(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: | July 31, 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 | 86 | 71 | |||||||||
Delaware Basin | 12 | 18 | |||||||||
Total | 98 | 89 |
Total Activity (Net Operated): | |||||||||||
Number of Wells Drilled | Number of Wells Completed | ||||||||||
Midland Basin | 81 | 66 | |||||||||
Delaware Basin | 10 | 16 | |||||||||
Total | 91 | 82 |
2023 Guidance | 2023 Guidance | |||||||
Diamondback Energy, Inc. | Viper Energy Partners LP | |||||||
Net production - MBOE/d | 435 - 445 (from 430 - 440) | 36.50 - 37.50 | ||||||
Oil production - MBO/d | 260 - 262 (from 256 - 262) | 21.00 - 21.50 | ||||||
Q3 2023 oil production - MBO/d (total - MBOE/d) | 262 - 265 (440 - 445) | 21.75 - 22.25 (37.50 - 38.50) | ||||||
Unit costs ($/BOE) | ||||||||
Lease operating expenses, including workovers | $4.90 - $5.40 (from $5.00 - $5.50) | |||||||
G&A | ||||||||
Cash G&A | $0.60 - $0.75 (from $0.65 - $0.80) | $0.60 - $0.80 | ||||||
Non-cash equity-based compensation | $0.35 - $0.45 (from $0.40 - $0.50) | $0.10 - $0.20 | ||||||
DD&A | $10.00 - $10.75 (from $9.25 - $10.25) | $9.75 - $10.75 | ||||||
Interest expense (net of interest income) | $1.20 - $1.30 (from $1.30 - $1.40) | $3.00 - $3.25 | ||||||
Gathering and transportation | $1.80 - $2.00 | |||||||
Production and ad valorem taxes (% of revenue) | ~8% (from 7% - 8%) | ~8% | ||||||
Corporate tax rate (% of pre-tax income) | 23% | 20% - 22% | ||||||
Cash tax rate (% of pre-tax income) | 10% - 15% | |||||||
Q3 2023 Cash taxes ($ - million) | $140 - $180 | $8.0 - $12.0 | ||||||
Capital Budget ($ - million) | ||||||||
Drilling, completion, capital workovers, and non-operated properties | $2,330 - $2,365 (from $2,250 - $2,410) | |||||||
Midstream (ex. equity method investments) | $100 - $120 (from $80 - $100) | |||||||
Infrastructure and environmental | $170 - $190 | |||||||
2023 Capital expenditures | $2,600 - $2,675 (from $2,500 - $2,700) | |||||||
Q3 2023 Capital expenditures | $650 - $700 | |||||||
Gross horizontal wells drilled (net) | 335 - 350 (302 - 315) (from 325 - 345 (293 - 311)) | |||||||
Gross horizontal wells completed (net) | 330 - 345 (305 - 320) (from 330 - 350 (297 - 315)) | |||||||
Average lateral length (Ft.) | ~10,800' (from ~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) | |||||||||||
June 30, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 18 | $ | 157 | |||||||
Restricted cash | 3 | 7 | |||||||||
Accounts receivable: | |||||||||||
Joint interest and other, net | 143 | 104 | |||||||||
Oil and natural gas sales, net | 544 | 618 | |||||||||
Inventories | 66 | 67 | |||||||||
Derivative instruments | 7 | 132 | |||||||||
Income tax receivable | 120 | 284 | |||||||||
Prepaid expenses and other current assets | 17 | 23 | |||||||||
Total current assets | 918 | 1,392 | |||||||||
Property and equipment: | |||||||||||
Oil and natural gas properties, full cost method of accounting ($8,558 million and $8,355 million excluded from amortization at June 30, 2023 and December 31, 2022, respectively) | 39,948 | 37,122 | |||||||||
Other property, equipment and land | 755 | 1,481 | |||||||||
Accumulated depletion, depreciation, amortization and impairment | (15,558) | (14,844) | |||||||||
Property and equipment, net | 25,145 | 23,759 | |||||||||
Funds held in escrow | — | 119 | |||||||||
Equity method investments | 587 | 566 | |||||||||
Assets held for sale | 742 | 158 | |||||||||
