Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the
“Company”) today announced financial and operating results for the
third quarter ended September 30, 2023.
THIRD QUARTER 2023
HIGHLIGHTS
- Average production of 266.1 MBO/d
(452.8 MBOE/d)
- Net cash provided by operating
activities of $1.4 billion; Operating Cash Flow Before Working
Capital Changes (as defined and reconciled below) of $1.5
billion
- Cash capital expenditures of $684
million
- Free Cash Flow (as defined and
reconciled below) of $820 million; Adjusted Free Cash Flow (as
defined and reconciled below) of $884 million
- Declared Q3 2023 base cash dividend
of $0.84 per share and a variable cash dividend of $2.53 per share,
in each case payable on November 24, 2023; implies an 8.3%
annualized yield based on November 3, 2023 closing share price
of $162.10
- Repurchased 406,700 shares of
common stock in Q3 2023 for $56 million (at a weighted average
price of $136.59/share); repurchased 217,900 shares of common stock
to date in Q4 2023 for $32 million, excluding excise tax (at a
weighted average price of $146.97/share)
- Total Q3 2023 return of capital of
$663 million; represents ~81% of Q3 2023 Free Cash Flow and 75% of
Adjusted Free Cash Flow from stock repurchases and the declared Q3
2023 base-plus-variable dividend
- As previously announced, completed
joint venture transaction with Five Point Energy LLC, forming Deep
Blue Midland Basin LLC ("Deep Blue"), contributing certain Midland
Basin water assets for gross proceeds of $516 million and 30%
equity ownership in the new joint venture entity
- In September, completed divestiture
of Delaware Basin oil gathering assets for gross proceeds of $75
million
- Since initiating our non-core asset
sale program, have closed transactions with $1.7 billion of
gross proceeds, exceeding our year-end 2023 target of
$1.0 billion
- Ended Q3 2023 with consolidated
total debt of $6.4 billion and consolidated net debt (as
defined and reconciled below) of $5.6 billion, down from
$6.7 billion as of the end of Q2 2023
OPERATIONS UPDATE
The tables below provide a summary of operating
activity for the third quarter of 2023.
Total Activity (Gross Operated): |
|
|
|
|
Number of Wells Drilled |
|
Number of Wells Completed |
Midland Basin |
79 |
|
73 |
Delaware Basin |
7 |
|
1 |
Total |
86 |
|
74 |
Total Activity (Net Operated): |
|
|
|
|
Number of Wells Drilled |
|
Number of Wells Completed |
Midland Basin |
69 |
|
70 |
Delaware Basin |
6 |
|
1 |
Total |
75 |
|
71 |
During the third quarter of 2023, Diamondback
drilled 79 gross wells in the Midland Basin and seven gross wells
in the Delaware Basin. The Company turned 73 operated wells to
production in the Midland Basin and one gross well in the Delaware
Basin with an average lateral length of 11,864 feet. Operated
completions during the third quarter consisted of 25 Lower
Spraberry wells, 20 Wolfcamp A wells, 11 Jo Mill wells, eight
Wolfcamp B wells, seven Middle Spraberry wells, one Third Bone
Spring well, one Upper Spraberry well and one Barnett well.
For the first nine months of 2023, Diamondback
drilled 235 gross wells in the Midland Basin and 31 gross wells in
the Delaware Basin. The Company turned 213 operated wells to
production in the Midland Basin and 38 operated wells to production
in the Delaware Basin. The average lateral length for wells
completed during the first nine months of 2023 was 11,184 feet, and
consisted of 69 Lower Spraberry wells, 64 Wolfcamp A wells, 41
Wolfcamp B wells, 32 Jo Mill wells, 18 Middle Spraberry wells, 15
Third Bone Spring wells, eight Second Bone Spring wells, two Upper
Spraberry wells and two Barnett wells.
FINANCIAL UPDATE
Diamondback's third quarter 2023 net income was
$915 million, or $5.07 per diluted share. Adjusted net income (as
defined and reconciled below) was $990 million, or $5.49 per
diluted share.
Third quarter 2023 net cash provided by
operating activities was $1.4 billion. Through the first nine
months of 2023, Diamondback's net cash provided by operating
activities was $4.3 billion.
During the third quarter of 2023, Diamondback
spent $611 million on operated and non-operated drilling and
completions, $34 million on infrastructure and environmental and
$39 million on midstream, for total cash capital expenditures of
$684 million for the quarter. During the first nine months of 2023,
Diamondback has spent $1.8 billion on operated and non-operated
drilling and completions, $122 million on infrastructure and
environmental and $104 million on midstream, for total cash capital
expenditures of $2.1 billion.
Third quarter 2023 Consolidated Adjusted EBITDA
(as defined and reconciled below) was $1.8 billion. Adjusted
EBITDA net of non-controlling interest (as defined and reconciled
below) was $1.7 billion.
Diamondback's third quarter 2023 Free Cash Flow
(as defined and reconciled below) was $820 million. Adjusted
Free Cash Flow (as defined and reconciled below) was $884 million.
Through September 30, 2023, Diamondback's Free Cash Flow was
$2.0 billion, with $2.1 billion of Adjusted Free Cash Flow over the
same period.
Third quarter 2023 average unhedged realized
prices were $81.57 per barrel of oil, $1.62 per Mcf of natural gas
and $21.02 per barrel of natural gas liquids ("NGLs"), resulting in
a total equivalent unhedged realized price of $54.37 per BOE.
Diamondback's cash operating costs for the third
quarter of 2023 were $10.51 per BOE, including lease operating
expenses ("LOE") of $5.42 per BOE, cash general and administrative
("G&A") expenses of $0.51 per BOE, production and ad valorem
taxes of $2.83 per BOE and gathering and transportation expenses of
$1.75 per BOE.
As of September 30, 2023, Diamondback had
$680 million in standalone cash and no borrowings under its
revolving credit facility, with approximately $1.6 billion
available for future borrowing under the facility and approximately
$2.3 billion of total liquidity. As of September 30, 2023, the
Company had consolidated total debt of $6.4 billion and
consolidated net debt of $5.6 billion, down from consolidated total
debt and net debt of $6.7 billion as of June 30, 2023.
