Income Statement
Quarterly Data
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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Diamondback Energy Inc. pages available for free this week:
- Balance Sheet: Assets
- Cash Flow Statement
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Sales (P/S) since 2012
- Aggregate Accruals
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Diamondback Energy Inc., consolidated income statement (quarterly data)
US$ in millions
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 Trends
- The total revenues showed a consistent upward trend from March 2017 through March 2019, increasing from $235 million to $864 million. A peak occurred in December 2019 at $1,104 million, followed by a sharp decline during 2020, likely influenced by external market factors. Revenues rebounded strongly from March 2021 onward, reaching $2,768 million by June 2022 before a slight decline to $2,437 million in September 2022.
- Segment Sales
- Oil sales contributed the largest portion of revenue and maintained steady growth over the periods. Natural gas sales fluctuated, displaying negative value in June 2019, indicating possible unusual adjustments or impairments, and resumed positive growth subsequently. Natural gas liquid sales showed steady growth overall, with minor declines in certain quarters, reaching a high of $299 million in June 2022.
- Cost Structure and Expenses
- Lease operating expenses rose steadily from $27 million in March 2017 to $183 million in September 2022, reflecting increased production scale or inflationary impacts. Production and ad valorem taxes closely trended upward, more than doubling over the analyzed timeframe. Gathering and transportation costs also increased, particularly after 2018, consistent with expanded operations. Depreciation, depletion, amortization, and accretion expenses escalated sharply, peaking at $409 million in December 2019 before moderating somewhat in the following years. Impairment charges were notably significant in late 2019 and 2020, with values up to $2,539 million indicating large asset write-downs during this period. General and administrative expenses fluctuated but generally increased, reaching a peak of $47 million in December 2021.
- Profitability and Income Metrics
- Operating income increased from $116 million in March 2017 to a high of $411 million in June 2019, but then turned negative in late 2019 and 2020, largely due to impairment charges and elevated expenses. Recovery was evident beginning March 2021 with positive operating income rebounds, peaking at $1,978 million in June 2022. Net income followed a similar pattern: positive and growing until early 2019, severe losses in 2020, and a strong recovery phase thereafter, with net income reaching $1,461 million in June 2022. The net income attributable to the company showed consistent trends with overall net income.
- Other Income and Expenses
- Interest expense increased slightly over time but remained relatively stable in the range of $12 million to $57 million per quarter. Gains and losses on derivative instruments displayed considerable volatility, with large positive and negative swings especially around 2019 and 2020, influencing income before taxes. Other income and expenses also showed notable fluctuations, including one-off gains such as the gain on sale of equity investments in 2021. Losses on extinguishment of debt and merger/integration expenses appeared intermittently, impacting certain quarters.
- Income Tax Provision
- The provision for income taxes varied widely, with negative values indicating tax benefits in some quarters, especially during 2020 when operating losses and impairments were high. Positive tax provisions returned alongside improved profitability in 2021 and 2022, consistent with rising earnings.
- Observations
- The data reveals cyclical performance influenced by fluctuating commodity prices and market conditions. The company experienced robust revenue growth until 2019, severe operational and financial setbacks during 2020 primarily due to impairments and lower commodity prices, and a strong recovery phase through 2021 and 2022. Expense trends largely mirror operational scaling, with particular attention warranted to impairments that severely impacted profitability in the downturn period. The recovery phase is marked by improved revenue, income, and controlled costs, signifying operational resilience and adaptability.