(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) | |||||||||||||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
(NASDAQ Global Select Market) |
Exhibit Number | Description | |||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL). |
DIAMONDBACK ENERGY, INC. | ||||||||||||||
Date: | November 6, 2023 | |||||||||||||
By: | /s/ Teresa L. Dick | |||||||||||||
Name: | Teresa L. Dick | |||||||||||||
Title: | Executive Vice President, Chief Accounting Officer and Assistant Secretary |
Total Activity (Gross Operated): | |||||||||||
Number of Wells Drilled | Number of Wells Completed | ||||||||||
Midland Basin | 79 | 73 | |||||||||
Delaware Basin | 7 | 1 | |||||||||
Total | 86 | 74 |
Total Activity (Net Operated): | |||||||||||
Number of Wells Drilled | Number of Wells Completed | ||||||||||
Midland Basin | 69 | 70 | |||||||||
Delaware Basin | 6 | 1 | |||||||||
Total | 75 | 71 |
2023 Guidance | 2023 Guidance | |||||||
Diamondback Energy, Inc. | Viper Energy Partners LP | |||||||
Net production - MBOE/d | ~447 (from 435 - 445) | ~39.25 | ||||||
Oil production - MBO/d | ~263 (from 260 - 262) | ~22.00 | ||||||
Q4 2023 oil production - MBO/d (total - MBOE/d) | 269 - 273 (455 - 460) | 24.25 - 24.75 (43.25 - 44.25) | ||||||
Unit costs ($/BOE) | ||||||||
Lease operating expenses, including workovers | $5.10 - $5.40 (from $4.90 - $5.40) | |||||||
G&A | ||||||||
Cash G&A | $0.55 - $0.65 (from $0.60 - $0.75) | $0.50 - $0.60 | ||||||
Non-cash equity-based compensation | $0.30 - $0.40 (from $0.35 - $0.45) | $0.10 - $0.15 | ||||||
DD&A | $10.50 - $10.75 (from $10.00 - $10.75) | $9.50 - $10.00 | ||||||
Interest expense (net of interest income) | $1.10 - $1.25 (from $1.20 - $1.30) | $3.00 - $3.25 | ||||||
Gathering and transportation | $1.65 - $1.80 (from $1.80 - $2.00) | |||||||
Production and ad valorem taxes (% of revenue) | ~7% (from ~8%) | ~7% | ||||||
Corporate tax rate (% of pre-tax income) | 23% | 20% - 22% | ||||||
Cash tax rate (% of pre-tax income) | 15% - 17% (from 10% - 15%) | |||||||
Q4 2023 Cash taxes ($ - million) | $190 - $230 | $13.0 - $17.0 | ||||||
Capital Budget ($ - million) | ||||||||
Drilling, completion, capital workovers, and non-operated properties | $2,370 - $2,390 (from $2,330 - $2,365) | |||||||
Midstream (ex. equity method investments) | $120 - $130 (from $100 - $120) | |||||||
Infrastructure and environmental | $170 - $180 (from $170 - $190) | |||||||
2023 Capital expenditures | $2,660 - $2,700 (from $2,600 - $2,675) | |||||||
Q4 2023 Capital expenditures | $610 - $650 | |||||||
Gross horizontal wells drilled (net) | 340 - 350 (306 - 315) (from 335 - 350 (302 - 315)) | |||||||
Gross horizontal wells completed (net) | 325 - 335 (305 - 315) (from 330 - 345 (305 - 320)) | |||||||
Average lateral length (Ft.) | ~11,000' (from ~10,800') | |||||||
FY 2023 Midland Basin well costs per lateral foot | $620 - $680 | |||||||
FY 2023 Delaware Basin well costs per lateral foot | $900 - $1,000 | |||||||
Midland Basin net lateral feet (%) | ~85% | |||||||
Delaware Basin net lateral feet (%) | ~15% |
Diamondback Energy, Inc. | |||||||||||
Condensed Consolidated Balance Sheets | |||||||||||
(unaudited, in millions, except share amounts) | |||||||||||
September 30, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 827 | $ | 157 | |||||||
Restricted cash | 3 | 7 | |||||||||
Accounts receivable: | |||||||||||
Joint interest and other, net | 191 | 104 | |||||||||
Oil and natural gas sales, net | 789 | 618 | |||||||||
Inventories | 70 | 67 | |||||||||
Derivative instruments | 1 | 132 | |||||||||
Income tax receivable | 16 | 284 | |||||||||
Prepaid expenses and other current assets | 19 | 23 | |||||||||