Derivative instruments | 1 | 23 | |||||||||
Deferred income taxes, net | 60 | 64 | |||||||||
Investment in real estate, net | 85 | 86 | |||||||||
Other assets | 49 | 42 | |||||||||
Total assets | $ | 27,587 | $ | 26,209 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable - trade | $ | 249 | $ | 127 | |||||||
Accrued capital expenditures | 558 | 480 | |||||||||
Current maturities of long-term debt | — | 10 | |||||||||
Other accrued liabilities | 454 | 399 | |||||||||
Revenues and royalties payable | 729 | 619 | |||||||||
Derivative instruments | 118 | 47 | |||||||||
Income taxes payable | 15 | 34 | |||||||||
Total current liabilities | 2,123 | 1,716 | |||||||||
Long-term debt | 6,543 | 6,238 | |||||||||
Derivative instruments | 175 | 148 | |||||||||
Asset retirement obligations | 286 | 336 | |||||||||
Deferred income taxes | 2,233 | 2,069 | |||||||||
Other long-term liabilities | 15 | 12 | |||||||||
Total liabilities | 11,375 | 10,519 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock, $0.01 par value; 400,000,000 shares authorized; 179,221,318 and 179,840,797 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 2 | 2 | |||||||||
Additional paid-in capital | 14,187 | 14,213 | |||||||||
Retained earnings (accumulated deficit) | 1,372 | 801 | |||||||||
Accumulated other comprehensive income (loss) | (7) | (7) | |||||||||
Total Diamondback Energy, Inc. stockholders’ equity | 15,554 | 15,009 | |||||||||
Non-controlling interest | 658 | 681 | |||||||||
Total equity | 16,212 | 15,690 | |||||||||
Total liabilities and equity | $ | 27,587 | $ | 26,209 |
Diamondback Energy, Inc. | |||||||||||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||||||||
(unaudited, $ in millions except per share data, shares in thousands) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Oil, natural gas and natural gas liquid sales | $ | 1,896 | $ | 2,752 | $ | 3,798 | $ | 5,141 | |||||||||||||||
Other operating income | 23 | 16 | 46 | 35 | |||||||||||||||||||
Total revenues | 1,919 | 2,768 | 3,844 | 5,176 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Lease operating expenses | 200 | 159 | 392 | 308 | |||||||||||||||||||
Production and ad valorem taxes | 148 | 178 | 303 | 339 | |||||||||||||||||||
Gathering and transportation | 68 | 61 | 136 | 120 | |||||||||||||||||||
Depreciation, depletion, amortization and accretion | 432 | 330 | 835 | 643 | |||||||||||||||||||
General and administrative expenses | 37 | 39 | 77 | 75 | |||||||||||||||||||
Merger and integration expense | 2 | — | 10 | — | |||||||||||||||||||
Other operating expenses | 32 | 23 | 66 | 53 | |||||||||||||||||||
Total costs and expenses | 919 | 790 | 1,819 | 1,538 | |||||||||||||||||||
Income (loss) from operations | 1,000 | 1,978 | 2,025 | 3,638 | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense, net | (51) | (39) | (97) | (79) | |||||||||||||||||||
Other income (expense), net | (21) | 1 | 32 | 2 | |||||||||||||||||||
Gain (loss) on derivative instruments, net | (189) | (101) | (282) | (653) | |||||||||||||||||||
Gain (loss) on extinguishment of debt | (4) | (4) | (4) | (58) | |||||||||||||||||||
Income (loss) from equity investments | 16 | 28 | 30 | 37 | |||||||||||||||||||
Total other income (expense), net | (249) | (115) | (321) | (751) | |||||||||||||||||||
Income (loss) before income taxes | 751 | 1,863 | 1,704 | 2,887 | |||||||||||||||||||
