(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||||||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
(NASDAQ Global Select Market) |
Exhibit Number | Description | |||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL). |
DIAMONDBACK ENERGY, INC. | ||||||||||||||
Date: | May 1, 2023 | |||||||||||||
By: | /s/ Teresa L. Dick | |||||||||||||
Name: | Teresa L. Dick | |||||||||||||
Title: | Executive Vice President, Chief Accounting Officer and Assistant Secretary |
Total Activity (Gross Operated): | |||||||||||
Number of Wells Drilled | Number of Wells Completed | ||||||||||
Midland Basin | 70 | 69 | |||||||||
Delaware Basin | 12 | 19 | |||||||||
Total | 82 | 88 |
Total Activity (Net Operated): | |||||||||||
Number of Wells Drilled | Number of Wells Completed | ||||||||||
Midland Basin | 65 | 65 | |||||||||
Delaware Basin | 11 | 18 | |||||||||
Total | 76 | 83 |
2023 Guidance | 2023 Guidance | |||||||
Diamondback Energy, Inc. | Viper Energy Partners LP | |||||||
Net production - MBOE/d | 430 - 440 | 35.25 - 38.75 | ||||||
Oil production - MBO/d | 256 - 262 | 20.50 - 22.50 | ||||||
Q2 2023 oil production - MBO/d (total - MBOE/d) | 258 - 261 (430 - 436) | |||||||
Unit costs ($/BOE) | ||||||||
Lease operating expenses, including workovers | $5.00 - $5.50 | |||||||
G&A | ||||||||
Cash G&A | $0.65 - $0.80 | $0.60 - $0.80 | ||||||
Non-cash equity-based compensation | $0.40 - $0.50 | $0.10 - $0.20 | ||||||
DD&A | $9.25 - $10.25 | $9.75 - $10.75 | ||||||
Interest expense (net of interest income) | $1.30 - $1.40 | $3.00 - $3.50 | ||||||
Gathering and transportation | $1.80 - $2.00 | |||||||
Production and ad valorem taxes (% of revenue) | 7% - 8% | 7% - 8% | ||||||
Corporate tax rate (% of pre-tax income) | 23% | 20% - 22% | ||||||
Cash tax rate (% of pre-tax income) | 10% - 15% | |||||||
Q2 2023 Cash taxes ($ - million) | $140 - $180 | $8.0 - $12.0 | ||||||
Capital Budget ($ - million) | ||||||||
Drilling, completion, capital workovers, and non-operated properties | $2,250 - $2,410 | |||||||
Midstream (ex. equity method investments) | $80 - $100 | |||||||
Infrastructure and environmental | $170 - $190 | |||||||
2023 Capital expenditures | $2,500 - $2,700 | |||||||
Q2 2023 Capital expenditures | $675 - $725 | |||||||
Gross horizontal wells drilled (net) | 325 - 345 (293 - 311) | |||||||
Gross horizontal wells completed (net) | 330 - 350 (297 - 315) | |||||||
Average lateral length (Ft.) | ~10,500' | |||||||
FY 2023 Midland Basin well costs per lateral foot | $620 - $680 | |||||||
FY 2023 Delaware Basin well costs per lateral foot | $900 - $1,000 | |||||||
Midland Basin net lateral feet (%) | ~85% | |||||||
Delaware Basin net lateral feet (%) | ~15% |
Diamondback Energy, Inc. | |||||||||||
Condensed Consolidated Balance Sheets | |||||||||||
(unaudited, in millions, except share amounts) | |||||||||||
March 31, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 46 | $ | 157 | |||||||
Restricted cash | 7 | 7 | |||||||||
Accounts receivable: | |||||||||||
Joint interest and other, net | 148 | 104 | |||||||||
Oil and natural gas sales, net | 606 | 618 | |||||||||
Inventories | 69 | 67 | |||||||||
Derivative instruments | 60 | 132 | |||||||||
Income tax receivable | 188 | 284 | |||||||||
Prepaid expenses and other current assets | 36 | 23 | |||||||||
Total current assets | 1,160 | 1,392 | |||||||||
Property and equipment: | |||||||||||
Oil and natural gas properties, full cost method of accounting ($8,711 million and $8,355 million excluded from amortization at March 31, 2023 and December 31, 2022, respectively) | 39,321 | 37,122 | |||||||||
Other property, equipment and land | 1,431 | 1,481 | |||||||||
Accumulated depletion, depreciation, amortization and impairment | (15,238) | (14,844) | |||||||||
Property and equipment, net | 25,514 | 23,759 | |||||||||