Total current assets | 1,916 | 1,392 | |||||||||
Property and equipment: | |||||||||||
Oil and natural gas properties, full cost method of accounting ($8,239 million and $8,355 million excluded from amortization at September 30, 2023 and December 31, 2022, respectively) | 40,647 | 37,122 | |||||||||
Other property, equipment and land | 706 | 1,481 | |||||||||
Accumulated depletion, depreciation, amortization and impairment | (15,988) | (14,844) | |||||||||
Property and equipment, net | 25,365 | 23,759 | |||||||||
Funds held in escrow | 50 | 119 | |||||||||
Equity method investments | 519 | 566 | |||||||||
Assets held for sale | — | 158 | |||||||||
Derivative instruments | 1 | 23 | |||||||||
Deferred income taxes, net | 60 | 64 | |||||||||
Investment in real estate, net | 85 | 86 | |||||||||
Other assets | 53 | 42 | |||||||||
Total assets | $ | 28,049 | $ | 26,209 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable - trade | $ | 358 | $ | 127 | |||||||
Accrued capital expenditures | 397 | 480 | |||||||||
Current maturities of long-term debt | — | 10 | |||||||||
Other accrued liabilities | 428 | 399 | |||||||||
Revenues and royalties payable | 782 | 619 | |||||||||
Derivative instruments | 139 | 47 | |||||||||
Income taxes payable | 37 | 34 | |||||||||
Total current liabilities | 2,141 | 1,716 | |||||||||
Long-term debt | 6,230 | 6,238 | |||||||||
Derivative instruments | 199 | 148 | |||||||||
Asset retirement obligations | 240 | 336 | |||||||||
Deferred income taxes | 2,243 | 2,069 | |||||||||
Other long-term liabilities | 12 | 12 | |||||||||
Total liabilities | 11,065 | 10,519 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock, $0.01 par value; 400,000,000 shares authorized; 178,815,302 and 179,840,797 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively | 2 | 2 | |||||||||
Additional paid-in capital | 14,149 | 14,213 | |||||||||
Retained earnings (accumulated deficit) | 2,136 | 801 | |||||||||
Accumulated other comprehensive income (loss) | (7) | (7) | |||||||||
Total Diamondback Energy, Inc. stockholders’ equity | 16,280 | 15,009 | |||||||||
Non-controlling interest | 704 | 681 | |||||||||
Total equity | 16,984 | 15,690 | |||||||||
Total liabilities and equity | $ | 28,049 | $ | 26,209 |
Diamondback Energy, Inc. | |||||||||||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||||||||
(unaudited, $ in millions except per share data, shares in thousands) | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Oil, natural gas and natural gas liquid sales | $ | 2,265 | $ | 2,417 | $ | 6,063 | $ | 7,558 | |||||||||||||||
Sales of purchased oil | 59 | — | 59 | — | |||||||||||||||||||
Other operating income | 16 | 20 | 62 | 55 | |||||||||||||||||||
Total revenues | 2,340 | 2,437 | 6,184 | 7,613 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Lease operating expenses | 226 | 183 | 618 | 491 | |||||||||||||||||||
Production and ad valorem taxes | 118 | 156 | 421 | 495 | |||||||||||||||||||
Gathering and transportation | 73 | 71 | 209 | 191 | |||||||||||||||||||
Depreciation, depletion, amortization and accretion | 442 | 336 | 1,277 | 979 | |||||||||||||||||||
Purchased oil expense | 59 | — | 59 | — | |||||||||||||||||||
General and administrative expenses | 34 | 34 | 111 | 109 | |||||||||||||||||||
Merger and integration expense | 1 | 11 | 11 | 11 | |||||||||||||||||||
Other operating expenses | 47 | 32 | 113 | 85 | |||||||||||||||||||
Total costs and expenses | 1,000 | 823 | 2,819 | 2,361 | |||||||||||||||||||
Income (loss) from operations | 1,340 | 1,614 | 3,365 | 5,252 | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense, net | (41) | (43) | (138) | (122) | |||||||||||||||||||
