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STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE
Common Stock Repurchase Program

The Company’s board of directors has approved a common stock repurchase program to acquire up to $6.0 billion of the Company’s outstanding common stock, excluding excise tax. Purchases under the repurchase program may be made from time to time in open market or privately negotiated transactions, and are subject to market conditions, applicable regulatory and legal requirements, contractual obligations and other factors. The repurchase program does not require the Company to acquire any specific number of shares. This repurchase program may be suspended from time to time, modified, extended or discontinued by the board of directors at any time. During the years ended December 31, 2024, 2023 and 2022, the Company repurchased approximately $959 million, $838 million and $1.1 billion of common stock under the respective repurchase programs, respectively, in each case excluding excise tax. As of December 31, 2024, approximately $2.7 billion remained available for future repurchases under the Company’s common stock repurchase program, excluding excise tax.

Viper 2024 Equity Offering

On September 13, 2024, Viper completed an underwritten public offering of approximately 11.5 million shares of its Class A common stock, which included 1.5 million shares issued pursuant to an option to purchase additional shares of Class A common stock granted to the underwriters, at a price to the public of $42.50 per share for total net proceeds to Viper of approximately $476 million, after underwriters’ discounts and transaction costs (the “Viper 2024 Equity Offering”). The net proceeds were used to fund a portion of the cash consideration for the Viper TWR Acquisition.

See Note 17—Subsequent Events for discussion of additional subsequent Viper equity offering.

Change in Ownership of Consolidated Subsidiaries

Non-controlling interests in the accompanying consolidated financial statements represent minority interest ownership in Viper and Rattler through the Effective Date of the Rattler Merger and are presented as a component of equity. When the Company’s relative ownership interests in Viper and Rattler, through the Effective Date of the Rattler Merger, change, adjustments to non-controlling interest and additional paid-in-capital, tax effected, will occur.

The following table summarizes changes in the ownership interest in consolidated subsidiaries during the respective periods presented:

Year Ended December 31,
202420232022
(In millions)
Net income (loss) attributable to the Company$3,338 $3,143 $4,386 
Change in ownership of consolidated subsidiaries
(62)77 (46)
Change from net income (loss) attributable to the Company's stockholders and transfers with non-controlling interest$3,276 $3,220 $4,340 
Dividends

The following table presents dividends and distribution equivalent rights paid on the Company’s common stock during the respective periods:

BaseVariableTotal Per ShareTotal
(In per share)
(In millions)
2024
First quarter$0.90 $2.18 $3.08 $552 
Second quarter0.90 1.07 1.97 355 
Third quarter0.90 1.44 2.34 419 
Fourth quarter0.90 — 0.90 263 
Total year-to-date$3.60 $4.69 $8.29 $1,589 
2023
First quarter$0.80 $2.15 $2.95 $546 
Second quarter0.80 0.03 0.83 151 
Third quarter0.84 — 0.84 151 
Fourth quarter0.84 2.53 3.37 607 
Total year-to-date$3.28 $4.71 $7.99 $1,455 
2022
First quarter$0.60 $— $0.60 $108 
Second quarter0.70 2.35 3.05 548 
Third quarter0.75 2.30 3.05 532 
Fourth quarter0.75 1.51 2.26 400 
Total year-to-date$2.80 $6.16 $8.96 $1,588 

Viper’s Common Stock Repurchase Program

Viper’s board of directors has currently approved a common stock repurchase program to acquire up to $750 million of Viper’s outstanding Class A common stock, excluding excise tax, over an indefinite period of time. During the year ended December 31, 2024 Viper had no repurchases under its repurchase program. During the years ended December 31, 2023 and 2022, Viper repurchased approximately $95 million, and $151 million under its repurchase program. As of December 31, 2024, $434 million remains available Viper’s common stock repurchase program, excluding excise tax.

Dividends to Non-Controlling Interest

During the years ended December 31, 2024, 2023 and 2022, Viper paid $227 million, $129 million, and $182 million of distributions and dividends to its public shareholders, excluding Diamondback, in accordance with the dividend policy approved by its board of directors. Prior to the Rattler Merger, Rattler made $35 million of distributions to its common unitholders during the year ended December 31, 2022 in accordance with the distribution policy approved by its board of directors. These dividends are reflected under the caption “Dividends/distributions to non-controlling interest” on the Company’s consolidated statement of stockholders’ equity and consolidated statements of cash flows.
Earnings (Loss) Per Share

The Company’s basic earnings (loss) per share amounts have been computed using the two-class method. The two-class method is an earnings allocation proportional to the respective ownership among holders of common stock and participating securities. Basic earnings (loss) per share amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share include the effect of potentially dilutive shares outstanding for the period. Additionally, the per share earnings of Viper and Rattler prior to the Effective Date of the Rattler Merger are included in the consolidated earnings per share computation based on the consolidated group’s holdings of the subsidiaries.

A reconciliation of the components of basic and diluted earnings (loss) per common share is presented below:

Year Ended December 31,
202420232022
(In millions, except per share amounts)
Net income (loss) attributable to common shares$3,338 $3,143 $4,386 
Less: distributed and undistributed earnings allocated to participating securities(1)
21 22 42 
Net income (loss) attributable to common stockholders$3,317 $3,121 $4,344 
Weighted average common shares outstanding:
Basic weighted average common shares outstanding213,545 179,999 176,539 
Effect of dilutive securities:
Weighted-average potential common shares issuable— — — 
Diluted weighted average common shares outstanding213,545 179,999 176,539 
Basic net income (loss) attributable to common shares$15.53 $17.34 $24.61 
Diluted net income (loss) attributable to common shares$15.53 $17.34 $24.61 
(1)    Unvested restricted stock awards and performance stock awards that contain nonforfeitable distribution equivalent rights are considered participating securities and therefore are included in the earnings per share calculation pursuant to the two-class method.