Balance Sheet: Assets
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

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

US$ in millions

	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	27)	43)	149)	654)	457)	344)	121)	104)	92)	51)	149)	123)	100)	326)	126)	215)	508)	114)	72)	112)	30)	17)	37)
Restricted cash	7)	16)	18)	18)	18)	18)	19)	4)	7)	8)	6)	5)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Accounts receivable, joint interest and other, net	115)	76)	113)	72)	99)	78)	68)	56)	67)	111)	178)	186)	171)	168)	107)	96)	82)	91)	71)	73)	50)	72)	56)
Accounts receivable, oil and natural gas sales, net	669)	961)	966)	598)	712)	579)	531)	281)	224)	231)	225)	429)	367)	349)	356)	297)	182)	168)	165)	159)	104)	83)	83)
Inventories	59)	65)	62)	62)	53)	52)	52)	33)	33)	34)	36)	37)	45)	44)	39)	38)	15)	13)	9)	9)	5)	5)	3)
Derivative instruments	98)	17)	6)	13)	14)	13)	—)	1)	15)	86)	534)	46)	140)	29)	5)	231)	—)	—)	—)	1)	2)	42)	14)
Income tax receivable	2)	—)	—)	1)	—)	33)	33)	100)	100)	100)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Assets held for sale	—)	—)	—)	—)	83)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Prepaid expenses and other current assets	54)	23)	33)	28)	28)	25)	27)	23)	20)	33)	140)	43)	22)	56)	60)	50)	8)	7)	7)	5)	4)	3)	5)
Current assets	1,031)	1,201)	1,347)	1,446)	1,464)	1,142)	851)	602)	558)	654)	1,268)	869)	845)	972)	693)	925)	796)	393)	324)	359)	194)	221)	199)
Oil and natural gas properties, full cost method of accounting	35,019)	34,200)	33,645)	32,914)	32,554)	32,155)	31,765)	27,377)	27,305)	27,055)	26,719)	25,782)	24,822)	24,076)	23,229)	22,299)	10,818)	10,315)	9,649)	9,233)	8,869)	8,311)	7,871)
Other property, equipment and land	1,371)	1,329)	1,303)	1,250)	1,086)	1,178)	1,170)	1,151)	1,161)	1,169)	1,117)	1,056)	1,036)	978)	913)	847)	442)	429)	377)	272)	236)	167)	127)
Accumulated depletion, depreciation, amortization and impairment	(14,487)	(14,160)	(13,840)	(13,545)	(13,234)	(12,914)	(12,583)	(12,314)	(11,031)	(9,297)	(6,416)	(5,003)	(3,815)	(3,451)	(3,095)	(2,774)	(2,545)	(2,401)	(2,275)	(2,161)	(2,057)	(1,970)	(1,895)
Property and equipment, net	21,903)	21,369)	21,108)	20,619)	20,406)	20,419)	20,352)	16,214)	17,435)	18,927)	21,420)	21,835)	22,043)	21,603)	21,047)	20,372)	8,715)	8,343)	7,751)	7,344)	7,049)	6,509)	6,103)
Funds held in escrow	5)	—)	—)	12)	66)	34)	34)	51)	—)	—)	—)	—)	7)	13)	—)	—)	62)	—)	—)	6)	—)	—)	2)
Equity method investments	674)	660)	643)	613)	509)	518)	525)	533)	532)	514)	502)	479)	225)	187)	150)	1)	—)	—)	—)	—)	—)	—)	—)
Derivative instruments	11)	33)	37)	4)	4)	5)	4)	—)	—)	—)	30)	7)	58)	23)	—)	—)	—)	—)	—)	—)	—)	4)	3)
Deferred income taxes, net	74)	33)	37)	40)	25)	28)	32)	73)	75)	78)	—)	142)	158)	150)	150)	97)	96)	72)	—)	—)	—)	—)	—)
Investment in real estate, net	87)	87)	88)	88)	89)	89)	101)	101)	104)	106)	107)	109)	111)	112)	114)	116)	107)	109)	109)	—)	—)	—)	—)
Other assets	58)	65)	71)	76)	76)	100)	97)	45)	56)	58)	59)	90)	106)	111)	114)	85)	32)	37)	40)	62)	45)	49)	63)
Long-term assets	22,812)	22,247)	21,984)	21,452)	21,175)	21,193)	21,145)	17,017)	18,202)	19,683)	22,118)	22,662)	22,708)	22,199)	21,575)	20,671)	9,011)	8,561)	7,900)	7,412)	7,094)	6,562)	6,171)
Total assets	23,843)	23,448)	23,331)	22,898)	22,639)	22,335)	21,996)	17,619)	18,760)	20,337)	23,386)	23,531)	23,553)	23,171)	22,268)	21,596)	9,807)	8,954)	8,225)	7,771)	7,288)	6,784)	6,370)

The analysis of the quarterly financial data reveals several noteworthy trends and fluctuations across various asset categories over the observed periods.