Other income (expense), net | 37 | (5) | 69 | (3) | |||||||||||||||||||
Gain (loss) on derivative instruments, net | (76) | (24) | (358) | (677) | |||||||||||||||||||
Gain (loss) on extinguishment of debt | — | (1) | (4) | (59) | |||||||||||||||||||
Income (loss) from equity investments | 9 | 19 | 39 | 56 | |||||||||||||||||||
Total other income (expense), net | (71) | (54) | (392) | (805) | |||||||||||||||||||
Income (loss) before income taxes | 1,269 | 1,560 | 2,973 | 4,447 | |||||||||||||||||||
Provision for (benefit from) income taxes | 276 | 290 | 648 | 913 | |||||||||||||||||||
Net income (loss) | 993 | 1,270 | 2,325 | 3,534 | |||||||||||||||||||
Net income (loss) attributable to non-controlling interest | 78 | 86 | 142 | 155 | |||||||||||||||||||
Net income (loss) attributable to Diamondback Energy, Inc. | $ | 915 | $ | 1,184 | $ | 2,183 | $ | 3,379 | |||||||||||||||
Earnings (loss) per common share: | |||||||||||||||||||||||
Basic | $ | 5.07 | $ | 6.72 | $ | 12.01 | $ | 18.99 | |||||||||||||||
Diluted | $ | 5.07 | $ | 6.72 | $ | 12.01 | $ | 18.99 | |||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | 178,872 | 174,406 | 180,400 | 176,169 | |||||||||||||||||||
Diluted | 178,872 | 174,408 | 180,400 | 176,171 | |||||||||||||||||||
Dividends declared per share | $ | 3.37 | $ | 2.26 | $ | 5.04 | $ | 8.36 | |||||||||||||||
Diamondback Energy, Inc. | |||||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||||||||||||||
(unaudited, in millions) | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net income (loss) | $ | 993 | $ | 1,270 | $ | 2,325 | $ | 3,534 | |||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||
Provision for (benefit from) deferred income taxes | 10 | 102 | 185 | 375 | |||||||||||||||||||
Depreciation, depletion, amortization and accretion | 442 | 336 | 1,277 | 979 | |||||||||||||||||||
(Gain) loss on extinguishment of debt | — | 1 | 4 | 59 | |||||||||||||||||||
(Gain) loss on derivative instruments, net | 76 | 24 | 358 | 677 | |||||||||||||||||||
Cash received (paid) on settlement of derivative instruments | (24) | (96) | (62) | (816) | |||||||||||||||||||
(Income) loss from equity investment | (9) | (19) | (39) | (56) | |||||||||||||||||||
Equity-based compensation expense | 13 | 14 | 40 | 42 | |||||||||||||||||||
Other | 3 | 21 | (23) | 57 | |||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
Accounts receivable | (256) | 267 | (218) | (113) | |||||||||||||||||||
Income tax receivable | 103 | (2) | 267 | (1) | |||||||||||||||||||
Prepaid expenses and other | (8) | (31) | 5 | (16) | |||||||||||||||||||
Accounts payable and accrued liabilities | (28) | (8) | 46 | (29) | |||||||||||||||||||
Income tax payable | 23 | 28 | 4 | 14 | |||||||||||||||||||
Revenues and royalties payable | 53 | 19 | 139 | 182 | |||||||||||||||||||
Other | (33) | (1) | (12) | (4) | |||||||||||||||||||
Net cash provided by (used in) operating activities | 1,358 | 1,925 | 4,296 | 4,884 | |||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Drilling, completions and infrastructure additions to oil and natural gas properties | (645) | (464) | (1,948) | (1,327) | |||||||||||||||||||
Additions to midstream assets | (39) | (27) | (104) | (69) | |||||||||||||||||||
Property acquisitions | (168) | (254) | (1,193) | (623) | |||||||||||||||||||
Proceeds from sale of assets | 868 | 33 | 1,400 | 105 | |||||||||||||||||||
Other | (1) | (8) | (14) | (38) | |||||||||||||||||||
Net cash provided by (used in) investing activities | 15 | (720) | (1,859) | (1,952) | |||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Proceeds from borrowings under credit facilities | 1,015 | 2,521 | 4,466 | 4,100 | |||||||||||||||||||