Provision for (benefit from) income taxes | 165 | 402 | 372 | 623 | |||||||||||||||||||
Net income (loss) | 586 | 1,461 | 1,332 | 2,264 | |||||||||||||||||||
Net income (loss) attributable to non-controlling interest | 30 | 45 | 64 | 69 | |||||||||||||||||||
Net income (loss) attributable to Diamondback Energy, Inc. | $ | 556 | $ | 1,416 | $ | 1,268 | $ | 2,195 | |||||||||||||||
Earnings (loss) per common share: | |||||||||||||||||||||||
Basic | $ | 3.05 | $ | 7.93 | $ | 6.95 | $ | 12.28 | |||||||||||||||
Diluted | $ | 3.05 | $ | 7.93 | $ | 6.95 | $ | 12.28 | |||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | 180,373 | 176,570 | 181,176 | 177,064 | |||||||||||||||||||
Diluted | 180,373 | 176,572 | 181,176 | 177,066 | |||||||||||||||||||
Dividends declared per share | $ | 0.84 | $ | 3.05 | $ | 1.67 | $ | 6.10 | |||||||||||||||
Diamondback Energy, Inc. | |||||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||||||||||||||||
(unaudited, in millions) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net income (loss) | $ | 586 | $ | 1,461 | $ | 1,332 | $ | 2,264 | |||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||
Provision for (benefit from) deferred income taxes | 78 | 184 | 175 | 273 | |||||||||||||||||||
Depreciation, depletion, amortization and accretion | 432 | 330 | 835 | 643 | |||||||||||||||||||
(Gain) loss on extinguishment of debt | 4 | 4 | 4 | 58 | |||||||||||||||||||
(Gain) loss on derivative instruments, net | 189 | 101 | 282 | 653 | |||||||||||||||||||
Cash received (paid) on settlement of derivative instruments | (39) | (300) | (38) | (720) | |||||||||||||||||||
(Income) loss from equity investment | (16) | (28) | (30) | (37) | |||||||||||||||||||
Equity-based compensation expense | 16 | 13 | 27 | 28 | |||||||||||||||||||
Other | 8 | 22 | (26) | 36 | |||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
Accounts receivable | 74 | 23 | 38 | (380) | |||||||||||||||||||
Income tax receivable | 69 | — | 164 | 1 | |||||||||||||||||||
Prepaid expenses and other | 13 | 13 | 13 | 15 | |||||||||||||||||||
Accounts payable and accrued liabilities | 100 | (8) | 74 | (21) | |||||||||||||||||||
Income tax payable | (36) | (146) | (19) | (14) | |||||||||||||||||||
Revenues and royalties payable | 26 | 38 | 86 | 163 | |||||||||||||||||||
Other | 9 | — | 21 | (3) | |||||||||||||||||||
Net cash provided by (used in) operating activities | 1,513 | 1,707 | 2,938 | 2,959 | |||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Drilling, completions and infrastructure additions to oil and natural gas properties | (681) | (445) | (1,303) | (863) | |||||||||||||||||||
Additions to midstream assets | (30) | (23) | (65) | (42) | |||||||||||||||||||
Property acquisitions | (145) | (85) | (1,025) | (369) | |||||||||||||||||||
Proceeds from sale of assets | 268 | 37 | 532 | 72 | |||||||||||||||||||
Other | (7) | — | (13) | (30) | |||||||||||||||||||
Net cash provided by (used in) investing activities | (595) | (516) | (1,874) | (1,232) | |||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Proceeds from borrowings under credit facilities | 1,755 | 1,500 | 3,451 | 1,579 | |||||||||||||||||||
Repayments under credit facilities | (2,047) | (1,463) | (3,036) | (1,563) | |||||||||||||||||||
Proceeds from senior notes | — | — | — | 750 | |||||||||||||||||||
Repayment of senior notes | (134) | (365) | (134) | (1,865) | |||||||||||||||||||
Proceeds from (repayments to) joint venture | — | (22) | — | (17) | |||||||||||||||||||
