			(906		)	—
Other expense	—			(1,416		)	—			—			(1,416		)
Other expense - intercompany	—			—			(906		)	906			—
Gain (loss) on derivative instruments, net	—			(577		)	—			—			(577		)
Total other income (expense), net	(10,604		)	(3,404		)	(11,967		)	—			(25,975		)
Income (loss) before income taxes	(22,080		)	149,921			17,925			3,030			148,796
Provision for income taxes	52,742			—			—			—			52,742
Net income (loss)	(74,822		)	149,921			17,925			3,030			96,054
Less: Net income attributable to noncontrolling interest	—			—			—			973			973
Net income (loss) attributable to Diamondback Energy, Inc.	$	(74,822	)	$	149,921		$	17,925		$	2,057		$	95,081



Condensed Consolidated Statement of Operations
Nine Months Ended September 30, 2013
(In thousands)
							Non–
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Revenues:
Oil sales	$	—		$	118,032		$	—		$	1,341		$	119,373
Natural gas sales	—			4,346			—			36			4,382
Natural gas liquid sales	—			8,277			—			62			8,339
Royalty income	—			—			1,439			(1,439		)	—
Total revenues	—			130,655			1,439			—			132,094
Costs and expenses:
Lease operating expenses	—			15,367			—			—			15,367
Production and ad valorem taxes	—			8,202			93			—			8,295
Gathering and transportation	—			640			1			—			641
Depreciation, depletion and amortization	—			42,497			445			34			42,976
General and administrative expenses	2,399			4,814			9			(9		)	7,213
Asset retirement obligation accretion expense	—			134			—			—			134
Total costs and expenses	2,399			71,654			548			25			74,626
Income (loss) from operations	(2,399		)	59,001			891			(25		)	57,468
Other income (expense)
Interest income	1			—			—			—			1
Interest expense	(68		)	(1,419		)	(622		)	—			(2,109		)
Other income	—			1,047			—			—			1,047
Gain on derivative instruments, net	—			(1,881		)	—			—			(1,881		)
Total other income (expense), net	(67		)	(2,253		)	(622		)	—			(2,942		)
Income (loss) before income taxes	(2,466		)	56,748			269			(25		)	54,526
Provision for income taxes	20,063			—			—			—			20,063
Net income (loss)	$	(22,529	)	$	56,748		$	269		$	(25	)	$	34,463



Condensed Consolidated Statement of Cash Flows
Nine Months Ended September 30, 2014
(In thousands)
							Non–
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations		Consolidated
Net cash provided by operating activities	$	1,915		$	220,447		$	29,633		$	—	$	251,995

Cash flows from investing activities:
Additions to oil and natural gas properties	—			(307,144		)	(5,275		)	—		(312,419		)
Acquisition of leasehold interests	—			(840,482		)	—			—		(840,482		)
Acquisition of mineral interests	—			—			(57,688		)	—		(57,688		)
Purchase of other property and equipment	—			(43,215		)	—			—		(43,215		)
Cost method investment	—			—			(33,851		)	—		(33,851		)
Intercompany transfers	(631,100		)	631,100			—			—		—
Other investing activities	—			(1,426		)	—			—		(1,426		)
Net cash used in investing activities	(631,100		)	(561,167		)	(96,814		)	—		(1,289,081		)
Cash flows from financing activities:
Proceeds from borrowing on credit facility	—			347,900			78,000			—		425,900
Repayment on credit facility	—			(217,900		)	(78,000		)	—		(295,900		)
Proceeds from public offerings	693,886			—			234,546			—		928,432
Distribution to parent	—			—			(148,760		)	—		(148,760		)
Distribution from subsidiary	148,760			—			—			—		148,760
Intercompany transfers	(217,900		)	217,900			—			—		—
Other financing activities	10,431			(825		)	(5,863		)	—		3,743
Net cash provided by (used in) financing activities	635,177			347,075			79,923			—		1,062,175

Net increase in cash and cash equivalents	5,992			6,355			12,742			—		25,089
Cash and cash equivalents at beginning of period	526			14,267			762			—		15,555
Cash and cash equivalents at end of period	$	6,518		$	20,622		$	13,504		$	—	$	40,644



Condensed Consolidated Statement of Cash Flows
Nine Months Ended September 30, 2013
(In thousands)
							Non–
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations		Consolidated
Net cash provided by operating activities	$	(182	)	$	91,243		$	586		$	—	$	91,647

Cash flows from investing activities:
Additions to oil and natural gas properties	—			(199,209		)	(586		)	—		(199,795		)
Acquisition of leasehold interests	—			(185,185		)	—			—		(185,185		)
Acquisition of mineral interests	—			—			(440,000		)	—		(440,000		)
Purchase of other property and equipment	—			(4,965		)	—			—		(4,965		)
Intercompany transfers	(245,680		)	245,680			—			—		—
Other investing activities	—			(227		)	—			—		(227		)
Net cash used in investing activities	(245,680		)	(143,906		)	(440,586		)	—		(830,172		)
Cash flows from financing activities:
Proceeds from borrowing on credit facility	—			49,000			—			—		49,000
Repayment on credit facility	—			(49,000		)	—			—		(49,000		)
Proceeds from senior notes	10,000			—			440,000			—		450,000
Proceeds from public offerings	322,680			—			—			—		322,680
Distribution to parent	—			—			—			—		—
Intercompany transfers	(49,000		)	49,000			—			—		—
Other financing activities	(7,267		)	(146		)	—			—		(7,413		)
Net cash provided by (used in) financing activities	276,413			48,854			440,000			—		765,267

Net increase in cash and cash equivalents	30,551			(3,809		)	—			—		26,742
Cash and cash equivalents at beginning of period	14			26,344			—			—		26,358
Cash and cash equivalents at end of period	$	30,565		$	22,535		$	—		$	—	$	53,100

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2014
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries after all significant intercompany balances and transactions have been eliminated upon consolidation.
Use of Estimates	Use of Estimates Certain amounts included in or affecting the Company’s consolidated financial statements and related disclosures must be estimated by management, requiring certain assumptions to be made with respect to values or conditions that cannot be known with certainty at the time the consolidated financial statements are prepared. These estimates and assumptions affect the amounts the Company reports for assets and liabilities and the Company’s disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates. The Company evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Company considers reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from the Company’s estimates. Any effects on the Company’s business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Significant items subject to such estimates and assumptions include estimates of proved oil and natural gas reserves and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, asset retirement obligations, the fair value determination of acquired assets and liabilities, stock-based compensation, fair value estimates of commodity derivatives and estimates of income taxes.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers”. ASU 2014-09 supersedes most of the existing revenue recognition requirements in accounting principles generally accepted in the United States and requires (i) an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services and (ii) requires expanded disclosures regarding the nature, amount, timing and certainty of revenue and cash flows from contracts with customers. The standard will be effective for annual and interim reporting periods beginning after December 15, 2016, with early application not permitted. The standard allows for either full retrospective adoption, meaning the standard is applied to all periods presented in the financial statements, or modified retrospective adoption, meaning the standard is applied only to the most current period presented. The Company is currently evaluating the impact this standard will have on its financial position, results of operations or cash flows.
Fair Value Measurements	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. The Company uses appropriate valuation techniques based on available inputs to measure the fair values of its assets and liabilities. Level 1 - Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date. Level 2 - Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 - Unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best estimate of fair value. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2014

Business Combinations [Abstract]

Schedule of estimated fair values of assets acquired and liabilities assumed



	(in thousands)
Proved oil and natural gas properties	$	170,174
Unevaluated oil and natural gas properties	123,243
Total assets acquired	293,417
Asset retirement obligations	1,258
Total liabilities assumed	1,258
Total fair value of net assets	$	292,159

Schedule of business acquisition pro forma



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013

	(Pro Forma)
	(in thousands, except per share amounts)
Revenues	$	139,127	$	87,809	$	409,520	$	214,671
Income from operations	63,516		44,300		186,483		90,967
Net income	43,739		23,760		102,583		55,576
Basic earnings per common share	$	0.74	$	0.46	$	1.74	$	1.09
Diluted earnings per common share	$	0.74	$	0.46	$	1.73	$	1.08

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2014

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment includes the following:



	September 30,			December 31,
	2014			2013

	(in thousands)
Oil and natural gas properties:
Subject to depletion	$	2,032,814		$	1,278,799
Not subject to depletion-acquisition costs
Incurred in 2014	594,465			—
Incurred in 2013	203,863			279,353
Incurred in 2012	68,387			87,252
Incurred in 2011	764			1,598
Incurred in 2010	—			1,358
Total not subject to depletion	867,479			369,561
Gross oil and natural gas properties	2,900,293			1,648,360
Less accumulated depreciation, depletion, amortization and impairment	(326,228		)	(210,837		)
Oil and natural gas properties, net	2,574,065			1,437,523
Pipeline and gas gathering assets, net	6,998			6,142
Other property and equipment, net	45,096			2,672
Property and equipment, net of accumulated depreciation, depletion, amortization and impairment	$	2,626,159		$	1,446,337

Asset Retirement Obligations (Tables)

9 Months Ended

Sep. 30, 2014

Asset Retirement Obligation [Abstract]

Asset Retirement Obligations

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



	Nine Months Ended
	September 30,
	2014			2013

	(in thousands)
Asset retirement obligation, beginning of period	$	3,029		$	2,145
Additional liability incurred	567			162
Liabilities acquired	3,678			471
Liabilities settled	(10		)	(14		)
Accretion expense	303			134
Revisions in estimated liabilities	588			—
Asset retirement obligation, end of period	8,155			2,898
Less current portion	40			20
Asset retirement obligations - long-term	$	8,115		$	2,878

Debt (Tables)

9 Months Ended

Sep. 30, 2014

Line of Credit Facility [Line Items]

Schedule of long-term debt

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



	September 30,		December 31,
	2014		2013

	(in thousands)
Revolving credit facility	$	140,000	$	10,000
7.625 % Senior Notes due 2021	450,000		450,000
Total long-term debt	$	590,000	$	460,000

Financial Covenants



Financial Covenant			Required Ratio
Ratio of total debt to EBITDAX			Not greater than 4.0 to 1.0
Ratio of current assets to liabilities, as defined in the credit agreement			Not less than 1.0 to 1.0

Viper Energy Partners LP [Member]

Line of Credit Facility [Line Items]

Financial Covenants



Financial Covenant			Required Ratio
Ratio of total debt to EBITDAX			Not greater than 4.0 to 1.0
Ratio of current assets to liabilities, as defined in the credit agreement			Not less than 1.0 to 1.0
EBITDAX will be annualized beginning with the quarter ended September 30, 2014 and ending with the quarter ending March 31, 2015

- 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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

Capital Stock and Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

Schedule of reconciliation of basic and diluted net income per share

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



	Three Months Ended September 30,
	2014						2013
					Per					Per
	Income			Shares	Share		Income		Shares	Share

	(in thousands, except per share amounts)
Basic:
Net income attributable to common stock	$	43,739		55,152	$	0.79	$	14,596	44,385	$	0.33
Effect of Dilutive Securities:
Dilutive effect of potential common shares issuable	$	(53	)	290			—		313
Diluted:
Net income attributable to common stock	$	43,686		55,442	$	0.79	$	14,596	44,698	$	0.33



	Nine Months Ended September 30,
	2014					2013
				Per					Per
	Income		Shares	Share		Income		Shares	Share

	(in thousands, except per share amounts)
Basic:
Net income attributable to common stock	$	95,081	51,489	$	1.85	$	34,463	40,309	$	0.85
Effect of Dilutive Securities:
Dilutive effect of potential common shares issuable	$	16	399			—		215
Diluted:
Net income attributable to common stock	$	95,097	51,888	$	1.83	$	34,463	40,524	$	0.85

Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2014

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of stock/unit option activity

The following table presents the Company’s stock option activity under the 2012 Plan for the nine months ended September 30, 2014.