DIVIDEND DECLARATIONS
Diamondback announced today that the Company's
Board of Directors declared a base cash dividend of $0.84 per
common share for the third quarter of 2023 payable on
November 24, 2023, to stockholders of record at the close of
business on November 16, 2023.
The Company's Board of Directors also declared a
variable cash dividend of $2.53 per common share for the third
quarter of 2023 payable on November 24, 2023, to stockholders
of record at the close of business on November 16, 2023.
Future base and variable dividends remain
subject to review and approval at the discretion of the Company's
Board of Directors.
COMMON STOCK REPURCHASE
PROGRAM
During the third quarter of 2023, Diamondback
repurchased 406,700 shares of common stock at an average share
price of $136.59 for a total cost of approximately $56 million,
excluding excise tax. To date, Diamondback has repurchased
18,403,732 shares of common stock at an average share price of
$123.28 for a total cost of approximately $2.3 billion and has
approximately $1.7 billion remaining on its current share buyback
authorization. Diamondback intends to continue to purchase common
stock under the common stock repurchase program opportunistically
with cash on hand, free cash flow from operations and proceeds from
potential liquidity events such as the sale of assets. This
repurchase program has no time limit and may be suspended from time
to time, modified, extended or discontinued by the Board at any
time. Purchases under the repurchase program may be made from time
to time in privately negotiated transactions, or in open market
transactions in compliance with Rule 10b-18 under the Securities
Exchange Act of 1934, as amended, and will be subject to market
conditions, applicable legal requirements and other factors. Any
common stock purchased as part of this program will be retired.
FULL YEAR 2023 GUIDANCE
Below is Diamondback's guidance for the full
year 2023, which includes fourth quarter production, cash tax and
capital guidance. The Company is raising both total and net oil
production for the full year 2023 due to production outperformance
year-to-date as well as narrowing unit costs, capital expenditures
and activity levels.
|
2023 Guidance |
2023 Guidance |
|
Diamondback Energy, Inc. |
Viper Energy Partners LP |
|
|
|
Net production - MBOE/d |
~447 (from 435 - 445) |
~39.25 |
Oil production - MBO/d |
~263 (from 260 - 262) |
~22.00 |
Q4 2023 oil production - MBO/d (total - MBOE/d) |
269 - 273 (455 - 460) |
24.25 - 24.75 (43.25 - 44.25) |
|
|
|
Unit costs ($/BOE) |
|
|
Lease operating expenses, including workovers |
$5.10 - $5.40 (from $4.90 - $5.40) |
|
G&A |
|
|
Cash G&A |
$0.55 - $0.65 (from $0.60 - $0.75) |
$0.50 - $0.60 |
Non-cash equity-based compensation |
$0.30 - $0.40 (from $0.35 - $0.45) |
$0.10 - $0.15 |
DD&A |
$10.50 - $10.75 (from $10.00 - $10.75) |
$9.50 - $10.00 |
Interest expense (net of interest income) |
$1.10 - $1.25 (from $1.20 - $1.30) |
$3.00 - $3.25 |
Gathering and transportation |
$1.65 - $1.80 (from $1.80 - $2.00) |
|
|
|
|
Production and ad valorem taxes (% of revenue) |
~7% (from ~8%) |
~7% |
Corporate tax rate (% of pre-tax income) |
23% |
20% - 22% |
Cash tax rate (% of pre-tax income) |
15% - 17% (from 10% - 15%) |
|
Q4 2023 Cash taxes ($ - million) |
$190 - $230 |
$13.0 - $17.0 |
|
|
|
Capital Budget ($ - million) |
|
|
Drilling, completion, capital workovers, and non-operated
properties |
$2,370 - $2,390 (from $2,330 - $2,365) |
|
Midstream (ex. equity method investments) |
$120 - $130 (from $100 - $120) |
|
Infrastructure and environmental |
$170 - $180 (from $170 - $190) |
|
2023 Capital expenditures |
$2,660 - $2,700 (from $2,600 - $2,675) |
|
Q4 2023 Capital expenditures |
$610 - $650 |
|
|
|
|
Gross horizontal wells drilled (net) |
340 - 350 (306 - 315) (from 335 - 350 (302 - 315)) |
|
Gross horizontal wells completed (net) |
325 - 335 (305 - 315) (from 330 - 345 (305 - 320)) |
|
Average lateral length (Ft.) |
~11,000' (from ~10,800') |
|
FY 2023 Midland Basin well costs per lateral foot |
$620 - $680 |
|
FY 2023 Delaware Basin well costs per lateral foot |
$900 - $1,000 |
|
Midland Basin net lateral feet (%) |
~85% |
|
Delaware Basin net lateral feet (%) |
~15% |
|
CONFERENCE CALLDiamondback will
host a conference call and webcast for investors and analysts to
discuss its results for the third quarter of 2023 on Tuesday,
November 7, 2023 at 8:00 a.m. CT. Access to the webcast, and replay
which will be available following the call, may be found here. The
live webcast of the earnings conference call will also be available
via Diamondback’s website at www.diamondbackenergy.com under the
“Investor Relations” section of the site.
About Diamondback Energy, Inc.
Diamondback is an independent oil and natural
gas company headquartered in Midland, Texas focused on the
acquisition, development, exploration and exploitation of
unconventional, onshore oil and natural gas reserves primarily in
the Permian Basin in West Texas. For more information, please visit
www.diamondbackenergy.com.
Forward-Looking Statements
This news release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act
and Section 21E of the Exchange Act, which involve risks,
uncertainties, and assumptions. All statements, other than
statements of historical fact, including statements regarding
Diamondback’s: future performance; business strategy; future
operations (including drilling plans and capital plans); estimates
and projections of revenues, losses, costs, expenses, returns, cash
flow, and financial position; reserve estimates and its ability to
replace or increase reserves; anticipated benefits of strategic
transactions (including acquisitions and divestitures); and plans
and objectives of management (including plans for future cash flow
from operations and for executing environmental strategies) are
forward-looking statements. When used in this news release, the
words “aim,” “anticipate,” “believe,” “continue,” “could,”
“estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,”
“may,” “model,” “outlook,” “plan,” “positioned,” “potential,”
“predict,” “project,” “seek,” “should,” “target,” “will,” “would,”
and similar expressions (including the negative of such terms) as
they relate to Diamondback are intended to identify forward-looking
statements, although not all forward-looking statements contain
such identifying words. Although Diamondback believes that the
expectations and assumptions reflected in its forward-looking
statements are reasonable as and when made, they involve risks and
uncertainties that are difficult to predict and, in many cases,
beyond Diamondback’s control. Accordingly, forward-looking
statements are not guarantees of future performance and
Diamondback’s actual outcomes could differ materially from what
Diamondback has expressed in its forward-looking statements.
