Diamondback Energy Inc
For the period ended Jun 30, 2024. Filed Aug 7, 2024.
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Jun 30, 2024 · Filed Aug 7, 2024
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7. Related Party Transactions
- RELATED PARTY TRANSACTIONS
Deep Blue
In addition to the Deep Blue transaction discussed in Note 4—Acquisitions and Divestitures, the Company has other significant related party transactions with Deep Blue which include (i) certain accounts receivable from Deep Blue, (ii) accrued capital expenditures and other accrued payables related to a commitment to fund certain capital expenditures on projects that were in process at the time of the Deep Blue transaction, and (iii) lease operating expenses and capitalized expenses related to fees paid to Deep Blue under a 15-year dedication for its produced water and supply water within a 12-county area of mutual interest in the Midland Basin.
The following table presents the significant related party balances included in the condensed consolidated balance sheet at June 30, 2024 and December 31, 2023:
| June 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| (In millions) | ||
| Current assets - Accounts receivable | $6 | $61 |
| Current liabilities - Accrued capital expenditures | $(20) | $(21) |
| Current liabilities - Other accrued liabilities | $(19) | $(18) |
During the three and six months ended June 30, 2024, the Company recorded approximately $29 million and $60 million, respectively, for water services provided by Deep Blue during the completion phase of wells. These costs were capitalized and are included in the caption “Oil and natural gas properties” on the condensed consolidated balance sheet.
The following table presents the significant related party transactions included in the condensed consolidated statement of operations for the three and six months ended June 30, 2024 and 2023:
| Three months ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| (In millions) | ||||
| Lease operating expenses | $28 | $— | $54 | $— |
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