Funds held in escrow | — | 119 | |||||||||
Equity method investments | 573 | 566 | |||||||||
Assets held for sale | 143 | 158 | |||||||||
Derivative instruments | 8 | 23 | |||||||||
Deferred income taxes, net | 62 | 64 | |||||||||
Investment in real estate, net | 86 | 86 | |||||||||
Other assets | 43 | 42 | |||||||||
Total assets | $ | 27,589 | $ | 26,209 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable - trade | $ | 241 | $ | 127 | |||||||
Accrued capital expenditures | 466 | 480 | |||||||||
Current maturities of long-term debt | 10 | 10 | |||||||||
Other accrued liabilities | 350 | 399 | |||||||||
Revenues and royalties payable | 716 | 619 | |||||||||
Derivative instruments | 52 | 47 | |||||||||
Income taxes payable | 51 | 34 | |||||||||
Total current liabilities | 1,886 | 1,716 | |||||||||
Long-term debt | 6,950 | 6,238 | |||||||||
Derivative instruments | 150 | 148 | |||||||||
Asset retirement obligations | 306 | 336 | |||||||||
Deferred income taxes | 2,161 | 2,069 | |||||||||
Other long-term liabilities | 13 | 12 | |||||||||
Total liabilities | 11,466 | 10,519 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock, $0.01 par value; 400,000,000 shares authorized; 181,604,781 and 179,840,797 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 2 | 2 | |||||||||
Additional paid-in capital | 14,502 | 14,213 | |||||||||
Retained earnings (accumulated deficit) | 967 | 801 | |||||||||
Accumulated other comprehensive income (loss) | (7) | (7) | |||||||||
Total Diamondback Energy, Inc. stockholders’ equity | 15,464 | 15,009 | |||||||||
Non-controlling interest | 659 | 681 | |||||||||
Total equity | 16,123 | 15,690 | |||||||||
Total liabilities and equity | $ | 27,589 | $ | 26,209 |
Diamondback Energy, Inc. | |||||||||||
Condensed Consolidated Statements of Operations | |||||||||||
(unaudited, $ in millions except per share data, shares in thousands) | |||||||||||
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Revenues: | |||||||||||
Oil, natural gas and natural gas liquid sales | $ | 1,902 | $ | 2,389 | |||||||
Other operating income | 23 | 19 | |||||||||
Total revenues | 1,925 | 2,408 | |||||||||
Costs and expenses: | |||||||||||
Lease operating expenses | 192 | 149 | |||||||||
Production and ad valorem taxes | 155 | 161 | |||||||||
Gathering and transportation | 68 | 59 | |||||||||
Depreciation, depletion, amortization and accretion | 403 | 313 | |||||||||
General and administrative expenses | 40 | 36 | |||||||||
Merger and integration expense | 8 | — | |||||||||
Other operating expenses | 34 | 30 | |||||||||
Total costs and expenses | 900 | 748 | |||||||||
Income (loss) from operations | 1,025 | 1,660 | |||||||||
Other income (expense): | |||||||||||
Interest expense, net | (46) | (40) | |||||||||
Other income (expense), net | 53 | 1 | |||||||||
Gain (loss) on derivative instruments, net | (93) | (552) | |||||||||
Gain (loss) on extinguishment of debt | — | (54) | |||||||||
Income (loss) from equity investments | 14 | 9 | |||||||||
Total other income (expense), net | (72) | (636) | |||||||||
Income (loss) before income taxes | 953 | 1,024 | |||||||||
Provision for (benefit from) income taxes | 207 | 221 | |||||||||
Net income (loss) | 746 | 803 | |||||||||
Net income (loss) attributable to non-controlling interest | 34 | 24 | |||||||||
Net income (loss) attributable to Diamondback Energy, Inc. | $ | 712 | $ | 779 | |||||||
Earnings (loss) per common share: | |||||||||||
Basic | $ | 3.88 | $ | 4.35 | |||||||
Diluted | $ | 3.88 | $ | 4.35 | |||||||
Weighted average common shares outstanding: | |||||||||||
Basic | 181,988 | 177,565 | |||||||||
Diluted | 181,988 | 177,567 | |||||||||
Dividends declared per share | $ | 0.83 | $ | 3.05 | |||||||
Diamondback Energy, Inc. | |||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||
(unaudited, in millions) | |||||||||||