Factors that could cause the outcomes to differ
materially include (but are not limited to) the following: changes
in supply and demand levels for oil, natural gas, and natural gas
liquids, and the resulting impact on the price for those
commodities; the impact of public health crises, including epidemic
or pandemic diseases, and any related company or government
policies or actions; actions taken by the members of OPEC and
Russia affecting the production and pricing of oil, as well as
other domestic and global political, economic, or diplomatic
developments, including any impact of the ongoing war in Ukraine
and Israel-Hamas war on the global energy markets and geopolitical
stability; instability in the financial sector; concerns over a
potential economic slowdown or recession; inflationary pressures;
rising interest rates and their impact on the cost of capital;
regional supply and demand factors, including delays, curtailment
delays or interruptions of production, or governmental orders,
rules or regulations that impose production limits; federal and
state legislative and regulatory initiatives relating to hydraulic
fracturing, including the effect of existing and future laws and
governmental regulations; physical and transition risks relating to
climate change and the risks and other factors disclosed in
Diamondback’s filings with the Securities and Exchange Commission,
including its Forms 10-K, 10-Q and 8-K, which can be obtained free
of charge on the Securities and Exchange Commission’s web site at
http://www.sec.gov.
In light of these factors, the events
anticipated by Diamondback’s forward-looking statements may not
occur at the time anticipated or at all. Moreover, Diamondback
operates in a very competitive and rapidly changing environment and
new risks emerge from time to time. Diamondback cannot predict all
risks, nor can it assess the impact of all factors on its business
or the extent to which any factor, or combination of factors, may
cause actual results to differ materially from those anticipated by
any forward-looking statements it may make. Accordingly, you should
not place undue reliance on any forward-looking statements made in
this news release. All forward-looking statements speak only as of
the date of this news release or, if earlier, as of the date they
were made. Diamondback does not intend to, and disclaims any
obligation to, update or revise any forward-looking statements
unless required by applicable law.
Diamondback Energy, Inc. |
Condensed Consolidated Balance Sheets |
(unaudited, in millions, except share
amounts) |
|
|
|
|
|
September 30, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
827 |
|
|
$ |
157 |
|
Restricted cash |
|
3 |
|
|
|
7 |
|
Accounts receivable: |
|
|
|
Joint interest and other, net |
|
191 |
|
|
|
104 |
|
Oil and natural gas sales, net |
|
789 |
|
|
|
618 |
|
Inventories |
|
70 |
|
|
|
67 |
|
Derivative instruments |
|
1 |
|
|
|
132 |
|
Income tax receivable |
|
16 |
|
|
|
284 |
|
Prepaid expenses and other current assets |
|
19 |
|
|
|
23 |
|
Total current assets |
|
1,916 |
|
|
|
1,392 |
|
Property and equipment: |
|
|
|
Oil and natural gas properties, full cost method of accounting
($8,239 million and $8,355 million excluded from amortization at
September 30, 2023 and December 31, 2022,
respectively) |
|
40,647 |
|
|
|
37,122 |
|
Other property, equipment and land |
|
706 |
|
|
|
1,481 |
|
Accumulated depletion, depreciation, amortization and
impairment |
|
(15,988 |
) |
|
|
(14,844 |
) |
Property and equipment, net |
|
25,365 |
|
|
|
23,759 |
|
Funds held in escrow |
|
50 |
|
|
|
119 |
|
Equity method investments |
|
519 |
|
|
|
566 |
|
Assets held for sale |
|
— |
|
|
|
158 |
|
Derivative instruments |
|
1 |
|
|
|
23 |
|
Deferred income taxes, net |
|
60 |
|
|
|
64 |
|
Investment in real estate, net |
|
85 |
|
|
|
86 |
|
Other assets |
|
53 |
|
|
|
42 |
|
Total assets |
$ |
28,049 |
|
|
$ |
26,209 |
|
Liabilities and Stockholders’ Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable - trade |
$ |
358 |
|
|
$ |
127 |
|
Accrued capital expenditures |
|
397 |
|
|
|
480 |
|
Current maturities of long-term debt |
|
— |
|
|
|
10 |
|
Other accrued liabilities |
|
428 |
|
|
|
399 |
|
Revenues and royalties payable |
|
782 |
|
|
|
619 |
|
Derivative instruments |
|
139 |
|
|
|
47 |
|
Income taxes payable |
|
37 |
|
|
|
34 |
|
Total current liabilities |
|
2,141 |
|
|
|
1,716 |
|
Long-term debt |
|
6,230 |
|
|
|
6,238 |
|
Derivative instruments |
|
199 |
|
|
|
148 |
|
Asset retirement obligations |
|
240 |
|
|
|
336 |
|
Deferred income taxes |
|
2,243 |
|
|
|
2,069 |
|
Other long-term liabilities |
|
12 |
|
|
|
12 |
|
Total liabilities |
|
11,065 |
|
|
|
10,519 |
|
Stockholders’ equity: |
|
|
|
