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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Condensed Consolidated Statements of Operations
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| (In millions, except per share amounts, shares in thousands) | ||||
| Revenues: | ||||
| Oil sales | $1,998 | $1,708 | $3,865 | $3,362 |
| Natural gas sales | 5 | 48 | 55 | 117 |
| Natural gas liquid sales | 171 | 140 | 355 | 319 |
| Sales of purchased oil | 300 | — | 416 | — |
| Other operating income | 9 | 23 | 19 | 46 |
| Total revenues | 2,483 | 1,919 | 4,710 | 3,844 |
| Costs and expenses: | ||||
| Lease operating expenses | 254 | 200 | 509 | 392 |
| Production and ad valorem taxes | 141 | 148 | 260 | 303 |
| Gathering, processing and transportation | 82 | 68 | 159 | 136 |
| Purchased oil expense | 299 | — | 416 | — |
| Depreciation, depletion, amortization and accretion | 483 | 432 | 952 | 835 |
| General and administrative expenses | 46 | 37 | 92 | 77 |
| Merger and integration expenses | 3 | 2 | 15 | 10 |
| Other operating expenses | 19 | 32 | 33 | 66 |
| Total costs and expenses | 1,327 | 919 | 2,436 | 1,819 |
| Income (loss) from operations | 1,156 | 1,000 | 2,274 | 2,025 |
| Other income (expense): | ||||
| Interest expense, net | (44) | (49) | (83) | (93) |
| Other income (expense), net | 1 | (23) | (2) | 28 |
| Gain (loss) on derivative instruments, net | 18 | (189) | (30) | (282) |
| Gain (loss) on extinguishment of debt | — | (4) | 2 | (4) |
| Income (loss) from equity investments, net | 15 | 16 | 17 | 30 |
| Total other income (expense), net | (10) | (249) | (96) | (321) |
| Income (loss) before income taxes | 1,146 | 751 | 2,178 | 1,704 |
| Provision for (benefit from) income taxes | 252 | 165 | 475 | 372 |
| Net income (loss) | 894 | 586 | 1,703 | 1,332 |
| Net income (loss) attributable to non-controlling interest | 57 | 30 | 98 | 64 |
| Net income (loss) attributable to Diamondback Energy, Inc. | $837 | $556 | $1,605 | $1,268 |
| Earnings (loss) per common share: | ||||
| Basic | $4.66 | $3.05 | $8.93 | $6.95 |
| Diluted | $4.66 | $3.05 | $8.93 | $6.95 |
| Weighted average common shares outstanding: | ||||
| Basic | 178,360 | 180,373 | 178,418 | 181,176 |
| Diluted | 178,360 | 180,373 | 178,418 | 181,176 |
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