Common-Size Income Statement
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- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2012
- Operating Profit Margin since 2012
- Total Asset Turnover since 2012
- Price to Sales (P/S) since 2012
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Diamondback Energy Inc., common-size consolidated income statement (quarterly data)
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).
- Revenue Composition Trends
- The percentage of revenue derived from oil sales showed a general downward trend over the observed periods, starting from approximately 89% in early 2017 and decreasing to around 76-81% by late 2022. Natural gas sales as a revenue percentage were generally lower, fluctuating between roughly 0.5% to 12%, with notable volatility including negative values in mid-2019, possibly reflecting adjustments or anomalies in recognition. Natural gas liquid sales displayed a variable trend, generally increasing over time from about 6-8% up to around 11-13%. Other operating income remained a small proportion relative to total revenue, fluctuating mostly below 3%.
- Expense and Cost Patterns
- Lease operating expenses consistently consumed between roughly 6% to 14% of revenue, peaking sharply at 25% in mid-2020 before easing again in subsequent periods. Production and ad valorem taxes held relatively stable near 6%, exhibiting minor fluctuations. Gathering and transportation costs increased noticeably from under 2% in 2017 up to peaks near 8.7% in mid-2020 before somewhat declining thereafter. Depreciation, depletion, amortization, and accretion expenses showed large volatility, rising significantly from a range of 24-29% in early periods to an extraordinary peak of over 80% in mid-2020, before declining to around 11-15% in later quarters. Impairments were absent for most of the timeline except for a significant impact starting late 2019 and persisting into 2020, with impairment losses reaching exceptionally high negative percentages, indicating substantial write-downs during this period.
- Operating Income and Profitability
- Income from operations experienced strong fluctuations, generally positive in most periods except for sharp declines during 2019 and especially in 2020, where negative values were highly pronounced, coinciding with the peak impairment and depreciation expenses. After 2020, operating income rebounded significantly, surpassing 50% in late 2021 and 2022, indicating recovery and improved operational performance. Interest expense as a percentage of revenue varied mostly between 1% and 6%, peaking during crisis periods such as mid-2020 then steadily decreasing towards 2022.
- Other Income and Loss Items
- Gains and losses on derivative instruments exhibited high volatility with large positive and negative swings throughout the periods, including significant positive spikes in late 2018 and early 2020 and notable negative impacts mid-2019 and mid-2021. Other income and expenses also saw significant fluctuations, including high positive values associated with non-operating activities in some quarters and deep losses coinciding with impairment and operational downturns. Loss on debt extinguishment appeared sporadically, generally minor in proportion.
- Net Income Trends
- Net income followed a pattern aligned with operational results and impairment occurrences. Strong earnings were recorded during the early years (2017-2018) with net income percentages as high as 60%, followed by a marked decline in 2019 and especially severe losses in 2020, where net income dropped by over 500% relative to revenue in some quarters, underscoring the impact of non-recurring charges and deteriorated market conditions. Subsequently, net income recovered steadily through 2021 and 2022, reaching levels comparable to earlier periods with percentages between 30% and 53%. Net income attributable to the company’s shareholders closely mirrored total net income trends.
- Summary of Notable Trends
- The data reveals a significant financial distress period centered in 2019-2020, characterized by extraordinary impairment charges, high depreciation and amortization expenses, and steep negative impacts on operational income and net earnings. Post-2020, most financial metrics demonstrated recovery and normalization with improved profitability, reduced expenses ratio, and stabilization in revenue composition. Variability in derivatives and non-operating incomes suggests active management of financial instruments impacting earnings volatility. The overall trend indicates resilience following a substantial downturn period.