Common stock, $0.01 par value; 400,000,000 shares authorized;
178,815,302 and 179,840,797 shares issued and outstanding at
September 30, 2023 and December 31, 2022,
respectively |
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
14,149 |
|
|
|
14,213 |
|
Retained earnings (accumulated deficit) |
|
2,136 |
|
|
|
801 |
|
Accumulated other comprehensive income (loss) |
|
(7 |
) |
|
|
(7 |
) |
Total Diamondback Energy, Inc. stockholders’ equity |
|
16,280 |
|
|
|
15,009 |
|
Non-controlling interest |
|
704 |
|
|
|
681 |
|
Total equity |
|
16,984 |
|
|
|
15,690 |
|
Total liabilities and equity |
$ |
28,049 |
|
|
$ |
26,209 |
|
Diamondback Energy, Inc. |
Condensed Consolidated Statements of
Operations |
(unaudited, $ in millions except per share data, shares in
thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues: |
|
|
|
|
|
|
|
Oil, natural gas and natural gas liquid sales |
$ |
2,265 |
|
|
$ |
2,417 |
|
|
$ |
6,063 |
|
|
$ |
7,558 |
|
Sales of purchased oil |
|
59 |
|
|
|
— |
|
|
|
59 |
|
|
|
— |
|
Other operating income |
|
16 |
|
|
|
20 |
|
|
|
62 |
|
|
|
55 |
|
Total revenues |
|
2,340 |
|
|
|
2,437 |
|
|
|
6,184 |
|
|
|
7,613 |
|
Costs and expenses: |
|
|
|
|
|
|
|
Lease operating expenses |
|
226 |
|
|
|
183 |
|
|
|
618 |
|
|
|
491 |
|
Production and ad valorem taxes |
|
118 |
|
|
|
156 |
|
|
|
421 |
|
|
|
495 |
|
Gathering and transportation |
|
73 |
|
|
|
71 |
|
|
|
209 |
|
|
|
191 |
|
Depreciation, depletion, amortization and accretion |
|
442 |
|
|
|
336 |
|
|
|
1,277 |
|
|
|
979 |
|
Purchased oil expense |
|
59 |
|
|
|
— |
|
|
|
59 |
|
|
|
— |
|
General and administrative expenses |
|
34 |
|
|
|
34 |
|
|
|
111 |
|
|
|
109 |
|
Merger and integration expense |
|
1 |
|
|
|
11 |
|
|
|
11 |
|
|
|
11 |
|
Other operating expenses |
|
47 |
|
|
|
32 |
|
|
|
113 |
|
|
|
85 |
|
Total costs and expenses |
|
1,000 |
|
|
|
823 |
|
|
|
2,819 |
|
|
|
2,361 |
|
Income (loss) from operations |
|
1,340 |
|
|
|
1,614 |
|
|
|
3,365 |
|
|
|
5,252 |
|
Other income (expense): |
|
|
|
|
|
|
|
Interest expense, net |
|
(41 |
) |
|
|
(43 |
) |
|
|
(138 |
) |
|
|
(122 |
) |
Other income (expense), net |
|
37 |
|
|
|
(5 |
) |
|
|
69 |
|
|
|
(3 |
) |
Gain (loss) on derivative instruments, net |
|
(76 |
) |
|
|
(24 |
) |
|
|
(358 |
) |
|
|
(677 |
) |
Gain (loss) on extinguishment of debt |
|
— |
|
|
|
(1 |
) |
|
|
(4 |
) |
|
|
(59 |
) |
Income (loss) from equity investments |
|
9 |
|
|
|
19 |
|
|
|
39 |
|
|
|
56 |
|
Total other income (expense), net |
|
(71 |
) |
|
|
(54 |
) |
|
|
(392 |
) |
|
|
(805 |
) |
Income (loss) before income taxes |
|
1,269 |
|
|
|
1,560 |
|
|
|
2,973 |
|
|
|
4,447 |
|
Provision for (benefit from) income taxes |
|
276 |
|
|
|
290 |
|
|
|
648 |
|
|
|
913 |
|
Net income (loss) |
|
993 |
|
|
|
1,270 |
|
|
|
2,325 |
|
|
|
3,534 |
|
Net income (loss) attributable to non-controlling interest |
|
78 |
|
|
|
86 |
|
|
|
142 |
|
|
|
155 |
|
Net income (loss) attributable to Diamondback Energy,
Inc. |
$ |
915 |
|
|
$ |
1,184 |
|
|
$ |
2,183 |
|
|
$ |
3,379 |
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share: |
|
|
|
|
|
|
|
Basic |
$ |
5.07 |
|
|
$ |
6.72 |
|
|
$ |
12.01 |
|
|
$ |
18.99 |
|
Diluted |
$ |
5.07 |
|
|
$ |
6.72 |
|
|
$ |
12.01 |
|
|
$ |
18.99 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
178,872 |
|
|
|
174,406 |
|
|
|
180,400 |
|
|
|
176,169 |
|
Diluted |
|
178,872 |
|
|
|
174,408 |
|
|
|
180,400 |
|
|
|
176,171 |
|
Dividends declared per share |
$ |
3.37 |
|
|
$ |
2.26 |
|
|
$ |
5.04 |
|
|
$ |
8.36 |
|
Diamondback Energy, Inc. |
Condensed Consolidated Statements of Cash
Flows |
(unaudited, in millions) |
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net income (loss) |
$ |
993 |
|
|
$ |
1,270 |
|
|
$ |
2,325 |
|
|
$ |
3,534 |
|
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities: |
|
|
|
|
|
|
|
Provision for (benefit from) deferred income taxes |
|
10 |
|
|
|
102 |
|
|
|
185 |
|
|
|
375 |
|
Depreciation, depletion, amortization and accretion |
|
442 |
|
|
|
336 |
|
|
|
1,277 |
|
|
|
979 |
|
(Gain) loss on extinguishment of debt |
|
— |
|
|
|
1 |
|
|
|
4 |
|
|
|
59 |
|
(Gain) loss on derivative instruments, net |
|
76 |
|
|
|
24 |
|
|
|
358 |
|
|
|
677 |
|
Cash received (paid) on settlement of derivative instruments |
|
(24 |
) |
|
|
(96 |
) |
|
|
(62 |
) |
|
|
(816 |
) |
(Income) loss from equity investment |
|
(9 |
) |
|
|
(19 |
) |
|
|
(39 |
) |
|
|
(56 |
) |
Equity-based compensation expense |
|
13 |
|
|
|
14 |
|
|
|
40 |
|
|
|
42 |
|
Other |
|
3 |
|
|
|
21 |
|
|
|
(23 |
) |
|
|
57 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
(256 |
) |
|
|
267 |
|
|
|
(218 |
) |
|
|
(113 |
) |
Income tax receivable |
|
103 |
|
|
|
(2 |
) |
|
|
267 |
|
|
|
(1 |
) |
Prepaid expenses and other |
|
(8 |
) |
|
|
(31 |
) |
|
|
5 |
|
|
|
(16 |
) |
