Diamondback Energy Inc
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
FANG$178.08-0.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (In millions) | |||
| Cash flows from operating activities: | |||
| Net income (loss) | $3,336 | $4,562 | $2,276 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Provision for (benefit from) deferred income taxes | 378 | 720 | 606 |
| Depreciation, depletion, amortization and accretion | 1,746 | 1,344 | 1,275 |
| (Gain) loss on extinguishment of debt | 4 | 99 | 75 |
| (Gain) loss on derivative instruments, net | 259 | 586 | 848 |
| Cash received (paid) on settlement of derivative instruments | (110) | (850) | (1,247) |
| (Income) loss from equity investment, net | (48) | (77) | (15) |
| Equity-based compensation expense | 54 | 55 | 51 |
| Other | 5 | 85 | 39 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (71) | (47) | (196) |
| Income tax receivable | 283 | (283) | 152 |
| Prepaid expenses and other current assets | (89) | 21 | 20 |
| Accounts payable and accrued liabilities | 57 | (47) | (41) |
| Income taxes payable | (5) | 17 | — |
| Revenues and royalties payable | 123 | 156 | 148 |
| Other | (2) | (16) | (47) |
| Net cash provided by (used in) operating activities | 5,920 | 6,325 | 3,944 |
| Cash flows from investing activities: | |||
| Drilling, completions and infrastructure additions to oil and natural gas properties | (2,582) | (1,854) | (1,457) |
| Additions to midstream assets | (119) | (84) | (30) |
| Property acquisitions | (2,013) | (1,675) | (787) |
| Proceeds from sale of assets | 1,407 | 327 | 820 |
| Other | (16) | (44) | (85) |
| Net cash provided by (used in) investing activities | (3,323) | (3,330) | (1,539) |
| Cash flows from financing activities: | |||
| Proceeds from borrowings under credit facilities | 4,779 | 5,204 | 1,313 |
| Repayments under credit facilities | (4,668) | (5,551) | (1,000) |
| Proceeds from senior notes | 400 | 2,500 | 2,200 |
| Repayment of senior notes | (134) | (2,410) | (3,193) |
| Proceeds from (repayments to) joint venture | — | (74) | (20) |
| Premium on extinguishment of debt | — | (63) | (178) |
| Repurchased shares under buyback program | (840) | (1,098) | (431) |
| Repurchased shares/units under Viper's buyback program | (95) | (153) | (94) |
| Dividends paid to stockholders | (1,444) | (1,572) | (312) |
| Dividends/distributions to non-controlling interest | (129) | (217) | (112) |
| Financing portion of net cash received (paid) for derivative instruments | — | — | 22 |
| Other | (45) | (69) | (36) |
| Net cash provided by (used in) financing activities | (2,176) | (3,503) | (1,841) |
| Net increase (decrease) in cash and cash equivalents | 421 | (508) | 564 |
| Cash, cash equivalents and restricted cash at beginning of period | 164 | 672 | 108 |
| Cash, cash equivalents and restricted cash at end of period | $585 | $164 | $672 |
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