(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: | April 30, 2024 | |||||||||||||
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 | 69 | 101 | |||||||||
Delaware Basin | 10 | — | |||||||||
Total | 79 | 101 |
Total Activity (Net Operated): | |||||||||||
Number of Wells Drilled | Number of Wells Completed | ||||||||||
Midland Basin | 67 | 89 | |||||||||
Delaware Basin | 9 | — | |||||||||
Total | 76 | 89 |
2024 Guidance | 2024 Guidance | |||||||
Diamondback Energy, Inc. | Viper Energy, Inc. | |||||||
Net production - MBOE/d | 458 - 466 | 46.00 - 48.00 | ||||||
Oil production - MBO/d | 270 - 275 | 25.75 - 26.75 | ||||||
Q2 2024 oil production - MBO/d (total - MBOE/d) | 271 - 275 (459 - 466) | 26.00 - 26.50 (46.50 - 47.25) | ||||||
Unit costs ($/BOE) | ||||||||
Lease operating expenses, including workovers | $6.00 - $6.50 | |||||||
G&A | ||||||||
Cash G&A | $0.55 - $0.65 | $1.00 - $1.20 | ||||||
Non-cash equity-based compensation | $0.40 - $0.50 | $0.10 - $0.15 | ||||||
DD&A | $10.50 - $11.50 | $11.00 - $11.50 | ||||||
Interest expense (net of interest income) | $1.65 - $1.85 | $4.25 - $4.50 | ||||||
Gathering, processing and transportation | $1.80 - $2.00 | |||||||
Production and ad valorem taxes (% of revenue) | ~7% | ~7% | ||||||
Corporate tax rate (% of pre-tax income) | 23% | 20% - 22% | ||||||
Cash tax rate (% of pre-tax income) | 15% - 18% | |||||||
Q2 2024 Cash taxes ($ - million) | $180 - $220 | $13 - $18 | ||||||
Capital Budget ($ - million) | ||||||||
2024 Drilling, completion, capital workovers, and non-operated properties | $2,100 - $2,330 | |||||||
2024 Infrastructure and midstream | $200 - $220 | |||||||
2024 Total capital expenditures | $2,300 - $2,550 | |||||||
Q2 2024 Capital expenditures | $580 - $620 | |||||||
Gross horizontal wells drilled (net) | 265 - 285 (244 - 263) | |||||||
Gross horizontal wells completed (net) | 300 - 320 (273 - 291) | |||||||
Average completed lateral length (Ft.) | ~11,500' | |||||||
FY 2024 Midland Basin well costs per lateral foot | $600 - $650 | |||||||
FY 2024 Delaware Basin well costs per lateral foot | $875 - $925 | |||||||
Midland Basin completed net lateral feet (%) | ~90% | |||||||
Delaware Basin completed net lateral feet (%) | ~10% |
Diamondback Energy, Inc. | |||||||||||
Condensed Consolidated Balance Sheets | |||||||||||
(unaudited, in millions, except share amounts) | |||||||||||
March 31, | December 31, | ||||||||||
2024 | 2023 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 896 | $ | 582 | |||||||
Restricted cash | 3 | 3 | |||||||||
Accounts receivable: | |||||||||||
Joint interest and other, net | 208 | 192 | |||||||||
Oil and natural gas sales, net ($132 million and $109 million related to Viper) | 734 | 654 | |||||||||
Income tax receivable | — | 1 | |||||||||
Inventories | 57 | 63 | |||||||||
Derivative instruments | 7 | 17 | |||||||||
Prepaid expenses and other current assets | 43 | 109 | |||||||||
Total current assets | 1,948 | 1,621 | |||||||||
Property and equipment: | |||||||||||
Oil and natural gas properties, full cost method of accounting ($8,455 million and $8,659 million excluded from amortization at March 31, 2024 and December 31, 2023, respectively) ($4,649 million and $4,629 million and $1,719 million and $1,769 million excluded from amortization related to Viper) | 43,240 | 42,430 | |||||||||
Other property, equipment and land | 675 | 673 | |||||||||
Accumulated depletion, depreciation, amortization and impairment ($913 million and $866 million related to Viper) | (16,891) | (16,429) | |||||||||
Property and equipment, net | 27,024 | 26,674 | |||||||||
Equity method investments | 529 | 529 | |||||||||
