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Stock Analysis on Net

Diamondback Energy Inc. (NASDAQ:FANG)

This company has been moved to the archive! The financial data has not been updated since November 8, 2022.

Common-Size Balance Sheet: Assets

Diamondback Energy Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Cash and cash equivalents 2.86 0.59 0.52 0.99 1.45
Restricted cash 0.08 0.02 0.02 0.00 0.00
Accounts receivable, joint interest and other, net 0.31 0.32 0.79 0.44 0.94
Accounts receivable, oil and natural gas sales, net 2.61 1.59 1.82 1.37 2.04
Inventories 0.27 0.19 0.16 0.17 0.12
Derivative instruments 0.06 0.01 0.20 1.07 0.01
Income tax receivable 0.00 0.57 0.08 0.00 0.00
Prepaid expenses and other current assets 0.12 0.13 0.10 0.23 0.06
Current assets 6.31% 3.42% 3.69% 4.28% 4.61%
Property and equipment, net 90.05 92.03 92.79 94.33 94.50
Funds held in escrow 0.05 0.29 0.00 0.00 0.08
Equity method investments 2.68 3.03 2.04 0.00 0.00
Derivative instruments 0.02 0.00 0.03 0.00 0.00
Deferred income taxes, net 0.17 0.41 0.60 0.45 0.00
Investment in real estate, net 0.38 0.57 0.46 0.54 0.00
Other assets 0.33 0.26 0.38 0.40 0.80
Long-term assets 93.69% 96.58% 96.31% 95.72% 95.39%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

The asset structure exhibits a heavy concentration in non-current assets, which consistently comprise over 93% of the total asset base between 2017 and 2021. This composition indicates a capital-intensive operational model where the vast majority of value is tied up in long-term infrastructure and resource holdings.

Fixed Asset Concentration
Net property and equipment represent the most significant asset category, though a gradual decline in its relative weight is observed, moving from 94.50% in 2017 to 90.05% in 2021. This suggests a slight diversification of the asset base or a change in the pace of capital expenditure relative to other asset growth.
Liquidity and Current Asset Trends
Current assets maintained a relatively low profile, fluctuating between 3.42% and 6.31%. A notable increase occurred in 2021, where current assets rose to 6.31% from 3.42% in the previous year. This spike was primarily driven by cash and cash equivalents, which increased from 0.59% in 2020 to 2.86% in 2021, signaling an improved short-term liquidity position toward the end of the period.
Strategic Investment Shifts
A transition is evident in the utilization of equity method investments, which were negligible in 2017 and 2018, rose to 2.04% in 2019, and peaked at 3.03% in 2020 before settling at 2.68% in 2021. This indicates an increased reliance on strategic partnerships or joint ventures as a means of asset deployment starting in 2019.
Working Capital Components
Accounts receivable for oil and natural gas sales remained a consistent component of current assets, generally fluctuating between 1.37% and 2.61%. Inventories remained negligible throughout the period, consistently staying below 0.30% of total assets, reflecting a lean inventory management approach.

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