Repayments under credit facilities | (1,332) | (2,556) | (4,368) | (4,119) | |||||||||||||||||||
Proceeds from senior notes | — | — | — | 750 | |||||||||||||||||||
Repayment of senior notes | — | (45) | (134) | (1,910) | |||||||||||||||||||
Proceeds from (repayments to) joint venture | — | (24) | — | (41) | |||||||||||||||||||
Premium on extinguishment of debt | — | — | — | (49) | |||||||||||||||||||
Repurchased shares under buyback program | (56) | (472) | (709) | (782) | |||||||||||||||||||
Repurchased units under buyback program | (10) | (51) | (67) | (122) | |||||||||||||||||||
Dividends paid to stockholders | (149) | (526) | (841) | (1,174) | |||||||||||||||||||
Distributions to non-controlling interest | (25) | (71) | (84) | (181) | |||||||||||||||||||
Other | (7) | (6) | (34) | (42) | |||||||||||||||||||
Net cash provided by (used in) financing activities | (564) | (1,230) | (1,771) | (3,570) | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 809 | (25) | 666 | (638) | |||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 21 | 59 | 164 | 672 | |||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 830 | $ | 34 | $ | 830 | $ | 34 |
Diamondback Energy, Inc. | |||||||||||||||||
Selected Operating Data | |||||||||||||||||
(unaudited) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
September 30, 2023 | June 30, 2023 | September 30, 2022 | |||||||||||||||
Production Data: | |||||||||||||||||
Oil (MBbls) | 24,482 | 23,946 | 20,638 | ||||||||||||||
Natural gas (MMcf) | 49,423 | 50,809 | 45,799 | ||||||||||||||
Natural gas liquids (MBbls) | 8,943 | 8,528 | 7,667 | ||||||||||||||
Combined volumes (MBOE)(1) | 41,662 | 40,942 | 35,938 | ||||||||||||||
Daily oil volumes (BO/d) | 266,109 | 263,143 | 224,326 | ||||||||||||||
Daily combined volumes (BOE/d) | 452,848 | 449,912 | 390,630 | ||||||||||||||
Average Prices: | |||||||||||||||||
Oil ($ per Bbl) | $ | 81.57 | $ | 71.33 | $ | 89.79 | |||||||||||
Natural gas ($ per Mcf) | $ | 1.62 | $ | 0.94 | $ | 6.46 | |||||||||||
Natural gas liquids ($ per Bbl) | $ | 21.02 | $ | 16.42 | $ | 34.96 | |||||||||||
Combined ($ per BOE) | $ | 54.37 | $ | 46.31 | $ | 67.25 | |||||||||||
Oil, hedged ($ per Bbl)(2) | $ | 80.51 | $ | 70.41 | $ | 87.41 | |||||||||||
Natural gas, hedged ($ per Mcf)(2) | $ | 1.62 | $ | 1.08 | $ | 5.50 | |||||||||||
Natural gas liquids, hedged ($ per Bbl)(2) | $ | 21.02 | $ | 16.42 | $ | 34.96 | |||||||||||
Average price, hedged ($ per BOE)(2) | $ | 53.74 | $ | 45.94 | $ | 64.67 | |||||||||||
Average Costs per BOE: | |||||||||||||||||
Lease operating expenses | $ | 5.42 | $ | 4.88 | $ | 5.09 | |||||||||||
Production and ad valorem taxes | 2.83 | 3.61 | 4.34 | ||||||||||||||
Gathering and transportation expense | 1.75 | 1.66 | 1.98 | ||||||||||||||
General and administrative - cash component | 0.51 | 0.51 | 0.56 | ||||||||||||||
Total operating expense - cash | $ | 10.51 | $ | 10.66 | $ | 11.97 | |||||||||||
General and administrative - non-cash component | $ | 0.31 | $ | 0.39 | $ | 0.39 | |||||||||||
Depreciation, depletion, amortization and accretion per BOE | $ | 10.61 | $ | 10.55 | $ | 9.35 | |||||||||||
Interest expense, net | $ | 0.98 | $ | 1.25 | $ | 1.20 | |||||||||||
Diamondback Energy, Inc. | |||||||||||||||||
Reconciliation of Net Income (Loss) to Adjusted EBITDA | |||||||||||||||||
(unaudited, in millions) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
September 30, 2023 | June 30, 2023 | September 30, 2022 | |||||||||||||||
Net income (loss) attributable to Diamondback Energy, Inc. | $ | 915 | $ | 556 | $ | 1,184 | |||||||||||
