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Diamondback Energy Inc

For the period ended Jun 30, 2024. Filed Aug 7, 2024.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 7, 2024

FANG$178.08-0.1%Stored close · as of Nov 10, 2026

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-35700

Diamondback Energy, Inc.

(Exact Name of Registrant As Specified in Its Charter)

DE45-4502447
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification Number)
500 West Texas Ave.
Midland, TX79701
(Address of principal executive offices)(Zip code)

(432)221-7400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareFANGThe Nasdaq Stock Market LLC
(NASDAQ Global Select Market)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check One):

Large Accelerated Filer☒Accelerated Filer☐
Non-Accelerated Filer☐Smaller Reporting Company☐
Emerging Growth Company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No ☒

As of August 2, 2024, the registrant had 178,394,452 shares of common stock outstanding.

DIAMONDBACK ENERGY, INC.

FORM 10-Q

FOR THE QUARTER ENDED JUNE 30, 2024

TABLE OF CONTENTS

Page
Glossary of Oil and Natural Gas Termsii
Glossary of Certain Other Termsiii
Cautionary Statement Regarding Forward-Looking Statementsiv
PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements (Unaudited)1
Condensed Consolidated Balance Sheets1
Condensed Consolidated Statements of Operations2
Condensed Consolidated Statements of Stockholders’ Equity3
Condensed Consolidated Statements of Cash Flows5
Condensed Notes to Consolidated Financial Statements6
1. Description of the Business and Basis of Presentation6
2. Summary of Significant Accounting Policies7
3. Revenue from Contracts with Customers8
4. Acquisitions and Divestitures9
5. Property and Equipment12
6. Asset Retirement Obligations12
7. Related Party Transactions13
8. Debt14
9. Stockholders' Equity and Earnings Per Share16
10. Equity-Based Compensation18
11. Income Taxes19
12. Derivatives20
13. Fair Value Measurements22
14. Supplemental Information To Statements of Cash Flows24
15. Commitments and Contingencies24
16. Endeavor Energy Resources, LP Acquisition25
17. Subsequent Events25
18. Segment Information26
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations28
Item 3. Quantitative and Qualitative Disclosures About Market Risk45
Item 4. Controls and Procedures46
PART II. OTHER INFORMATION
Item 1. Legal Proceedings47
Item 1A. Risk Factors47
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds47
Item 5. Other Information47
Item 6. Exhibits48
Signatures49

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.