			Weighted Average
			Exercise		Remaining	Intrinsic
	Options		Price		Term	Value
					(in years)	(in thousands)
Outstanding at December 31, 2013	712,955		$	17.96
Granted	—		$	—
Exercised	(293,450	)	$	17.78
Expired/Forfeited	—		$	—
Outstanding at September 30, 2014	419,505		$	18.09	1.97	$	23,783

Vested and Expected to vest at September 30, 2014	419,505		$	18.09	1.97	$	23,783
Exercisable at September 30, 2014	159,755		$	17.50	1.47	$	9,151

Summary of restricted stock awards and units

The following table presents the Company’s restricted stock units activity under the 2012 Plan during the nine months ended September 30, 2014.



			Weighted Average
	Restricted Stock		Grant-Date
	Units		Fair Value
Unvested at December 31, 2013	132,499		$	19.20
Granted	148,722		$	66.93
Vested	(98,560	)	$	38.31
Forfeited	(1,200	)	$	41.66
Unvested at September 30, 2014	181,461		$	47.80

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

The following table presents a summary of the grant-date fair values of performance restricted stock units granted and the related assumptions.



	2014
Grant-date fair value	$	125.63
Risk-free rate	0.30		%
Company volatility	39.60		%

Schedule of performance restricted stock units activity

The following table presents the Company’s performance restricted stock units activity under the 2012 Plan for the nine months ended September 30, 2014.



		Performance	Weighted Average
		Restricted Stock	Grant-Date
		Units	Fair Value
Unvested at December 31, 2013		—	$	—
Granted		79,150	$	125.63
Vested		—	$	—
Forfeited		—	$	—
Unvested at September 30, 2014 ⁽¹⁾		79,150	$	125.63

(1)	A maximum of 158,300 units could be awarded based upon the Company’s final TSR ranking.

Viper Energy Partners LP [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of stock/unit option activity

The following table presents the unit option activity under the Viper LTIP for the nine months ended September 30, 2014.



		Weighted Average
	Unit	Exercise		Remaining	Intrinsic
	Options	Price		Term	Value
				(in years)	(in thousands)
Outstanding at December 31, 2013	—	$	—
Granted	2,500,000	$	26.00
Outstanding at September 30, 2014	2,500,000	$	26.00	2.72	$	—

Vested and Expected to vest at September 30, 2014	2,500,000	$	26.00	2.72	$	—
Exercisable at September 30, 2014	—	$	—	—	$	—

Summary of grant-date fair value and related assumptions



	2014
Grant-date fair value	$	4.24
Expected volatility	36.0		%
Expected dividend yield	5.9		%
Expected term (in years)	3.0
Risk-free rate	0.99		%

Derivatives (Tables)

9 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments



Crude Oil—Argus Louisiana Light Sweet Fixed Price Swap

Production Period	Volume (Bbls)	Fixed Swap Price
October - December 2014	644,000	$	98.64
January - April 2015	331,000	99.71

The following table presents the terms of the contracts:



		Fixed Swap
	Volumes (Bbls)	Price		Production Period
Crude Oil—Argus Louisiana Light Sweet Fixed Price Swap	183,000	$	82.95	November 2014	-	December 2014
Crude Oil—Argus Louisiana Light Sweet Fixed Price Swap	1,095,000	$	90.99	January 2015	-	December 2015
Crude Oil—NYMEX West Texas Intermediate Fixed Price Swap	1,825,000	$	84.10	January 2015	-	December 2015
Crude Oil—ICE Brent Fixed Price Swap	640,000	$	88.78	February 2015	-	January 2016
Crude Oil—ICE Brent Fixed Price Swap	91,000	$	88.72	January 2016	-	February 2016

Schedule of netting offsets of derivative assets and liabilities



	September 30, 2014

	(in thousands)
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet			Net Amounts of Assets Presented in the Consolidated Balance Sheet
Derivative assets	$	6,061	$	—		$	6,061

	December 31, 2013

	(in thousands)
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet			Net Amounts of Assets Presented in the Consolidated Balance Sheet
Derivative assets	$	998	$	(567	)	$	431

Schedule of derivative instruments included in the consolidated balance sheet

The net fair value of the Company’s derivative assets and liabilities and their locations on the consolidated balance sheet are as follows:



	September 30,		December 31,
	2014		2013

	(in thousands)
Current Assets: Derivative instruments	$	6,061	$	213
Noncurrent Assets: Derivative instruments	—		218
Total Assets	$	6,061	$	431

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

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013

	(in thousands)
Non-cash gain (loss) on open non-hedge derivative instruments	$	16,440		$	(1,695	)	$	5,630		$	3,733
Loss on settlement of non-hedge derivative instruments	(1,531		)	(3,215		)	(6,207		)	(5,614		)
Gain (loss) on derivative instruments	$	14,909		$	(4,910	)	$	(577	)	$	(1,881	)

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579240-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41620-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

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

The following table provides fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013.



		Fair value measurements at September 30, 2014 using:

	(in thousands)
		Quoted Prices in Active Markets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
Assets:
Fixed price swaps		$	—	$	6,061	$	—	$	6,061

		Fair value measurements at December 31, 2013 using:

	(in thousands)
		Quoted Prices in Active Markets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
Assets:
Fixed price swaps		$	—	$	431	$	—	$	431

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 consolidated financial statements.



	September 30, 2014				December 31, 2013
	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value

	(in thousands)
Debt:
Revolving credit facility	$	140,000	$	140,000	$	10,000	$	10,000
7.625% Senior Notes due 2021	450,000		486,000		450,000		460,406
Partnership revolving credit facility	—		—		—		—

Subsequent Events (Tables)

9 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

Schedule of derivative instruments



Crude Oil—Argus Louisiana Light Sweet Fixed Price Swap

Production Period	Volume (Bbls)	Fixed Swap Price
October - December 2014	644,000	$	98.64
January - April 2015	331,000	99.71

The following table presents the terms of the contracts:



		Fixed Swap
	Volumes (Bbls)	Price		Production Period
Crude Oil—Argus Louisiana Light Sweet Fixed Price Swap	183,000	$	82.95	November 2014	-	December 2014
Crude Oil—Argus Louisiana Light Sweet Fixed Price Swap	1,095,000	$	90.99	January 2015	-	December 2015
Crude Oil—NYMEX West Texas Intermediate Fixed Price Swap	1,825,000	$	84.10	January 2015	-	December 2015
Crude Oil—ICE Brent Fixed Price Swap	640,000	$	88.78	February 2015	-	January 2016
Crude Oil—ICE Brent Fixed Price Swap	91,000	$	88.72	January 2016	-	February 2016

- Definition

+ References

+ Details

Guarantor Financial Statements (Tables)

9 Months Ended

Sep. 30, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidated Balance Sheet



Condensed Consolidated Balance Sheet
September 30, 2014
(In thousands)
						Non–
			Guarantor			Guarantor
	Parent		Subsidiaries			Subsidiaries			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	6,518	$	20,622		$	13,504		$	—		$	40,644
Accounts receivable	—		76,346			9,965			2			86,313
Accounts receivable - related party	—		3,915			—			—			3,915
Intercompany receivable	1,634,314		1,716,401			—			(3,350,715		)	—
Inventories	—		3,105			—			—			3,105
Other current assets	336		8,381			567			—			9,284
Total current assets	1,641,168		1,828,770			24,036			(3,350,713		)	143,261
Property and equipment
Oil and natural gas properties, at cost, based on the full cost method of accounting	—		2,389,296			510,997			—			2,900,293
Pipeline and gas gathering assets	—		7,102			—			—			7,102
Other property and equipment	—		47,286			—			—			47,286
Accumulated depletion, depreciation, amortization and impairment	—		(306,187		)	(24,801		)	2,466			(328,522		)
	—		2,137,497			486,196			2,466			2,626,159
Investment in subsidiaries	693,594		—			—			(693,594		)	—
Other assets	9,395		6,664			35,076			—			51,135
Total assets	$	2,344,157	$	3,972,931		$	545,308		$	(4,041,841	)	$	2,820,555
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable-trade	$	—	$	8,009		$	—		$	—		$	8,009
Intercompany payable	83,318		3,267,397			—			(3,350,715		)	—
Other current liabilities	19,003		167,485			1,789			—			188,277
Total current liabilities	102,321		3,442,891			1,789			(3,350,715		)	196,286
Long-term debt	450,000		140,000			—			—			590,000
Asset retirement obligations	—		8,115			—			—			8,115
Deferred income taxes	140,308		—			—			—			140,308
Total liabilities	692,629		3,591,006			1,789			(3,350,715		)	934,709
Commitments and contingencies
Stockholders’ equity:	1,651,528		381,925			543,519			(925,444		)	1,651,528
Noncontrolling interest	—		—			—			234,318			234,318
Total equity	1,651,528		381,925			543,519			(691,126		)	1,885,846
Total liabilities and equity	$	2,344,157	$	3,972,931		$	545,308		$	(4,041,841	)	$	2,820,555



Condensed Consolidated Balance Sheet
December 31, 2013
(In thousands)
						Non–
			Guarantor			Guarantor
	Parent		Subsidiaries			Subsidiaries			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	526	$	14,267		$	762		$	—		$	15,555
Accounts receivable	—		28,544			—			9,426			37,970
Accounts receivable - related party	—		1,303			—			—			1,303
Royalty income receivable	—		—			9,426			(9,426		)	—
Intercompany receivable	715,169		413,744			—			(1,128,913		)	—
Intercompany note receivable	440,000		—			—			(440,000		)	—
Inventories	—		5,631			—			—			5,631
Deferred income taxes	112		—			—			—			112
Other current assets	—		1,397			—			—			1,397
Total current assets	1,155,807		464,886			10,188			(1,568,913		)	61,968
Property and equipment
Oil and natural gas properties, at cost, based on the full cost method of accounting	—		1,200,326			448,034			—			1,648,360
Pipeline and gas gathering assets	—		6,142			—			—			6,142
Other property and equipment	—		4,071			—			—			4,071
Accumulated depletion, depreciation, amortization and impairment	—		(207,037		)	(5,199		)	—			(212,236		)
	—		1,003,502			442,835			—			1,446,337
Investment in subsidiaries	235,334		—			—			(235,334		)	—
Other assets	10,207		3,102			—			—			13,309
Total assets	$	1,401,348	$	1,471,490		$	453,023		$	(1,804,247	)	$	1,521,614
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable-trade	$	—	$	2,679		$	—		$	—		$	2,679
Accounts payable-related party	—		17			—			—			17
Intercompany payable	3,920		1,115,214			87			(1,119,221		)	—
Intercompany accrued interest	—		—			9,692			(9,692		)	—
Other current liabilities	10,123		108,245			256			—			118,624
Total current liabilities	14,043		1,226,155			10,035			(1,128,913		)	121,320
Long-term debt	450,000		10,000			—			—			460,000
Intercompany note payable	—		—			440,000			(440,000		)	—
Asset retirement obligations	—		2,989			—			—			2,989
Deferred income taxes	91,764		—			—			—			91,764
Total liabilities	555,807		1,239,144			450,035			(1,568,913		)	676,073
Commitments and contingencies
Stockholders’ equity:	845,541		232,346			2,988			(235,334		)	845,541
Total equity	845,541		232,346			2,988			(235,334		)	845,541
Total liabilities and equity	$	1,401,348	$	1,471,490		$	453,023		$	(1,804,247	)	$	1,521,614

