Name: Diamondback Energy Inc. (NASDAQ:FANG) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

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.

Download chart

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

US$ in millions

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	1,853)	2,189)	1,946)	1,551)	1,506)	1,395)	944)	625)	606)	352)	827)	982)	882)	947)	743)	544)	455)	460)	419)	340)	259)	238)	207)
Natural gas sales	296)	264)	154)	206)	152)	107)	104)	46)	36)	21)	4)	30)	16)	(9)	29)	20)	15)	11)	14)	15)	15)	13)	10)
Natural gas liquid sales	268)	299)	289)	254)	239)	165)	124)	83)	65)	39)	52)	77)	58)	62)	70)	56)	58)	43)	33)	32)	25)	17)	16)
Revenue from contracts with customers	2,417)	2,752)	2,389)	2,011)	1,897)	1,667)	1,172)	754)	707)	412)	883)	1,089)	956)	1,000)	842)	621)	527)	515)	467)	387)	299)	267)	232)
Other operating income	20)	16)	19)	11)	13)	14)	12)	15)	13)	13)	16)	15)	19)	21)	22)	11)	11)	11)	13)	12)	2)	2)	3)
Revenues	2,437)	2,768)	2,408)	2,022)	1,910)	1,681)	1,184)	769)	720)	425)	899)	1,104)	975)	1,021)	864)	632)	538)	526)	480)	399)	301)	269)	235)
Lease operating expenses	(183)	(159)	(149)	(150)	(156)	(157)	(102)	(93)	(102)	(103)	(127)	(126)	(128)	(127)	(109)	(76)	(49)	(43)	(37)	(38)	(32)	(29)	(27)
Production and ad valorem taxes	(156)	(178)	(161)	(121)	(124)	(105)	(75)	(47)	(55)	(22)	(71)	(68)	(61)	(64)	(55)	(40)	(34)	(32)	(27)	(24)	(18)	(16)	(16)
Gathering and transportation	(71)	(61)	(59)	(58)	(67)	(56)	(31)	(35)	(33)	(36)	(36)	(34)	(25)	(17)	(12)	(8)	(7)	(7)	(4)	(4)	(3)	(3)	(3)
Depreciation, depletion, amortization and accretion	(336)	(330)	(313)	(320)	(341)	(341)	(273)	(270)	(288)	(344)	(409)	(402)	(366)	(362)	(324)	(233)	(147)	(130)	(116)	(105)	(88)	(76)	(59)
Impairment of oil and natural gas properties	—)	—)	—)	—)	—)	—)	—)	(1,022)	(1,451)	(2,539)	(1,009)	(790)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
General and administrative expenses	(34)	(39)	(36)	(47)	(38)	(36)	(25)	(24)	(20)	(20)	(24)	(36)	(19)	(22)	(27)	(20)	(14)	(15)	(16)	(11)	(12)	(12)	(14)
Merger and integration expenses	(11)	—)	—)	(1)	—)	(2)	(75)	—)	—)	—)	—)	—)	—)	—)	—)	(37)	—)	—)	—)	—)	—)	—)	—)
Other operating expenses	(32)	(23)	(30)	(14)	(20)	(29)	(32)	(24)	(27)	(33)	(25)	(32)	(27)	(18)	(18)	(24)	(21)	(19)	(12)	(3)	(4)	(2)	(1)
Costs and expenses	(823)	(790)	(748)	(711)	(746)	(726)	(613)	(1,515)	(1,976)	(3,097)	(1,701)	(1,488)	(626)	(610)	(545)	(437)	(271)	(245)	(213)	(186)	(159)	(137)	(119)
Income (loss) from operations	1,614)	1,978)	1,660)	1,311)	1,164)	955)	571)	(746)	(1,256)	(2,672)	(802)	(384)	349)	411)	319)	195)	267)	281)	268)	214)	143)	132)	116)
Interest expense, net	(43)	(39)	(40)	(29)	(57)	(57)	(56)	(50)	(53)	(46)	(48)	(39)	(38)	(49)	(46)	(38)	(19)	(17)	(14)	(11)	(9)	(8)	(12)
Other income (expense), net	(5)	1)	1)	(6)	2)	(7)	1)	1)	(2)	3)	(9)	(6)	2)	2)	5)	(6)	2)	89)	4)	1)	—)	8)	1)
Gain (loss) on derivative instruments, net	(24)	(101)	(552)	47)	(234)	(497)	(164)	(163)	(99)	(361)	542)	(111)	177)	94)	(268)	241)	(48)	(59)	(32)	(98)	(51)	33)	38)
Gain on sale of equity method investments	—)	—)	—)	—)	—)	23)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Loss on extinguishment of debt	(1)	(4)	(54)	(2)	(12)	—)	(61)	—)	(2)	(3)	—)	(56)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Income (loss) from equity investments	19)	28)	9)	9)	4)	5)	(3)	—)	3)	(13)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other income (expense), net	(54)	(115)	(636)	19)	(297)	(533)	(283)	(212)	(153)	(420)	485)	(212)	141)	47)	(309)	197)	(65)	13)	(42)	(108)	(60)	33)	27)
Income (loss) before income taxes	1,560)	1,863)	1,024)	1,330)	867)	422)	288)	(958)	(1,409)	(3,092)	(317)	(596)	490)	458)	10)	392)	202)	295)	225)	106)	83)	166)	143)
(Provision for) benefit from income taxes	(290)	(402)	(221)	(279)	(193)	(94)	(65)	202)	304)	681)	(83)	124)	(102)	(102)	33)	(86)	(42)	7)	(47)	24)	(1)	(2)	(2)
Net income (loss)	1,270)	1,461)	803)	1,051)	674)	328)	223)	(756)	(1,105)	(2,411)	(400)	(472)	388)	356)	43)	306)	159)	301)	178)	130)	82)	164)	141)
Net (income) loss attributable to non-controlling interest	(86)	(45)	(24)	(49)	(25)	(17)	(3)	17)	(8)	18)	128)	(15)	(20)	(7)	(33)	1)	(2)	(82)	(15)	(15)	(9)	(6)	(5)
Net income (loss) attributable to Diamondback Energy, Inc.	1,184)	1,416)	779)	1,002)	649)	311)	220)	(739)	(1,113)	(2,393)	(272)	(487)	368)	349)	10)	307)	157)	219)	163)	115)	73)	158)	136)

