$FANG

Diamondback Energy, Inc.

CIK:0001539838|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Other operating income	$ 37	$ 27	$ 67	$ 44
Total revenues	5,562	3,678	9,802	7,726
Costs and expenses:
Lease operating expenses	552	440	1,099	848
Production and ad valorem taxes	302	214	570	442
Gathering, processing and transportation	113	145	233	256
Purchased oil expense	730	331	1,123	713
Depreciation, depletion, amortization and accretion	1,272	1,266	2,565	2,363
Impairment of oil and natural gas properties	0	0	1,400	0
General and administrative expenses	72	67	151	140
Other operating expenses, net	9	76	33	152
Total costs and expenses	3,050	2,539	7,174	4,914
Income (loss) from operations	2,512	1,139	2,628	2,812
Other income (expense):
Interest expense, net	(56)	(56)	(119)	(96)
Other income (expense), net	(4)	2	3	37
Gain (loss) on derivative instruments, net	49	(197)	166	29
Gain (loss) on extinguishment of debt, net	134	55	133	55
Total other income (expense), net	123	(196)	183	25
Income (loss) before income taxes	2,635	943	2,811	2,837
Provision for (benefit from) income taxes	580	204	612	607
Net income (loss)	2,055	739	2,199	2,230
Net income (loss) attributable to non-controlling interest	173	40	292	126
Net income (loss) attributable to Diamondback Energy, Inc.	$ 1,882	$ 699	$ 1,907	$ 2,104
Earnings (loss) per common share:
Basic (in usd per share)	$ 6.65	$ 2.38	$ 6.72	$ 7.20
Diluted (in usd per share)	$ 6.65	$ 2.38	$ 6.72	$ 7.20
Weighted average common shares outstanding:
Basic (in shares)	281,202	292,135	281,993	290,880
Diluted (in shares)	281,202	292,135	281,993	290,880
Oil sales
Revenues:
Revenue	$ 4,627	$ 2,852	$ 8,072	$ 5,891
Natural gas sales
Revenues:
Revenue	(276)	97	(255)	309
Natural gas liquid sales
Revenues:
Revenue	435	367	794	773
Sales of purchased oil
Revenues:
Revenue	$ 739	$ 335	$ 1,124	$ 709

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 2,199	$ 2,230
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for (benefit from) deferred income taxes	(206)	(18)
Depreciation, depletion, amortization and accretion	2,565	2,363
Impairment of oil and natural gas properties	1,400	0
(Gain) loss on extinguishment of debt, net	(133)	(55)
(Gain) loss on derivative instruments, net	(166)	(29)
Cash received (paid) on settlement of derivative instruments	246	48
Other	59	54
Changes in operating assets and liabilities:
Accounts receivable	(563)	160
Accounts payable and accrued liabilities	(204)	(383)
Income taxes payable	0	(309)
Revenues and royalties payable	324	(30)
Other	(104)	1
Net cash provided by (used in) operating activities	5,417	4,032
Cash flows from investing activities:
Additions to oil and natural gas properties	(1,929)	(1,806)
Property acquisitions	(752)	(3,875)
Proceeds from sale of assets	657	57
Other	(29)	(8)
Net cash provided by (used in) investing activities	(2,053)	(5,632)
Cash flows from financing activities:
Proceeds from debt	6,290	8,622
Repayment of debt	(8,047)	(6,407)
Repurchased shares/units under Viper’s repurchase program	(228)	(10)
Net proceeds from Viper’s issuance of common stock	0	1,232
Proceeds from sale of Viper's common stock	589	0
Dividends paid to stockholders	(605)	(581)
Dividends to non-controlling interest	(279)	(177)
Other	(37)	(49)
Net cash provided by (used in) financing activities	(3,006)	1,657
Net increase (decrease) in cash, cash equivalents and restricted cash	358	57
Cash, cash equivalents and restricted cash at beginning of period	106	164
Cash, cash equivalents and restricted cash at end of period	464	221
Nonrelated Party
Cash flows from financing activities:
Repurchased shares	(180)	(973)
Related Party
Cash flows from financing activities:
Repurchased shares	$ (509)	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents ($77 million and $13 million related to Viper)	$ 462	$ 104
Restricted cash	2	2
Accounts receivable:
Joint interest and other, net	261	258
Oil and natural gas sales, net ($461 million and $262 million related to Viper)	1,669	1,128
Inventories	67	86
Prepaid expenses and other current assets	189	337
Total current assets	2,650	1,915
Oil and natural gas properties:
Proved properties ($9,608 million and $9,746 million related to Viper)	74,385	71,588
Unproved properties ($4,545 million and $4,910 million related to Viper)	23,193	23,941
Other property, equipment and land	899	874
Accumulated depletion, depreciation, amortization and impairment ($2,856 million and $2,455 million related to Viper)	(31,705)	(27,782)
Property and equipment, net	66,772	68,621
Other assets	796	523
Total assets	70,218	71,059
Current liabilities:
Accounts payable and accrued capital expenditures	1,264	1,168
Current maturities of debt	1,548	763
Other accrued liabilities	883	1,108
Revenues and royalties payable	1,717	1,397
Derivative instruments	36	15
Income taxes payable	230	149
Total current liabilities	5,678	4,600
Long-term debt ($1,678 million and $2,186 million related to Viper)	11,066	13,726
Deferred income taxes	8,933	9,141
Other long-term liabilities	556	625
Total liabilities	26,233	28,092
Commitments and contingencies (Note 15)
Stockholders’ equity:
Common stock, $0.01 par value; 800,000,000 shares authorized; 280,567,508 and 284,594,908 shares issued and outstanding at June 30, 2026, and December 31, 2025, respectively	3	3
Additional paid-in capital	31,866	32,236
Retained earnings (accumulated deficit)	6,038	4,740
Accumulated other comprehensive income (loss)	(7)	(7)
Total Diamondback Energy, Inc. stockholders’ equity	37,900	36,972
Non-controlling interest	6,085	5,995
Total equity	43,985	42,967
Total liabilities and stockholders’ equity	$ 70,218	$ 71,059