0000000000-19-006552.txt : 20190626 0000000000-19-006552.hdr.sgml : 20190626 20190404162820 ACCESSION NUMBER: 0000000000-19-006552 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20190404 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: Diamondback Energy, Inc. CENTRAL INDEX KEY: 0001539838 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 500 WEST TEXAS STREET 2: SUITE 1210 CITY: MIDLAND STATE: TX ZIP: 79701 BUSINESS PHONE: 405-463-6900 MAIL ADDRESS: STREET 1: 9400 N. 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Form 10-K for Fiscal Year Ended December 31, 2018 File No. 001-35700 Dear Ms. Dick: We have limited our review of your filing to the financial statements and related disclosures and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to these comments within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comments apply to your facts and circumstances, please tell us why in your response. After reviewing your response to these comments, we may have additional comments. Form 10-K for Fiscal Year Ended December 31, 2018 Business and Properties Oil and Gas Production Prices and Production Costs Production and Price History, page 9 1. Disclosure in the Overview portion of your Business and Properties disclosure describes your activities as being primarily focused in the Delaware and Midland basins. Separately, the disclosures regarding your developed and undeveloped acreage are presented separately for the Delaware and Midland basins. In view of this, explain to us how you considered providing separate production information for the Delaware and Midland basins. See Item 1204(a) of Regulation S-K Productive Wells, page 9 2. Revise your disclosure regarding gross and net productive wells to provide separate disclosure for oil and gas wells. See Item 1208(a) of Regulation S-K. Teresa Dick Diamondback Energy, Inc. April 4, 2019 Page 2 Acreage, page 10 3. If there are material quantities of net proved undeveloped reserves assigned to locations which are currently scheduled to be drilled after lease expiration, expand the disclosure under this section to describe the steps and related costs that would be necessary to extend the time to the expiration of such leases. Financial Statements Note 2 - Summary of Significant Accounting Policies Oil and Natural Gas Properties, page F-11 4. We note your definition of the cost center ceiling is not consistent with Rule 4-10(c)(4) of Regulation S-X as you do not address how estimated future expenditures to be incurred in developing and producing the proved reserves factors into the computation. Please revise your accounting policy disclosure and accounting, if necessary. In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. You may contact John Cannarella, Staff Accountant, at (202) 551-3337 or Jenifer Gallagher, Staff Accountant, at (202) 551-3706 with any questions. Sincerely, FirstName LastNameTeresa Dick Division of Corporation Finance Comapany NameDiamondback Energy, Inc. Office of Natural Resources April 4, 2019 Page 2 cc: Seth R. Molay FirstName LastName