Stock Analysis on Net
AI Tokens
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 Income Statement
Quarterly Data

Diamondback Energy Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: 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
Oil sales 76.67 79.54 81.46 77.13 79.39 83.68 80.55 82.89 85.71 85.44 93.66 90.17 92.26 94.70 88.24 87.64 86.26 89.42 89.83 87.83 86.57 88.95 89.06
Natural gas sales 12.25 9.59 6.45 10.24 8.01 6.42 8.87 6.10 5.09 5.10 0.45 2.75 1.67 -0.90 3.44 3.30 2.81 2.21 3.08 3.79 4.99 4.75 4.27
Natural gas liquid sales 11.09 10.86 12.10 12.63 12.60 9.90 10.58 11.01 9.19 9.47 5.89 7.07 6.07 6.20 8.31 9.06 10.93 8.38 7.09 8.38 8.44 6.30 6.67
Revenue from contracts with customers 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%
Other operating income 0.83 0.58 0.80 0.55 0.69 0.84 1.02 1.99 1.84 3.16 1.81 1.38 1.99 2.10 2.61 1.73 2.08 2.20 2.88 3.12 0.67 0.75 1.18
Revenues 100.83% 100.58% 100.80% 100.55% 100.69% 100.84% 101.02% 101.99% 101.84% 103.16% 101.81% 101.38% 101.99% 102.10% 102.61% 101.73% 102.08% 102.20% 102.88% 103.12% 100.67% 100.75% 101.18%
Lease operating expenses -7.57 -5.78 -6.24 -7.46 -8.22 -9.42 -8.70 -12.33 -14.43 -25.00 -14.38 -11.57 -13.39 -12.70 -12.95 -12.22 -9.32 -8.28 -8.00 -9.92 -10.86 -10.84 -11.45
Production and ad valorem taxes -6.45 -6.47 -6.74 -6.02 -6.54 -6.30 -6.40 -6.23 -7.78 -5.34 -8.04 -6.24 -6.38 -6.40 -6.53 -6.38 -6.36 -6.25 -5.85 -6.08 -6.14 -5.94 -6.76
Gathering and transportation -2.94 -2.22 -2.47 -2.88 -3.53 -3.36 -2.65 -4.64 -4.67 -8.74 -4.08 -3.12 -2.62 -1.70 -1.43 -1.29 -1.32 -1.32 -0.92 -0.96 -1.16 -1.13 -1.13
Depreciation, depletion, amortization and accretion -13.90 -11.99 -13.10 -15.91 -17.98 -20.46 -23.29 -35.81 -40.74 -83.50 -46.32 -36.91 -38.28 -36.20 -38.48 -37.46 -27.83 -25.29 -24.76 -27.24 -29.39 -28.24 -25.48
Impairment of oil and natural gas properties 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -135.54 -205.23 -616.26 -114.27 -72.54 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
General and administrative expenses -1.41 -1.42 -1.51 -2.34 -2.00 -2.16 -2.13 -3.18 -2.83 -4.85 -2.72 -3.31 -1.99 -2.20 -3.21 -3.14 -2.69 -2.82 -3.50 -2.88 -3.97 -4.45 -5.91
Merger and integration expenses -0.46 0.00 0.00 -0.05 0.00 -0.12 -6.40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -5.93 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other operating expenses -1.32 -0.84 -1.26 -0.70 -1.05 -1.74 -2.73 -3.18 -3.82 -8.01 -2.83 -2.94 -2.82 -1.80 -2.14 -3.90 -3.92 -3.60 -2.51 -0.85 -1.49 -0.68 -0.37
Costs and expenses -34.05% -28.71% -31.31% -35.36% -39.33% -43.55% -52.30% -200.93% -279.49% -751.70% -192.64% -136.64% -65.48% -61.00% -64.73% -70.33% -51.45% -47.57% -45.54% -47.93% -53.01% -51.27% -51.11%
Income (loss) from operations 66.78% 71.88% 69.49% 65.19% 61.36% 57.29% 48.72% -98.94% -177.65% -648.54% -90.83% -35.26% 36.51% 41.10% 37.89% 31.40% 50.63% 54.63% 57.34% 55.19% 47.67% 49.47% 50.07%
Interest expense, net -1.78 -1.42 -1.67 -1.44 -3.00 -3.42 -4.78 -6.63 -7.50 -11.17 -5.44 -3.58 -3.97 -4.90 -5.46 -6.11 -3.52 -3.32 -2.94 -2.81 -3.07 -3.08 -5.26
Other income (expense), net -0.21 0.04 0.04 -0.30 0.11 -0.42 0.09 0.13 -0.28 0.73 -1.02 -0.55 0.21 0.20 0.59 -0.95 0.33 17.27 0.78 0.20 0.00 3.11 0.49
Gain (loss) on derivative instruments, net -0.99 -3.67 -23.11 2.34 -12.34 -29.81 -13.99 -21.62 -14.00 -87.62 61.38 -10.19 18.51 9.40 -31.83 38.74 -9.18 -11.38 -6.93 -25.29 -16.92 12.46 16.22
Gain on sale of equity method investments 0.00 0.00 0.00 0.00 0.00 1.38 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
Loss on extinguishment of debt -0.04 -0.15 -2.26 -0.10 -0.63 0.00 -5.20 0.00 -0.28 -0.73 0.00 -5.14 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income (loss) from equity investments 0.79 1.02 0.38 0.45 0.21 0.30 -0.26 0.00 0.42 -3.16 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
Other income (expense), net -2.23% -4.18% -26.62% 0.94% -15.66% -31.97% -24.15% -28.12% -21.64% -101.94% 54.93% -19.47% 14.75% 4.70% -36.70% 31.69% -12.36% 2.57% -9.09% -27.90% -20.00% 12.49% 11.45%
Income (loss) before income taxes 64.54% 67.70% 42.86% 66.14% 45.70% 25.31% 24.57% -127.06% -199.29% -750.49% -35.90% -54.73% 51.26% 45.80% 1.19% 63.09% 38.27% 57.20% 48.26% 27.29% 27.67% 61.96% 61.52%
(Provision for) benefit from income taxes -12.00 -14.61 -9.25 -13.87 -10.17 -5.64 -5.55 26.79 43.00 165.29 -9.40 11.39 -10.67 -10.20 3.92 -13.79 -8.02 1.28 -10.09 6.19 -0.29 -0.59 -0.84
Net income (loss) 52.54% 53.09% 33.61% 52.26% 35.53% 19.68% 19.03% -100.27% -156.29% -585.19% -45.30% -43.34% 40.59% 35.60% 5.11% 49.30% 30.25% 58.49% 38.17% 33.48% 27.39% 61.37% 60.68%
Net (income) loss attributable to non-controlling interest -3.56 -1.64 -1.00 -2.44 -1.32 -1.02 -0.26 2.25 -1.13 4.37 14.50 -1.38 -2.09 -0.70 -3.92 0.08 -0.45 -15.93 -3.29 -3.89 -2.98 -2.14 -2.06
Net income (loss) attributable to Diamondback Energy, Inc. 48.99% 51.45% 32.61% 49.83% 34.21% 18.66% 18.77% -98.01% -157.43% -580.83% -30.80% -44.72% 38.49% 34.90% 1.19% 49.38% 29.80% 42.56% 34.88% 29.59% 24.40% 59.23% 58.61%

