ACQUISITIONS AND DIVESTITURES (Tables)

3 Months Ended

Mar. 31, 2024

Acquisitions And Divestitures [Abstract]

Schedule of Asset Acquisition

The following table presents the acquisition consideration paid in the Lario Acquisition (in millions, except per share data, shares in thousands):

Consideration:
Shares of Diamondback common stock issued at closing	4,330
Closing price per share of Diamondback common stock on the closing date	$	146.12
Fair value of Diamondback common stock issued	$	633
Cash consideration	814
Total consideration (including fair value of Diamondback common stock issued)	$	1,447

Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table sets forth the Company’s purchase price allocation (in millions):

Total consideration	$	1,447
Fair value of liabilities assumed:
Other long-term liabilities	37
Fair value of assets acquired:
Oil and natural gas properties	1,460
Inventories	2
Other property, equipment and land	22
Amount attributable to assets acquired	1,484
Net assets acquired and liabilities assumed	$	1,447