Net income (loss) attributable to non-controlling interest | 78 | 30 | 86 | ||||||||||||||
Net income (loss) | 993 | 586 | 1,270 | ||||||||||||||
Non-cash (gain) loss on derivative instruments, net | 52 | 150 | (72) | ||||||||||||||
Interest expense, net | 41 | 51 | 43 | ||||||||||||||
Depreciation, depletion, amortization and accretion | 442 | 432 | 336 | ||||||||||||||
Depreciation and interest expense related to equity method investments | 18 | 16 | 17 | ||||||||||||||
(Gain) loss on extinguishment of debt | — | 4 | 1 | ||||||||||||||
Non-cash equity-based compensation expense | 21 | 22 | 20 | ||||||||||||||
Capitalized equity-based compensation expense | (8) | (6) | (6) | ||||||||||||||
Merger and integration expenses | 1 | 2 | 11 | ||||||||||||||
Other non-cash transactions | (12) | (6) | 1 | ||||||||||||||
Provision for (benefit from) income taxes | 276 | 165 | 290 | ||||||||||||||
Consolidated Adjusted EBITDA | 1,824 | 1,416 | 1,911 | ||||||||||||||
Less: Adjustment for non-controlling interest | 78 | 63 | 54 | ||||||||||||||
Adjusted EBITDA attributable to Diamondback Energy, Inc. | $ | 1,746 | $ | 1,353 | $ | 1,857 |
Diamondback Energy, Inc. | |||||||||||
Adjusted Net Income | |||||||||||
(unaudited, $ in millions except per share data, shares in thousands) | |||||||||||
Three Months Ended September 30, 2023 | |||||||||||
Amounts | Amounts Per Diluted Share | ||||||||||
Net income (loss) attributable to Diamondback Energy, Inc.(1) | $ | 915 | $ | 5.07 | |||||||
Net income (loss) attributable to non-controlling interest | 78 | 0.44 | |||||||||
Net income (loss)(1) | 993 | 5.51 | |||||||||
Non-cash (gain) loss on derivative instruments, net | 52 | 0.29 | |||||||||
Merger and integration expense | 1 | 0.01 | |||||||||
Other non-cash transactions | (12) | (0.07) | |||||||||
Adjusted net income excluding above items(1) | 1,034 | 5.74 | |||||||||
Income tax adjustment for above items | (9) | (0.05) | |||||||||
Adjusted net income(1) | 1,025 | 5.69 | |||||||||
Less: Adjusted net income attributable to non-controlling interest | 35 | 0.20 | |||||||||
Adjusted net income attributable to Diamondback Energy, Inc.(1) | $ | 990 | $ | 5.49 | |||||||
Weighted average common shares outstanding: | |||||||||||
Basic | 178,872 | ||||||||||
Diluted | 178,872 |
Diamondback Energy, Inc. | |||||||||||||||||||||||
Operating Cash Flow Before Working Capital Changes, Free Cash Flow and Adjusted Free Cash Flow | |||||||||||||||||||||||
(unaudited, in millions) | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net cash provided by operating activities | $ | 1,358 | $ | 1,925 | $ | 4,296 | $ | 4,884 | |||||||||||||||
Less: Changes in cash due to changes in operating assets and liabilities: | |||||||||||||||||||||||
Accounts receivable | (256) | 267 | (218) | (113) | |||||||||||||||||||
Income tax receivable | 103 | (2) | 267 | (1) | |||||||||||||||||||
Prepaid expenses and other | (8) | (31) | 5 | (16) | |||||||||||||||||||
Accounts payable and accrued liabilities | (28) | (8) | 46 | (29) | |||||||||||||||||||
Income tax payable | 23 | 28 | 4 | 14 | |||||||||||||||||||
Revenues and royalties payable | 53 | 19 | 139 | 182 | |||||||||||||||||||
Other | (33) | (1) | (12) | (4) | |||||||||||||||||||
Total working capital changes | (146) | 272 | 231 | 33 | |||||||||||||||||||
Operating cash flow before working capital changes | 1,504 | 1,653 | 4,065 | 4,851 | |||||||||||||||||||
Drilling, completions and infrastructure additions to oil and natural gas properties | (645) | (464) | (1,948) | (1,327) | |||||||||||||||||||
Additions to midstream assets | (39) | (27) | (104) | (69) | |||||||||||||||||||
Total Cash CAPEX | (684) | (491) | (2,052) | (1,396) | |||||||||||||||||||
