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ENDEAVOR ENERGY RESOURCES, LP ACQUISITION (Tables)
9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Acquisition Consideration Paid
The following table presents the acquisition consideration paid to Endeavor equityholders in the Endeavor Acquisition (in millions, except per share data, shares in thousands):

Consideration:
Shares of Diamondback common stock issued at closing
117,267
Closing price per share of Diamondback common stock on the closing date
$171.49 
Fair value of Diamondback common stock issued
$20,110 
Base cash amount
$8,000 
Preliminary closing adjustments
(928)
Cash consideration to Endeavor equityholders
7,072 
Cash payment of net debt position and make-whole amount
238 
Total cash consideration
7,310 
Total consideration (including fair value of Diamondback common stock issued)
$27,420 
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 liabilities37 
Fair value of assets acquired:
Oil and natural gas properties1,460 
Inventories
Other property, equipment and land22 
Amount attributable to assets acquired1,484 
Net assets acquired and liabilities assumed$1,447 
The following table sets forth the Company’s preliminary purchase price allocation (in millions):

Total consideration$27,420 
Fair value of liabilities assumed:
Accounts payable - trade$18 
Accrued capital expenditures173 
Other accrued liabilities613 
Revenues and royalties payable567 
Derivative instruments
Income taxes payable202 
Other current liabilities21 
Asset retirement obligations186 
Deferred income taxes7,280 
Other long-term liabilities
Amount attributable to liabilities acquired$9,070 
Fair value of assets acquired:
Accounts receivable - joint interest and other, net$70 
Accounts receivable - oil and natural gas sales, net660 
Inventories77 
Derivative instruments25 
Prepaid expenses and other current assets20 
Oil and natural gas properties34,833 
Other property, equipment and land776 
Other assets29 
Amount attributable to assets acquired$36,490 
Net assets acquired and liabilities assumed$27,420 
Schedule of Business Acquisition Pro Forma The pro forma financial data does not include the results of operations for any other acquisitions made during the periods presented, as they were primarily acreage acquisitions, and their results were not deemed material.
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In millions, except per share amounts)
Revenues$3,877 $4,052 $11,800 $10,773 
Income (loss) from operations$983 $2,228 $4,797 $5,619 
Net income (loss) attributable to Diamondback Energy, Inc.$853 $1,582 $2,020 $3,888 
Basic earnings (loss) per common share$2.87 $5.32 $6.79 $12.99 
Diluted earnings (loss) per common share$2.87 $5.32 $6.79 $12.99