Diamondback Energy Files 8-K on Operations

TL;DR

DBEK filed an 8-K. Financials and ops update coming.

AI Summary

Diamondback Energy, Inc. filed an 8-K on April 10, 2024, to report on its results of operations and financial condition. The filing does not contain specific financial figures or operational details within the provided text, but serves as a notification of these updates.

Why It Matters

This filing indicates that Diamondback Energy is providing updates on its financial performance and operational status to the SEC and the public.

Risk Assessment

Risk Level: low — The filing is a standard procedural disclosure and does not contain information that inherently increases risk.

Key Players & Entities

• Diamondback Energy, Inc. (company) — Registrant
• 0001539838-24-000075 (filing_id) — Accession Number
• April 10, 2024 (date) — Report Date

FAQ

Key Financial Figures

• $75.06 — 4 average unhedged realized prices were $75.06 per barrel of oil, $0.99 per Mcf of nat
• $0.99 — d prices were $75.06 per barrel of oil, $0.99 per Mcf of natural gas and $21.26 per b
• $21.26 — f oil, $0.99 per Mcf of natural gas and $21.26 per barrel of natural gas liquids ("NGL
• $74.13 — 024 average realized hedged prices were $74.13 per barrel of oil, $1.36 per Mcf of nat
• $1.36 — d prices were $74.13 per barrel of oil, $1.36 per Mcf of natural gas and $21.26 per b
• $4 million — ttlements for derivative instruments of $4 million and a net loss on non-cash derivative i
• $44 million — s on non-cash derivative instruments of $44 million as detailed in the table below (in mill

Filing Documents

• fang-20240410.htm (8-K) — 48KB
• 0001539838-24-000075.txt ( ) — 203KB
• fang-20240410.xsd (EX-101.SCH) — 2KB
• fang-20240410_def.xml (EX-101.DEF) — 15KB
• fang-20240410_lab.xml (EX-101.LAB) — 26KB
• fang-20240410_pre.xml (EX-101.PRE) — 15KB
• fang-20240410_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 March 31, 2024 regarding its derivative activity, realized prices, and weighted average basic and diluted shares outstanding. Realized Prices First quarter 2024 average unhedged realized prices were $75.06 per barrel of oil, $0.99 per Mcf of natural gas and $21.26 per barrel of natural gas liquids ("NGLs"). First quarter 2024 average realized hedged prices were $74.13 per barrel of oil, $1.36 per Mcf of natural gas and $21.26 per barrel of NGLs. Average Prices: Oil ($ per Bbl) $ 75.06 Natural gas ($ per Mcf) $ 0.99 Natural gas liquids ($ per Bbl) $ 21.26 Oil, hedged ($ per Bbl) (1) $ 74.13 Natural gas, hedged ($ per Mcf) (1) $ 1.36 Natural gas liquids, hedged ($ per Bbl) (1) $ 21.26 (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 first quarter of 2024, Diamondback anticipates a net loss on cash settlements for derivative instruments of $4 million and a net loss on non-cash derivative instruments of $44 million as detailed in the table below (in millions): Gain (loss) on derivative instruments, net: Commodity contracts $ (16) Interest rate swaps (32) Total $ (48) Net cash received (paid) on settlements: Commodity contracts $ (4) Weighted Average Basic and Diluted Shares Outstanding For the first quarter of 2024, basic and diluted weighted average shares outstanding are as follows (in thousands): Basic weighted average shares outstanding 178,477 Diluted weighted average shares outstanding 178,477

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