Diamondback Energy develops oil and natural gas properties primarily in West Texas’s Permian Basin. Its consolidated business also includes Viper Energy’s mineral and royalty interests.
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A snapshot of what Diamondback Energy, Inc. owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001539838-24-000019 | Feb 22, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001539838-25-000021 | Feb 26, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001539838-26-000010 | Feb 25, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Diamondback’s larger production base and stronger oil prices supported higher cash generation in the first half of 2026, but not higher profit attributable to its shareholders. Revenue reached $9.802 billion and operating cash flow $5.417 billion, while parent-attributable GAAP income declined to $1.907 billion after a first-quarter impairment. Debt fell, and management removed its minimum capital-return commitment to prioritize further repayment. The main operating tension is that profitable oil production also produces gas that needs transportation and water that needs disposal. Gas realizations recovered in the preliminary third-quarter update, but that does not establish full-quarter profitability or eliminate infrastructure risk. Development spending, restricted access to Viper’s resources and undisclosed economics of the southern Midland development arrangement remain important qualifications.
Sources: 10-Q · 2026-06-30 · EX-99.2 · 2026-08-03 · 8-K · 2026-10-08 · EX-99.1 · 2025-02-14
Diamondback operates one upstream reporting segment. Second-quarter 2026 production averaged approximately 1.018 million barrels of oil equivalent per day, including 525,176 barrels of oil. BOE converts six Mcf of gas into one barrel equivalent; it does not imply equal selling prices or margins. Acquisitions materially affect comparisons: Endeavor entered reported results in September 2024, Double Eagle in April 2025 and Viper’s Sitio acquisition in August 2025. Reported expansion is therefore not a measure of organic growth.
Diamondback consolidated Viper despite owning approximately 39% on the disclosed fully diluted basis at June 30, 2026, because it controls significant activities through contractual arrangements. Viper’s royalty interests avoid the corresponding working-interest development obligations, but outside investors share its earnings. Its assets cannot fund Diamondback’s general corporate purposes. Consolidated figures should therefore not be equated with amounts attributable to or freely available to Diamondback; noncontrolling interests can be allocated either income or losses.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-03
The August 3 earnings release and August 5 unaudited 10-Q report second-quarter revenue of $5.562 billion and parent-attributable GAAP income of $1.882 billion, versus $3.678 billion and $699 million a year earlier. Higher production and oil realizations supported the improvement. However, $739 million of purchased-oil sales carried $730 million of purchase expense: this activity helps satisfy pipeline commitments but contributes little margin. Quarterly earnings also included a $134 million net debt-extinguishment gain and $49 million derivative gain.
For the six months ended June 30, revenue rose from $7.726 billion to $9.802 billion, while parent income fell from $2.104 billion to $1.907 billion. A $1.400 billion first-quarter property impairment and a larger allocation of earnings to Viper’s outside holders weighed on the comparison. The noncash impairment reflected trailing SEC pricing under full-cost accounting, not second-quarter spot oil prices; it also lowered subsequent depletion rates. Fewer weighted-average shares cushioned the per-share decline. Lower transportation expense partly reflected net presentation against revenue, rather than equivalent operating savings. Capitalized interest of $258 million also means reported interest expense does not capture all financing costs incurred.
Sources: EX-99.1 · 2026-08-03 · 10-Q · 2026-06-30
First-half operating cash flow increased from $4.032 billion to $5.417 billion, despite a $547 million working-capital outflow. Cash capital spending excluding acquisitions and equity-method investments was $1.929 billion, versus $1.806 billion; property acquisitions separately consumed $752 million. Company-defined non-GAAP Free Cash Flow was $4.035 billion: it excludes working-capital changes before subtracting cash capex and excludes property acquisitions. It is neither profit nor cash left after all distributions, acquisitions and financing uses. Accrued capital expenditures of $1.022 billion further distinguish cash spending from incurred obligations.
August guidance called for at least 522,000 oil barrels and approximately one million BOE daily, with about $3.9 billion of annual cash capex. Management attributed higher output expectations to volume outperformance and converting previously drilled wells into production; it also expected cost inflation into 2027. These are conditional plans. Separately, the February 2025 Double Eagle announcement described accelerated development of southern Midland acreage with expected minimal capital deployment. Current funding shares, capital commitments, economic allocation and continuing contractual obligations are not disclosed, nor are separately realized 2026 results. Acquisition completion does not establish that this development arrangement ended or requires no further funding.
Sources: EX-99.1 · 2026-08-03 · 10-Q · 2026-06-30 · EX-99.2 · 2026-08-03 · EX-99.1 · 2025-02-14 · 8-K · 2025-02-14 · 10-K · 2025-12-31
June 30 consolidated debt carrying value was $12.614 billion, down from $14.489 billion at year-end, but current maturities were $1.548 billion. Consolidated cash was $462 million, including $77 million at Viper. Diamondback’s approximately $3.4 billion standalone liquidity comprised only $385 million cash plus $3 billion of undrawn revolving capacity. Viper separately had a $2 billion facility with $95 million drawn. Both facilities mature in June 2031, and both entities reported June-end covenant compliance; neither unconditional access nor quantified covenant headroom is established.