Derivative instruments | 7 | 1 | |||||||||
Deferred income taxes, net | 61 | 45 | |||||||||
Investment in real estate, net | 83 | 84 | |||||||||
Other assets | 38 | 47 | |||||||||
Total assets | $ | 29,690 | $ | 29,001 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable - trade | $ | 243 | $ | 261 | |||||||
Accrued capital expenditures | 570 | 493 | |||||||||
Other accrued liabilities | 337 | 475 | |||||||||
Revenues and royalties payable | 732 | 764 | |||||||||
Derivative instruments | 102 | 86 | |||||||||
Income taxes payable | 134 | 29 | |||||||||
Total current liabilities | 2,118 | 2,108 | |||||||||
Long-term debt ($1,094 million and $1,083 million related to Viper) | 6,629 | 6,641 | |||||||||
Derivative instruments | 144 | 122 | |||||||||
Asset retirement obligations | 266 | 239 | |||||||||
Deferred income taxes | 2,502 | 2,449 | |||||||||
Other long-term liabilities | 12 | 12 | |||||||||
Total liabilities | 11,671 | 11,571 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock, $0.01 par value; 400,000,000 shares authorized; 178,339,978 and 178,723,871 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 2 | 2 | |||||||||
Additional paid-in capital | 14,251 | 14,142 | |||||||||
Retained earnings (accumulated deficit) | 2,705 | 2,489 | |||||||||
Accumulated other comprehensive income (loss) | (8) | (8) | |||||||||
Total Diamondback Energy, Inc. stockholders’ equity | 16,950 | 16,625 | |||||||||
Non-controlling interest | 1,069 | 805 | |||||||||
Total equity | 18,019 | 17,430 | |||||||||
Total liabilities and stockholders' equity | $ | 29,690 | $ | 29,001 |
Diamondback Energy, Inc. | |||||||||||
Condensed Consolidated Statements of Operations | |||||||||||
(unaudited, $ in millions except per share data, shares in thousands) | |||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenues: | |||||||||||
Oil, natural gas and natural gas liquid sales | $ | 2,101 | $ | 1,902 | |||||||
Sales of purchased oil | 116 | — | |||||||||
Other operating income | 10 | 23 | |||||||||
Total revenues | 2,227 | 1,925 | |||||||||
Costs and expenses: | |||||||||||
Lease operating expenses | 255 | 192 | |||||||||
Production and ad valorem taxes | 119 | 155 | |||||||||
Gathering, processing and transportation | 77 | 68 | |||||||||
Purchased oil expense | 117 | — | |||||||||
Depreciation, depletion, amortization and accretion | 469 | 403 | |||||||||
General and administrative expenses | 46 | 40 | |||||||||
Merger and integration expense | 12 | 8 | |||||||||
Other operating expenses | 14 | 34 | |||||||||
Total costs and expenses | 1,109 | 900 | |||||||||
Income (loss) from operations | 1,118 | 1,025 | |||||||||
Other income (expense): | |||||||||||
Interest expense, net | (46) | (46) | |||||||||
Other income (expense), net | 4 | 53 | |||||||||
Gain (loss) on derivative instruments, net | (48) | (93) | |||||||||
Gain (loss) on extinguishment of debt | 2 | — | |||||||||
Income (loss) from equity investments, net | 2 | 14 | |||||||||
Total other income (expense), net | (86) | (72) | |||||||||
Income (loss) before income taxes | 1,032 | 953 | |||||||||
Provision for (benefit from) income taxes | 223 | 207 | |||||||||
Net income (loss) | 809 | 746 | |||||||||
Net income (loss) attributable to non-controlling interest | 41 | 34 | |||||||||
Net income (loss) attributable to Diamondback Energy, Inc. | $ | 768 | $ | 712 | |||||||
Earnings (loss) per common share: | |||||||||||
Basic | $ | 4.28 | $ | 3.88 | |||||||
Diluted | $ | 4.28 | $ | 3.88 | |||||||
Weighted average common shares outstanding: | |||||||||||
Basic | 178,477 | 181,988 | |||||||||
Diluted | 178,477 | 181,988 | |||||||||
