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Diamondback Energy Inc

For the period ended Sep 30, 2024. Filed Nov 7, 2024.

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About this filing

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

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 September 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 November 1, 2024, the registrant had 291,989,194 shares of common stock outstanding.

DIAMONDBACK ENERGY, INC.

FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 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 Customers9
4. Acquisitions and Divestitures10
5. Endeavor Energy Resources, LP Acquisition14
6. Property and Equipment16
7. Asset Retirement Obligations17
8. Related Party Transactions17
9. Debt18
10. Stockholders' Equity and Earnings (Loss) Per Share20
11. Equity-Based Compensation22
12. Income Taxes24
13. Derivatives24
14. Fair Value Measurements27
15. Supplemental Information To Statements of Cash Flows29
16. Commitments and Contingencies29
17. Subsequent Events29
18. Segment Information30
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations33
Item 3. Quantitative and Qualitative Disclosures About Market Risk50
Item 4. Controls and Procedures51
PART II. OTHER INFORMATION
Item 1. Legal Proceedings53
Item 1A. Risk Factors53
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds53
Item 5. Other Information53
Item 6. Exhibits54
Signatures55

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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.