Condensed Consolidated Statement of Operations



Condensed Consolidated Statement of Operations
Three Months Ended September 30, 2014
(In thousands)
							Non–
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Revenues:
Oil sales	$	—		$	105,202		$	—		$	21,204		$	126,406
Natural gas sales	—			3,824			—			888			4,712
Natural gas liquid sales	—			6,880			—			1,129			8,009
Royalty income	—			—			22,767			(22,767		)	—
Total revenues	—			115,906			22,767			454			139,127
Costs and expenses:
Lease operating expenses	—			13,805			—			—			13,805
Production and ad valorem taxes	—			7,475			1,460			19			8,954
Gathering and transportation	—			866			—			(6		)	860
Depreciation, depletion and amortization	—			38,028			9,025			(1,683		)	45,370
General and administrative expenses	4,063			1,039			2,143			(750		)	6,495
Asset retirement obligation accretion expense	—			127			—			—			127
Total costs and expenses	4,063			61,340			12,628			(2,420		)	75,611
Income (loss) from operations	(4,063		)	54,566			10,139			2,874			63,516
Other income (expense)
Interest expense	(8,821		)	(708		)	(317		)	—			(9,846		)
Other income	6			31			11			—			48
Other income - intercompany	—			750			—			(750		)	—
Other expense	—			(8		)	—			—			(8		)
Other expense - intercompany	—			—			(750		)	750			—
Gain (loss) on derivative instruments, net	—			14,909			—			—			14,909
Total other income (expense), net	(8,815		)	14,974			(1,056		)	—			5,103
Income (loss) before income taxes	(12,878		)	69,540			9,083			2,874			68,619
Provision for income taxes	23,978			—			—			—			23,978
Net income (loss)	(36,856		)	69,540			9,083			2,874			44,641
Less: Net income attributable to noncontrolling interest	—			—			—			902			902
Net income (loss) attributable to Diamondback Energy, Inc.	$	(36,856	)	$	69,540		$	9,083		$	1,972		$	43,739



Condensed Consolidated Statement of Operations
Three Months Ended September 30, 2013
(In thousands)
							Non–
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Revenues:
Oil sales	$	—		$	51,745		$	—		$	1,341		$	53,086
Natural gas sales	—			1,527			—			36			1,563
Natural gas liquid sales	—			3,080			—			62			3,142
Royalty income	—			—			1,439			(1,439		)	—
Total revenues	—			56,352			1,439			—			57,791
Costs and expenses:
Lease operating expenses	—			4,964			—			—			4,964
Production and ad valorem taxes	—			3,460			93			—			3,553
Gathering and transportation	—			260			1			—			261
Depreciation, depletion and amortization	—			16,944			445			34			17,423
General and administrative expenses	703			1,418			9			(9		)	2,121
Asset retirement obligation accretion expense	—			46			—			—			46
Total costs and expenses	703			27,092			548			25			28,368
Income (loss) from operations	(703		)	29,260			891			(25		)	29,423
Other income (expense)
Interest income	1			—			—			—			1
Interest expense	(68		)	(399		)	(622		)	—			(1,089		)
Other income	—			270			—			—			270
Gain on derivative instruments, net	—			(4,910		)	—			—			(4,910		)
Total other income (expense), net	(67		)	(5,039		)	(622		)	—			(5,728		)
Income (loss) before income taxes	(770		)	24,221			269			(25		)	23,695
Provision for income taxes	9,099			—			—			—			9,099
Net income (loss)	$	(9,869	)	$	24,221		$	269		$	(25	)	$	14,596



Condensed Consolidated Statement of Operations
Nine Months Ended September 30, 2014
(In thousands)
							Non–
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Revenues:
Oil sales	$	—		$	280,024		$	—		$	51,422		$	331,446
Natural gas sales	—			10,394			—			1,982			12,376
Natural gas liquid sales	—			17,394			—			2,919			20,313
Royalty income	—			—			55,869			(55,869		)	—
Total revenues	—			307,812			55,869			454			364,135
Costs and expenses:
Lease operating expenses	—			32,216			—			—			32,216
Production and ad valorem taxes	—			19,540			3,791			19			23,350
Gathering and transportation	—			2,151			—			(6		)	2,145
Depreciation, depletion and amortization	—			98,445			19,602			(1,683		)	116,364
General and administrative expenses	11,476			1,832			2,584			(906		)	14,986
Asset retirement obligation accretion expense	—			303			—			—			303
Total costs and expenses	11,476			154,487			25,977			(2,576		)	189,364
Income (loss) from operations	(11,476		)	153,325			29,892			3,030			174,771
Other income (expense)
Interest income - intercompany	10,755			—			—			(10,755		)	—
Interest expense	(21,365		)	(2,408		)	(317		)	—			(24,090		)
Interest expense - intercompany	—			—			(10,755		)	10,755			—
Other income	6			91			11			—			108
Other income - intercompany	—			906			—			(906		)	—
Other expense	—			(1,416		)	—			—			(1,416		)
Other expense - intercompany	—			—			(906		)	906			—
Gain (loss) on derivative instruments, net	—			(577		)	—			—			(577		)
Total other income (expense), net	(10,604		)	(3,404		)	(11,967		)	—			(25,975		)
Income (loss) before income taxes	(22,080		)	149,921			17,925			3,030			148,796
Provision for income taxes	52,742			—			—			—			52,742
Net income (loss)	(74,822		)	149,921			17,925			3,030			96,054
Less: Net income attributable to noncontrolling interest	—			—			—			973			973
Net income (loss) attributable to Diamondback Energy, Inc.	$	(74,822	)	$	149,921		$	17,925		$	2,057		$	95,081



Condensed Consolidated Statement of Operations
Nine Months Ended September 30, 2013
(In thousands)
							Non–
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Revenues:
Oil sales	$	—		$	118,032		$	—		$	1,341		$	119,373
Natural gas sales	—			4,346			—			36			4,382
Natural gas liquid sales	—			8,277			—			62			8,339
Royalty income	—			—			1,439			(1,439		)	—
Total revenues	—			130,655			1,439			—			132,094
Costs and expenses:
Lease operating expenses	—			15,367			—			—			15,367
Production and ad valorem taxes	—			8,202			93			—			8,295
Gathering and transportation	—			640			1			—			641
Depreciation, depletion and amortization	—			42,497			445			34			42,976
General and administrative expenses	2,399			4,814			9			(9		)	7,213
Asset retirement obligation accretion expense	—			134			—			—			134
Total costs and expenses	2,399			71,654			548			25			74,626
Income (loss) from operations	(2,399		)	59,001			891			(25		)	57,468
Other income (expense)
Interest income	1			—			—			—			1
Interest expense	(68		)	(1,419		)	(622		)	—			(2,109		)
Other income	—			1,047			—			—			1,047
Gain on derivative instruments, net	—			(1,881		)	—			—			(1,881		)
Total other income (expense), net	(67		)	(2,253		)	(622		)	—			(2,942		)
Income (loss) before income taxes	(2,466		)	56,748			269			(25		)	54,526
Provision for income taxes	20,063			—			—			—			20,063
Net income (loss)	$	(22,529	)	$	56,748		$	269		$	(25	)	$	34,463

Condensed Consolidated Statement of Cash Flows



Condensed Consolidated Statement of Cash Flows
Nine Months Ended September 30, 2014
(In thousands)
							Non–
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations		Consolidated
Net cash provided by operating activities	$	1,915		$	220,447		$	29,633		$	—	$	251,995

Cash flows from investing activities:
Additions to oil and natural gas properties	—			(307,144		)	(5,275		)	—		(312,419		)
Acquisition of leasehold interests	—			(840,482		)	—			—		(840,482		)
Acquisition of mineral interests	—			—			(57,688		)	—		(57,688		)
Purchase of other property and equipment	—			(43,215		)	—			—		(43,215		)
Cost method investment	—			—			(33,851		)	—		(33,851		)
Intercompany transfers	(631,100		)	631,100			—			—		—
Other investing activities	—			(1,426		)	—			—		(1,426		)
Net cash used in investing activities	(631,100		)	(561,167		)	(96,814		)	—		(1,289,081		)
Cash flows from financing activities:
Proceeds from borrowing on credit facility	—			347,900			78,000			—		425,900
Repayment on credit facility	—			(217,900		)	(78,000		)	—		(295,900		)
Proceeds from public offerings	693,886			—			234,546			—		928,432
Distribution to parent	—			—			(148,760		)	—		(148,760		)
Distribution from subsidiary	148,760			—			—			—		148,760
Intercompany transfers	(217,900		)	217,900			—			—		—
Other financing activities	10,431			(825		)	(5,863		)	—		3,743
Net cash provided by (used in) financing activities	635,177			347,075			79,923			—		1,062,175

Net increase in cash and cash equivalents	5,992			6,355			12,742			—		25,089
Cash and cash equivalents at beginning of period	526			14,267			762			—		15,555
Cash and cash equivalents at end of period	$	6,518		$	20,622		$	13,504		$	—	$	40,644



Condensed Consolidated Statement of Cash Flows
Nine Months Ended September 30, 2013
(In thousands)
							Non–
				Guarantor			Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations		Consolidated
Net cash provided by operating activities	$	(182	)	$	91,243		$	586		$	—	$	91,647

Cash flows from investing activities:
Additions to oil and natural gas properties	—			(199,209		)	(586		)	—		(199,795		)
Acquisition of leasehold interests	—			(185,185		)	—			—		(185,185		)
Acquisition of mineral interests	—			—			(440,000		)	—		(440,000		)
Purchase of other property and equipment	—			(4,965		)	—			—		(4,965		)
Intercompany transfers	(245,680		)	245,680			—			—		—
Other investing activities	—			(227		)	—			—		(227		)
Net cash used in investing activities	(245,680		)	(143,906		)	(440,586		)	—		(830,172		)
Cash flows from financing activities:
Proceeds from borrowing on credit facility	—			49,000			—			—		49,000
Repayment on credit facility	—			(49,000		)	—			—		(49,000		)
Proceeds from senior notes	10,000			—			440,000			—		450,000
Proceeds from public offerings	322,680			—			—			—		322,680
Distribution to parent	—			—			—			—		—
Intercompany transfers	(49,000		)	49,000			—			—		—
Other financing activities	(7,267		)	(146		)	—			—		(7,413		)
Net cash provided by (used in) financing activities	276,413			48,854			440,000			—		765,267