Accounts payable and accrued liabilities |
|
(28 |
) |
|
|
(8 |
) |
|
|
46 |
|
|
|
(29 |
) |
Income tax payable |
|
23 |
|
|
|
28 |
|
|
|
4 |
|
|
|
14 |
|
Revenues and royalties payable |
|
53 |
|
|
|
19 |
|
|
|
139 |
|
|
|
182 |
|
Other |
|
(33 |
) |
|
|
(1 |
) |
|
|
(12 |
) |
|
|
(4 |
) |
Net cash provided by (used in) operating activities |
|
1,358 |
|
|
|
1,925 |
|
|
|
4,296 |
|
|
|
4,884 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Drilling, completions and infrastructure additions to oil and
natural gas properties |
|
(645 |
) |
|
|
(464 |
) |
|
|
(1,948 |
) |
|
|
(1,327 |
) |
Additions to midstream assets |
|
(39 |
) |
|
|
(27 |
) |
|
|
(104 |
) |
|
|
(69 |
) |
Property acquisitions |
|
(168 |
) |
|
|
(254 |
) |
|
|
(1,193 |
) |
|
|
(623 |
) |
Proceeds from sale of assets |
|
868 |
|
|
|
33 |
|
|
|
1,400 |
|
|
|
105 |
|
Other |
|
(1 |
) |
|
|
(8 |
) |
|
|
(14 |
) |
|
|
(38 |
) |
Net cash provided by (used in) investing activities |
|
15 |
|
|
|
(720 |
) |
|
|
(1,859 |
) |
|
|
(1,952 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
Proceeds from borrowings under credit facilities |
|
1,015 |
|
|
|
2,521 |
|
|
|
4,466 |
|
|
|
4,100 |
|
Repayments under credit facilities |
|
(1,332 |
) |
|
|
(2,556 |
) |
|
|
(4,368 |
) |
|
|
(4,119 |
) |
Proceeds from senior notes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
750 |
|
Repayment of senior notes |
|
— |
|
|
|
(45 |
) |
|
|
(134 |
) |
|
|
(1,910 |
) |
Proceeds from (repayments to) joint venture |
|
— |
|
|
|
(24 |
) |
|
|
— |
|
|
|
(41 |
) |
Premium on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(49 |
) |
Repurchased shares under buyback program |
|
(56 |
) |
|
|
(472 |
) |
|
|
(709 |
) |
|
|
(782 |
) |
Repurchased units under buyback program |
|
(10 |
) |
|
|
(51 |
) |
|
|
(67 |
) |
|
|
(122 |
) |
Dividends paid to stockholders |
|
(149 |
) |
|
|
(526 |
) |
|
|
(841 |
) |
|
|
(1,174 |
) |
Distributions to non-controlling interest |
|
(25 |
) |
|
|
(71 |
) |
|
|
(84 |
) |
|
|
(181 |
) |
Other |
|
(7 |
) |
|
|
(6 |
) |
|
|
(34 |
) |
|
|
(42 |
) |
Net cash provided by (used in) financing activities |
|
(564 |
) |
|
|
(1,230 |
) |
|
|
(1,771 |
) |
|
|
(3,570 |
) |
Net increase (decrease) in cash and cash equivalents |
|
809 |
|
|
|
(25 |
) |
|
|
666 |
|
|
|
(638 |
) |
Cash, cash equivalents and restricted cash at beginning of
period |
|
21 |
|
|
|
59 |
|
|
|
164 |
|
|
|
672 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
830 |
|
|
$ |
34 |
|
|
$ |
830 |
|
|
$ |
34 |
|
Diamondback Energy, Inc. |
Selected Operating Data |
(unaudited) |
|
|
|
|
|
|
|
Three Months Ended |
|
September 30, 2023 |
|
June 30, 2023 |
|
September 30, 2022 |
Production Data: |
|
|
|
|
|
Oil (MBbls) |
|
24,482 |
|
|
23,946 |
|
|
20,638 |
Natural gas (MMcf) |
|
49,423 |
|
|
50,809 |
|
|
45,799 |
Natural gas liquids (MBbls) |
|
8,943 |
|
|
8,528 |
|
|
7,667 |
Combined volumes (MBOE)(1) |
|
41,662 |
|
|
40,942 |
|
|
35,938 |
|
|
|
|
|
|
Daily oil volumes (BO/d) |
|
266,109 |
|
|
263,143 |
|
|
224,326 |
Daily combined volumes (BOE/d) |
|
452,848 |
|
|
449,912 |
|
|
390,630 |
|
|
|
|
|
|
Average Prices: |
|
|
|
|
|
Oil ($ per Bbl) |
$ |
81.57 |
|
$ |
71.33 |
|
$ |
89.79 |
Natural gas ($ per Mcf) |
$ |
1.62 |
|
$ |
0.94 |
|
$ |
6.46 |
Natural gas liquids ($ per Bbl) |
$ |
21.02 |
|
$ |
16.42 |
|
$ |
34.96 |
Combined ($ per BOE) |
$ |
54.37 |
|
$ |
46.31 |
|
$ |
67.25 |
|
|
|
|
|
|
Oil, hedged ($ per Bbl)(2) |
$ |
80.51 |
|
$ |
70.41 |
|
$ |
87.41 |
Natural gas, hedged ($ per Mcf)(2) |
$ |
1.62 |
|
$ |
1.08 |
|
$ |
5.50 |
Natural gas liquids, hedged ($ per Bbl)(2) |
$ |
21.02 |
|
$ |
16.42 |
|
$ |
34.96 |
Average price, hedged ($ per BOE)(2) |
$ |
53.74 |
|
$ |
45.94 |
|
$ |
64.67 |
|
|
|
|
|
|
Average Costs per BOE: |
|
|
|
|
|
Lease operating expenses |
$ |
5.42 |
|
$ |
4.88 |
|
$ |
5.09 |
Production and ad valorem taxes |
|
2.83 |
|
|
3.61 |
|
|
4.34 |
Gathering and transportation expense |
|
1.75 |
|
|
1.66 |
|
|
1.98 |
General and administrative - cash component |
|
0.51 |
|
|
0.51 |
|
|
0.56 |
Total operating expense - cash |
$ |
10.51 |
|
$ |
10.66 |
|
$ |
11.97 |
|
|
|
|
|
|
General and administrative - non-cash component |
$ |
0.31 |
|
$ |
0.39 |
|
$ |
0.39 |
Depreciation, depletion, amortization and accretion per BOE |
$ |
10.61 |
|
$ |
10.55 |
|
$ |
9.35 |
Interest expense, net |
$ |
0.98 |
|
$ |
1.25 |
|
$ |
1.20 |
(1) Bbl equivalents are calculated using a
conversion rate of six Mcf per one Bbl.(2) Hedged prices reflect
the effect of our commodity derivative transactions on our average
sales prices and include gains and losses on cash settlements for
matured commodity derivatives, which we do not designate for hedge
accounting. Hedged prices exclude gains or losses resulting from
the early settlement of commodity derivative contracts.
