Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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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., consolidated income statement
US$ in millions
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).
- Revenue Trends
- Over the analyzed period, total revenues exhibited an overall upward trend, rising from approximately $1.2 billion in 2017 to nearly $6.8 billion by the end of 2021. This increase was primarily driven by significant growth in oil sales, which more than quintupled from $1.0 billion in 2017 to $5.4 billion in 2021. Natural gas sales and natural gas liquid sales also experienced substantial growth, with natural gas sales increasing over tenfold and natural gas liquid sales nearly ninefold during the same period. Midstream services and other operating income contributed modestly to total revenues but showed variability without a clear upward or downward trend.
- Cost and Expense Patterns
- Total costs and expenses rose sharply to a peak of nearly $8.3 billion in 2020, driven in large part by a significant impairment charge on oil and natural gas properties amounting to over $6 billion that year. Lease operating expenses and production taxes increased steadily from 2017 to 2021, reflecting the expanded production scale and commodity price fluctuations. Gathering and transportation expenses also followed an increasing trend, more than tripling from 2017 to 2021. Depreciation, depletion, amortization, and accretion expanded substantially until 2019 before declining in subsequent years. General and administrative expenses escalated consistently across the period, reflecting growing operational or administrative support costs. Merger and integration expenses appeared sporadically in 2018 and 2021, representing one-time or non-recurring costs. Overall, excluding impairments, costs showed persistent growth aligned with increased operational scale.
- Profitability and Operating Performance
- Income from operations showed variability, expanding from $605 million in 2017 to a high of $1 billion in 2018 before declining sharply to a negative $5.5 billion in 2020, coinciding with the large impairment charge that year. Operating income recovered strongly to $4 billion in 2021. Net income mirrored this pattern; it rose steadily from 2017 to 2018, decreased sharply in 2019 and turned negative in 2020 reflecting the operational challenges and impairment losses, then rebounded to a positive $2.3 billion in 2021. The income attributable to the parent company followed the same trajectory. The effective tax provision exhibited volatility, moving from a benefit in 2020 to a significant provision in 2021, impacting net income results.
- Financial Expenses and Other Income (Expense)
- Interest expense, net of capitalized interest, increased persistently over the period, more than quadrupling from $41 million in 2017 to $199 million in 2021, reflecting higher debt levels or interest rates. Other fees and expenses fluctuated but remained relatively minor. Other income (expense), net demonstrated increased volatility, notably with marked negative impacts in 2019 through 2021, which included sizeable losses on derivative instruments, especially a large loss in 2021 of $848 million. Gains on sale of equity method investments and income from equity investments were minimal contributors but showed gains in 2021. Losses on extinguishment of debt occurred sporadically, negatively affecting results. Collectively, these items introduced additional earnings volatility beyond operational performance.
- Overall Insights
- The data indicate robust revenue growth primarily fueled by oil-related sales, complemented by expanding natural gas and liquids revenue streams. Operating expenses also grew commensurately, with large-scale impairments significantly distorting profitability in 2020. Financial costs increased steadily, reflecting elevated leverage or market conditions. Non-operating income and expense items contributed significant volatility, particularly through derivative losses in recent years. The company experienced a pronounced earnings downturn in 2020 but demonstrated a substantial recovery by 2021, aligning with improved operational results and commodity price environments. These trends highlight the company's sensitivity to commodity markets and capital expenditure cycles, as well as the impact of non-recurring charges on financial outcomes.