REPORT OF BUSINESS SEGMENTS (Notes)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

REPORT OF BUSINESS SEGMENTS

REPORT OF BUSINESS SEGMENTS

The Company reports its operations in two business segments: (i) the upstream segment, which is engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas and (ii) the midstream operations segment includes midstream services and real estate. All of Rattler’s equity method investments are included in the midstream segment.

The following tables summarize the results of the Company's business segments during the periods presented:

	Upstream			Midstream Services			Eliminations			Total
Year Ended December 31, 2019:	(in millions)
Third-party revenues	$	3,891		$	73		$	—		$	3,964
Intersegment revenues	—			375			(375		)	—
Total revenues	3,891			448			(375		)	3,964
Depreciation, depletion and amortization	$	1,405		$	42		$	—		$	1,447
Impairment of oil and natural gas properties	$	790		$	—		$	—		$	790
Income from operations	$	790		$	219		$	(314	)	$	695
Interest expense, net	$	(171	)	$	(1	)	$	—		$	(172	)
Total other income (expense), net(1)	$	(320	)	$	(7	)	$	(6	)	$	(333	)
Provision for income taxes	$	21		$	26		$	—		$	47
Net income attributable to non-controlling interest	$	75		$	91		$	(91	)	$	75
Net income attributable to Diamondback Energy	$	374		$	95		$	(229	)	$	240
Total assets	$	22,125		$	1,636		$	(230	)	$	23,531

(1) The impairment for the midstream services segment of $2 million is included in other income (expense).

	Upstream			Midstream Services		Eliminations			Total
Year Ended December 31, 2018:	(in millions)
Third-party revenues	$	2,132		$	44	$	—		$	2,176
Intersegment revenues	—			140		(140		)	—
Total revenues	2,132			184		(140		)	2,176
Depreciation, depletion and amortization	$	598		$	25	$	—		$	623
Income from operations	$	1,071		$	80	$	(140	)	$	1,011
Interest expense, net	$	(87	)	$	—	$	—		$	(87	)
Total other income (expense), net	$	102		$	—	$	—		$	102
Provision for income taxes	$	151		$	17	$	—		$	168
Net income attributable to non-controlling interest	$	99		$	—	$	—		$	99
Net income attributable to Diamondback Energy	$	923		$	63	$	(140	)	$	846
Total assets	$	21,096		$	604	$	(104	)	$	21,596

	Upstream			Midstream Services		Eliminations			Total
Year Ended December 31, 2017:	(in millions)
Third-party revenues	$	1,198		$	7	$	—		$	1,205
Intersegment revenues	—			32		(32		)	—
Total revenues	1,198			39		(32		)	1,205
Depreciation, depletion and amortization	$	324		$	3	$	—		$	327
Income from operations	$	613		$	24	$	(32	)	$	605
Interest expense, net	$	(41	)	$	—	$	—		$	(41	)
Total other income (expense), net	$	(109	)	$	1	$	—		$	(108	)
Provision for income taxes	$	(24	)	$	4	$	—		$	(20	)
Net income attributable to non-controlling interest	$	35		$	—	$	—		$	35
Net income attributable to Diamondback Energy	$	493		$	21	$	(32	)	$	482
Total assets	$	7,475		$	300	$	(4	)	$	7,771