Revenue exhibited a strong long-term upward trajectory, growing from 235 million US dollars in the first quarter of 2017 to 2,437 million US dollars by the third quarter of 2022. This growth was primarily driven by a substantial increase in oil sales, which rose from 207 million US dollars to 1,853 million US dollars over the same period. A significant disruption occurred in the second quarter of 2020, where total revenues dropped sharply to 425 million US dollars before beginning a rapid recovery throughout 2021 and 2022.

Revenue Composition and Trends: Oil sales remained the dominant revenue stream throughout the analysis period. While natural gas and natural gas liquid sales showed growth, their contribution remained secondary to oil. Natural gas sales experienced notable volatility, including a negative value in the second quarter of 2019, but trended higher toward 2022, peaking at 296 million US dollars in the third quarter of 2022.
Operating Expense Dynamics: Lease operating expenses and production taxes scaled proportionally with revenue growth until the 2020 downturn. Depreciation, depletion, amortization, and accretion expenses increased steadily from 59 million US dollars in early 2017 to peak at 409 million US dollars in the first quarter of 2020, reflecting expanded asset bases. General and administrative expenses remained relatively contained despite the overall growth in scale.
Impact of Impairments: The fiscal year 2020 was characterized by massive non-cash impairment charges on oil and natural gas properties. These impairments began in the fourth quarter of 2019 at 790 million US dollars and reached a peak of 2,539 million US dollars in the second quarter of 2020. These one-time charges were the primary driver of significant operating losses during that period, totaling over 6 billion US dollars in aggregate impairments through the end of 2020.
Operating and Net Profitability: Income from operations grew steadily from 2017 until the 2020 impairment crisis. Following the trough in the second quarter of 2020, where operating income fell to negative 2,672 million US dollars, a robust recovery ensued. By the third quarter of 2022, income from operations reached 1,614 million US dollars. Net income attributable to the company followed a similar pattern, recovering from a net loss of 2,393 million US dollars in mid-2020 to a net income of 1,184 million US dollars by the third quarter of 2022.
Non-Operating Volatility: The financial results were subject to significant volatility due to gains and losses on derivative instruments. These fluctuations often created wide gaps between operating income and income before taxes, with notable derivative losses appearing in the second quarter of 2021 and the first quarter of 2022. Interest expenses remained relatively stable, moving from 12 million US dollars in early 2017 to 43 million US dollars by late 2022, indicating that the cost of debt did not scale aggressively relative to the growth in revenue.

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?

Diamondback Energy Inc. (NASDAQ:FANG)

Income StatementQuarterly Data

Income Statement
Quarterly Data