Diamondback Energy, Inc. | |||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||
(unaudited, in millions) | |||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | 809 | $ | 746 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Provision for (benefit from) deferred income taxes | 52 | 97 | |||||||||
Depreciation, depletion, amortization and accretion | 469 | 403 | |||||||||
(Gain) loss on extinguishment of debt | (2) | — | |||||||||
(Gain) loss on derivative instruments, net | 48 | 93 | |||||||||
Cash received (paid) on settlement of derivative instruments | (4) | 1 | |||||||||
(Income) loss from equity investment, net | (2) | (14) | |||||||||
Equity-based compensation expense | 14 | 11 | |||||||||
Other | 16 | (34) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (95) | (36) | |||||||||
Income tax receivable | 12 | 95 | |||||||||
Prepaid expenses and other current assets | 89 | — | |||||||||
Accounts payable and accrued liabilities | (110) | (26) | |||||||||
Income taxes payable | 70 | 17 | |||||||||
Revenues and royalties payable | (35) | 60 | |||||||||
Other | 3 | 12 | |||||||||
Net cash provided by (used in) operating activities | 1,334 | 1,425 | |||||||||
Cash flows from investing activities: | |||||||||||
Drilling, completions and infrastructure additions to oil and natural gas properties | (605) | (622) | |||||||||
Additions to midstream assets | (4) | (35) | |||||||||
Property acquisitions | (153) | (880) | |||||||||
Proceeds from sale of assets | 12 | 264 | |||||||||
Other | (1) | (6) | |||||||||
Net cash provided by (used in) investing activities | (751) | (1,279) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from borrowings under credit facilities | 90 | 1,696 | |||||||||
Repayments under credit facilities | (80) | (989) | |||||||||
Repayment of senior notes | (25) | — | |||||||||
Repurchased shares under buyback program | (42) | (332) | |||||||||
Repurchased shares/units under Viper's buyback program | — | (34) | |||||||||
Proceeds from partial sale of investment in Viper Energy, Inc. | 451 | — | |||||||||
Dividends paid to stockholders | (548) | (542) | |||||||||
Dividends/distributions to non-controlling interest | (44) | (34) | |||||||||
Other | (71) | (22) | |||||||||
Net cash provided by (used in) financing activities | (269) | (257) | |||||||||
Net increase (decrease) in cash and cash equivalents | 314 | (111) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 585 | 164 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 899 | $ | 53 |
Diamondback Energy, Inc. | |||||||||||||||||
Selected Operating Data | |||||||||||||||||
(unaudited) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||
Production Data: | |||||||||||||||||
Oil (MBbls) | 24,874 | 25,124 | 22,624 | ||||||||||||||
Natural gas (MMcf) | 50,602 | 50,497 | 47,388 | ||||||||||||||
Natural gas liquids (MBbls) | 8,653 | 9,016 | 7,730 | ||||||||||||||
Combined volumes (MBOE)(1) | 41,961 | 42,556 | 38,252 | ||||||||||||||
Daily oil volumes (BO/d) | 273,341 | 273,087 | 251,378 | ||||||||||||||
Daily combined volumes (BOE/d) | 461,110 | 462,565 | 425,022 | ||||||||||||||
Average Prices: | |||||||||||||||||
Oil ($ per Bbl) | $ | 75.06 | $ | 76.42 | $ | 73.11 | |||||||||||
Natural gas ($ per Mcf) | $ | 0.99 | $ | 1.29 | $ | 1.46 | |||||||||||
Natural gas liquids ($ per Bbl) | $ | 21.26 | $ | 19.96 | $ | 23.16 | |||||||||||
Combined ($ per BOE) | $ | 50.07 | $ | 50.87 | $ | 49.72 | |||||||||||
Oil, hedged ($ per Bbl)(2) | $ | 74.13 | $ | 75.59 | $ | 72.05 | |||||||||||
Natural gas, hedged ($ per Mcf)(2) | $ | 1.36 | $ | 1.31 | $ | 1.96 | |||||||||||
Natural gas liquids, hedged ($ per Bbl)(2) | $ | 21.26 | $ | 19.96 | $ | 23.16 | |||||||||||
