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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Contents

Segment Information

SEGMENT INFORMATION

The Company reports its operations inone reportable segment: the upstream segment, which is engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. Other operations are included in the “All Other” category in the table below. The sources of the revenue included in the “All Other” category include midstream gathering, compression, water handling, disposal and treatment operations which are primarily derived from intersegment transactions for services provided to the upstream segment. The segments comprise the structure used by the Company’s Chief Operating Decision Maker (“CODM”) to make key operating decisions and assess performance.

The following tables summarize the results of the Company's operating segments during the periods presented:

	Upstream	All Other	Eliminations	Total
(In millions)
Year Ended December 31, 2023:
Third-party revenues	$8,344	$68	$—	$8,412
Intersegment revenues	—	329	(329)	—
Total revenues	$8,344	$397	$(329)	$8,412
Depreciation, depletion, amortization and accretion	$1,707	$39	$—	$1,746
Income (loss) from operations	$4,519	$129	$(78)	$4,570
Interest expense, net	$(176)	$1	$—	$(175)
Other income (expense)	$(268)	$88	$(15)	$(195)
Income (loss) from equity investments	$(1)	$49	$—	$48
Provision for (benefit from) income taxes	$888	$24	$—	$912
Net income (loss) attributable to non-controlling interest	$193	$—	$—	$193
Net income (loss) attributable to Diamondback Energy, Inc.	$2,993	$243	$(93)	$3,143
Total assets	$28,362	$1,242	$(603)	$29,001

	Upstream	All Other	Eliminations	Total
(In millions)
Year Ended December 31, 2022:
Third-party revenues	$9,572	$71	$—	$9,643
Intersegment revenues	—	369	(369)	—
Total revenues	$9,572	$440	$(369)	$9,643
Depreciation, depletion, amortization and accretion	$1,279	$65	$—	$1,344
Income (loss) from operations	$6,432	$166	$(90)	$6,508
Interest expense, net	$(130)	$(29)	$—	$(159)
Other income (expense)	$(653)	$(21)	$(16)	$(690)
Income (loss) from equity investments	$—	$77	$—	$77
Provision for (benefit from) income taxes	$1,165	$9	$—	$1,174
Net income (loss) attributable to non-controlling interest	$150	$26	$—	$176
Net income (loss) attributable to Diamondback Energy, Inc.	$4,334	$158	$(106)	$4,386
Total assets	$24,452	$2,213	$(456)	$26,209

	Upstream	All Other	Eliminations	Total
(In millions)
Year Ended December 31, 2021:
Third-party revenues	$6,747	$50	$—	$6,797
Intersegment revenues	—	371	(371)	—
Total revenues	$6,747	$421	$(371)	$6,797
Depreciation, depletion, amortization and accretion	$1,219	$56	$—	$1,275
Income (loss) from operations	$3,879	$180	$(58)	$4,001
Interest expense, net	$(167)	$(32)	$—	$(199)
Other income (expense)	$(925)	$23	$(8)	$(910)
Income (loss) from equity investments	$—	$15	$—	$15
Provision for (benefit from) income taxes	$620	$11	$—	$631
Net income (loss) attributable to non-controlling interest	$57	$37	$—	$94
Net income (loss) attributable to Diamondback Energy, Inc.	$2,110	$138	$(66)	$2,182
Total assets	$21,329	$1,942	$(373)	$22,898

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