Premium on extinguishment of debt | — | (2) | — | (49) | |||||||||||||||||||
Repurchased shares under buyback program | (321) | (303) | (653) | (310) | |||||||||||||||||||
Repurchased units under buyback program | (23) | (29) | (57) | (71) | |||||||||||||||||||
Dividends paid to stockholders | (150) | (541) | (692) | (648) | |||||||||||||||||||
Distributions to non-controlling interest | (25) | (63) | (59) | (110) | |||||||||||||||||||
Other | (5) | (11) | (27) | (36) | |||||||||||||||||||
Net cash provided by (used in) financing activities | (950) | (1,299) | (1,207) | (2,340) | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (32) | (108) | (143) | (613) | |||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 53 | 167 | 164 | 672 | |||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 21 | $ | 59 | $ | 21 | $ | 59 |
Diamondback Energy, Inc. | |||||||||||||||||
Selected Operating Data | |||||||||||||||||
(unaudited) | |||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended March 31, 2023 | Three Months Ended June 30, 2022 | |||||||||||||||
Production Data: | |||||||||||||||||
Oil (MBbls) | 23,946 | 22,624 | 20,120 | ||||||||||||||
Natural gas (MMcf) | 50,809 | 47,388 | 42,912 | ||||||||||||||
Natural gas liquids (MBbls) | 8,528 | 7,730 | 7,349 | ||||||||||||||
Combined volumes (MBOE)(1) | 40,942 | 38,252 | 34,621 | ||||||||||||||
Daily oil volumes (BO/d) | 263,143 | 251,378 | 221,099 | ||||||||||||||
Daily combined volumes (BOE/d) | 449,912 | 425,022 | 380,451 | ||||||||||||||
Average Prices: | |||||||||||||||||
Oil ($ per Bbl) | $ | 71.33 | $ | 73.11 | $ | 108.80 | |||||||||||
Natural gas ($ per Mcf) | $ | 0.94 | $ | 1.46 | $ | 6.15 | |||||||||||
Natural gas liquids ($ per Bbl) | $ | 16.42 | $ | 23.16 | $ | 40.69 | |||||||||||
Combined ($ per BOE) | $ | 46.31 | $ | 49.72 | $ | 79.49 | |||||||||||
Oil, hedged ($ per Bbl)(2) | $ | 70.41 | $ | 72.05 | $ | 97.32 | |||||||||||
Natural gas, hedged ($ per Mcf)(2) | $ | 1.08 | $ | 1.96 | $ | 4.40 | |||||||||||
Natural gas liquids, hedged ($ per Bbl)(2) | $ | 16.42 | $ | 23.16 | $ | 40.69 | |||||||||||
Average price, hedged ($ per BOE)(2) | $ | 45.94 | $ | 49.72 | $ | 70.65 | |||||||||||
Average Costs per BOE: | |||||||||||||||||
Lease operating expenses | $ | 4.88 | $ | 5.02 | $ | 4.59 | |||||||||||
Production and ad valorem taxes | 3.61 | 4.05 | 5.14 | ||||||||||||||
Gathering and transportation expense | 1.66 | 1.78 | 1.76 | ||||||||||||||
General and administrative - cash component | 0.51 | 0.76 | 0.75 | ||||||||||||||
Total operating expense - cash | $ | 10.66 | $ | 11.61 | $ | 12.24 | |||||||||||
General and administrative - non-cash component | $ | 0.39 | $ | 0.29 | $ | 0.38 | |||||||||||
Depreciation, depletion, amortization and accretion per BOE | $ | 10.55 | $ | 10.54 | $ | 9.53 | |||||||||||
Interest expense, net | $ | 1.25 | $ | 1.20 | $ | 1.13 | |||||||||||
Diamondback Energy, Inc. | |||||||||||||||||
Reconciliation of Net Income (Loss) to Adjusted EBITDA | |||||||||||||||||
(unaudited, in millions) | |||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended March 31, 2023 | Three Months Ended June 30, 2022 | |||||||||||||||
Net income (loss) attributable to Diamondback Energy, Inc. | $ | 556 | $ | 712 | $ | 1,416 | |||||||||||
Net income (loss) attributable to non-controlling interest | 30 | 34 | 45 | ||||||||||||||
Net income (loss) | 586 | 746 | 1,461 | ||||||||||||||