NON-GAAP FINANCIAL MEASURES
ADJUSTED EBITDA
Adjusted EBITDA is a supplemental non-GAAP
financial measure that is used by management and external users of
our financial statements, such as industry analysts, investors,
lenders and rating agencies. The Company defines Adjusted EBITDA as
net income (loss) attributable to Diamondback Energy, Inc., plus
net income (loss) attributable to non-controlling interest ("net
income (loss)") before non-cash (gain) loss on derivative
instruments, net, interest expense, net, depreciation, depletion,
amortization and accretion, depreciation and interest expense
related to equity method investments, (gain) loss on extinguishment
of debt, non-cash equity-based compensation expense, capitalized
equity-based compensation expense, merger and integration expense,
other non-cash transactions and provision for (benefit from) income
taxes, if any. Adjusted EBITDA is not a measure of net income as
determined by United States generally accepted accounting
principles ("GAAP"). Management believes Adjusted EBITDA is useful
because the measure allows it to more effectively evaluate the
Company’s operating performance and compare the results of its
operations from period to period without regard to its financing
methods or capital structure. The Company adds the items listed
above to net income (loss) to determine Adjusted EBITDA because
these amounts can vary substantially from company to company within
its industry depending upon accounting methods and book values of
assets, capital structures and the method by which the assets were
acquired. Adjusted EBITDA should not be considered as an
alternative to, or more meaningful than, net income as determined
in accordance with GAAP or as an indicator of the Company’s
operating performance or liquidity. Certain items excluded from
Adjusted EBITDA are significant components in understanding and
assessing a company’s financial performance, such as a company’s
cost of capital and tax structure, as well as the historic costs of
depreciable assets. The Company’s computation of Adjusted EBITDA
may not be comparable to other similarly titled measures of other
companies or to such measure in our credit facility or any of our
other contracts.
The following tables present a reconciliation of
the GAAP financial measure of net income (loss) attributable to
Diamondback Energy, Inc. to the non-GAAP financial measure of
Adjusted EBITDA:
Diamondback Energy, Inc. |
Reconciliation of Net Income (Loss) to Adjusted
EBITDA |
(unaudited, in millions) |
|
Three Months Ended |
|
September 30, 2023 |
|
June 30, 2023 |
|
September 30, 2022 |
Net income (loss) attributable to Diamondback Energy,
Inc. |
$ |
915 |
|
|
$ |
556 |
|
|
$ |
1,184 |
|
Net income (loss) attributable to non-controlling interest |
|
78 |
|
|
|
30 |
|
|
|
86 |
|
Net income (loss) |
|
993 |
|
|
|
586 |
|
|
|
1,270 |
|
Non-cash (gain) loss on derivative instruments, net |
|
52 |
|
|
|
150 |
|
|
|
(72 |
) |
Interest expense, net |
|
41 |
|
|
|
51 |
|
|
|
43 |
|
Depreciation, depletion, amortization and accretion |
|
442 |
|
|
|
432 |
|
|
|
336 |
|
Depreciation and interest expense related to equity method
investments |
|
18 |
|
|
|
16 |
|
|
|
17 |
|
(Gain) loss on extinguishment of debt |
|
— |
|
|
|
4 |
|
|
|
1 |
|
Non-cash equity-based compensation expense |
|
21 |
|
|
|
22 |
|
|
|
20 |
|
Capitalized equity-based compensation expense |
|
(8 |
) |
|
|
(6 |
) |
|
|
(6 |
) |
Merger and integration expenses |
|
1 |
|
|
|
2 |
|
|
|
11 |
|
Other non-cash transactions |
|
(12 |
) |
|
|
(6 |
) |
|
|
1 |
|
Provision for (benefit from) income taxes |
|
276 |
|
|
|
165 |
|
|
|
290 |
|
Consolidated Adjusted EBITDA |
|
1,824 |
|
|
|
1,416 |
|
|
|
1,911 |
|
Less: Adjustment for non-controlling interest |
|
78 |
|
|
|
63 |
|
|
|
54 |
|
Adjusted EBITDA attributable to Diamondback Energy,
Inc. |
$ |
1,746 |
|
|
$ |
1,353 |
|
|
$ |
1,857 |
|
ADJUSTED NET INCOME
Adjusted net income is a non-GAAP financial
measure equal to net income (loss) attributable to Diamondback
Energy, Inc. plus net income (loss) attributable to non-controlling
interest ("net income (loss)") adjusted for non-cash (gain) loss on
derivative instruments, net, (gain) loss on extinguishment of debt,
merger and integration expense; other non-cash transactions and
related income tax adjustments, if any. The Company’s computation
of adjusted net income may not be comparable to other similarly
titled measures of other companies or to such measure in our credit
facility or any of our other contracts. Management believes
adjusted net income helps investors in the oil and natural gas
industry to measure and compare the Company's performance to other
oil and natural gas companies by excluding from the calculation
items that can vary significantly from company to company depending
upon accounting methods, the book value of assets and other
non-operational factors.
