$FANG
Diamondback Energy, Inc.

2013 Q4 Form 10-Q Financial Statement

#000153983813000093 Filed on November 05, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $75.91M $57.79M $16.81M
YoY Change 194.59% 243.71% 49.91%
Cost Of Revenue $10.70M $8.800M $4.800M
YoY Change 28.92% 83.33% 29.73%
Gross Profit $65.20M $49.00M $11.80M
YoY Change 256.28% 315.25% 61.64%
Gross Profit Margin 85.89% 84.79% 70.18%
Selling, General & Admin $3.800M $1.810M $1.323M
YoY Change -35.59% 36.81% 65.38%
% of Gross Profit 5.83% 3.69% 11.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $23.60M $17.42M $6.136M
YoY Change 136.0% 183.95% 65.84%
% of Gross Profit 36.2% 35.56% 52.0%
Operating Expenses $27.50M $28.37M $12.73M
YoY Change 72.96% 122.88% 182.84%
Operating Profit $37.73M $29.42M $4.086M
YoY Change 1632.94% 620.09% 39.55%
Interest Expense -$5.900M $1.089M $1.130M
YoY Change -3050.0% -3.63% -261.43%
% of Operating Profit -15.64% 3.7% 27.66%
Other Income/Expense, Net $0.00 -$5.728M -$3.634M
YoY Change -100.0% 57.62%
Pretax Income $31.80M $23.70M $452.0K
YoY Change 1024.07% 5142.26% -78.48%
Income Tax $11.69M $9.099M $0.00
% Of Pretax Income 36.76% 38.4% 0.0%
Net Earnings $20.12M $14.60M $452.0K
YoY Change -138.65% 3129.2% -79.5%
Net Earnings / Revenue 26.51% 25.26% 2.69%
Basic Earnings Per Share $0.43 $0.33 $0.02
Diluted Earnings Per Share $0.42 $0.33 $0.02
COMMON SHARES
Basic Shares Outstanding 47.07M shares 44.39M shares
Diluted Shares Outstanding 44.70M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.00M $53.00M $1.000M
YoY Change -38.46% 5200.0% -66.67%
Cash & Equivalents $15.56M $53.10M $1.442M
Short-Term Investments
Other Short-Term Assets $1.397M $2.000M $1.000M
YoY Change -53.43% 100.0% 0.0%
Inventory $5.631M $6.228M $6.000M
Prepaid Expenses
Receivables $37.97M $31.00M $18.00M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $61.97M $91.92M $27.00M
YoY Change 23.26% 240.43% -18.18%
LONG-TERM ASSETS
Property, Plant & Equipment $1.446B $1.361B $277.0M
YoY Change 160.96% 391.38% 45.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $13.09M $12.33M $4.000M
YoY Change 499.4% 208.33% 300.0%
Total Long-Term Assets $1.460B $1.374B $281.0M
YoY Change 162.33% 388.96% 42.64%
TOTAL ASSETS
Total Short-Term Assets $61.97M $91.92M $27.00M
Total Long-Term Assets $1.460B $1.374B $281.0M
Total Assets $1.522B $1.466B $308.0M
YoY Change 150.8% 375.94% 33.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.000M $24.00M $24.00M
YoY Change -90.32% 0.0% 33.33%
Accrued Expenses $109.0M $76.00M $18.00M
YoY Change 172.5% 322.22% 28.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $10.00M
YoY Change -100.0%
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $121.3M $109.5M $60.00M
YoY Change 53.12% 82.42% 81.82%
LONG-TERM LIABILITIES
Long-Term Debt $460.0M $450.1M $120.0M
YoY Change 238241.97% 275.07% 50.0%
Other Long-Term Liabilities $3.000M $3.000M $3.000M
YoY Change 0.0% 0.0% 50.0%
Total Long-Term Liabilities $460.0M $450.1M $123.0M
YoY Change 238241.97% 265.92% 50.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $121.3M $109.5M $60.00M
Total Long-Term Liabilities $460.0M $450.1M $123.0M
Total Liabilities $676.1M $643.0M $183.0M
YoY Change 367.44% 251.34% 59.13%
SHAREHOLDERS EQUITY
Retained Earnings $2.513M -$17.61M
YoY Change -104.83%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $845.5M $822.9M $125.0M
YoY Change
Total Liabilities & Shareholders Equity $1.522B $1.466B $308.0M
YoY Change 150.8% 375.94% 33.91%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $20.12M $14.60M $452.0K
YoY Change -138.65% 3129.2% -79.5%
Depreciation, Depletion And Amortization $23.60M $17.42M $6.136M
YoY Change 136.0% 183.95% 65.84%
Cash From Operating Activities $64.20M $41.80M $9.100M
YoY Change 258.66% 359.34% 1720.0%
INVESTING ACTIVITIES
Capital Expenditures -$110.0M -$691.5M -$24.80M
YoY Change 240.56% 2688.31% 37.02%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$900.0K
YoY Change -100.0% -100.0% -115.0%
Cash From Investing Activities -$109.9M -$691.5M -$25.70M
YoY Change 12.37% 2590.66% 112.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.300M 620.9M 15.70M
YoY Change -92.08% 3854.78% 27.64%
NET CHANGE
Cash From Operating Activities 64.20M 41.80M 9.100M
Cash From Investing Activities -109.9M -691.5M -25.70M
Cash From Financing Activities 8.300M 620.9M 15.70M
Net Change In Cash -37.40M -28.80M -900.0K
YoY Change -250.2% 3100.0% -228.57%
FREE CASH FLOW
Cash From Operating Activities $64.20M $41.80M $9.100M
Capital Expenditures -$110.0M -$691.5M -$24.80M
Free Cash Flow $174.2M $733.3M $33.90M
