ACQUISITIONS AND DIVESTITURES (Tables)

12 Months Ended

Dec. 31, 2024

Business Combinations And Divestitures [Abstract]

Schedule of Acquisition Consideration Paid

The following table presents the acquisition consideration transferred in the TRP Exchange (in millions):

Consideration:
Oil and natural gas properties	$	989
Midstream assets	53
Suspense liabilities relieved	(16)
Cash consideration	325
Total consideration	$	1,351

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	$	1,351
Fair value of liabilities assumed:
Suspense liabilities	(3)
Fair value of assets acquired:
Oil and natural gas properties	1,354
Net assets acquired and liabilities assumed	$	1,351

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

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

Total consideration	$	1,663
Fair value of liabilities assumed:
Other long-term liabilities	10
Fair value of assets acquired:
Oil and natural gas properties	1,598
Inventories	3
Other property, equipment and land	72
Amount attributable to assets acquired	1,673
Net assets acquired and liabilities assumed	$	1,663

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 expenditures	173
Other accrued liabilities	613
Revenues and royalties payable	567
Derivative instruments	5
Income taxes payable	261
Other current liabilities	21
Asset retirement obligations	259
Deferred income taxes	7,211
Other long-term liabilities	5
Amount attributable to liabilities acquired	$	9,133
Fair value of assets acquired:
Accounts receivable - joint interest and other, net	$	69
Accounts receivable - oil and natural gas sales, net	659
Inventories	77
Derivative instruments	25
Prepaid expenses and other current assets	20
Oil and natural gas properties	34,824
Other property, equipment and land	849
Other assets	30
Amount attributable to assets acquired	36,553
Net assets acquired and liabilities assumed	$	27,420

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

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

Consideration:
Shares of Diamondback common stock issued at closing	5,921
Closing price per share of Diamondback common stock on the closing date	$	148.02
Fair value of Diamondback common stock issued	$	876
Cash consideration	787
Total consideration (including fair value of Diamondback common stock issued)	$	1,663