The following table presents a reconciliation of
the GAAP financial measure of net income (loss) attributable to
Diamondback Energy, Inc. to the non-GAAP measure of adjusted net
income:
Diamondback Energy, Inc. |
Adjusted Net Income |
(unaudited, $ in millions except per share data, shares in
thousands) |
|
|
|
Three Months Ended September 30, 2023 |
|
Amounts |
|
Amounts PerDiluted Share |
Net income (loss) attributable to Diamondback Energy,
Inc.(1) |
$ |
915 |
|
|
$ |
5.07 |
|
Net income (loss) attributable to non-controlling interest |
|
78 |
|
|
|
0.44 |
|
Net income (loss)(1) |
|
993 |
|
|
|
5.51 |
|
Non-cash (gain) loss on derivative instruments, net |
|
52 |
|
|
|
0.29 |
|
Merger and integration expense |
|
1 |
|
|
|
0.01 |
|
Other non-cash transactions |
|
(12 |
) |
|
|
(0.07 |
) |
Adjusted net income excluding above items(1) |
|
1,034 |
|
|
|
5.74 |
|
Income tax adjustment for above items |
|
(9 |
) |
|
|
(0.05 |
) |
Adjusted net income(1) |
|
1,025 |
|
|
|
5.69 |
|
Less: Adjusted net income attributable to non-controlling
interest |
|
35 |
|
|
|
0.20 |
|
Adjusted net income attributable to Diamondback Energy,
Inc.(1) |
$ |
990 |
|
|
$ |
5.49 |
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
Basic |
|
|
178,872 |
|
Diluted |
|
|
178,872 |
|
(1) The Company’s earnings (loss) per diluted
share amount has been computed using the two-class method in
accordance with GAAP. The two-class method is an earnings
allocation which reflects the respective ownership among holders of
common stock and participating securities. Diluted earnings per
share using the two-class method is calculated as (i) net income
attributable to Diamondback Energy, Inc, (ii) less the reallocation
of $8 million in earnings attributable to participating securities,
divided by (iii) diluted weighted average common shares
outstanding.
OPERATING CASH FLOW BEFORE WORKING
CAPITAL CHANGES, FREE CASH FLOW AND ADJUSTED FREE CASH
FLOW
Operating cash flow before working capital
changes, which is a non-GAAP financial measure, represents net cash
provided by operating activities as determined under GAAP without
regard to changes in operating assets and liabilities. The Company
believes operating cash flow before working capital changes is a
useful measure of an oil and natural gas company’s ability to
generate cash used to fund exploration, development and acquisition
activities and service debt or pay dividends. The Company also uses
this measure because adjusted operating cash flow relates to the
timing of cash receipts and disbursements that the Company may not
control and may not relate to the period in which the operating
activities occurred. This allows the Company to compare its
operating performance with that of other companies without regard
to financing methods and capital structure.
Free Cash Flow, which is a non-GAAP financial
measure, is cash flow from operating activities before changes in
working capital in excess of cash capital expenditures. Adjusted
Free Cash Flow, which is a non-GAAP financial measure, is Free Cash
Flow adjusted for early termination of commodity derivative
contracts and the tax impact of certain divestitures. The Company
believes that Free Cash Flow and Adjusted Free Cash Flow are useful
to investors as they provide measures to compare both cash flow
from operating activities and additions to oil and natural gas
properties across periods on a consistent basis as adjusted for
non-recurring early settlements of commodity derivative contracts.
These measures should not be considered as an alternative to, or
more meaningful than, net cash provided by operating activities as
an indicator of operating performance. The Company's computation of
operating cash flow before working capital changes, Free Cash Flow
and Adjusted Free Cash Flow may not be comparable to other
similarly titled measures of other companies. The Company uses Free
Cash Flow to reduce debt, as well as return capital to stockholders
as determined by the Board of Directors.
The following tables present a reconciliation of
the GAAP financial measure of net cash provided by operating
activities to the non-GAAP measure of operating cash flow before
working capital changes and to the non-GAAP measure of Free Cash
Flow:
Diamondback Energy, Inc. |
Operating Cash Flow Before Working Capital Changes, Free
Cash Flow and Adjusted Free Cash Flow |
(unaudited, in millions) |
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net cash provided by operating activities |
$ |
1,358 |
|
|
$ |
1,925 |
|
|
$ |
4,296 |
|
|
$ |
4,884 |
|
Less: Changes in cash due to changes in operating assets and
liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
(256 |
) |
|
|
267 |
|
|
|
(218 |
) |
|
|
(113 |
) |
Income tax receivable |
|
103 |
|
|
|
(2 |
) |
|
|
267 |
|
|
|
(1 |
) |
Prepaid expenses and other |
|
(8 |
) |
|
|
(31 |
) |
|
|
5 |
|
|
|
(16 |
) |
Accounts payable and accrued liabilities |
|
(28 |
) |
|
|
(8 |
) |
|
|
46 |
|
|
|
(29 |
) |
Income tax payable |
|
23 |
|
|
|
28 |
|
|
|
4 |
|
|
|
14 |
|
Revenues and royalties payable |
|
53 |
|
|
|
19 |
|
|
|
139 |
|
|
|
182 |
|
Other |
|
(33 |
) |
|
|
(1 |
) |
|
|
(12 |
) |
|
|
(4 |
) |
Total working capital changes |
|
(146 |
) |
|
|
272 |
|
|
|
231 |
|
|
|
33 |
|
Operating cash flow before working capital
changes |
|
1,504 |
|
|
|
1,653 |
|
|
|
4,065 |
|
|
|
4,851 |
|
Drilling, completions and infrastructure additions to oil and
natural gas properties |
|
(645 |
) |
|
|
(464 |
) |
|
|
(1,948 |
) |
|
|
(1,327 |
) |
Additions to midstream assets |
|
(39 |
) |
|
|
(27 |
) |
|
|
(104 |
) |
|
|
(69 |
) |
Total Cash CAPEX |
|
(684 |
) |
|
|
(491 |
) |
|
|
(2,052 |
) |
|
|
(1,396 |
) |
Free Cash Flow |
|
820 |
|
|
|
1,162 |
|
|
|
2,013 |
|
|
|
3,455 |
|
Tax impact from divestitures(1) |
|
64 |
|
|
|
— |
|
|
|
64 |
|
|
|
— |
|
Early termination of derivatives |
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
138 |
|
Adjusted Free Cash Flow |
$ |
884 |
|
|
$ |
1,165 |
|
|
$ |
2,077 |
|
|
$ |
3,593 |
|
(1) Includes the tax impact for the disposal of
certain Midland Basin water assets and Delaware Basin oil gathering
assets.
