$FANG
Diamondback Energy, Inc.

2023 Q2 Form 10-Q Financial Statement

#000153983823000045 Filed on May 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $1.919B $1.925B
YoY Change -30.67% -20.06%
Cost Of Revenue $416.0M $415.0M
YoY Change -1.19% 6.14%
Gross Profit $1.503B $1.510B
YoY Change -35.96% -25.14%
Gross Profit Margin 78.32% 78.44%
Selling, General & Admin $53.00M $40.00M
YoY Change 35.9% 11.11%
% of Gross Profit 3.53% 2.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $432.0M $403.0M
YoY Change 30.91% 28.75%
% of Gross Profit 28.74% 26.69%
Operating Expenses $501.0M $40.00M
YoY Change 1184.62% 11.11%
Operating Profit $1.002B $1.025B
YoY Change -49.34% -38.25%
Interest Expense -$224.0M -$46.00M
YoY Change 474.36% 15.0%
% of Operating Profit -22.36% -4.49%
Other Income/Expense, Net -$21.00M -$72.00M
YoY Change -81.74% -88.68%
Pretax Income $751.0M $953.0M
YoY Change -59.69% -6.93%
Income Tax $165.0M $207.0M
% Of Pretax Income 21.97% 21.72%
Net Earnings $561.0M $712.0M
YoY Change -60.38% -8.6%
Net Earnings / Revenue 29.23% 36.99%
Basic Earnings Per Share $3.05 $3.88
Diluted Earnings Per Share $3.11 $3.88
COMMON SHARES
Basic Shares Outstanding 181.1M shares 183.6M shares
Diluted Shares Outstanding 180.4M shares 182.0M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.00M $46.00M
YoY Change -58.14% -69.13%
Cash & Equivalents $18.00M $46.00M
Short-Term Investments
Other Short-Term Assets $27.00M $103.0M
YoY Change -51.79% 80.7%
Inventory $66.00M $69.00M
Prepaid Expenses
Receivables $687.0M $606.0M
Other Receivables $120.0M $188.0M
Total Short-Term Assets $918.0M $1.160B
YoY Change -23.56% -13.88%
LONG-TERM ASSETS
Property, Plant & Equipment $25.23B $25.51B
YoY Change 18.07% 20.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $587.0M $573.0M
YoY Change -11.06% -10.89%
Other Assets $852.0M $43.00M
YoY Change 1210.77% -39.44%
Total Long-Term Assets $26.67B $26.43B
YoY Change 19.88% 20.22%
TOTAL ASSETS
Total Short-Term Assets $918.0M $1.160B
Total Long-Term Assets $26.67B $26.43B
Total Assets $27.59B $27.59B
YoY Change 17.65% 18.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $249.0M $241.0M
YoY Change 301.61% 391.84%
Accrued Expenses $1.012B $816.0M
YoY Change 36.2% 14.61%
Deferred Revenue $729.0M $716.0M
YoY Change 18.54% 23.88%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $10.00M
YoY Change -100.0% -77.78%
Total Short-Term Liabilities $2.123B $1.886B
YoY Change 29.45% 0.75%
LONG-TERM LIABILITIES
Long-Term Debt $6.543B $6.950B
YoY Change 21.14% 19.77%
Other Long-Term Liabilities $476.0M $13.00M
YoY Change 1300.0% -62.86%
Total Long-Term Liabilities $7.019B $6.963B
YoY Change 29.14% 19.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.123B $1.886B
Total Long-Term Liabilities $7.019B $6.963B
Total Liabilities $12.03B $11.47B
YoY Change 32.84% 20.96%
SHAREHOLDERS EQUITY
Retained Earnings $1.372B $967.0M
YoY Change -399.56% -172.93%
Common Stock $14.19B $14.50B
YoY Change 3.01% 3.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.55B $15.46B
YoY Change
Total Liabilities & Shareholders Equity $27.59B $27.59B
YoY Change 17.65% 18.25%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $561.0M $712.0M
YoY Change -60.38% -8.6%
Depreciation, Depletion And Amortization $432.0M $403.0M
YoY Change 30.91% 28.75%
Cash From Operating Activities $1.513B $1.425B
YoY Change -11.36% 13.82%
INVESTING ACTIVITIES
Capital Expenditures $856.0M $1.537B
YoY Change -254.79% -309.69%
Acquisitions
YoY Change
Other Investing Activities $261.0M $6.000M
YoY Change 605.41% -154.55%
Cash From Investing Activities -$595.0M -$1.279B
YoY Change 15.31% 78.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -950.0M -$257.0M
YoY Change -26.87% -75.31%
NET CHANGE
Cash From Operating Activities 1.513B $1.425B
Cash From Investing Activities -595.0M -$1.279B
Cash From Financing Activities -950.0M -$257.0M
Net Change In Cash -32.00M -$111.0M
YoY Change -70.37% -78.02%
FREE CASH FLOW
Cash From Operating Activities $1.513B $1.425B
Capital Expenditures $856.0M $1.537B
Free Cash Flow $657.0M -$112.0M
YoY Change -70.93% -105.64%

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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. These reclassifications had an immaterial effect on the previously reported total assets, total liabilities, stockholders’ equity, results of operations or cash flows.</span></div>
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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain amounts included in or affecting the Company’s 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 consolidated financial statements are prepared. These estimates and assumptions affect the amounts the Company reports for assets and liabilities and the Company’s disclosure of contingent assets and liabilities as of the date of the consolidated financial statements. Actual results could differ from those estimates.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Making accurate estimates and assumptions is particularly difficult in the oil and natural gas industry given the challenges resulting from volatility in oil and natural gas prices. For instance, the war in Ukraine, the COVID-19 pandemic, rising interest rates, global supply chain disruptions, concerns about a potential economic downturn or recession, recent measures to combat persistent inflation, and instability in the financial sector have contributed to recent economic and pricing volatility. The financial results of companies in the oil and natural gas industry have been impacted materially as a result of these events and changing market conditions. Such circumstances generally increase uncertainty in the Company’s accounting estimates, particularly those involving financial forecasts. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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’s estimates. Any effects on the Company’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, fair value estimates of derivative instruments, the fair value determination of acquired assets and liabilities assumed and estimates of income taxes, including deferred tax valuation allowances.</span></div>
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssuedValue
0 usd
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2023Q1 us-gaap Revenues
Revenues
1925000000 usd
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
403000000 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
1025000000 usd
CY2023Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-46000000 usd
CY2023Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-26000000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
207000000 usd
CY2023Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
34000000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
712000000 usd
CY2023Q1 us-gaap Assets
Assets
27589000000 usd
CY2022Q1 us-gaap Revenues
Revenues
2408000000 usd
CY2022Q1 us-gaap Revenues
Revenues
2408000000 usd
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
313000000 usd
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
1660000000 usd
CY2022Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-40000000 usd
CY2022Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-596000000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
221000000 usd
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
24000000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
779000000 usd
CY2022Q4 us-gaap Assets
Assets
26209000000 usd

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