YoY Change 247.01% 2063.13% 82.26%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:5px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates </font></div><div style="line-height:120%;padding-top:5px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts included in or affecting the Company&#8217;s combined consolidated financial statements and related disclosures must be estimated by management, requiring certain assumptions to be made with respect to values or conditions that cannot be known with certainty at the time the combined consolidated financial statements are prepared. These estimates and assumptions affect the amounts the Company reports for assets and liabilities and the Company&#8217;s disclosure of contingent assets and liabilities at the date of the combined consolidated financial statements. Actual results could differ from those estimates.</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Company considers reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from the Company&#8217;s estimates. Any effects on the Company&#8217;s business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Significant items subject to such estimates and assumptions include estimates of proved oil and natural gas reserves and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, asset retirement obligations, the fair value determination of acquired assets and liabilities, stock-based compensation, fair value estimates of commodity derivatives and estimates of income taxes. </font></div></div>
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109000 USD
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fang Income Loss From Equity Method Investments Operating Activities
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fang Line Of Credit Facility Borrowing Base Number Of Redeterminations
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CY2012Q3 fang Liquid Natural Gas Sales Revenue
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CY2012Q4 fang Oil And Gas Joint Interest Billing Receivables And Other Current
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CY2013Q3 fang Oil And Gas Joint Interest Billing Receivables And Other Current
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fang Paymentsto Acquire Oiland Gas Property Related Party
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18550000 USD
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0 USD
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11594000 USD
CY2012Q3 fang Pro Forma Weighted Average Shares Outstanding Basic And Diluted
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fang Pro Forma Weighted Average Shares Outstanding Basic And Diluted
ProFormaWeightedAverageSharesOutstandingBasicAndDiluted
14697496 shares
fang Production Tax Expense Excluding Related Party
ProductionTaxExpenseExcludingRelatedParty
7970000 USD
CY2013Q3 fang Production Tax Expense Excluding Related Party
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3420000 USD
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1194000 USD
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CY2012Q4 fang Related Party Transaction Annual Fee For Advisory Services With Related Party
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500000 USD
CY2012Q4 fang Related Party Transaction Original Term For Advisory Services With Related Party
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P2Y
fang Revenue From Related Parties Liquid Natural Gas Sales Revenue
RevenueFromRelatedPartiesLiquidNaturalGasSalesRevenue
2898000 USD
CY2012Q3 fang Revenue From Related Parties Liquid Natural Gas Sales Revenue
RevenueFromRelatedPartiesLiquidNaturalGasSalesRevenue
1035000 USD
fang Revenue From Related Parties Liquid Natural Gas Sales Revenue
RevenueFromRelatedPartiesLiquidNaturalGasSalesRevenue
2171000 USD
CY2013Q3 fang Revenue From Related Parties Liquid Natural Gas Sales Revenue
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1172000 USD
CY2012Q3 fang Revenue From Related Parties Natural Gas Sales
RevenueFromRelatedPartiesNaturalGasSales
370000 USD
fang Revenue From Related Parties Natural Gas Sales
RevenueFromRelatedPartiesNaturalGasSales
631000 USD
CY2013Q3 fang Revenue From Related Parties Natural Gas Sales
RevenueFromRelatedPartiesNaturalGasSales
704000 USD
fang Revenue From Related Parties Natural Gas Sales
RevenueFromRelatedPartiesNaturalGasSales
1796000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Period End Date
DocumentPeriodEndDate
2013-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001539838
CY2013Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
47067116 shares
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
Diamondback Energy, Inc.

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