NET DEBT
The Company defines the non-GAAP measure of net
debt as total debt less cash and cash equivalents. Net debt should
not be considered an alternative to, or more meaningful than, total
debt, the most directly comparable GAAP measure. Management uses
net debt to determine the Company's outstanding debt obligations
that would not be readily satisfied by its cash and cash
equivalents on hand. The Company believes this metric is useful to
analysts and investors in determining the Company's leverage
position because the Company has the ability to, and may decide to,
use a portion of its cash and cash equivalents to reduce debt.
Diamondback Energy, Inc. |
Net Debt |
(unaudited, in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
Net Q3Principal
Borrowings/(Repayments) |
|
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
|
September 30, 2022 |
|
(in millions) |
Diamondback Energy, Inc.(1) |
$ |
5,697 |
|
|
$ |
(343 |
) |
|
$ |
6,040 |
|
|
$ |
6,426 |
|
|
$ |
5,837 |
|
|
$ |
4,340 |
|
Viper Energy Partners LP(1) |
|
680 |
|
|
|
26 |
|
|
|
654 |
|
|
|
700 |
|
|
|
582 |
|
|
|
675 |
|
Rattler Midstream LP(1) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
500 |
|
Total debt |
|
6,377 |
|
|
$ |
(317 |
) |
|
|
6,694 |
|
|
|
7,126 |
|
|
|
6,419 |
|
|
|
5,515 |
|
Cash and cash equivalents |
|
(827 |
) |
|
|
|
|
(18 |
) |
|
|
(46 |
) |
|
|
(157 |
) |
|
|
(27 |
) |
Net debt |
$ |
5,550 |
|
|
|
|
$ |
6,676 |
|
|
$ |
7,080 |
|
|
$ |
6,262 |
|
|
$ |
5,488 |
|
(1) Excludes debt issuance costs,
discounts, premiums and fair value hedges.
DERIVATIVES
As of November 3, 2023, the Company had the
following outstanding consolidated derivative contracts, including
derivative contracts at Viper Energy Partners LP. The Company’s
derivative contracts are based upon reported settlement prices on
commodity exchanges, with crude oil derivative settlements based on
New York Mercantile Exchange West Texas Intermediate pricing and
Crude Oil Brent pricing and with natural gas derivative settlements
based on the New York Mercantile Exchange Henry Hub pricing. When
aggregating multiple contracts, the weighted average contract price
is disclosed.
|
Crude Oil (Bbls/day, $/Bbl) |
|
Q4 2023 |
|
Q1 2024 |
|
Q2 2024 |
|
Q3 2024 |
|
Q4 2024 |
|
FY 2025 |
Long Puts - Crude Brent Oil |
|
110,000 |
|
|
112,000 |
|
|
86,000 |
|
|
46,000 |
|
|
18,000 |
|
— |
Long Put Price ($/Bbl) |
$55.00 |
|
$55.00 |
|
$55.00 |
|
$55.00 |
|
$55.00 |
|
— |
Deferred Premium ($/Bbl) |
|
$-1.59 |
|
|
$-1.50 |
|
|
$-1.50 |
|
|
$-1.48 |
|
|
$-1.56 |
|
— |
Long Puts - WTI (Magellan East Houston) |
|
28,000 |
|
|
32,000 |
|
|
22,000 |
|
|
14,000 |
|
|
2,000 |
|
— |
Long Put Price ($/Bbl) |
$55.00 |
|
$55.00 |
|
$55.00 |
|
$55.00 |
|
$55.00 |
|
— |
Deferred Premium ($/Bbl) |
|
$-1.67 |
|
|
$-1.60 |
|
|
$-1.53 |
|
|
$-1.50 |
|
|
$-1.60 |
|
— |
Long Puts - WTI (Cushing) |
|
16,000 |
|
|
14,000 |
|
|
12,000 |
|
|
— |
|
|
— |
|
— |
Long Put Price ($/Bbl) |
$56.25 |
|
$58.57 |
|
$60.00 |
|
|
— |
|
|
— |
|
— |
Deferred Premium ($/Bbl) |
|
$-1.70 |
|
|
$-1.54 |
|
|
$-1.50 |
|
|
— |
|
|
— |
|
— |
Costless Collars - WTI (Cushing) |
|
— |
|
|
6,000 |
|
|
6,000 |
|
|
— |
|
|
— |
|
— |
Long Put Price ($/Bbl) |
|
— |
|
$65.00 |
|
$65.00 |
|
|
— |
|
|
— |
|
— |
Ceiling Price ($/Bbl) |
|
— |
|
$95.55 |
|
$95.55 |
|
|
— |
|
|
— |
|
— |
Basis Swaps - WTI (Midland) |
|
24,000 |
|
|
6,000 |
|
|
6,000 |
|
|
6,000 |
|
|
6,000 |
|
— |
$0.90 |
|
$1.23 |
|
$1.23 |
|
$1.23 |
|
$1.23 |
|
— |
Roll Swaps - WTI |
|
— |
|
|
30,000 |
|
|
30,000 |
|
|
30,000 |
|
|
30,000 |
|
— |
|
— |
|
$0.81 |
|
$0.81 |
|
$0.81 |
|
$0.81 |
|
— |
|
Natural Gas (Mmbtu/day, $/Mmbtu) |
|
Q4 2023 |
|
Q1 2024 |
|
Q2 2024 |
|
Q3 2024 |
|
Q4 2024 |
|
FY 2025 |
Costless Collars - Henry Hub |
|
310,000 |
|
|
290,000 |
|
|
290,000 |
|
|
290,000 |
|
|
290,000 |
|
|
— |
Long Put Price ($/Mmbtu) |
$3.18 |
|
$2.83 |
|
$2.83 |
|
$2.83 |
|
$2.83 |
|
|
— |
Ceiling Price ($/Mmbtu) |
$9.22 |
|
$7.52 |
|
$7.52 |
|
$7.52 |
|
$7.52 |
|
|
— |
Natural Gas Basis Swaps - Waha Hub |
|
330,000 |
|
|
380,000 |
|
|
380,000 |
|
|
380,000 |
|
|
380,000 |
|
|
190,000 |
|
$-1.24 |
|
|
$-1.18 |
|
|
$-1.18 |
|
|
$-1.18 |
|
|
$-1.18 |
|
|
$-0.70 |
Investor Contact:Adam Lawlis+1
432.221.7467alawlis@diamondbackenergy.com
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