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | 746 | $ | 803 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Provision for (benefit from) deferred income taxes | 97 | 89 | |||||||||
Depreciation, depletion, amortization and accretion | 403 | 313 | |||||||||
(Gain) loss on extinguishment of debt | — | 54 | |||||||||
(Gain) loss on derivative instruments, net | 93 | 552 | |||||||||
Cash received (paid) on settlement of derivative instruments | 1 | (420) | |||||||||
(Income) loss from equity investment | (14) | (9) | |||||||||
Equity-based compensation expense | 11 | 15 | |||||||||
Other | (34) | 14 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (36) | (403) | |||||||||
Income tax receivable | 95 | 1 | |||||||||
Prepaid expenses and other | — | 2 | |||||||||
Accounts payable and accrued liabilities | (26) | (13) | |||||||||
Income tax payable | 17 | 132 | |||||||||
Revenues and royalties payable | 60 | 125 | |||||||||
Other | 12 | (3) | |||||||||
Net cash provided by (used in) operating activities | 1,425 | 1,252 | |||||||||
Cash flows from investing activities: | |||||||||||
Drilling, completions and infrastructure additions to oil and natural gas properties | (622) | (418) | |||||||||
Additions to midstream assets | (35) | (19) | |||||||||
Property acquisitions | (880) | (284) | |||||||||
Proceeds from sale of assets | 264 | 35 | |||||||||
Other | (6) | (30) | |||||||||
Net cash provided by (used in) investing activities | (1,279) | (716) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from borrowings under credit facilities | 1,696 | 79 | |||||||||
Repayments under credit facilities | (989) | (100) | |||||||||
Proceeds from senior notes | — | 750 | |||||||||
Repayment of senior notes | — | (1,500) | |||||||||
Proceeds from (repayments to) joint venture | — | 5 | |||||||||
Premium on extinguishment of debt | — | (47) | |||||||||
Repurchased shares under buyback program | (332) | (7) | |||||||||
Repurchased units under buyback program | (34) | (42) | |||||||||
Dividends paid to stockholders | (542) | (107) | |||||||||
Distributions to non-controlling interest | (34) | (47) | |||||||||
Other | (22) | (25) | |||||||||
Net cash provided by (used in) financing activities | (257) | (1,041) | |||||||||
Net increase (decrease) in cash and cash equivalents | (111) | (505) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 164 | 672 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 53 | $ | 167 |
Diamondback Energy, Inc. | |||||||||||||||||
Selected Operating Data | |||||||||||||||||
(unaudited) | |||||||||||||||||
Three Months Ended March 31, 2023 | Three Months Ended December 31, 2022 | Three Months Ended March 31, 2022 | |||||||||||||||
Production Data: | |||||||||||||||||
Oil (MBbls) | 22,624 | 20,803 | 20,055 | ||||||||||||||
Natural gas (MMcf) | 47,388 | 45,020 | 42,645 | ||||||||||||||
Natural gas liquids (MBbls) | 7,730 | 7,703 | 7,161 | ||||||||||||||
Combined volumes (MBOE)(1) | 38,252 | 36,009 | 34,324 | ||||||||||||||
Daily oil volumes (BO/d) | 251,378 | 226,120 | 222,833 | ||||||||||||||
Daily combined volumes (BOE/d) | 425,022 | 391,402 | 381,378 | ||||||||||||||
Average Prices: | |||||||||||||||||
Oil ($ per Bbl) | $ | 73.11 | $ | 80.37 | $ | 97.03 | |||||||||||
Natural gas ($ per Mcf) | $ | 1.46 | $ | 3.20 | $ | 3.61 | |||||||||||
Natural gas liquids ($ per Bbl) | $ | 23.16 | $ | 24.93 | $ | 40.36 | |||||||||||
Combined ($ per BOE) | $ | 49.72 | $ | 55.76 | $ | 69.60 | |||||||||||
Oil, hedged ($ per Bbl)(2) | $ | 72.05 | $ | 79.08 | $ | 83.47 | |||||||||||
Natural gas, hedged ($ per Mcf)(2) | $ | 1.96 | $ | 3.20 | $ | 3.31 | |||||||||||
Natural gas liquids, hedged ($ per Bbl)(2) | $ | 23.16 | $ | 24.93 | $ | 40.36 | |||||||||||
Average price, hedged ($ per BOE)(2) | $ | 49.72 | $ | 55.01 | $ | 61.30 | |||||||||||