Net increase in cash and cash equivalents	30,551			(3,809		)	—			—		26,742
Cash and cash equivalents at beginning of period	14			26,344			—			—		26,358
Cash and cash equivalents at end of period	$	30,565		$	22,535		$	—		$	—	$	53,100

Description of the Business and Basis of Presentation (Details) - Viper Energy Partners LP [Member] - shares	Sep. 19, 2014	Jun. 23, 2014	Sep. 30, 2014
Noncontrolling Interest [Line Items]
Interest in Viper Energy Partners LP		92.00%	88.00%
IPO [Member]
Noncontrolling Interest [Line Items]
Units issued by Viper Energy Partners LP		5,750,000
Public Offering [Member]
Noncontrolling Interest [Line Items]
Units issued by Viper Energy Partners LP	3,500,000
Limited Partner [Member] \| Diamondback Energy, Inc. [Member]
Noncontrolling Interest [Line Items]
Exchange of membership interests for common units		70,450,000

Acquisitions - 2014 Activity (Details) $ in Thousands				1 Months Ended		7 Months Ended	9 Months Ended
Acquisitions - 2014 Activity (Details) $ in Thousands	Sep. 09, 2014 USD ($) a	Aug. 25, 2014 USD ($) a	Feb. 28, 2014 USD ($) a	Sep. 30, 2014 USD ($) a	Sep. 30, 2013 USD ($)	Sep. 30, 2014 USD ($) a	Sep. 30, 2014 USD ($) a	Sep. 30, 2013 USD ($)
Business Acquisition [Line Items]
Payments to acquire leasehold interests							$ 840,482	$ 166,635
Payments to acquire surface rights							43,215	4,965
Payments to acquire mineral interests							57,688	$ 440,000
Permian Basin [Member]
Business Acquisition [Line Items]
Payments to acquire leasehold interests					$ 165,000
Surface rights area (in acres) \| a		4,200
Payments to acquire surface rights		$ 41,900
Oil and Gas Interest in Permian Basin Acquired in September 2014 [Member] \| Permian Basin [Member]
Business Acquisition [Line Items]
Acres of oil and gas property, working interest, gross \| a	17,617
Acres of oil and gas property, working interest, net \| a	12,967
Percent of working interest	74.00%
Percent of net revenue interest	75.00%
Payments to acquire leasehold interests	$ 523,260
Revenues included in consolidated statements of operations since acquisition date				$ 2,804
Direct operating expenses included in consolidated statements of operations since acquisition date				1,424
Oil and Gas Interest in Permian Basin Acquired in February 2014 [Member] \| Permian Basin [Member]
Business Acquisition [Line Items]
Acres of oil and gas property, working interest, gross \| a			6,450
Acres of oil and gas property, working interest, net \| a			4,785
Percent of working interest			74.00%
Percent of net revenue interest			56.00%
Payments to acquire leasehold interests			$ 292,159
Revenues included in consolidated statements of operations since acquisition date						$ 30,965
Direct operating expenses included in consolidated statements of operations since acquisition date						4,738
Viper Energy Partners LP [Member]
Business Acquisition [Line Items]
Cost method investment				$ 33,900		$ 33,900	$ 33,900
Viper Energy Partners LP [Member] \| Midland and Delaware Basin [Member]
Business Acquisition [Line Items]
Acres of oil and gas property, mineral interest, gross \| a				10,565		10,565	10,565
Acres of oil and gas property, mineral interest, net \| a				3,461		3,461	3,461
Payments to acquire mineral interests							$ 57,700

Acquisitions - 2014 Activity, Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 09, 2014	Feb. 28, 2014
Oil and Gas Interest in Permian Basin Acquired in September 2014 [Member] \| Permian Basin [Member]
Business Acquisition [Line Items]
Joint interest receivables	$ 42
Proved oil and gas properties	128,589
Unevaluated oil and natural gas properties	400,527
Total assets acquired	529,158
Accrued production and ad valorem taxes	358
Revenues payable	3,174
Asset retirement obligations	2,366
Total liabilities assumed	5,898
Total fair value of net assets	$ 523,260
Oil and Gas Interest in Permian Basin Acquired in February 2014 [Member]
Business Acquisition [Line Items]
Total assets acquired		$ 293,417
Total liabilities assumed		1,258
Oil and Gas Interest in Permian Basin Acquired in February 2014 [Member] \| Permian Basin [Member]
Business Acquisition [Line Items]
Proved oil and gas properties		170,174
Unevaluated oil and natural gas properties		123,243
Asset retirement obligations		1,258
Total fair value of net assets		$ 292,159

Acquisitions - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Business Acquisition [Line Items]
Pro forma total revenues	$ 139,127	$ 87,809	$ 409,520	$ 214,671
Pro forma income from operations	63,516	44,300	186,483	90,967
Pro forma net income	$ 43,739	$ 23,760	$ 102,583	$ 55,576
Basic earnings per common share (in dollars per share)	$ 0.74	$ 0.46	$ 1.74	$ 1.09
Diluted earnings per common share (in dollars per share)	$ 0.74	$ 0.46	$ 1.73	$ 1.08

Acquisitions - 2013 Activity (Details) $ in Thousands				1 Months Ended	9 Months Ended
Acquisitions - 2013 Activity (Details) $ in Thousands	Sep. 26, 2013 a	Sep. 19, 2013 USD ($) a	Sep. 04, 2013 a	Sep. 30, 2013 USD ($) leasehold_interest	Sep. 30, 2014 USD ($)	Sep. 30, 2013 USD ($)
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Payments to acquire leasehold interests \| $					$ 840,482	$ 166,635
Payments to acquire mineral interests \| $					$ 57,688	$ 440,000
Permian Basin [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Number of leasehold interest acquisitions \| leasehold_interest				2
Payments to acquire leasehold interests \| $				$ 165,000
Martin County, Texas [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Percent of working interest			100.00%
Percent of net revenue interest			80.00%
Acres of oil and gas property, working interest, gross			4,506
Acres of oil and gas property, working interest, net			4,506
Dawson County, Texas [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Percent of working interest	71.00%
Percent of net revenue interest	55.00%
Acres of oil and gas property, working interest, gross	9,390
Acres of oil and gas property, working interest, net	6,638
Midland County, Texas [Member]
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Acres of oil and gas property, mineral interest, gross		14,804
Acres of oil and gas property, mineral interest, net		12,687
Percent of royalty interest		21.40%
Payments to acquire mineral interests \| $		$ 440,000

Viper Energy Partners LP (Details) - Viper Energy Partners LP [Member] - USD ($) $ / shares in Units, $ in Millions	Sep. 19, 2014	Jun. 23, 2014	Sep. 30, 2014
Noncontrolling Interest [Line Items]
Interest in Viper Energy Partners LP		92.00%	88.00%
IPO [Member]
Noncontrolling Interest [Line Items]
Units issued by Viper Energy Partners LP		5,750,000
Noncontrolling owners' interest in Viper Energy Partners LP		8.00%
Price per common unit (in dollars per unit)		$ 26
Proceeds from sale of common units, net of offering expenses and underwriting discounts and commissions		$ 137.2
Over-Allotment Option [Member]
Noncontrolling Interest [Line Items]
Units issued by Viper Energy Partners LP		750,000
Public Offering [Member]
Noncontrolling Interest [Line Items]
Units issued by Viper Energy Partners LP	3,500,000
Price per common unit (in dollars per unit)	$ 28.50
Proceeds from sale of common units, net of offering expenses and underwriting discounts and commissions	$ 95.1
Diamondback Energy, Inc. [Member]
Noncontrolling Interest [Line Items]
Distribution payable		$ 11.6
Diamondback Energy, Inc. [Member] \| Limited Partner [Member]
Noncontrolling Interest [Line Items]
Exchange of membership interests for common units		70,450,000
Cash distributions			$ 148.8

Property and Equipment (Details) $ in Thousands	3 Months Ended		9 Months Ended
Property and Equipment (Details) $ in Thousands	Sep. 30, 2014 USD ($) $ / Boe	Sep. 30, 2013 USD ($) $ / Boe	Sep. 30, 2014 USD ($) $ / Boe	Sep. 30, 2013 USD ($) $ / Boe	Dec. 31, 2013 USD ($)
Property, Plant and Equipment
Subject to depletion	$ 2,032,814		$ 2,032,814		$ 1,278,799
Oil and Natural Gas Properties:
Not subject to depletion-acquisition costs	867,479		867,479		369,561
Gross oil and natural gas properties	2,900,293		2,900,293		1,648,360
Less accumulated depreciation, depletion, amortization and impairment	(326,228)		(326,228)		(210,837)
Net oil and natural gas properties capitalized	2,574,065		2,574,065		1,437,523
Pipeline and gas gathering assets	6,998		6,998		6,142
Other property and equipment, net	45,096		45,096		2,672
Property and equipment, net of accumulated depreciation, depletion, amortization and impairment	$ 2,626,159		$ 2,626,159		1,446,337
Average depletion rate per barrel equivalent unit of production \| $ / Boe	23.71	25.24	24.39	24.76
Capitalized general and administrative costs	$ 2,383	$ 1,038	$ 7,311	$ 2,678
Incurred in 2014 [Member]
Oil and Natural Gas Properties:
Not subject to depletion-acquisition costs	594,465		594,465		0
Incurred in 2013 [Member]
Oil and Natural Gas Properties:
Not subject to depletion-acquisition costs	203,863		203,863		279,353
Incurred in 2012 [Member]
Oil and Natural Gas Properties:
Not subject to depletion-acquisition costs	68,387		68,387		87,252
Incurred in 2011 [Member]
Oil and Natural Gas Properties:
Not subject to depletion-acquisition costs	764		764		1,598
Incurred in 2010 [Member]
Oil and Natural Gas Properties:
Not subject to depletion-acquisition costs	$ 0		$ 0		$ 1,358
Minimum [Member]
Oil and Natural Gas Properties:
Number of years until unevaluated properties are included in full cost pool			3 years
Maximum [Member]
Oil and Natural Gas Properties:
Number of years until unevaluated properties are included in full cost pool			5 years

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Changes in ARO liability
Asset retirement obligation, beginning of period			$ 3,029	$ 2,145
Additional liability incurred			567	162
Liabilities acquired			3,678	471
Liabilities settled			(10)	(14)
Accretion expense	$ 127	$ 46	303	134
Revisions in estimated liability			588	0
Asset retirement obligation, end of period	8,155	2,898	8,155	2,898
Less current portion	40	20	40	20
Asset retirement obligations - long-term	$ 8,115	$ 2,878	$ 8,115	$ 2,878	$ 2,989

Debt - Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Long-term Debt	$ 590,000	$ 460,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Debt	140,000	10,000
Senior Notes [Member] \| Senior Unsecured Notes due 2021 [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 450,000	$ 450,000