Non-cash (gain) loss on derivative instruments, net | 150 | 94 | (199) | ||||||||||||||
Interest expense, net | 51 | 46 | 39 | ||||||||||||||
Depreciation, depletion, amortization and accretion | 432 | 403 | 330 | ||||||||||||||
Depreciation and interest expense related to equity method investments | 16 | 18 | 16 | ||||||||||||||
(Gain) loss on extinguishment of debt | 4 | — | 4 | ||||||||||||||
Non-cash equity-based compensation expense | 22 | 16 | 19 | ||||||||||||||
Capitalized equity-based compensation expense | (6) | (5) | (6) | ||||||||||||||
Merger and integration expenses | 2 | 8 | — | ||||||||||||||
Other non-cash transactions(1) | (6) | (46) | 1 | ||||||||||||||
Provision for (benefit from) income taxes | 165 | 207 | 402 | ||||||||||||||
Consolidated Adjusted EBITDA | 1,416 | 1,487 | 2,067 | ||||||||||||||
Less: Adjustment for non-controlling interest | 63 | 67 | 75 | ||||||||||||||
Adjusted EBITDA attributable to Diamondback Energy, Inc. | $ | 1,353 | $ | 1,420 | $ | 1,992 |
Diamondback Energy, Inc. | |||||||||||
Adjusted Net Income | |||||||||||
(unaudited, $ in millions except per share data, shares in thousands) | |||||||||||
Three Months Ended June 30, 2023 | |||||||||||
Amounts | Amounts Per Diluted Share | ||||||||||
Net income (loss) attributable to Diamondback Energy, Inc.(1) | $ | 556 | $ | 3.05 | |||||||
Net income (loss) attributable to non-controlling interest | 30 | 0.17 | |||||||||
Net income (loss)(1) | 586 | 3.22 | |||||||||
Non-cash (gain) loss on derivative instruments, net | 150 | 0.83 | |||||||||
(Gain) loss on extinguishment of debt | 4 | 0.02 | |||||||||
Merger and integration expense | 2 | 0.01 | |||||||||
Other non-cash transactions | (6) | (0.03) | |||||||||
Adjusted net income excluding above items(1) | 736 | 4.05 | |||||||||
Income tax adjustment for above items | (33) | (0.18) | |||||||||
Adjusted net income(1) | 703 | 3.87 | |||||||||
Less: Adjusted net income attributable to non-controlling interest | 34 | 0.19 | |||||||||
Adjusted net income attributable to Diamondback Energy, Inc.(1) | $ | 669 | $ | 3.68 | |||||||
Weighted average common shares outstanding: | |||||||||||
Basic | 180,373 | ||||||||||
Diluted | 180,373 |
Diamondback Energy, Inc. | |||||||||||||||||||||||
Operating Cash Flow Before Working Capital Changes, Free Cash Flow and Adjusted Free Cash Flow | |||||||||||||||||||||||
(unaudited, in millions) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net cash provided by operating activities | $ | 1,513 | $ | 1,707 | $ | 2,938 | $ | 2,959 | |||||||||||||||
Less: Changes in cash due to changes in operating assets and liabilities: | |||||||||||||||||||||||
Accounts receivable | 74 | 23 | 38 | (380) | |||||||||||||||||||
Income tax receivable | 69 | — | 164 | 1 | |||||||||||||||||||
Prepaid expenses and other | 13 | 13 | 13 | 15 | |||||||||||||||||||
Accounts payable and accrued liabilities | 100 | (8) | 74 | (21) | |||||||||||||||||||
Income tax payable | (36) | (146) | (19) | (14) | |||||||||||||||||||
Revenues and royalties payable | 26 | 38 | 86 | 163 | |||||||||||||||||||
Other | 9 | — | 21 | (3) | |||||||||||||||||||
Total working capital changes | 255 | (80) | 377 | (239) | |||||||||||||||||||
Operating cash flow before working capital changes | 1,258 | 1,787 | 2,561 | 3,198 | |||||||||||||||||||
Drilling, completions and infrastructure additions to oil and natural gas properties | (681) | (445) | (1,303) | (863) | |||||||||||||||||||