Average price, hedged ($ per BOE)(2) | $ | 49.97 | $ | 50.40 | $ | 49.72 | |||||||||||
Average Costs per BOE: | |||||||||||||||||
Lease operating expenses | $ | 6.08 | $ | 5.97 | $ | 5.02 | |||||||||||
Production and ad valorem taxes | 2.84 | 2.44 | 4.05 | ||||||||||||||
Gathering, processing and transportation expense | 1.84 | 1.83 | 1.78 | ||||||||||||||
General and administrative - cash component | 0.76 | 0.59 | 0.76 | ||||||||||||||
Total operating expense - cash | $ | 11.52 | $ | 10.83 | $ | 11.61 | |||||||||||
General and administrative - non-cash component | $ | 0.34 | $ | 0.33 | $ | 0.29 | |||||||||||
Depreciation, depletion, amortization and accretion per BOE | $ | 11.18 | $ | 11.02 | $ | 10.54 | |||||||||||
Interest expense, net | $ | 1.10 | $ | 0.87 | $ | 1.20 | |||||||||||
Diamondback Energy, Inc. | |||||||||||||||||
Reconciliation of Net Income (Loss) to Adjusted EBITDA | |||||||||||||||||
(unaudited, in millions) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, 2024 | December 31, 2023 | March 31, 2023 | |||||||||||||||
Net income (loss) attributable to Diamondback Energy, Inc. | $ | 768 | $ | 960 | $ | 712 | |||||||||||
Net income (loss) attributable to non-controlling interest | 41 | 51 | 34 | ||||||||||||||
Net income (loss) | 809 | 1,011 | 746 | ||||||||||||||
Non-cash (gain) loss on derivative instruments, net | 44 | (147) | 94 | ||||||||||||||
Interest expense, net | 46 | 37 | 46 | ||||||||||||||
Depreciation, depletion, amortization and accretion | 469 | 469 | 403 | ||||||||||||||
Depreciation and interest expense related to equity method investments | 23 | 18 | 18 | ||||||||||||||
(Gain) loss on extinguishment of debt | (2) | — | — | ||||||||||||||
Non-cash equity-based compensation expense | 21 | 21 | 16 | ||||||||||||||
Capitalized equity-based compensation expense | (7) | (7) | (5) | ||||||||||||||
Merger and integration expenses | 12 | — | 8 | ||||||||||||||
Other non-cash transactions | 1 | 12 | (46) | ||||||||||||||
Provision for (benefit from) income taxes | 223 | 264 | 207 | ||||||||||||||
Consolidated Adjusted EBITDA | 1,639 | 1,678 | 1,487 | ||||||||||||||
Less: Adjustment for non-controlling interest | 89 | 82 | 67 | ||||||||||||||
Adjusted EBITDA attributable to Diamondback Energy, Inc. | $ | 1,550 | $ | 1,596 | $ | 1,420 |
Diamondback Energy, Inc. | |||||||||||
Adjusted Net Income | |||||||||||
(unaudited, $ in millions except per share data, shares in thousands) | |||||||||||
Three Months Ended March 31, 2024 | |||||||||||
Amounts | Amounts Per Diluted Share | ||||||||||
Net income (loss) attributable to Diamondback Energy, Inc.(1) | $ | 768 | $ | 4.28 | |||||||
Net income (loss) attributable to non-controlling interest | 41 | 0.22 | |||||||||
Net income (loss)(1) | 809 | 4.50 | |||||||||
Non-cash (gain) loss on derivative instruments, net | 44 | 0.25 | |||||||||
(Gain) loss on extinguishment of debt | (2) | (0.01) | |||||||||
Merger and integration expense | 12 | 0.06 | |||||||||
Other non-cash transactions | 1 | 0.01 | |||||||||
Adjusted net income excluding above items(1) | 864 | 4.81 | |||||||||
Income tax adjustment for above items | (12) | (0.06) | |||||||||
Adjusted net income(1) | 852 | 4.75 | |||||||||
Less: Adjusted net income attributable to non-controlling interest | 43 | 0.25 | |||||||||
Adjusted net income attributable to Diamondback Energy, Inc.(1) | $ | 809 | $ | 4.50 | |||||||
Weighted average common shares outstanding: | |||||||||||
Basic | 178,477 | ||||||||||
Diluted | 178,477 |
Diamondback Energy, Inc. | |||||||||||
Operating Cash Flow Before Working Capital Changes and Free Cash Flow | |||||||||||