Debt - Senior Notes (Details)	9 Months Ended
Debt - Senior Notes (Details)	Sep. 30, 2014	Dec. 31, 2013	Sep. 19, 2013 a	Sep. 18, 2013 USD ($)
Senior Notes [Member] \| Senior Unsecured Notes due 2021 [Member]
Debt Instrument [Line Items]
Aggregate principal amount \| $				$ 450,000,000
Stated interest rate	7.625%	7.625%		7.625%
Senior Notes [Member] \| Senior Unsecured Notes due 2021 [Member] \| 12-month period beginning October 1, 2016 [Member]
Debt Instrument [Line Items]
Redemption price, expressed as percentage of principal amount	105.719%
Senior Notes [Member] \| Senior Unsecured Notes due 2021 [Member] \| 12-month period beginning October 1, 2017 [Member]
Debt Instrument [Line Items]
Redemption price, expressed as percentage of principal amount	103.813%
Senior Notes [Member] \| Senior Unsecured Notes due 2021 [Member] \| 12-month period beginning October 1, 2018 [Member]
Debt Instrument [Line Items]
Redemption price, expressed as percentage of principal amount	101.906%
Senior Notes [Member] \| Senior Unsecured Notes due 2021 [Member] \| 12-month period beginning October 1, 2019 and thereafter [Member]
Debt Instrument [Line Items]
Redemption price, expressed as percentage of principal amount	100.00%
Make-whole premium option [Member] \| Senior Notes [Member] \| Senior Unsecured Notes due 2021 [Member] \| Period prior to October 1, 2016 [Member]
Debt Instrument [Line Items]
Redemption price, expressed as percentage of principal amount	100.00%
Net cash proceeds of certain equity offerings [Member] \| Senior Notes [Member] \| Senior Unsecured Notes due 2021 [Member] \| Period prior to October 1, 2016 [Member]
Debt Instrument [Line Items]
Redemption price, expressed as percentage of principal amount	107.625%
Maximum percent of aggregate principal amount redeemable	35.00%
Minimum required principal amount to remain outstanding subsequent to redemption	65.00%
Number of days within closing date redemption can occur	120 days
Midland County, Texas [Member]
Debt Instrument [Line Items]
Acres of oil and gas property, mineral interest, gross			14,804
Acres of oil and gas property, mineral interest, net			12,687

Debt - Credit Facility - Wells Fargo Bank (Details)	9 Months Ended
Debt - Credit Facility - Wells Fargo Bank (Details)	Sep. 30, 2014 USD ($) redetermindation	Dec. 31, 2013 USD ($)	Nov. 02, 2013 USD ($)
Line of Credit Facility [Line Items]
Debt outstanding	$ 590,000,000	$ 460,000,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Debt outstanding	140,000,000	10,000,000
Senior Unsecured Notes due 2021 [Member] \| Senior Notes [Member]
Line of Credit Facility [Line Items]
Debt outstanding	$ 450,000,000	$ 450,000,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 600,000,000
Number of additional redeterminations that may be requested \| redetermindation	3
Period of Redeterminations	12 months
Current borrowing base	$ 350,000,000
Financial covenant, maximum issuance of unsecured debt	$ 750,000,000
Financial covenant, reduction of borrowing base	25.00%
Revolving Credit Facility [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Quarterly commitment fee percentage based on unused portion of borrowing base	0.375%
Revolving Credit Facility [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Quarterly commitment fee percentage based on unused portion of borrowing base	0.50%
Revolving Credit Facility [Member] \| Base Rate [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility [Member] \| Base Rate [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%
Revolving Credit Facility [Member] \| Federal Funds Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility [Member] \| LIBOR, 3-month [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Revolving Credit Facility [Member] \| LIBOR [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%
Revolving Credit Facility [Member] \| LIBOR [Member] \| Maximum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.50%

Debt - Partnership Credit Facility - Wells Fargo Bank (Details) - Revolving Credit Facility [Member]		9 Months Ended
	Jul. 08, 2014 USD ($) redetermindation	Sep. 30, 2014 USD ($) redetermindation	Nov. 02, 2013 USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 600,000,000
Number of additional redeterminations that may be requested \| redetermindation		3
Period of Redeterminations		12 months
Current borrowing base		$ 350,000,000
Financial covenant, maximum issuance of unsecured debt		$ 750,000,000
Financial covenant, reduction of borrowing base		25.00%
Viper Energy Partners LP [Member] \| Wells Fargo [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 500,000,000
Number of additional redeterminations that may be requested \| redetermindation	3
Period of Redeterminations	12 months
Current borrowing base		$ 110,000,000
Outstanding borrowings		0
Financial covenant, maximum issuance of unsecured debt		$ 250,000,000
Financial covenant, reduction of borrowing base		25.00%
Federal Funds Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.50%
Federal Funds Rate [Member] \| Wells Fargo [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.50%
LIBOR, 3-month [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.00%
LIBOR, 3-month [Member] \| Wells Fargo [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.00%
Minimum [Member]
Line of Credit Facility [Line Items]
Quarterly commitment fee percentage based on unused portion of borrowing base		0.375%
Minimum [Member] \| Viper Energy Partners LP [Member] \| Wells Fargo [Member]
Line of Credit Facility [Line Items]
Quarterly commitment fee percentage based on unused portion of borrowing base		0.375%
Minimum [Member] \| Base Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.50%
Minimum [Member] \| Base Rate [Member] \| Wells Fargo [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.50%
Minimum [Member] \| LIBOR [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.50%
Minimum [Member] \| LIBOR [Member] \| Wells Fargo [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.50%
Maximum [Member]
Line of Credit Facility [Line Items]
Quarterly commitment fee percentage based on unused portion of borrowing base		0.50%
Maximum [Member] \| Viper Energy Partners LP [Member] \| Wells Fargo [Member]
Line of Credit Facility [Line Items]
Quarterly commitment fee percentage based on unused portion of borrowing base		0.50%
Maximum [Member] \| Base Rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.50%
Maximum [Member] \| Base Rate [Member] \| Wells Fargo [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.50%
Maximum [Member] \| LIBOR [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.50%
Maximum [Member] \| LIBOR [Member] \| Wells Fargo [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.50%

Debt - Financial Covenant Table (Details) - Revolving Credit Facility [Member]	Sep. 30, 2014
Maximum [Member]
Line of Credit Facility [Line Items]
Ratio of total debt to EBITDAX, not greater than 4.0	4.0
Minimum [Member]
Line of Credit Facility [Line Items]
Ratio of current assets to liabilities, as defined in the credit agreement, not less than 1.0	1.0
Viper Energy Partners LP [Member] \| Wells Fargo [Member]
Line of Credit Facility [Line Items]
Ratio of total debt to EBITDAX, not greater than 4.0	4.0
Ratio of current assets to liabilities, as defined in the credit agreement, not less than 1.0	1.0

Capital Stock and Earnings Per Share - Capital Stock (Details) - Common Stock [Member] - USD ($) $ / shares in Units, $ in Millions			1 Months Ended
	Jul. 25, 2014	May 21, 2013	Feb. 28, 2014	Aug. 31, 2013
Class of Stock [Line Items]
Shares issued upon public offering	5,750,000	5,175,000	3,450,000	4,600,000
Common stock issued pursuant to underwriters over allotment option	750,000	675,000	450,000	600,000
Stock price per share at public offering (in dollars per share)	$ 87.00	$ 29.25	$ 62.67	$ 40.25
Net proceeds received from public offering	$ 485.0	$ 144.4	$ 208.4	$ 177.5

Capital Stock and Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Basic:
Net income attributable to common stock, basic	$ 43,739	$ 14,596	$ 95,081	$ 34,463
Net income attributable to common stock, basic (in shares)	55,152	44,385	51,489	40,309
Net income attributable to common stock, basic, (in dollars per share)	$ 0.79	$ 0.33	$ 1.85	$ 0.85
Effect of Dilutive Securities:
Dilutive effect of potential common shares issuable	$ (53)	$ 0	$ 16	$ 0
Dilutive effect of potential common shares issuable (in shares)	290	313	399	215
Diluted:
Net income attributable to common stock, diluted	$ 43,686	$ 14,596	$ 95,097	$ 34,463
Net income attributable to common stock, diluted (in shares)	55,442	44,698	51,888	40,524
Net income attributable to common stock, diluted (in dollars per share)	$ 0.79	$ 0.33	$ 1.83	$ 0.85

Stock Based Compensation - Additional Disclosures (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jun. 17, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock and equity based compensation		$ 4,112	$ 749	$ 10,145	$ 2,105
Capitalized stock and equity based compensation		$ 2,043	$ 259	$ 4,758	$ 679
Options granted (shares)				0
Viper Energy Partners LP [Member] \| Viper LTIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of units that could be awarded	9,144,000
Options granted (shares)				2,500,000
Executive Officers of General Partner [Member] \| Viper Energy Partners LP [Member] \| Viper LTIP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (shares)	2,500,000
Executive Officers of General Partner [Member] \| Viper Energy Partners LP [Member] \| Viper LTIP [Member] \| Stock/Unit Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	33.00%

Stock Based Compensation - Stock/Unit Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2014 USD ($) $ / shares shares
Number of Options (in shares)
Outstanding, beginning of period \| shares	712,955
Granted \| shares	0
Exercised \| shares	(293,450)
Expired/forfeited \| shares	0
Outstanding, end of period \| shares	419,505
Vested and expected to vest, at period end \| shares	419,505
Exercisable, at period end \| shares	159,755
Weighted Average Exercise Price (in dollars per share)
Outstanding, beginning of period \| $ / shares	$ 17.96
Granted \| $ / shares	0.00
Exercised \| $ / shares	17.78
Expired/forfeited \| $ / shares	0.00
Outstanding, end of period \| $ / shares	18.09
Vested and expected to vest, period end \| $ / shares	18.09
Exercisable, period end \| $ / shares	$ 17.50
Outstanding, period end, remaining term	1 year 11 months 20 days
Vested and expected to vest, period end, remaining term	1 year 11 months 20 days
Exercisable, period end, remaining term	1 year 5 months 20 days
Outstanding, period end, intrinsic value \| $	$ 23,783
Vested and expected to vest, period end, intrinsic value \| $	23,783
Exercisable, period end, intrinsic value \| $	9,151
Options exercised, intrinsic value \| $	16,778
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract]
Unrecognized compensation cost related to unvested stock options \| $	$ 959
Stock/Unit Options [Member]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract]
Unrecognized compensation cost, period of recognition	1 year 1 month 25 days
Viper Energy Partners LP [Member]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract]
Unrecognized compensation cost related to unvested stock options \| $	$ 9,589
Viper Energy Partners LP [Member] \| Stock/Unit Options [Member]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized [Abstract]
Unrecognized compensation cost, period of recognition	2 years 8 months 18 days
Viper LTIP [Member] \| Viper Energy Partners LP [Member]
Number of Options (in shares)
Outstanding, beginning of period \| shares	0
Granted \| shares	2,500,000
Outstanding, end of period \| shares	2,500,000
Vested and expected to vest, at period end \| shares	2,500,000
Exercisable, at period end \| shares	0
Weighted Average Exercise Price (in dollars per share)
Outstanding, beginning of period \| $ / shares	$ 0.00
Granted \| $ / shares	26.00
Outstanding, end of period \| $ / shares	26.00
Vested and expected to vest, period end \| $ / shares	26.00
Exercisable, period end \| $ / shares	$ 0.00
Outstanding, period end, remaining term	2 years 8 months 18 days
Vested and expected to vest, period end, remaining term	2 years 8 months 18 days
Exercisable, period end, remaining term	0 years
Outstanding, period end, intrinsic value \| $	$ 0
Vested and expected to vest, period end, intrinsic value \| $	0
Exercisable, period end, intrinsic value \| $	$ 0