Cash and Cash Equivalents: There is significant volatility in cash and cash equivalents, with notable peaks such as US$508 million in September 2017 and US$654 million in December 2021. The balance exhibits sharp decreases post-peak periods, often declining substantially in subsequent quarters, suggesting fluctuating liquidity possibly related to operational cycles or financing activities.
Restricted Cash: Restricted cash, while minimal, shows increases starting in late 2019, peaking at US$19 million in June 2021 before gradually tapering off in later quarters. This indicates the establishment and subsequent partial release or utilization of funds set aside for specific purposes.
Accounts Receivable (Joint Interest and Oil & Natural Gas Sales): Both accounts receivable related to joint interest and oil and natural gas sales generally trend upwards with occasional declines. Particularly, receivables from oil and natural gas sales increased markedly from US$83 million in early 2017 to a peak of US$966 million in June 2022, reflecting growing sales volume or price changes. However, some reductions appear in late 2022, indicating potential collection efforts or changes in sales dynamics.
Inventories: Inventory balances steadily increased from US$3 million in early 2017 to around US$65 million by late 2022, with minor fluctuations. This gradual rise may reflect expanded production, stockpiling strategies, or changes in demand forecasts.
Derivative Instruments: Derivative instrument holdings were irregular, with spikes such as US$534 million in March 2020 for one category and various peaks in other periods. The significant increase in derivatives in early 2020 might indicate active risk management amid market uncertainties, while the fluctuating values suggest ongoing adjustments to hedge positions.
Income Tax Receivable: Income tax receivable emerges around mid-2020, peaking at US$100 million, followed by declines and intermittent minimal balances. This pattern could relate to tax refund processes or settlement timing variations.
Prepaid Expenses and Other Current Assets: This category grew noticeably from lower single-digit amounts in 2017 to a substantial US$140 million in early 2020, before declining again. The spikes might be linked to advance payments or timing differences in expense recognition, possibly influenced by capital expenditures or operational shifts.
Current Assets: Current assets displayed overall growth from approximately US$199 million in early 2017 to a peak exceeding US$1.4 billion in late 2021, followed by a slight decline. The increase is supported by rises in cash, receivables, and inventories, suggesting enhanced working capital to support expanded operations or growth initiatives.
Oil and Natural Gas Properties (Full Cost Basis): These assets steadily increased from US$7.9 billion in early 2017 to approximately US$35 billion by late 2022. A remarkable jump is observed in 2018 Q4, doubling the value compared to the prior quarter, indicating a significant asset acquisition or capitalization event. The continued upward trend suggests sustained investment in resource development.
Other Property, Equipment, and Land: Other property assets remained relatively stable with gradual increases from US$127 million in 2017 to around US$1.4 billion by late 2022, punctuated by a significant jump coinciding with the period of increase in oil and natural gas properties, likely reflecting expanded property holdings or infrastructure investments.
Accumulated Depletion, Depreciation, Amortization, and Impairment: This contra-asset account increased consistently, moving from approximately -US$1.9 billion in early 2017 to -US$14.5 billion by late 2022, reflecting ongoing asset consumption and impairments, with a sharper increase beginning in 2019, potentially correlating with intensified depreciation or impairment recognition reflecting asset aging or market conditions.
Property and Equipment, Net: Net property and equipment values rose from US$6.1 billion in early 2017 to a peak of around US$20.3 billion in late 2018, followed by declines to approximately US$16.2 billion in late 2020. From 2021 onwards, the net asset value stabilized near US$20.6 billion to US$21.9 billion, indicating periods of capital investment and subsequent asset write-downs or disposals.
Other Long-term Assets: Other long-term asset categories such as equity method investments, investment in real estate, and other non-current assets generally expanded gradually over the period, supporting diversification and strategic holdings.
Total Assets: Total assets increased from US$6.4 billion in early 2017 to a peak of approximately US$23.8 billion in late 2022, with a dramatic rise occurring between mid-2018 and late 2018, aligning with the significant increase in oil and natural gas properties. This growth reflects substantial investments and potentially acquisitions, enhancing the asset base considerably.

In summary, the data indicates significant growth in core oil and natural gas assets, coupled with increasing accounts receivable and inventory levels, reflecting expansion in operations and sales. The volatility in cash and derivatives suggests an active approach to liquidity and risk management. Overall, the asset base has expanded markedly, supported by sustained capital expenditures and strategic investments, albeit with increasing accumulated depletion and depreciation reflecting asset utilization over time.

Assets: Selected Items

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Diamondback Energy Inc. (NASDAQ:FANG)

Balance Sheet: Assets Quarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data