Diamondback Energy Files 8-K on Operations

TL;DR

DBEK filed an 8-K for operations update, no numbers yet.

AI Summary

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

Why It Matters

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

Risk Assessment

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

Key Players & Entities

• Diamondback Energy, Inc. (company) — Registrant
• 0001539838-24-000191 (other) — Accession Number
• October 10, 2024 (date) — Filing Date

FAQ

Key Financial Figures

• $73.13 — 4 average unhedged realized prices were $73.13 per barrel of oil, $(0.26) per Mcf of n
• $17.70 — oil, $(0.26) per Mcf of natural gas and $17.70 per barrel of natural gas liquids ("NGL
• $72.32 — 024 average realized hedged prices were $72.32 per barrel of oil, $0.60 per Mcf of nat
• $0.60 — d prices were $72.32 per barrel of oil, $0.60 per Mcf of natural gas and $17.70 per b
• $4 million — ttlements for derivative instruments of $4 million and a net non-cash gain on derivative i
• $135 million — -cash gain on derivative instruments of $135 million as detailed in the table below (in mill
• $37 million — 1) (37) Total $ (4) (1) Includes a $37 million loss on the early termination of $300 m
• $300 million — illion loss on the early termination of $300 million of the $1.2 billion outstanding notiona
• $1.2 billion — arly termination of $300 million of the $1.2 billion outstanding notional amount of interest

Filing Documents

• fang-20241010.htm (8-K) — 53KB
• 0001539838-24-000191.txt ( ) — 209KB
• fang-20241010.xsd (EX-101.SCH) — 2KB
• fang-20241010_def.xml (EX-101.DEF) — 15KB
• fang-20241010_lab.xml (EX-101.LAB) — 26KB
• fang-20241010_pre.xml (EX-101.PRE) — 15KB
• fang-20241010_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 September 30, 2024 regarding its derivative activity, realized prices, and weighted average basic and diluted shares outstanding. Realized Prices Third quarter 2024 average unhedged realized prices were $73.13 per barrel of oil, $(0.26) per Mcf of natural gas and $17.70 per barrel of natural gas liquids ("NGLs"). Third quarter 2024 average realized hedged prices were $72.32 per barrel of oil, $0.60 per Mcf of natural gas and $17.70 per barrel of NGLs. Average Prices: Oil ($ per Bbl) $ 73.13 Natural gas ($ per Mcf) $ (0.26) Natural gas liquids ($ per Bbl) $ 17.70 Oil, hedged ($ per Bbl) (1) $ 72.32 Natural gas, hedged ($ per Mcf) (1) $ 0.60 Natural gas liquids, hedged ($ per Bbl) (1) $ 17.70 (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 third quarter of 2024, Diamondback anticipates a net loss on cash settlements for derivative instruments of $4 million and a net non-cash gain on derivative instruments of $135 million as detailed in the table below (in millions): Gain (loss) on derivative instruments, net: Commodity contracts $ 99 Interest rate swaps (1) 32 Total $ 131 Net cash received (paid) on settlements: Commodity contracts $ 33 Interest rate swaps (1) (37) Total $ (4) (1) Includes a $37 million loss on the early termination of $300 million of the $1.2 billion outstanding notional amount of interest rate swaps. Diamondback plans to exclude the partial hedge termination from its third quarter return of capital calculation. Weighted

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. In particular, the factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2023 and in subsequent filings we have made with the SEC could affect our actual results and cause our actual results to differ materially from expectations, estimates or assumptions expressed, forecasted or implied in such forward-looking statements. Unless the context requires otherwise, references to "we," "us," "our" or the "Company" are intended to mean the business and operations of Diamondback and its consolidated subsidiaries. Factors that could cause our outcomes to differ materially include (but are not limi