Stock Based Compensation - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2014 USD ($) $ / shares shares
Weighted Average Grant-Date Fair Value (in dollars per share)
Aggregate fair value of restricted stock units that vested \| $	$ 7,248
Unrecognized compensation cost related to unvested awards \| $	$ 6,703
Unrecognized compensation cost, period of recognition	1 year 6 months 25 days
2012 Plan [Member]
Awards & Units (in shares)
Unvested at Beginning of period \| shares	132,499
Granted \| shares	148,722
Vested \| shares	(98,560)
Forfeited \| shares	(1,200)
Unvested at end of period \| shares	181,461
Weighted Average Grant-Date Fair Value (in dollars per share)
Unvested at beginning of period \| $ / shares	$ 19.20
Granted \| $ / shares	66.93
Vested \| $ / shares	38.31
Forfeited \| $ / shares	41.66
Unvested at end of period \| $ / shares	$ 47.80

Stock Based Compensation - Valuation Assumptions (Details)	9 Months Ended
	Sep. 30, 2014 $ / shares
Performance Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date fair value, performance restricted stock units (in dollars per share)	$ 125.63
Risk-free rate	0.30%
Company volatility	39.60%
Viper Energy Partners LP [Member] \| Stock/Unit Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant-date fair value, unit options (in dollars per share)	$ 4.24
Risk-free rate	0.99%
Company volatility	36.00%
Expected dividend yield	5.90%
Expected term (in years)	3 years

Stock Based Compensation - Performance Restricted Stock Activity (Details) - Performance Restricted Stock Units [Member] - USD ($)
$ / shares in Units, $ in Thousands

1 Months Ended

9 Months Ended

Feb. 28, 2014

Sep. 30, 2014

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Performance shares, performance period

3 years

Maximum number of units that could be awarded

158,300

Awards & Units (in shares)

Granted

79,150

Weighted Average Grant-Date Fair Value (in dollars per share)

Granted

$ 125.63

Unrecognized compensation cost related to unvested awards

$ 6,751

Unrecognized compensation cost, period of recognition

1 year 3 months 1 day

2012 Plan [Member]

Awards & Units (in shares)

Unvested at Beginning of period

Granted

79,150

Vested

Forfeited

Unvested at end of period

^[1]

79,150

Weighted Average Grant-Date Fair Value (in dollars per share)

Unvested at beginning of period

$ 0.00

Granted

125.63

Vested

0.00

Forfeited

0.00

Unvested at end of period

^[1]

$ 125.63

Minimum [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares authorized to be awarded, percent of initial awards received

0.00%

Maximum [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares authorized to be awarded, percent of initial awards received

200.00%

[1]	A maximum of 158,300 units could be awarded based upon the Company’s final TSR ranking.

Related Party Transactions - Administrative Services (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Related Party Transaction
Accounts payable-related party	$ 0		$ 0		$ 17,000
Subsidiary of Common Parent [Member]
Related Party Transaction
Initial term of the additional shared services agreement			2 years
Related party incurred costs	3,000	$ 70,000	$ 6,000	$ 179,000
Accounts payable-related party	0		$ 0		17,000
Affiliated Entity [Member]
Related Party Transaction
Initial term of the additional shared services agreement			2 years
Agreement termination, written notice period			30 days
Reimbursement from affiliate	31,000	$ 270,000	$ 91,000	$ 1,047,000
Amount owed by affiliate	$ 0		$ 0		$ 0

- Definition

For an unclassified balance sheet, amount of receivables arising from transactions with related parties.

+ References + Details

Related Party Transactions - Drilling Services (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2014 USD ($)	Sep. 30, 2013 USD ($)	Sep. 30, 2014 USD ($) drilling_rig	Sep. 30, 2013 USD ($)	Dec. 31, 2013 USD ($)
Bison [Member]
Related Party Transaction
Number of drilling rigs committed to use during the period \| drilling_rig			2
Number of drilling rigs \| drilling_rig			0
Agreement termination, written notice period			30 days
Related party incurred costs	$ 907,000	$ 2,168,000	$ 3,402,000	$ 11,795,000
Amount owed to related party	0		$ 0		$ 0
Panther Drilling [Member]
Related Party Transaction
Agreement termination, written notice period			30 days
Related party incurred costs	0		$ 305,000
Amount owed to related party	$ 0		$ 0		$ 0

Related Party Transactions - Coronado Midstream (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Related Party Transaction
Natural gas revenue from related party	$ 4,390	$ 1,172	$ 10,806	$ 2,898
Coronado Midstream [Member]
Related Party Transaction
Initial term of the additional shared services agreement			10 years
Agreement termination, written notice period			30 days
Natural gas revenue from related party	6,764	1,877	$ 17,176	4,694
Related party incurred costs	1,070	$ 325	2,751	$ 791
Amount owed from related party from the sale of gas, gas products and residue gas	$ 3,915		$ 3,915		$ 1,303
Coronado Midstream [Member] \| Coronado Midstream Plant [Member]
Related Party Transaction
Percent of natural gas revenue from related party	87.00%		87.00%
Coronado Midstream [Member] \| Chevron Headlee Plant [Member]
Related Party Transaction
Percent of natural gas revenue from related party	94.56%		94.56%

Related Party Transactions - Sand Supply (Details) - Muskie [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Related Party Transaction
Agreement termination, written notice period			30 days
Related party incurred costs	$ 0	$ 0	$ 0	$ 234,000
Amount owed to related party	$ 0		$ 0		$ 0

Related Party Transactions - Midland Leases (Details) - Midland, Texas [Member] - Wexford Affiliate [Member] - USD ($) $ in Thousands	3 Months Ended		7 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Oct. 02, 2013	Aug. 02, 2013	Jul. 31, 2013
Corporate Office Space [Member]
Related Party Transaction
Term of lease from related party				5 years
Office rent to affiliate	$ 97	$ 49		$ 288	$ 131
Monthly rent						$ 25	$ 15	$ 13
Annual monthly rent increase	4.00%		4.00%	4.00%
Field Office Space [Member]
Related Party Transaction
Term of lease from related party			4 years
Office rent to affiliate	$ 37			$ 84
Monthly rent	$ 11		$ 11	$ 11
Annual monthly rent increase	3.00%		3.00%	3.00%

Related Party Transactions - Oklahoma City Lease (Details) - Oklahoma City, Oklahoma [Member] - Wexford Affiliate [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Related Party Transaction
Term of lease from related party			67 months
Office rent to affiliate	$ 74	$ 67	$ 199	$ 178
Monthly rent	$ 19		$ 19

Related Party Transactions - Advisory Services Agreement & Professional Services from Wexford (Details) - Advisory Services Agreement [Member] - Wexford [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Related Party Transaction
Advisory services agreement, annual fee			$ 500,000
Term of advisory services agreement			2 years
Agreement termination, written notice period			30 days
Related party incurred costs	$ 125,000	$ 125,000	$ 375,000	$ 375,000
Amount owed to related party	$ 0		$ 0		$ 0

Related Party Transactions - Advisory Services Agreement - Viper Energy Partners LP (Details) - Wexford [Member] - Advisory Services Agreement [Member] - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Related Party Transaction
Advisory services agreement, annual fee				$ 500,000
Term of advisory services agreement				2 years
Agreement termination, written notice period				30 days
Related party incurred costs		$ 125,000	$ 125,000	$ 375,000	$ 375,000
Amount owed to related party	$ 0	0		0		$ 0
Viper Energy Partners LP [Member]
Related Party Transaction
Advisory services agreement, annual fee	$ 500,000
Term of advisory services agreement	2 years
Renewal term of advisory services agreement	1 year
Minimum period for cancellation of additional one-year periods	10 days
Agreement termination, written notice period	30 days
Related party incurred costs		143,000		143,000
Amount owed to related party	$ 0	$ 0		$ 0

Related Party Transactions - Secondary Offering Costs (Details) - Wexford and Gulfport Affiliates [Member] - USD ($) $ / shares in Units, $ in Thousands	Sep. 23, 2014	Jun. 27, 2014	Jul. 05, 2013	Jul. 05, 2013	Jun. 24, 2013
Related Party Transaction
Related party incurred costs			$ 185
Common Stock [Member]
Related Party Transaction
Shares sold in secondary public offering	2,500,000	2,000,000			6,000,000
Shares sold by existing stockholders				869,222
Stock price per share, selling stockholders (in dollars per share)		$ 90.04	$ 34.75
Related party incurred costs	$ 100	$ 129

Derivatives - Open Derivative Positions (Details) - Argus Louisiana Light Sweet [Member] - Crude Oil [Member] - Swap [Member] bbl in Thousands	Sep. 30, 2014 bbl $ / bbl
October - December 2014 [Member]
Derivative [Line Items]
Volume (Bbls) \| bbl	644
Fixed Swap Price \| $ / bbl	98.64
January - April 2015 [Member]
Derivative [Line Items]
Volume (Bbls) \| bbl	331
Fixed Swap Price \| $ / bbl	99.71

Derivatives - Offsetting Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts of Recognized Assets	$ 6,061	$ 998
Gross Amounts Offset in the Consolidated Balance Sheet	0	(567)
Net Amounts of Assets Presented in the Consolidated Balance Sheet	$ 6,061	$ 431

Derivatives - Balance Sheet Location (Details) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Current Assets: Derivative instruments	$ 6,061	$ 213
Noncurrent Assets: Derivative instruments	0	218
Total Assets	$ 6,061	$ 431

Derivatives - Gains and Losses on Derivative Instruments Included in Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Non-cash gain (loss) on open non-hedge derivative instruments	$ 16,440	$ (1,695)	$ 5,630	$ 3,733
Loss on settlement of non-hedge derivative instruments	(1,531)	(3,215)	(6,207)	(5,614)
Gain (loss) on derivative instruments	$ 14,909	$ (4,910)	$ (577)	$ (1,881)

Fair Value Measurements - Recurring Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Assets:
Fixed price swaps	$ 6,061	$ 431
Recurring [Member] \| Quoted Prices in Active Markets Level 1 [Member]
Assets:
Fixed price swaps	0	0
Recurring [Member] \| Significant Other Observable Inputs Level 2 [Member]
Assets:
Fixed price swaps	6,061	431
Recurring [Member] \| Significant Unobservable Inputs Level 3 [Member]
Assets:
Fixed price swaps	0	0
Recurring [Member] \| Total [Member]
Assets:
Fixed price swaps	$ 6,061	$ 431

