Diamondback Energy, Inc. (FANG) Financial Statements (2024 and earlier)

Company Profile

Business Address 500 WEST TEXAS
MIDLAND, TX 79701
State of Incorp. DE
Fiscal Year End December 31
Industry (SIC) 1311 - Crude Petroleum and Natural Gas (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in millions)

12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments157654104123215112
Cash and cash equivalents157654104123215112
Restricted cash and investments71845  
Receivables1,006671437615392232
Inventory, net of allowances, customer advances and progress billings67623337389
Inventory67623337389
Prepaid expense    20  
Derivative instruments and hedges, assets132131462311
Other current assets     2815
Other undisclosed current assets23282323(231)(1)
Total current assets:1,3921,446602869925359
Noncurrent Assets
Operating lease, right-of-use asset    15
Property, plant and equipment23,75920,61916,21421,83520,3727,344
Oil and gas, full cost method, property and equipment, after accumulated depletion(6,671)(5,434)(4,237)(2,995)(1,599)(1,010)
Long-term investments and receivables566613533479  
Long-term investments566613533479  
Intangible assets, net (including goodwill)    88 
Intangible assets, net (excluding goodwill)    88 
Derivative instruments and hedges234 7  
Deposits noncurrent assets      6
Deferred income tax assets644073142
Other noncurrent assets427645908662
Other undisclosed noncurrent assets7,0345,5344,3893,0811,8041,010
Total noncurrent assets:24,81721,45217,01722,66220,6717,412
TOTAL ASSETS:26,20922,89817,61923,53121,5967,771
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities560472373483381187
Accounts payable127367117912895
Accrued liabilities43343630230425393
Deferred revenue619452237278
Debt 10451918  
Derivative instruments and hedges, liabilities    27 100
Asset retirement obligation1151   
Other liabilities     892483
Deferred revenue and credits69
Other undisclosed current liabilities516464434467(253)(262)
Total current liabilities:1,7161,4381,2361,2631,020577
Noncurrent Liabilities
Long-term debt and lease obligation6,2386,6425,6245,3714,4641,477
Long-term debt, excluding current maturities6,2386,6425,6245,3714,4641,477
Liabilities, other than long-term debt, including:2,5651,5739551110134
Asset retirement obligations3361661089413620
Deferred tax liabilities, net1,785108
Deferred income tax liabilities2,0691,338783 
Other liabilities12407   
Derivative instruments and hedges, liabilities1482957 156
Other undisclosed liabilities, other than long-term debt    (83)(1,926) 
Other undisclosed noncurrent liabilities    1,9801,936 
Total noncurrent liabilities:8,8038,2156,5797,3626,4101,612
Total liabilities:10,5199,6537,8158,6257,4292,189
Equity
Equity, attributable to parent, including:15,00912,0888,79413,24913,6995,255
Additional paid in capital14,21314,08412,65612,35712,9365,291
Accumulated other comprehensive loss(7)   (0) 
Retained earnings (accumulated deficit)801(1,998)(3,864)890762(37)
Other undisclosed equity, attributable to parent222221
Equity, attributable to noncontrolling interest6811,1571,0101,657467327
Total equity:15,69013,2459,80414,90614,1665,582
TOTAL LIABILITIES AND EQUITY:26,20922,89817,61923,53121,5967,771

Income Statement (P&L) ($ in millions)

12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues9,6436,7972,8133,9642,1761,205
Revenue, net1,205
Loss on disposition of assets for financial service operations (850)(1,225)  (120)
Cost of revenue(2,865)(2,635)(2,169)(2,365)(1,092)(550)
Cost of goods and services sold      (150)
Gross profit:6,7784,1626441,5991,084655
Operating expenses(270)(161)(6,120)(904)(73)(50)
Operating income (loss):6,5084,001(5,476)6951,011605
Nonoperating income (expense)(772)(1,094)(300)(333)102(108)
Investment income, nonoperating(586)(825)(90)(103)101(78)
Other nonoperating income (expense)(613) 2(2)8910
Interest and debt expense(159)(199)(197)(173)(88)(41)
Income (loss) from continuing operations before equity method investments, income taxes:5,5772,708(5,973)1891,025456
Other undisclosed income from continuing operations before income taxes1591991971738841
Income (loss) from continuing operations before income taxes:5,7362,907(5,776)3621,113497
Income tax expense (benefit)(1,174)(631)1,104(47)(168)20
Income (loss) from continuing operations:4,5622,276(4,672)315945517
Income (loss) before gain (loss) on sale of properties:2,276(4,672)315945517
Net income (loss):4,5622,276(4,672)315945517
Net income (loss) attributable to noncontrolling interest(176)(94)155(75)(99)(34)
Net income (loss) attributable to parent:4,3862,182(4,517)240846482
Other undisclosed net loss available to common stockholders, basic(42)     
Net income (loss) available to common stockholders, diluted:4,3442,182(4,517)240846482

Comprehensive Income ($ in millions)

12/31/2023
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income (loss):4,5622,276(4,672)315945517
Other comprehensive loss(7)   (0) 
Comprehensive income (loss):4,5552,276(4,672)315945517
Comprehensive income (loss), net of tax, attributable to noncontrolling interest(176)(94)155(75)(99)(34)
Other undisclosed comprehensive income, net of tax, attributable to parent     99 
Comprehensive income (loss), net of tax, attributable to parent:4,3792,182(4,517)240945482

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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