SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

As of September 30, 2022, the Company has one reportable segment, the upstream segment, which is engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. Other operations are included in the “All Other” category in the table below.

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

	Upstream		All Other		Eliminations		Total
	(In millions)
Three Months Ended September 30, 2022:
Third-party revenues	$	2,419	$	18	$	—	$	2,437
Intersegment revenues	—		96		(96)		—
Total revenues	2,419		114		(96)		2,437
Depreciation, depletion, amortization and accretion	323		13		—		336
Income (loss) from operations	1,598		41		(25)		1,614
Interest expense, net	(33)		(10)		—		(43)
Other income (expense)	(27)		20		(4)		(11)
Provision for (benefit from) income taxes	287		3		—		290
Net income (loss) attributable to non-controlling interest	76		10		—		86
Net income (loss) attributable to Diamondback Energy, Inc.	1,175		38		(29)		1,184
As of September 30, 2022:
Total assets	$	22,225	$	2,041	$	(423)	$	23,843

	Upstream		All Other		Eliminations		Total
	(In millions)
Three Months Ended September 30, 2021:
Third-party revenues	$	1,896	$	14	$	—	$	1,910
Intersegment revenues	—		95		(95)		—
Total revenues	1,896		109		(95)		1,910
Depreciation, depletion, amortization and accretion	324		17		—		341
Income (loss) from operations	1,126		54		(16)		1,164
Interest expense, net	(50)		(7)		—		(57)
Other income (expense)	(243)		4		(1)		(240)
Provision for (benefit from) income taxes	190		3		—		193
Net income (loss) attributable to non-controlling interest	16		9		—		25
Net income (loss) attributable to Diamondback Energy, Inc.	627		39		(17)		649
As of December 31, 2021:
Total assets	$	21,329	$	1,942	$	(373)	$	22,898

	Upstream		All Other		Eliminations		Total
	(In millions)
Nine Months Ended September 30, 2022:
Third-party revenues	$	7,563	$	50	$	—	$	7,613
Intersegment revenues	—		273		(273)		—
Total revenues	7,563		323		(273)		7,613
Depreciation, depletion, amortization and accretion	929		50		—		979
Income (loss) from operations	5,197		119		(64)		5,252
Interest expense, net	(94)		(28)		—		(122)
Other income (expense)	(727)		57		(13)		(683)
Provision for (benefit from) income taxes	904		9		—		913
Net income (loss) attributable to non-controlling interest	125		30		—		155
Net income (loss) attributable to Diamondback Energy, Inc.	3,347		109		(77)		3,379
As of September 30, 2022:
Total assets	$	22,225	$	2,041	$	(423)	$	23,843

	Upstream		All Other		Eliminations		Total
	(In millions)
Nine Months Ended September 30, 2021:
Third-party revenues	$	4,737	$	38	$	—	$	4,775
Intersegment revenues	—		281		(281)		—
Total revenues	4,737		319		(281)		4,775
Depreciation, depletion, amortization and accretion	911		44		—		955
Impairment of midstream assets	—		3		—		3
Income (loss) from operations	2,605		131		(46)		2,690
Interest expense, net	(147)		(23)		—		(170)
Other income (expense)	(967)		29		(5)		(943)
Provision for (benefit from) income taxes	344		8		—		352
Net income (loss) attributable to non-controlling interest	18		27		—		45
Net income (loss) attributable to Diamondback Energy, Inc.	1,129		102		(51)		1,180
As of December 31, 2021:
Total assets	$	21,329	$	1,942	$	(373)	$	22,898