Fair Value Measurements - Nonrecurring Measurements (Details) - USD ($)	Sep. 30, 2014	Dec. 31, 2013	Sep. 18, 2013
Carrying Amount [Member] \| Nonrecurring [Member]
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Revolving credit facility	$ 140,000,000	$ 10,000,000
7.625% Senior Notes due 2021	450,000,000	450,000,000
Fair Value [Member] \| Nonrecurring [Member]
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Revolving credit facility	140,000,000	10,000,000
7.625% Senior Notes due 2021	$ 486,000,000	$ 460,406,000
Senior Unsecured Notes due 2021 [Member] \| Senior Notes [Member]
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Stated interest rate	7.625%	7.625%	7.625%
Viper Energy Partners LP [Member] \| Carrying Amount [Member] \| Nonrecurring [Member]
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Revolving credit facility	$ 0	$ 0
Viper Energy Partners LP [Member] \| Fair Value [Member] \| Nonrecurring [Member]
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Revolving credit facility	$ 0	$ 0

Subsequent Events (Details) bbl in Thousands	Nov. 06, 2014 USD ($) bbl $ / bbl	Sep. 30, 2014 USD ($)	Nov. 02, 2013 USD ($)
Swap [Member] \| November 2014 - December 2014 [Member] \| Argus Louisiana Light Sweet [Member] \| Crude Oil [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Volume (Bbls) \| bbl	183
Fixed Swap Price \| $ / bbl	82.95
Swap [Member] \| January 2015 - December 2015 [Member] \| Argus Louisiana Light Sweet [Member] \| Crude Oil [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Volume (Bbls) \| bbl	1,095
Fixed Swap Price \| $ / bbl	90.99
Swap [Member] \| January 2015 - December 2015 [Member] \| NYMEX West Texas Intermediate [Member] \| Crude Oil [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Volume (Bbls) \| bbl	1,825
Fixed Swap Price \| $ / bbl	84.10
Swap [Member] \| February 2015 - January 2016 [Member] \| ICE Brent [Member] \| Crude Oil [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Volume (Bbls) \| bbl	640
Fixed Swap Price \| $ / bbl	88.78
Swap [Member] \| March 2015 - February 2016 [Member] \| ICE Brent [Member] \| Crude Oil [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Volume (Bbls) \| bbl	91
Fixed Swap Price \| $ / bbl	88.72
Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Maximum borrowing capacity \| $			$ 600,000,000
Current borrowing base \| $		$ 350,000,000
Revolving Credit Facility [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Maximum borrowing capacity \| $	$ 750,000,000
Current borrowing base \| $	$ 500,000,000

Guarantor Financial Statements - Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 40,644	$ 15,555	$ 53,100	$ 26,358
Accounts receivable	86,313	37,970
Accounts receivable - related party	3,915	1,303
Royalty income receivable		0
Intercompany receivable	0	0
Intercompany note receivable		0
Inventories	3,105	5,631
Deferred income taxes	0	112
Other current assets	9,284	1,397
Total current assets	143,261	61,968
Property and equipment
Oil and natural gas properties, at cost, based on the full cost method of accounting	2,900,293	1,648,360
Pipeline and gas gathering assets	7,102	6,142
Other property and equipment	47,286	4,071
Accumulated depletion, depreciation, amortization and impairment	(328,522)	(212,236)
Property and equipment, net of accumulated depreciation, depletion, amortization and impairment	2,626,159	1,446,337
Investment in subsidiaries	0	0
Other assets	51,135	13,309
Total assets	2,820,555	1,521,614
Current liabilities:
Accounts payable-trade	8,009	2,679
Accounts payable-related party	0	17
Intercompany payable	0	0
Intercompany accrued interest		0
Other current liabilities	188,277	118,624
Total current liabilities	196,286	121,320
Long-term debt	590,000	460,000
Intercompany note payable		0
Asset retirement obligations	8,115	2,989	2,878
Deferred income taxes	140,308	91,764
Total liabilities	934,709	676,073
Commitments and contingencies
Stockholders’ equity:
Stockholders’ equity:	1,651,528	845,541
Noncontrolling interest	234,318	0
Total equity	1,885,846	845,541
Total liabilities and equity	2,820,555	1,521,614
Eliminations [Member]
Current assets:
Cash and cash equivalents	0	0	0	0
Accounts receivable	2	9,426
Accounts receivable - related party	0	0
Royalty income receivable		(9,426)
Intercompany receivable	(3,350,715)	(1,128,913)
Intercompany note receivable		(440,000)
Inventories	0	0
Deferred income taxes		0
Other current assets	0	0
Total current assets	(3,350,713)	(1,568,913)
Property and equipment
Oil and natural gas properties, at cost, based on the full cost method of accounting	0	0
Pipeline and gas gathering assets	0	0
Other property and equipment	0	0
Accumulated depletion, depreciation, amortization and impairment	2,466	0
Property and equipment, net of accumulated depreciation, depletion, amortization and impairment	2,466	0
Investment in subsidiaries	(693,594)	(235,334)
Other assets	0	0
Total assets	(4,041,841)	(1,804,247)
Current liabilities:
Accounts payable-trade	0	0
Accounts payable-related party		0
Intercompany payable	(3,350,715)	(1,119,221)
Intercompany accrued interest		(9,692)
Other current liabilities	0	0
Total current liabilities	(3,350,715)	(1,128,913)
Long-term debt	0	0
Intercompany note payable		(440,000)
Asset retirement obligations	0	0
Deferred income taxes	0	0
Total liabilities	(3,350,715)	(1,568,913)
Commitments and contingencies
Stockholders’ equity:
Stockholders’ equity:	(925,444)	(235,334)
Noncontrolling interest	234,318
Total equity	(691,126)	(235,334)
Total liabilities and equity	(4,041,841)	(1,804,247)
Parent Company [Member] \| Reportable Legal Entities [Member]
Current assets:
Cash and cash equivalents	6,518	526	30,565	14
Accounts receivable	0	0
Accounts receivable - related party	0	0
Royalty income receivable		0
Intercompany receivable	1,634,314	715,169
Intercompany note receivable		440,000
Inventories	0	0
Deferred income taxes		112
Other current assets	336	0
Total current assets	1,641,168	1,155,807
Property and equipment
Oil and natural gas properties, at cost, based on the full cost method of accounting	0	0
Pipeline and gas gathering assets	0	0
Other property and equipment	0	0
Accumulated depletion, depreciation, amortization and impairment	0	0
Property and equipment, net of accumulated depreciation, depletion, amortization and impairment	0	0
Investment in subsidiaries	693,594	235,334
Other assets	9,395	10,207
Total assets	2,344,157	1,401,348
Current liabilities:
Accounts payable-trade	0	0
Accounts payable-related party		0
Intercompany payable	83,318	3,920
Intercompany accrued interest		0
Other current liabilities	19,003	10,123
Total current liabilities	102,321	14,043
Long-term debt	450,000	450,000
Intercompany note payable		0
Asset retirement obligations	0	0
Deferred income taxes	140,308	91,764
Total liabilities	692,629	555,807
Commitments and contingencies
Stockholders’ equity:
Stockholders’ equity:	1,651,528	845,541
Noncontrolling interest	0
Total equity	1,651,528	845,541
Total liabilities and equity	2,344,157	1,401,348
Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Current assets:
Cash and cash equivalents	20,622	14,267	22,535	26,344
Accounts receivable	76,346	28,544
Accounts receivable - related party	3,915	1,303
Royalty income receivable		0
Intercompany receivable	1,716,401	413,744
Intercompany note receivable		0
Inventories	3,105	5,631
Deferred income taxes		0
Other current assets	8,381	1,397
Total current assets	1,828,770	464,886
Property and equipment
Oil and natural gas properties, at cost, based on the full cost method of accounting	2,389,296	1,200,326
Pipeline and gas gathering assets	7,102	6,142
Other property and equipment	47,286	4,071
Accumulated depletion, depreciation, amortization and impairment	(306,187)	(207,037)
Property and equipment, net of accumulated depreciation, depletion, amortization and impairment	2,137,497	1,003,502
Investment in subsidiaries	0	0
Other assets	6,664	3,102
Total assets	3,972,931	1,471,490
Current liabilities:
Accounts payable-trade	8,009	2,679
Accounts payable-related party		17
Intercompany payable	3,267,397	1,115,214
Intercompany accrued interest		0
Other current liabilities	167,485	108,245
Total current liabilities	3,442,891	1,226,155
Long-term debt	140,000	10,000
Intercompany note payable		0
Asset retirement obligations	8,115	2,989
Deferred income taxes	0	0
Total liabilities	3,591,006	1,239,144
Commitments and contingencies
Stockholders’ equity:
Stockholders’ equity:	381,925	232,346
Noncontrolling interest	0
Total equity	381,925	232,346
Total liabilities and equity	3,972,931	1,471,490
Non-Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Current assets:
Cash and cash equivalents	13,504	762	$ 0	$ 0
Accounts receivable	9,965	0
Accounts receivable - related party	0	0
Royalty income receivable		9,426
Intercompany receivable	0	0
Intercompany note receivable		0
Inventories	0	0
Deferred income taxes		0
Other current assets	567	0
Total current assets	24,036	10,188
Property and equipment
Oil and natural gas properties, at cost, based on the full cost method of accounting	510,997	448,034
Pipeline and gas gathering assets	0	0
Other property and equipment	0	0
Accumulated depletion, depreciation, amortization and impairment	(24,801)	(5,199)
Property and equipment, net of accumulated depreciation, depletion, amortization and impairment	486,196	442,835
Investment in subsidiaries	0	0
Other assets	35,076	0
Total assets	545,308	453,023
Current liabilities:
Accounts payable-trade	0	0
Accounts payable-related party		0
Intercompany payable	0	87
Intercompany accrued interest		9,692
Other current liabilities	1,789	256
Total current liabilities	1,789	10,035
Long-term debt	0	0
Intercompany note payable		440,000
Asset retirement obligations	0	0
Deferred income taxes	0	0
Total liabilities	1,789	450,035
Commitments and contingencies
Stockholders’ equity:
Stockholders’ equity:	543,519	2,988
Noncontrolling interest	0
Total equity	543,519	2,988
Total liabilities and equity	$ 545,308	$ 453,023