Average Costs per BOE: | |||||||||||||||||
Lease operating expenses | $ | 5.02 | $ | 4.47 | $ | 4.34 | |||||||||||
Production and ad valorem taxes | 4.05 | 3.22 | 4.69 | ||||||||||||||
Gathering and transportation expense | 1.78 | 1.86 | 1.72 | ||||||||||||||
General and administrative - cash component | 0.76 | 0.61 | 0.61 | ||||||||||||||
Total operating expense - cash | $ | 11.61 | $ | 10.16 | $ | 11.36 | |||||||||||
General and administrative - non-cash component | $ | 0.29 | $ | 0.36 | $ | 0.44 | |||||||||||
Depletion | $ | 9.96 | $ | 9.50 | $ | 8.33 | |||||||||||
Interest expense, net | $ | 1.20 | $ | 1.03 | $ | 1.17 | |||||||||||
Diamondback Energy, Inc. | |||||||||||||||||
Reconciliation of Net Income (Loss) to Adjusted EBITDA | |||||||||||||||||
(unaudited, in millions) | |||||||||||||||||
Three Months Ended March 31, 2023 | Three Months Ended December 31, 2022 | Three Months Ended March 31, 2022 | |||||||||||||||
Net income (loss) attributable to Diamondback Energy, Inc. | $ | 712 | $ | 1,007 | $ | 779 | |||||||||||
Net income (loss) attributable to non-controlling interest | 34 | 21 | 24 | ||||||||||||||
Net income (loss) | 746 | 1,028 | 803 | ||||||||||||||
Non-cash (gain) loss on derivative instruments, net | 94 | (125) | 132 | ||||||||||||||
Interest expense, net | 46 | 37 | 40 | ||||||||||||||
Depreciation, depletion, amortization and accretion | 403 | 365 | 313 | ||||||||||||||
Depreciation and interest expense related to equity method investments | 18 | 16 | 14 | ||||||||||||||
(Gain) loss on extinguishment of debt | — | 40 | 54 | ||||||||||||||
Non-cash equity-based compensation expense | 16 | 18 | 19 | ||||||||||||||
Capitalized equity-based compensation expense | (5) | (5) | (4) | ||||||||||||||
Merger and integration expenses | 8 | 3 | — | ||||||||||||||
Other non-cash transactions(1) | (46) | 1 | 8 | ||||||||||||||
Provision for (benefit from) income taxes | 207 | 261 | 221 | ||||||||||||||
Consolidated Adjusted EBITDA | 1,487 | 1,639 | 1,600 | ||||||||||||||
Less: Adjustment for non-controlling interest | 67 | 33 | 49 | ||||||||||||||
Adjusted EBITDA attributable to Diamondback Energy, Inc. | $ | 1,420 | $ | 1,606 | $ | 1,551 |
Diamondback Energy, Inc. | |||||||||||
Adjusted Net Income | |||||||||||
(unaudited, $ in millions except per share data, shares in thousands) | |||||||||||
Three Months Ended March 31, 2023 | |||||||||||
Amounts | Amounts Per Diluted Share | ||||||||||
Net income (loss) attributable to Diamondback Energy, Inc.(1) | $ | 712 | $ | 3.88 | |||||||
Net income (loss) attributable to non-controlling interest | 34 | 0.19 | |||||||||
Net income (loss)(1) | 746 | 4.07 | |||||||||
Non-cash (gain) loss on derivative instruments, net | 94 | 0.52 | |||||||||
Merger and integration expense | 8 | 0.04 | |||||||||
Other non-cash transactions | (46) | (0.25) | |||||||||
Adjusted net income excluding above items(1) | 802 | 4.38 | |||||||||
Income tax adjustment for above items | (12) | (0.07) | |||||||||
Adjusted net income(1) | 790 | 4.31 | |||||||||
Less: Adjusted net income attributable to non-controlling interest | 39 | 0.21 | |||||||||
Adjusted net income attributable to Diamondback Energy, Inc.(1) | $ | 751 | $ | 4.10 | |||||||
Weighted average common shares outstanding: | |||||||||||
Basic | 181,988 | ||||||||||
Diluted | 181,988 |
Diamondback Energy, Inc. | |||||||||||
Operating Cash Flow Before Working Capital Changes, Free Cash Flow and Adjusted Free Cash Flow | |||||||||||
(unaudited, in millions) | |||||||||||
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Net cash provided by operating activities | $ | 1,425 | $ | 1,252 | |||||||
Less: Changes in cash due to changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (36) | (403) | |||||||||
Income tax receivable | 95 | 1 | |||||||||
Prepaid expenses and other | — | 2 | |||||||||
