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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
Quarterly Data

Diamondback Energy Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017
Cash and cash equivalents 0.11 0.18 0.64 2.86 2.02 1.54 0.55 0.59 0.49 0.25 0.64 0.52 0.42 1.41 0.57 0.99 5.18 1.27 0.88 1.45 0.41 0.24 0.59
Restricted cash 0.03 0.07 0.08 0.08 0.08 0.08 0.09 0.02 0.04 0.04 0.03 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts receivable, joint interest and other, net 0.48 0.32 0.48 0.31 0.44 0.35 0.31 0.32 0.36 0.55 0.76 0.79 0.73 0.73 0.48 0.44 0.84 1.02 0.86 0.94 0.68 1.06 0.88
Accounts receivable, oil and natural gas sales, net 2.81 4.10 4.14 2.61 3.15 2.59 2.41 1.59 1.19 1.14 0.96 1.82 1.56 1.51 1.60 1.37 1.86 1.87 2.01 2.04 1.43 1.22 1.31
Inventories 0.25 0.28 0.27 0.27 0.23 0.23 0.24 0.19 0.18 0.17 0.15 0.16 0.19 0.19 0.18 0.17 0.15 0.15 0.11 0.12 0.07 0.07 0.05
Derivative instruments 0.41 0.07 0.03 0.06 0.06 0.06 0.00 0.01 0.08 0.42 2.28 0.20 0.59 0.13 0.02 1.07 0.00 0.00 0.00 0.01 0.02 0.62 0.23
Income tax receivable 0.01 0.00 0.00 0.00 0.00 0.15 0.15 0.57 0.53 0.49 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Assets held for sale 0.00 0.00 0.00 0.00 0.37 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Prepaid expenses and other current assets 0.23 0.10 0.14 0.12 0.12 0.11 0.12 0.13 0.11 0.16 0.60 0.18 0.09 0.24 0.27 0.23 0.08 0.08 0.08 0.06 0.05 0.05 0.07
Current assets 4.32% 5.12% 5.77% 6.31% 6.47% 5.11% 3.87% 3.42% 2.97% 3.22% 5.42% 3.69% 3.59% 4.19% 3.11% 4.28% 8.11% 4.39% 3.94% 4.61% 2.66% 3.26% 3.12%
Oil and natural gas properties, full cost method of accounting 146.87 145.85 144.21 143.74 143.80 143.97 144.41 155.38 145.55 133.03 114.25 109.57 105.39 103.91 104.32 103.26 110.32 115.20 117.31 118.81 121.70 122.51 123.57
Other property, equipment and land 5.75 5.67 5.58 5.46 4.80 5.27 5.32 6.53 6.19 5.75 4.78 4.49 4.40 4.22 4.10 3.92 4.50 4.79 4.59 3.50 3.24 2.47 1.99
Accumulated depletion, depreciation, amortization and impairment -60.76 -60.39 -59.32 -59.15 -58.46 -57.82 -57.21 -69.89 -58.80 -45.71 -27.44 -21.26 -16.20 -14.89 -13.90 -12.85 -25.96 -26.82 -27.66 -27.81 -28.22 -29.04 -29.75
Property and equipment, net 91.86% 91.13% 90.47% 90.05% 90.14% 91.42% 92.53% 92.03% 92.94% 93.07% 91.59% 92.79% 93.59% 93.23% 94.52% 94.33% 88.86% 93.17% 94.24% 94.50% 96.72% 95.95% 95.81%
Funds held in escrow 0.02 0.00 0.00 0.05 0.29 0.15 0.15 0.29 0.00 0.00 0.00 0.00 0.03 0.06 0.00 0.00 0.63 0.00 0.00 0.08 0.00 0.00 0.03
Equity method investments 2.83 2.81 2.76 2.68 2.25 2.32 2.39 3.03 2.84 2.53 2.15 2.04 0.96 0.81 0.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Derivative instruments 0.05 0.14 0.16 0.02 0.02 0.02 0.02 0.00 0.00 0.00 0.13 0.03 0.25 0.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.06 0.05
Deferred income taxes, net 0.31 0.14 0.16 0.17 0.11 0.13 0.15 0.41 0.40 0.38 0.00 0.60 0.67 0.65 0.67 0.45 0.97 0.80 0.00 0.00 0.00 0.00 0.00
Investment in real estate, net 0.36 0.37 0.38 0.38 0.39 0.40 0.46 0.57 0.55 0.52 0.46 0.46 0.47 0.48 0.51 0.54 1.09 1.21 1.33 0.00 0.00 0.00 0.00
Other assets 0.24 0.28 0.30 0.33 0.34 0.45 0.44 0.26 0.30 0.29 0.25 0.38 0.45 0.48 0.51 0.40 0.32 0.42 0.49 0.80 0.62 0.72 0.98
Long-term assets 95.68% 94.88% 94.23% 93.69% 93.53% 94.89% 96.13% 96.58% 97.03% 96.78% 94.58% 96.31% 96.41% 95.81% 96.89% 95.72% 91.89% 95.61% 96.06% 95.39% 97.34% 96.74% 96.88%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).

The asset structure of the organization is characterized by a heavy concentration in long-term assets, which consistently represent between 91% and 97% of total assets throughout the analyzed period. This indicates a highly capital-intensive operational model focused on the acquisition and maintenance of oil and natural gas properties.

Current Asset Composition and Liquidity
Current assets maintain a relatively small footprint, typically ranging from 3% to 6% of total assets. Cash and cash equivalents exhibit significant volatility, peaking at 5.18% in September 2018 before trending downward to a low of 0.11% by September 2022. A notable shift is observed in accounts receivable for oil and natural gas sales, which rose from 1.31% in early 2017 to a peak of 4.14% in March 2022, suggesting an increase in the timing gap between production and payment collection during that window.
Fixed Asset Dynamics and Depletion
Oil and natural gas properties, recorded under the full cost method, show a substantial increase in their gross value relative to total assets, rising from 123.57% in March 2017 to 146.87% in September 2022. Simultaneously, accumulated depletion, depreciation, amortization, and impairment have increased dramatically, moving from -29.75% in March 2017 to -60.76% by September 2022. Despite the surge in both gross asset value and accumulated depletion, the net property and equipment value remains remarkably stable, fluctuating narrowy between approximately 88% and 96% of total assets.
Strategic and Other Long-term Assets
Equity method investments were non-existent in the early data but emerged in 2019, growing steadily from 0.67% to 2.83% by September 2022, indicating an increase in strategic minority holdings. Investment in real estate, net, peaked at 1.33% in March 2018 and has since seen a gradual decline to 0.36% by the end of the period. Other property, equipment, and land showed a gradual upward trend, increasing from 1.99% in March 2017 to 5.75% in September 2022.

Overall, the financial trajectory reflects an aggressive expansion of the gross asset base coupled with accelerating depletion rates, while liquidity remains lean and heavily reliant on the conversion of oil and gas receivables into cash.

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