Free Cash Flow | 820 | 1,162 | 2,013 | 3,455 | |||||||||||||||||||
Tax impact from divestitures(1) | 64 | — | 64 | — | |||||||||||||||||||
Early termination of derivatives | — | 3 | — | 138 | |||||||||||||||||||
Adjusted Free Cash Flow | $ | 884 | $ | 1,165 | $ | 2,077 | $ | 3,593 | |||||||||||||||
Diamondback Energy, Inc. | |||||||||||||||||||||||||||||||||||
Net Debt | |||||||||||||||||||||||||||||||||||
(unaudited, in millions) | |||||||||||||||||||||||||||||||||||
September 30, 2023 | Net Q3 Principal Borrowings/(Repayments) | June 30, 2023 | March 31, 2023 | December 31, 2022 | September 30, 2022 | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Diamondback Energy, Inc.(1) | $ | 5,697 | $ | (343) | $ | 6,040 | $ | 6,426 | $ | 5,837 | $ | 4,340 | |||||||||||||||||||||||
Viper Energy Partners LP(1) | 680 | 26 | 654 | 700 | 582 | 675 | |||||||||||||||||||||||||||||
Rattler Midstream LP(1) | — | — | — | — | — | 500 | |||||||||||||||||||||||||||||
Total debt | 6,377 | $ | (317) | 6,694 | 7,126 | 6,419 | 5,515 | ||||||||||||||||||||||||||||
Cash and cash equivalents | (827) | (18) | (46) | (157) | (27) | ||||||||||||||||||||||||||||||
Net debt | $ | 5,550 | $ | 6,676 | $ | 7,080 | $ | 6,262 | $ | 5,488 |
Crude Oil (Bbls/day, $/Bbl) | |||||||||||||||||||||||||||||||||||
Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2025 | ||||||||||||||||||||||||||||||
Long Puts - Crude Brent Oil | 110,000 | 112,000 | 86,000 | 46,000 | 18,000 | — | |||||||||||||||||||||||||||||
Long Put Price ($/Bbl) | $55.00 | $55.00 | $55.00 | $55.00 | $55.00 | — | |||||||||||||||||||||||||||||
Deferred Premium ($/Bbl) | $-1.59 | $-1.50 | $-1.50 | $-1.48 | $-1.56 | — | |||||||||||||||||||||||||||||
Long Puts - WTI (Magellan East Houston) | 28,000 | 32,000 | 22,000 | 14,000 | 2,000 | — | |||||||||||||||||||||||||||||
Long Put Price ($/Bbl) | $55.00 | $55.00 | $55.00 | $55.00 | $55.00 | — | |||||||||||||||||||||||||||||
Deferred Premium ($/Bbl) | $-1.67 | $-1.60 | $-1.53 | $-1.50 | $-1.60 | — | |||||||||||||||||||||||||||||
Long Puts - WTI (Cushing) | 16,000 | 14,000 | 12,000 | — | — | — | |||||||||||||||||||||||||||||
Long Put Price ($/Bbl) | $56.25 | $58.57 | $60.00 | — | — | — | |||||||||||||||||||||||||||||
Deferred Premium ($/Bbl) | $-1.70 | $-1.54 | $-1.50 | — | — | — | |||||||||||||||||||||||||||||
Costless Collars - WTI (Cushing) | — | 6,000 | 6,000 | — | — | — | |||||||||||||||||||||||||||||
Long Put Price ($/Bbl) | — | $65.00 | $65.00 | — | — | — | |||||||||||||||||||||||||||||
Ceiling Price ($/Bbl) | — | $95.55 | $95.55 | — | — | — | |||||||||||||||||||||||||||||
Basis Swaps - WTI (Midland) | 24,000 | 6,000 | 6,000 | 6,000 | 6,000 | — | |||||||||||||||||||||||||||||
$0.90 | $1.23 | $1.23 | $1.23 | $1.23 | — | ||||||||||||||||||||||||||||||
Roll Swaps - WTI | — | 30,000 | 30,000 | 30,000 | 30,000 | — | |||||||||||||||||||||||||||||
— | $0.81 | $0.81 | $0.81 | $0.81 | — |
Natural Gas (Mmbtu/day, $/Mmbtu) | |||||||||||||||||||||||||||||||||||
Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2025 | ||||||||||||||||||||||||||||||
Costless Collars - Henry Hub | 310,000 | 290,000 | 290,000 | 290,000 | 290,000 | — | |||||||||||||||||||||||||||||
Long Put Price ($/Mmbtu) | $3.18 | $2.83 | $2.83 | $2.83 | $2.83 | — | |||||||||||||||||||||||||||||
Ceiling Price ($/Mmbtu) | $9.22 | $7.52 | $7.52 | $7.52 | $7.52 | — | |||||||||||||||||||||||||||||
Natural Gas Basis Swaps - Waha Hub | 330,000 | 380,000 | 380,000 | 380,000 | 380,000 | 190,000 | |||||||||||||||||||||||||||||
$-1.24 | $-1.18 | $-1.18 | $-1.18 | $-1.18 | $-0.70 |
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