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 financial performance exhibits significant volatility, primarily driven by commodity price fluctuations and substantial non-cash impairment charges during the 2019-2020 period. Following a period of severe contraction and asset devaluation, a strong recovery in operating margins and net profitability is evident through 2021 and 2022.

Revenue Composition
Oil sales consistently serve as the primary revenue driver, although their relative contribution declined from a peak of 94.70% in June 2019 to 76.67% by September 2022. This shift is mirrored by a gradual increase in the proportional contribution of natural gas and natural gas liquid sales, with natural gas rising from 3.08% in March 2018 to 12.25% in September 2022, suggesting a diversification in the product mix.
Operating Cost Efficiency
General and administrative expenses demonstrate a clear downward trend, decreasing from 5.91% of revenue in March 2017 to 1.41% in September 2022, indicating improved operational leverage. Lease operating expenses remained relatively stable between 8% and 13% for much of the period, except for a significant spike to 25% in June 2020, which coincided with broader market disruptions.
Asset Devaluation and Depreciation
The period between December 2019 and December 2020 was marked by extreme volatility in non-cash charges. Depreciation, depletion, amortization, and accretion (DD&A) peaked at 83.50% of revenue in June 2020. This was compounded by massive impairment charges, most notably a peak loss of 616.26% of revenue in June 2020, which led to substantial quarterly net losses.
Operating Profitability and Recovery
Income from operations experienced a dramatic swing from positive margins exceeding 50% in 2017-2018 to a low of -648.54% in June 2020. However, a robust recovery is observed starting in early 2021, with operating margins expanding steadily to reach 71.88% by June 2022, reflecting both higher commodity prices and stabilized cost structures.
Financial and Non-Operating Items
Net interest expense as a percentage of revenue has trended downward, falling from 5.26% in March 2017 to 1.78% in September 2022, indicating a reduced debt burden relative to revenue generation. Gains and losses on derivative instruments introduced significant volatility into the pre-tax income, with wide swings observed throughout the entire period, often offsetting or amplifying operational results.
Net Income Trends
Bottom-line profitability followed the trajectory of operating income and impairment activity. After the severe losses of 2020, net income attributable to the company rebounded to a range of 32% to 51% of revenue throughout 2022, signaling a return to strong profitability levels.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?