The April tender retired $777 million principal for approximately $632 million cash including interest; the launch and results announcements describe the same transaction, not additional repayments. First-half asset-sale proceeds and the $589 million sale of Viper shares also supported funding, but are not operating earnings. Beginning in the second quarter, the board removed its minimum 50% quarterly capital-return commitment. Management now emphasizes debt reduction. General purchases under the $16 billion authorization are discretionary. SGF nevertheless has a contractual right through December 31, 2026 to sell the company up to three million shares per quarter at the most recent Nasdaq closing price. These purchases are under the same program; future exercise is uncertain. Separately, the $1.10 quarterly dividend was declared for August 20 payment—not confirmed paid by the August disclosures.
Sources: 10-Q · 2026-06-30 · 8-K · 2026-06-12 · 8-K · 2026-04-06 · 8-K · 2026-04-10 · EX-99.2 · 2026-08-03 · EX-99.1 · 2026-08-03
Management attributed second-quarter negative gas realizations to insufficient Permian takeaway capacity, worsened by maintenance. Derivatives improved realization from negative $2.15 to negative $0.34 per Mcf but did not eliminate the loss. Additional secured long-haul capacity was expected to more than double by year-end; timing and financial benefits remain conditional. Water-disposal restrictions can also raise costs or constrain activity. First-half lease operating costs increased partly because of the water-business disposal and a favorable prior-year adjustment that did not recur, even though second-quarter cost per BOE improved sequentially as output rose.
The Deep Blue sale left a 15-year water dedication and two-sided contingencies: completion thresholds during 2026–2028 could generate up to $200 million of receipts or require up to $150 million of payments. Neither outcome is assured. Diamondback also committed to fund certain capital expenditures for projects underway at the Deep Blue transaction; June related-party balances included $85 million of accounts payable and accrued capital expenditures and $63 million of other accrued liabilities. Separately, Diamondback and Five Point expected to contribute a combined $500 million for future growth projects and acquisitions. The joint expectation is not a $500 million Diamondback obligation, and it should not be added mechanically to those reported liabilities. A new power contract adds approximately $519 million of expected costs across 2028–2034. Commodity prices, reserve estimates and future development costs can trigger further impairments. Five Louisiana coastal-erosion cases also remain unresolved, with scope and damages uncertain despite asserted indemnification rights. Prospective power projects and recovery experiments are opportunities, not established contracted revenue or commercial returns.
Sources: EX-99.2 · 2026-08-03 · 10-Q · 2026-06-30 · 8-K · 2026-07-13 · 10-K · 2025-12-31
The October 8 preliminary update for the quarter ended September 30 reported unhedged oil realization of $87.30 per barrel and positive gas realization of $1.12 per Mcf; matured derivatives reduced these to $85.89 and $0.90. The anticipated $182 million derivative loss comprises $97 million cash payments and $85 million noncash loss. Full third-quarter production, earnings, cash flow and liquidity are not supplied. The update also explicitly describes the 2026 Viper royalty drop-down as completed, without an exact closing date or final adjustments. It is a common-control transfer, not an external consolidated cash sale.
Governance also changed after the annual filing. Stice became non-executive chairman on May 20, remaining chairman. Holderness and Robertson resigned on September 29 and 30, respectively, alongside amended shareholder nomination rights. The September 30 filing describes two nominees at defined ownership of at least 10% but below 25%, and none below 10%; it does not disclose actual September ownership. SGF’s March 12 sale of 12.65 million existing shares generated no company proceeds and was not new company financing.
Sources: 8-K · 2026-10-08 · 10-Q · 2026-06-30 · 8-K · 2026-05-20 · 8-K · 2026-09-29 · 8-K · 2026-03-10
USD 15.026 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 15.026 bn | 35.8% |
| 2024 | USD 11.066 bn | 31.6% |
| 2023 | USD 8.412 bn | — |
GAAP consolidated revenue, including gross purchased-oil sales and other operating income.
Sources: 10-K · 2025-12-31
USD 1.664 bn
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.664 bn | -50.1% |
| 2024 | USD 3.338 bn | 6.2% |
| 2023 | USD 3.143 bn | — |
GAAP consolidated net income allocated to Diamondback Energy, Inc., after non-controlling interests.
Sources: 10-K · 2025-12-31
USD 8.758 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 8.758 bn | 36.6% |
| 2024 | USD 6.413 bn | 8.3% |
| 2023 | USD 5.92 bn | — |
GAAP consolidated operating cash flow after working-capital movements.
Sources: 10-K · 2025-12-31
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