Accounts payable and accrued liabilities | (26) | (13) | |||||||||
Income tax payable | 17 | 132 | |||||||||
Revenues and royalties payable | 60 | 125 | |||||||||
Other | 12 | (3) | |||||||||
Total working capital changes | 122 | (159) | |||||||||
Operating cash flow before working capital changes | 1,303 | 1,411 | |||||||||
Drilling, completions and infrastructure additions to oil and natural gas properties | (622) | (418) | |||||||||
Additions to midstream assets | (35) | (19) | |||||||||
Total Cash CAPEX | (657) | (437) | |||||||||
Free Cash Flow | 646 | 974 | |||||||||
Early termination of derivatives | — | 135 | |||||||||
Adjusted Free Cash Flow | $ | 646 | $ | 1,109 | |||||||
Diamondback Energy, Inc. | |||||||||||||||||||||||||||||||||||
Net Debt | |||||||||||||||||||||||||||||||||||
(unaudited, in millions) | |||||||||||||||||||||||||||||||||||
March 31, 2023 | Net Q1 Principal Borrowings/(Repayments) | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Diamondback Energy, Inc.(1) | $ | 6,426 | $ | 589 | $ | 5,837 | $ | 4,340 | $ | 4,206 | $ | 4,533 | |||||||||||||||||||||||
Viper Energy Partners LP(1) | 700 | 118 | 582 | 675 | 680 | 728 | |||||||||||||||||||||||||||||
Rattler Midstream LP(a) | — | — | — | 500 | 732 | 730 | |||||||||||||||||||||||||||||
Total debt | 7,126 | $ | 707 | 6,419 | 5,515 | 5,618 | 5,991 | ||||||||||||||||||||||||||||
Cash and cash equivalents | (46) | (157) | (27) | (43) | (149) | ||||||||||||||||||||||||||||||
Net debt | $ | 7,080 | $ | 6,262 | $ | 5,488 | $ | 5,575 | $ | 5,842 |
Crude Oil (Bbls/day, $/Bbl) | ||||||||||||||||||||||||||||||||||||||
Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | ||||||||||||||||||||||||||||||||
Costless Collars - Crude Brent Oil | 6,000 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Long Put Price ($/Bbl) | $60.00 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Ceiling Price ($/Bbl) | $114.57 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Long Puts - WTI (Cushing) | 12,000 | 12,000 | 8,000 | — | — | — | — | |||||||||||||||||||||||||||||||
Long Put Price ($/Bbl) | $55.00 | $55.00 | $55.00 | — | — | — | — | |||||||||||||||||||||||||||||||
Deferred Premium ($/Bbl) | $-1.82 | $-1.80 | $-1.89 | — | — | — | — | |||||||||||||||||||||||||||||||
Long Puts - WTI (Magellan East Houston) | 36,000 | 28,000 | 20,000 | — | — | — | — | |||||||||||||||||||||||||||||||
Long Put Price ($/Bbl) | $54.17 | $55.00 | $55.00 | — | — | — | — | |||||||||||||||||||||||||||||||
Deferred Premium ($/Bbl) | $-1.71 | $-1.65 | $-1.63 | — | — | — | — | |||||||||||||||||||||||||||||||
Long Puts - Crude Brent Oil | 99,000 | 97,000 | 68,000 | 16,000 | — | — | — | |||||||||||||||||||||||||||||||
Long Put Price ($/Bbl) | $54.04 | $54.64 | $55.00 | $55.00 | — | — | — | |||||||||||||||||||||||||||||||
Deferred Premium ($/Bbl) | $-1.68 | $-1.63 | $-1.54 | $-1.62 | — | — | — | |||||||||||||||||||||||||||||||
Basis Swaps - WTI (Midland) | 24,000 | 24,000 | 24,000 | — | — | — | — | |||||||||||||||||||||||||||||||
$0.90 | $0.90 | $0.90 | — | — | — | — |
Natural Gas (Mmbtu/day, $/Mmbtu) | ||||||||||||||||||||||||||||||||||||||
Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | ||||||||||||||||||||||||||||||||
Costless Collars - Henry Hub | 330,000 | 310,000 | 310,000 | 200,000 | 200,000 | 200,000 | 200,000 | |||||||||||||||||||||||||||||||
Long Put Price ($/Mmbtu) | $3.17 | $3.18 | $3.18 | $3.00 | $3.00 | $3.00 | $3.00 | |||||||||||||||||||||||||||||||
Ceiling Price ($/Mmbtu) | $9.13 | $9.22 | $9.22 | $8.42 | $8.42 | $8.42 | $8.42 | |||||||||||||||||||||||||||||||
Natural Gas Basis Swaps - Waha Hub | 350,000 | 330,000 | 330,000 | 380,000 | 380,000 | 380,000 | 380,000 | |||||||||||||||||||||||||||||||
$-1.20 | $-1.24 | $-1.24 | $-1.18 | $-1.18 | $-1.18 | $-1.18 |
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