(unaudited, in millions) | |||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net cash provided by operating activities | $ | 1,334 | $ | 1,425 | |||||||
Less: Changes in cash due to changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (95) | (36) | |||||||||
Income tax receivable | 12 | 95 | |||||||||
Prepaid expenses and other current assets | 89 | — | |||||||||
Accounts payable and accrued liabilities | (110) | (26) | |||||||||
Income taxes payable | 70 | 17 | |||||||||
Revenues and royalties payable | (35) | 60 | |||||||||
Other | 3 | 12 | |||||||||
Total working capital changes | (66) | 122 | |||||||||
Operating cash flow before working capital changes | 1,400 | 1,303 | |||||||||
Drilling, completions and infrastructure additions to oil and natural gas properties | (605) | (622) | |||||||||
Additions to midstream assets | (4) | (35) | |||||||||
Total Cash CAPEX | (609) | (657) | |||||||||
Free Cash Flow | $ | 791 | $ | 646 | |||||||
Diamondback Energy, Inc. | |||||||||||||||||||||||||||||||||||
Net Debt | |||||||||||||||||||||||||||||||||||
(unaudited, in millions) | |||||||||||||||||||||||||||||||||||
March 31, 2024 | Net Q1 Principal Borrowings/(Repayments) | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Diamondback Energy, Inc.(1) | $ | 5,669 | $ | (28) | $ | 5,697 | $ | 5,697 | $ | 6,040 | $ | 6,426 | |||||||||||||||||||||||
Viper Energy, Inc.(1) | 1,103 | 10 | 1,093 | 680 | 654 | 700 | |||||||||||||||||||||||||||||
Total debt | 6,772 | $ | (18) | 6,790 | 6,377 | 6,694 | 7,126 | ||||||||||||||||||||||||||||
Cash and cash equivalents | (896) | (582) | (827) | (18) | (46) | ||||||||||||||||||||||||||||||
Net debt | $ | 5,876 | $ | 6,208 | $ | 5,550 | $ | 6,676 | $ | 7,080 |
Crude Oil (Bbls/day, $/Bbl) | |||||||||||||||||||||||
Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | ||||||||||||||||||||
Long Puts - Crude Brent Oil | 110,000 | 80,000 | 53,000 | 11,000 | |||||||||||||||||||
Long Put Price ($/Bbl) | $55.45 | $55.25 | $56.04 | $60.00 | |||||||||||||||||||
Deferred Premium ($/Bbl) | $-1.49 | $-1.55 | $-1.57 | $-1.39 | |||||||||||||||||||
Long Puts - WTI (Magellan East Houston) | 32,000 | 28,000 | 20,000 | 8,000 | |||||||||||||||||||
Long Put Price ($/Bbl) | $55.63 | $56.07 | $58.00 | $60.00 | |||||||||||||||||||
Deferred Premium ($/Bbl) | $-1.56 | $-1.58 | $-1.68 | $-1.68 | |||||||||||||||||||
Long Puts - WTI (Cushing) | 39,000 | 51,000 | 48,000 | 22,000 | |||||||||||||||||||
Long Put Price ($/Bbl) | $59.23 | $57.65 | $57.50 | $57.73 | |||||||||||||||||||
Deferred Premium ($/Bbl) | $-1.49 | $-1.54 | $-1.67 | $-1.71 | |||||||||||||||||||
Costless Collars - WTI (Cushing) | 6,000 | 4,000 | 4,000 | — | |||||||||||||||||||
Long Put Price ($/Bbl) | $65.00 | $55.00 | $55.00 | — | |||||||||||||||||||
Short Call Price ($/Bbl) | $95.55 | $93.66 | $93.66 | — | |||||||||||||||||||
Basis Swaps - WTI (Midland) | 12,000 | 12,000 | 12,000 | — | |||||||||||||||||||
$1.19 | $1.19 | $1.19 | — | ||||||||||||||||||||
Roll Swaps - WTI | 40,000 | 40,000 | 40,000 | — | |||||||||||||||||||
$0.82 | $0.82 | $0.82 | — |
Natural Gas (Mmbtu/day, $/Mmbtu) | |||||||||||||||||||||||
Q2 2024 | Q3 2024 | Q4 2024 | FY 2025 | ||||||||||||||||||||
Costless Collars - Henry Hub | 290,000 | 290,000 | 290,000 | 270,000 | |||||||||||||||||||
Long Put Price ($/Mmbtu) | $2.83 | $2.83 | $2.83 | $2.50 | |||||||||||||||||||
Ceiling Price ($/Mmbtu) | $7.52 | $7.52 | $7.52 | $5.42 | |||||||||||||||||||
Natural Gas Basis Swaps - Waha Hub | 380,000 | 380,000 | 380,000 | 330,000 | |||||||||||||||||||
$-1.18 | $-1.18 | $-1.18 | $-0.70 |
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