Diamondback Energy Inc
For the period ended Sep 30, 2024. Filed Nov 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.
Sep 30, 2024 · Filed Nov 7, 2024
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18. Segment Information
- SEGMENT INFORMATION
As of September 30, 2024, the Company hasone 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) | ||||
| Three Months Ended September 30, 2024: | ||||
| Third-party revenues | $2,636 | $9 | $— | $2,645 |
| Intersegment revenues | — | 39 | (39) | — |
| Total revenues | $2,636 | $48 | $(39) | $2,645 |
| Depreciation, depletion, amortization and accretion | $735 | $7 | $— | $742 |
| Income (loss) from operations | $709 | $(1) | $2 | $710 |
| Interest expense, net | $(19) | $1 | $— | $(18) |
| Other income (expense) | $123 | $99 | $(2) | $220 |
| Income (loss) from equity investments | $— | $6 | $— | $6 |
| Provision for (benefit from) income taxes | $201 | $9 | $— | $210 |
| Net income (loss) attributable to non-controlling interest | $49 | $— | $— | $49 |
| Net income (loss) attributable to Diamondback Energy, Inc. | $563 | $96 | $— | $659 |
| As of September 30, 2024: | ||||
| Total assets | $65,402 | $952 | $(607) | $65,747 |
| Upstream | All Other | Eliminations | Total | |
|---|---|---|---|---|
| (In millions) | ||||
| Three Months Ended September 30, 2023: | ||||
| Third-party revenues | $2,327 | $13 | $— | $2,340 |
| Intersegment revenues | — | 84 | (84) | — |
| Total revenues | $2,327 | $97 | $(84) | $2,340 |
| Depreciation, depletion, amortization and accretion | $435 | $7 | $— | $442 |
| Income (loss) from operations | $1,339 | $19 | $(18) | $1,340 |
| Interest expense, net | $(38) | $1 | $— | $(37) |
| Other income (expense) | $(75) | $36 | $(4) | $(43) |
| Income (loss) from equity investments | $— | $9 | $— | $9 |
| Provision for (benefit from) income taxes | $261 | $15 | $— | $276 |
| Net income (loss) attributable to non-controlling interest | $78 | $— | $— | $78 |
| Net income (loss) attributable to Diamondback Energy, Inc. | $887 | $50 | $(22) | $915 |
| As of December 31, 2023: | ||||
| Total assets | $28,362 | $1,242 | $(603) | $29,001 |
| Upstream | All Other | Eliminations | Total | |
|---|---|---|---|---|
| (In millions) | ||||
| Nine Months Ended September 30, 2024: | ||||
| Third-party revenues | $7,327 | $28 | $— | $7,355 |
| Intersegment revenues | — | 117 | (117) | — |
| Total revenues | $7,327 | $145 | $(117) | $7,355 |
| Depreciation, depletion, amortization and accretion | $1,676 | $18 | $— | $1,694 |
| Income (loss) from operations | $2,938 | $34 | $12 | $2,984 |
| Interest expense, net | $(102) | $1 | $— | $(101) |
| Other income (expense) | $98 | $99 | $(7) | $190 |
| Income (loss) from equity investments | $— | $23 | $— | $23 |
| Provision for (benefit from) income taxes | $671 | $14 | $— | $685 |
| Net income (loss) attributable to non-controlling interest | $147 | $— | $— | $147 |
| Net income (loss) attributable to Diamondback Energy, Inc. | $2,116 | $143 | $5 | $2,264 |
| As of September 30, 2024: | ||||
| Total assets | $65,402 | $952 | $(607) | $65,747 |
| Upstream | All Other | Eliminations | Total | |
|---|---|---|---|---|
| (In millions) | ||||
| Nine Months Ended September 30, 2023: | ||||
| Third-party revenues | $6,126 | $58 | $— | $6,184 |
| Intersegment revenues | — | 286 | (286) | — |
| Total revenues | $6,126 | $344 | $(286) | $6,184 |
| Depreciation, depletion, amortization and accretion | $1,244 | $33 | $— | $1,277 |
| Income (loss) from operations | $3,320 | $118 | $(73) | $3,365 |
| Interest expense, net | $(131) | $1 | $— | $(130) |
| Other income (expense) | $(378) | $89 | $(12) | $(301) |
| Income (loss) from equity investments | $— | $39 | $— | $39 |
| Provision for (benefit from) income taxes | $626 | $22 | $— | $648 |
| Net income (loss) attributable to non-controlling interest | $142 | $— | $— | $142 |
| Net income (loss) attributable to Diamondback Energy, Inc. | $2,043 | $225 | $(85) | $2,183 |
| As of December 31, 2023: | ||||
| Total assets | $28,362 | $1,242 | $(603) | $29,001 |
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