Guarantor Financial Statements - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:
Oil sales	$ 126,406	$ 53,086	$ 331,446	$ 119,373
Natural gas sales	4,712	1,563	12,376	4,382
Natural gas liquid sales	8,009	3,142	20,313	8,339
Royalty income	0	0	0	0
Total revenues	139,127	57,791	364,135	132,094
Costs and expenses:
Lease operating expenses	13,805	4,964	32,216	15,367
Production and ad valorem taxes	8,954	3,553	23,350	8,295
Gathering and transportation	860	261	2,145	641
Depreciation, depletion and amortization	45,370	17,423	116,364	42,976
General and administrative expenses	6,495	2,121	14,986	7,213
Asset retirement obligation accretion expense	127	46	303	134
Total costs and expenses	75,611	28,368	189,364	74,626
Income from operations	63,516	29,423	174,771	57,468
Other income (expense)
Interest income	0	1	0	1
Interest income - intercompany			0
Interest expense	(9,846)	(1,089)	(24,090)	(2,109)
Interest expense - intercompany			0
Other income	48	270	108	1,047
Other income - intercompany	0		0
Other expense	(8)	0	(1,416)	0
Other expense - intercompany	0		0
Gain (loss) on derivative instruments, net	14,909	(4,910)	(577)	(1,881)
Total other income (expense), net	5,103	(5,728)	(25,975)	(2,942)
Income before income taxes	68,619	23,695	148,796	54,526
Provision for income taxes	23,978	9,099	52,742	20,063
Net income	44,641	14,596	96,054	34,463
Less: Net income attributable to noncontrolling interest	902	0	973	0
Net income attributable to Diamondback Energy, Inc.	43,739	14,596	95,081	34,463
Eliminations [Member]
Revenues:
Oil sales	21,204	1,341	51,422	1,341
Natural gas sales	888	36	1,982	36
Natural gas liquid sales	1,129	62	2,919	62
Royalty income	(22,767)	(1,439)	(55,869)	(1,439)
Total revenues	454	0	454	0
Costs and expenses:
Lease operating expenses	0	0	0	0
Production and ad valorem taxes	19	0	19	0
Gathering and transportation	(6)	0	(6)	0
Depreciation, depletion and amortization	(1,683)	34	(1,683)	34
General and administrative expenses	(750)	(9)	(906)	(9)
Asset retirement obligation accretion expense	0	0	0	0
Total costs and expenses	(2,420)	25	(2,576)	25
Income from operations	2,874	(25)	3,030	(25)
Other income (expense)
Interest income		0		0
Interest income - intercompany			(10,755)
Interest expense	0	0	0	0
Interest expense - intercompany			10,755
Other income	0	0	0	0
Other income - intercompany	(750)		(906)
Other expense	0		0
Other expense - intercompany	750		906
Gain (loss) on derivative instruments, net	0	0	0	0
Total other income (expense), net	0	0	0	0
Income before income taxes	2,874	(25)	3,030	(25)
Provision for income taxes	0	0	0	0
Net income	2,874		3,030
Less: Net income attributable to noncontrolling interest	902		973
Net income attributable to Diamondback Energy, Inc.	1,972	(25)	2,057	(25)
Parent Company [Member] \| Reportable Legal Entities [Member]
Revenues:
Oil sales	0	0	0	0
Natural gas sales	0	0	0	0
Natural gas liquid sales	0	0	0	0
Royalty income	0	0	0	0
Total revenues	0	0	0	0
Costs and expenses:
Lease operating expenses	0	0	0	0
Production and ad valorem taxes	0	0	0	0
Gathering and transportation	0	0	0	0
Depreciation, depletion and amortization	0	0	0	0
General and administrative expenses	4,063	703	11,476	2,399
Asset retirement obligation accretion expense	0	0	0	0
Total costs and expenses	4,063	703	11,476	2,399
Income from operations	(4,063)	(703)	(11,476)	(2,399)
Other income (expense)
Interest income		1		1
Interest income - intercompany			10,755
Interest expense	(8,821)	(68)	(21,365)	(68)
Interest expense - intercompany			0
Other income	6	0	6	0
Other income - intercompany	0		0
Other expense	0		0
Other expense - intercompany	0		0
Gain (loss) on derivative instruments, net	0	0	0	0
Total other income (expense), net	(8,815)	(67)	(10,604)	(67)
Income before income taxes	(12,878)	(770)	(22,080)	(2,466)
Provision for income taxes	23,978	9,099	52,742	20,063
Net income	(36,856)		(74,822)
Less: Net income attributable to noncontrolling interest	0		0
Net income attributable to Diamondback Energy, Inc.	(36,856)	(9,869)	(74,822)	(22,529)
Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Revenues:
Oil sales	105,202	51,745	280,024	118,032
Natural gas sales	3,824	1,527	10,394	4,346
Natural gas liquid sales	6,880	3,080	17,394	8,277
Royalty income	0	0	0	0
Total revenues	115,906	56,352	307,812	130,655
Costs and expenses:
Lease operating expenses	13,805	4,964	32,216	15,367
Production and ad valorem taxes	7,475	3,460	19,540	8,202
Gathering and transportation	866	260	2,151	640
Depreciation, depletion and amortization	38,028	16,944	98,445	42,497
General and administrative expenses	1,039	1,418	1,832	4,814
Asset retirement obligation accretion expense	127	46	303	134
Total costs and expenses	61,340	27,092	154,487	71,654
Income from operations	54,566	29,260	153,325	59,001
Other income (expense)
Interest income		0		0
Interest income - intercompany			0
Interest expense	(708)	(399)	(2,408)	(1,419)
Interest expense - intercompany			0
Other income	31	270	91	1,047
Other income - intercompany	750		906
Other expense	(8)		(1,416)
Other expense - intercompany	0		0
Gain (loss) on derivative instruments, net	14,909	(4,910)	(577)	(1,881)
Total other income (expense), net	14,974	(5,039)	(3,404)	(2,253)
Income before income taxes	69,540	24,221	149,921	56,748
Provision for income taxes	0	0	0	0
Net income	69,540		149,921
Less: Net income attributable to noncontrolling interest	0		0
Net income attributable to Diamondback Energy, Inc.	69,540	24,221	149,921	56,748
Non-Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Revenues:
Oil sales	0	0	0	0
Natural gas sales	0	0	0	0
Natural gas liquid sales	0	0	0	0
Royalty income	22,767	1,439	55,869	1,439
Total revenues	22,767	1,439	55,869	1,439
Costs and expenses:
Lease operating expenses	0	0	0	0
Production and ad valorem taxes	1,460	93	3,791	93
Gathering and transportation	0	1	0	1
Depreciation, depletion and amortization	9,025	445	19,602	445
General and administrative expenses	2,143	9	2,584	9
Asset retirement obligation accretion expense	0	0	0	0
Total costs and expenses	12,628	548	25,977	548
Income from operations	10,139	891	29,892	891
Other income (expense)
Interest income		0		0
Interest income - intercompany			0
Interest expense	(317)	(622)	(317)	(622)
Interest expense - intercompany			(10,755)
Other income	11	0	11	0
Other income - intercompany	0		0
Other expense	0		0
Other expense - intercompany	(750)		(906)
Gain (loss) on derivative instruments, net	0	0	0	0
Total other income (expense), net	(1,056)	(622)	(11,967)	(622)
Income before income taxes	9,083	269	17,925	269
Provision for income taxes	0	0	0	0
Net income	9,083		17,925
Less: Net income attributable to noncontrolling interest	0		0
Net income attributable to Diamondback Energy, Inc.	$ 9,083	$ 269	$ 17,925	$ 269

Guarantor Financial Statements - Cash Flow Statement (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	$ 251,995	$ 91,647
Cash flows from investing activities:
Additions to oil and natural gas properties	(312,419)	(199,795)
Acquisition of leasehold interests	(840,482)	(185,185)
Acquisition of mineral interests	(57,688)	(440,000)
Purchase of other property and equipment	(43,215)	(4,965)
Cost method investment	(33,851)	0
Intercompany transfers	0	0
Other investing activities	(1,426)	(227)
Net cash used in investing activities	(1,289,081)	(830,172)
Cash flows from financing activities:
Proceeds from borrowings on credit facility	425,900	49,000
Repayment on credit facility	(295,900)	(49,000)
Proceeds from senior notes	0	450,000
Proceeds from public offerings	928,432	322,680
Distribution to parent	(148,760)	0
Distribution from subsidiary	148,760
Intercompany transfers	0	0
Other financing activities	3,743	(7,413)
Net cash provided by financing activities	1,062,175	765,267
Net increase in cash and cash equivalents	25,089	26,742
Cash and cash equivalents at beginning of period	15,555	26,358
Cash and cash equivalents at end of period	40,644	53,100
Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	0	0
Cash flows from investing activities:
Additions to oil and natural gas properties	0	0
Acquisition of leasehold interests	0	0
Acquisition of mineral interests	0	0
Purchase of other property and equipment	0	0
Cost method investment	0
Intercompany transfers	0	0
Other investing activities	0	0
Net cash used in investing activities	0	0
Cash flows from financing activities:
Proceeds from borrowings on credit facility	0	0
Repayment on credit facility	0	0
Proceeds from senior notes		0
Proceeds from public offerings	0	0
Distribution to parent	0	0
Distribution from subsidiary	0
Intercompany transfers	0	0
Other financing activities	0	0
Net cash provided by financing activities	0	0
Net increase in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Parent Company [Member] \| Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	1,915	(182)
Cash flows from investing activities:
Additions to oil and natural gas properties	0	0
Acquisition of leasehold interests	0	0
Acquisition of mineral interests	0	0
Purchase of other property and equipment	0	0
Cost method investment	0
Intercompany transfers	(631,100)	(245,680)
Other investing activities	0	0
Net cash used in investing activities	(631,100)	(245,680)
Cash flows from financing activities:
Proceeds from borrowings on credit facility	0	0
Repayment on credit facility	0	0
Proceeds from senior notes		10,000
Proceeds from public offerings	693,886	322,680
Distribution to parent	0	0
Distribution from subsidiary	148,760
Intercompany transfers	(217,900)	(49,000)
Other financing activities	10,431	(7,267)
Net cash provided by financing activities	635,177	276,413
Net increase in cash and cash equivalents	5,992	30,551
Cash and cash equivalents at beginning of period	526	14
Cash and cash equivalents at end of period	6,518	30,565
Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	220,447	91,243
Cash flows from investing activities:
Additions to oil and natural gas properties	(307,144)	(199,209)
Acquisition of leasehold interests	(840,482)	(185,185)
Acquisition of mineral interests	0	0
Purchase of other property and equipment	(43,215)	(4,965)
Cost method investment	0
Intercompany transfers	631,100	245,680
Other investing activities	(1,426)	(227)
Net cash used in investing activities	(561,167)	(143,906)
Cash flows from financing activities:
Proceeds from borrowings on credit facility	347,900	49,000
Repayment on credit facility	(217,900)	(49,000)
Proceeds from senior notes		0
Proceeds from public offerings	0	0
Distribution to parent	0	0
Distribution from subsidiary	0
Intercompany transfers	217,900	49,000
Other financing activities	(825)	(146)
Net cash provided by financing activities	347,075	48,854
Net increase in cash and cash equivalents	6,355	(3,809)
Cash and cash equivalents at beginning of period	14,267	26,344
Cash and cash equivalents at end of period	20,622	22,535
Non-Guarantor Subsidiaries [Member] \| Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Net cash provided by operating activities	29,633	586
Cash flows from investing activities:
Additions to oil and natural gas properties	(5,275)	(586)
Acquisition of leasehold interests	0	0
Acquisition of mineral interests	(57,688)	(440,000)
Purchase of other property and equipment	0	0
Cost method investment	(33,851)
Intercompany transfers	0	0
Other investing activities	0	0
Net cash used in investing activities	(96,814)	(440,586)
Cash flows from financing activities:
Proceeds from borrowings on credit facility	78,000	0
Repayment on credit facility	(78,000)	0
Proceeds from senior notes		440,000
Proceeds from public offerings	234,546	0
Distribution to parent	(148,760)	0
Distribution from subsidiary	0
Intercompany transfers	0	0
Other financing activities	(5,863)	0
Net cash provided by financing activities	79,923	440,000
Net increase in cash and cash equivalents	12,742	0
Cash and cash equivalents at beginning of period	762	0
Cash and cash equivalents at end of period	$ 13,504	$ 0