Diamondback Energy Inc., balance sheet: debt

US$ in millions

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Current maturities of long-term debt	45)	191)	—)	—)	—)
Long-term debt, excluding current maturities	6,642)	5,624)	5,371)	4,464)	1,477)
Total debt (carrying amount)	6,687)	5,815)	5,371)	4,464)	1,477)

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Debt item	Description	The company
Total debt (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Diamondback Energy Inc. total debt increased from 2019 to 2020 and from 2020 to 2021.

	Dec 31, 2021
Selected Financial Data (US$ in millions)
Total debt (fair value)	7,148)
Financial Ratio
Debt, fair value to carrying amount ratio	1.07

Weighted-average interest rate on debt: 3.77%

Interest rate	Debt amount¹	Interest rate × Debt amount
5.38%	25)	1)
7.32%	20)	1)
5.25%	10)	1)
2.88%	1,000)	29)
4.75%	500)	24)
3.25%	800)	26)
5.63%	14)	1)
7.13%	100)	7)
3.50%	1,200)	42)
3.13%	900)	28)
4.40%	650)	29)
2.35%	304)	7)
5.38%	480)	26)
1.41%	195)	3)
5.63%	500)	28)
Total	6,698)	252)
3.77%

¹ US$ in millions

² Weighted-average interest rate = 100 × 252 ÷ 6,698 = 3.77%

Diamondback Energy Inc., interest costs incurred

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Interest expense, less capitalized interest	189)	195)	169)	77)	39)
Capitalized interest	88)	55)	66)	33)	22)
Interest expense	277)	250)	235)	110)	61)

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Debt item	Description	The company
Interest expense, less capitalized interest	Amount of the cost of borrowed funds accounted for as interest expense for debt.	Diamondback Energy Inc. interest expense, less capitalized interest increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.
Capitalized interest	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	Diamondback Energy Inc. capitalized interest decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.
Interest expense	Total interest costs incurred during the period and either capitalized or charged against earnings.	Diamondback Energy Inc. interest expense increased from 2019 to 2020 and from 2020 to 2021.

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Diamondback Energy, Inc.	2,182)	(4,517)	240)	846)	482)
Add: Net income attributable to noncontrolling interest	94)	(155)	75)	99)	34)
Add: Income tax expense	631)	(1,104)	47)	168)	(20)
Add: Interest expense, less capitalized interest	189)	195)	169)	77)	39)
Earnings before interest and tax (EBIT)	3,096)	(5,581)	531)	1,191)	536)

Interest expense	277)	250)	235)	110)	61)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	16.38	-28.62	3.14	15.38	13.89
Adjusted interest coverage ratio (with capitalized interest)²	11.18	-22.32	2.26	10.80	8.83

2021 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense, less capitalized interest
= 3,096 ÷ 189 = 16.38

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest expense
= 3,096 ÷ 277 = 11.18

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Diamondback Energy Inc. adjusted interest coverage ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Diamondback Energy Inc. (NASDAQ:FANG)

Analysis of Debt