Additions to midstream assets | (30) | (23) | (65) | (42) | |||||||||||||||||||
Total Cash CAPEX | (711) | (468) | (1,368) | (905) | |||||||||||||||||||
Free Cash Flow | 547 | 1,319 | 1,193 | 2,293 | |||||||||||||||||||
Early termination of derivatives | — | — | — | 135 | |||||||||||||||||||
Adjusted Free Cash Flow | $ | 547 | $ | 1,319 | $ | 1,193 | $ | 2,428 | |||||||||||||||
Diamondback Energy, Inc. | |||||||||||||||||||||||||||||||||||
Net Debt | |||||||||||||||||||||||||||||||||||
(unaudited, in millions) | |||||||||||||||||||||||||||||||||||
June 30, 2023 | Net Q2 Principal Borrowings/(Repayments) | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Diamondback Energy, Inc.(1) | $ | 6,040 | $ | (386) | $ | 6,426 | $ | 5,837 | $ | 4,340 | $ | 4,206 | |||||||||||||||||||||||
Viper Energy Partners LP(1) | 654 | (46) | 700 | 582 | 675 | 680 | |||||||||||||||||||||||||||||
Rattler Midstream LP(1) | — | — | — | — | 500 | 732 | |||||||||||||||||||||||||||||
Total debt | 6,694 | $ | (432) | 7,126 | 6,419 | 5,515 | 5,618 | ||||||||||||||||||||||||||||
Cash and cash equivalents | (18) | (46) | (157) | (27) | (43) | ||||||||||||||||||||||||||||||
Net debt | $ | 6,676 | $ | 7,080 | $ | 6,262 | $ | 5,488 | $ | 5,575 |
Crude Oil (Bbls/day, $/Bbl) | |||||||||||||||||||||||||||||||||||||||||
Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2025 | |||||||||||||||||||||||||||||||||||
Long Puts - WTI (Cushing) | 12,000 | 12,000 | 4,000 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Long Put Price ($/Bbl) | $55.00 | $55.00 | $55.00 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Deferred Premium ($/Bbl) | $-1.80 | $-1.85 | $-1.77 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Long Puts - WTI (Magellan East Houston) | 32,000 | 28,000 | 14,000 | 4,000 | — | — | — | ||||||||||||||||||||||||||||||||||
Long Put Price ($/Bbl) | $55.00 | $55.00 | $55.00 | $55.00 | — | — | — | ||||||||||||||||||||||||||||||||||
Deferred Premium ($/Bbl) | $-1.68 | $-1.67 | $-1.76 | $-1.75 | — | — | — | ||||||||||||||||||||||||||||||||||
Long Puts - Crude Brent Oil | 113,000 | 110,000 | 80,000 | 40,000 | 6,000 | — | — | ||||||||||||||||||||||||||||||||||
Long Put Price ($/Bbl) | $54.69 | $55.00 | $55.00 | $55.00 | $55.00 | — | — | ||||||||||||||||||||||||||||||||||
Deferred Premium ($/Bbl) | $-1.65 | $-1.59 | $-1.59 | $-1.60 | $-1.57 | — | — | ||||||||||||||||||||||||||||||||||
Basis Swaps - WTI (Midland) | 24,000 | 24,000 | 4,000 | 4,000 | 4,000 | 4,000 | — | ||||||||||||||||||||||||||||||||||
$0.90 | $0.90 | $1.27 | $1.27 | $1.27 | $1.27 | — |
Natural Gas (Mmbtu/day, $/Mmbtu) | |||||||||||||||||||||||||||||||||||||||||
Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2025 | |||||||||||||||||||||||||||||||||||
Costless Collars - Henry Hub | 310,000 | 310,000 | 200,000 | 200,000 | 200,000 | 200,000 | — | ||||||||||||||||||||||||||||||||||
Long Put Price ($/Mmbtu) | $3.18 | $3.18 | $3.00 | $3.00 | $3.00 | $3.00 | — | ||||||||||||||||||||||||||||||||||
Ceiling Price ($/Mmbtu) | $9.22 | $9.22 | $8.42 | $8.42 | $8.42 | $8.42 | — | ||||||||||||||||||||||||||||||||||
Natural Gas Basis Swaps - Waha Hub | 330,000 | 330,000 | 380,000 | 380,000 | 380,000 | 380,000 | 130,000 | ||||||||||||||||||||||||||||||||||
$-1.24 | $-1.24 | $-1.18 | $-1.18 | $-1.18 | $-1.18 | $-0.75 |
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