Diamondback Energy Files 8-K on Financial Condition

TL;DR

**FANG just dropped an 8-K on financial results, get ready for potential market moves!**

AI Summary

Diamondback Energy, Inc. filed an 8-K on January 10, 2024, to report an event under Item 2.02, "Results of Operations and Financial Condition." This filing indicates that the company is likely to release or has released information regarding its financial performance, which could include earnings, revenue, or other key operational metrics. For investors, this matters because the details within this filing will provide crucial insights into the company's recent financial health and future prospects, directly impacting stock valuation and investment decisions.

Why It Matters

This filing signals an upcoming or recent disclosure of financial results, which will directly influence investor perception and the stock's performance. Understanding these results is key to assessing the company's profitability and growth.

Risk Assessment

Risk Level: medium — The risk is medium because the specific financial details are not yet public in this filing, but the announcement of an event related to 'Results of Operations and Financial Condition' could lead to significant stock price volatility depending on the disclosed numbers.

Analyst Insight

A smart investor would monitor Diamondback Energy's official channels closely for the actual release of the financial results mentioned in this 8-K, as these details will be critical for evaluating the company's performance and making informed investment decisions.

Key Players & Entities

• Diamondback Energy, Inc. (company) — the registrant filing the 8-K
• January 10, 2024 (date) — date of earliest event reported and filing date
• 001-35700 (other) — Commission File Number for Diamondback Energy, Inc.
• FANG (other) — Trading Symbol for Diamondback Energy, Inc. Common Stock
• The Nasdaq Stock Market LLC (other) — exchange where FANG Common Stock is registered

Forward-Looking Statements

• Diamondback Energy will release its detailed financial results for the period covered by the 'Results of Operations and Financial Condition' item shortly after this 8-K filing. (Diamondback Energy, Inc.) — high confidence, target: 2024-01-31
• The stock price of FANG will experience increased volatility once the specific financial results are publicly disclosed. (FANG) — medium confidence, target: 2024-02-15

FAQ

Key Financial Figures

• $76.42 — 3 average unhedged realized prices were $76.42 per barrel of oil, $1.29 per Mcf of nat
• $1.29 — d prices were $76.42 per barrel of oil, $1.29 per Mcf of natural gas and $19.96 per b
• $19.96 — f oil, $1.29 per Mcf of natural gas and $19.96 per barrel of natural gas liquids ("NGL
• $75.59 — 023 average realized hedged prices were $75.59 per barrel of oil, $1.31 per Mcf of nat
• $1.31 — d prices were $75.59 per barrel of oil, $1.31 per Mcf of natural gas and $19.96 per b
• $48 million — ttlements for derivative instruments of $48 million and a net gain on non-cash derivative i
• $147 million — n on non-cash derivative instruments of $147 million. (in millions) (Gain) loss on deriva

Filing Documents

• fang-20240110.htm (8-K) — 51KB
• 0001539838-24-000009.txt ( ) — 209KB
• fang-20240110.xsd (EX-101.SCH) — 2KB
• fang-20240110_def.xml (EX-101.DEF) — 15KB
• fang-20240110_lab.xml (EX-101.LAB) — 28KB
• fang-20240110_pre.xml (EX-101.PRE) — 15KB
• fang-20240110_htm.xml (XML) — 3KB

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition. Diamondback Energy, Inc. ("Diamondback") presents in this Item 2.02 certain information for the quarter ended December 31, 2023 regarding its derivative activity, realized prices, and weighted average basic and diluted shares outstanding. Realized Prices Fourth quarter 2023 average unhedged realized prices were $76.42 per barrel of oil, $1.29 per Mcf of natural gas and $19.96 per barrel of natural gas liquids ("NGLs"). Fourth quarter 2023 average realized hedged prices were $75.59 per barrel of oil, $1.31 per Mcf of natural gas and $19.96 per barrel of NGLs. Average Prices: Oil ($ per Bbl) $ 76.42 Natural gas ($ per Mcf) $ 1.29 Natural gas liquids ($ per Bbl) $ 19.96 Oil, hedged ($ per Bbl) (1) $ 75.59 Natural gas, hedged ($ per Mcf) (1) $ 1.31 Natural gas liquids, hedged ($ per Bbl) (1) $ 19.96 (1) 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. Derivative Activity For the fourth quarter of 2023, Diamondback anticipates a net loss on cash settlements for derivative instruments of $48 million and a net gain on non-cash derivative instruments of $147 million. (in millions) (Gain) loss on derivative instruments, net: Commodity contracts $ 58 Interest rate swaps 41 Total $ 99 Cash received (paid) on settlement of derivative instruments: Commodity contracts $ (21) Interest rate swaps (27) Total $ (48) Weighted Average Basic and Diluted Shares Outstanding The components of basic and diluted weighted average shares outstanding for the three months ended December 31, 2023 are as follows: Three months ended December 31, 2023 (in thousands) Basic weighted average shares outstanding 17

Forward-Looking Statements

Forward-Looking Statements This report 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 report, 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, na

View Full Filing

View this 8-K filing on SEC EDGAR