Selected Financial Data
since 2012
Income Statement
Diamondback Energy Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenues | Income (loss) from operations | Net income (loss) attributable to Diamondback Energy, Inc. |
|---|---|---|---|
| Dec 31, 2021 | 6,797) | 4,001) | 2,182) |
| Dec 31, 2020 | 2,813) | (5,476) | (4,517) |
| Dec 31, 2019 | 3,964) | 695) | 240) |
| Dec 31, 2018 | 2,176) | 1,011) | 846) |
| Dec 31, 2017 | 1,205) | 605) | 482) |
| Dec 31, 2016 | 527) | (69) | (165) |
| Dec 31, 2015 | 447) | (740) | (551) |
| Dec 31, 2014 | 496) | 213) | 194) |
| Dec 31, 2013 | 208) | 95) | 55) |
| Dec 31, 2012 | 75) | 17) | (37) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
The financial data demonstrates a generally upward trajectory in revenues over the observed period, with significant volatility noted in certain years. From 2012 to 2019, revenues increased consistently, rising from $75 million to a peak of $3,964 million. Despite a decline in 2020 to $2,813 million, revenues rebounded strongly in 2021 to $6,797 million, marking the highest level recorded in the period.
Income (loss) from operations exhibits greater variability. From 2012 through 2014, operating income increased steadily, reaching $213 million. However, the years 2015 and 2016 saw a marked shift into losses, with -$740 million and -$69 million respectively, indicating operational challenges during this period. Recovery began in 2017, with operating income returning to positive figures, peaking at $1,011 million in 2018. Although operating income declined to $695 million in 2019, it plunged significantly in 2020 to a loss of $5,476 million, before recovering to $4,001 million in 2021.
Net income attributable to the company follows a pattern similar to operating income but with wider fluctuations. Positive net income was observed from 2012 through 2014, with a high of $194 million in 2014. This was followed by negative net income in 2015 and 2016, with losses of -$551 million and -$165 million respectively. From 2017 onward, net income returned to positive territory, reaching a peak of $846 million in 2018. However, 2019 and 2020 saw reductions, with 2019 net income dropping to $240 million and a substantial loss of -$4,517 million in 2020. In 2021, net income recovered substantially to $2,182 million.
Overall, the data suggests that the company experienced considerable growth in revenues with intermittent periods of operational and net income losses, particularly in 2015, 2020, and to a lesser extent 2016 and 2019. The sharp declines in 2020 across all financial metrics likely reflect extraordinary circumstances affecting the company's performance. Recovery trends in 2021 are evident, indicating a positive turnaround following the prior year's downturn.
Balance Sheet: Assets
Diamondback Energy Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2021 | 1,446) | 22,898) |
| Dec 31, 2020 | 602) | 17,619) |
| Dec 31, 2019 | 869) | 23,531) |
| Dec 31, 2018 | 925) | 21,596) |
| Dec 31, 2017 | 359) | 7,771) |
| Dec 31, 2016 | 1,792) | 5,350) |
| Dec 31, 2015 | 109) | 2,758) |
| Dec 31, 2014 | 252) | 3,095) |
| Dec 31, 2013 | 62) | 1,522) |
| Dec 31, 2012 | 50) | 607) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
The analysis of the annual financial data reveals several noteworthy trends in the company's asset composition over the examined period.
- Current Assets
-
Current assets demonstrate significant fluctuations across the years. Initially, there is a moderate increase from 50 million US dollars in 2012 to 62 million in 2013, followed by a sharp rise to 252 million in 2014. Subsequently, current assets declined to 109 million in 2015 but then surged dramatically to 1792 million in 2016.
After 2016, current assets decreased considerably to 359 million in 2017, then rose sharply again to 925 million in 2018. This upward trend continued with 869 million in 2019, a dip to 602 million in 2020, and a subsequent increase to 1446 million in 2021. This volatility suggests that the company’s short-term asset position is subject to substantial changes, potentially reflecting variable working capital management or fluctuations in cash, receivables, and inventories.
- Total Assets
-
Total assets display a consistent upward trajectory over the period, albeit with varying growth rates. The asset base increased significantly from 607 million in 2012 to 1522 million in 2013, and then more than doubled to 3095 million in 2014. A slight decrease occurred in 2015 where total assets fell to 2758 million.
From 2015 onwards, total assets expanded rapidly, reaching 5350 million in 2016 and continuing an accelerated growth to 7771 million in 2017. The most notable leap occurred between 2017 and 2018, with total assets almost tripling to 21596 million. This growth momentum was maintained into 2019 with 23531 million.
However, in 2020, total assets contracted to 17619 million before rebounding to 22898 million in 2021. This overall trend of asset growth, punctuated by a decline in 2020, could be indicative of significant capital investment, asset acquisitions, or valuation changes, while the drop in 2020 may be attributed to asset disposals, impairments, or external economic factors.
In summary, the financial data reflects a company undergoing periods of rapid asset growth with concomitant volatility in current assets. The substantial increase in total assets over the long term suggests strategic expansion or investment activities, whereas the fluctuating current assets point to dynamic working capital conditions. The contraction in total assets in 2015 and 2020 warrants further investigation to understand underlying causes and implications on liquidity and operational capacity.
Balance Sheet: Liabilities and Stockholders’ Equity
Diamondback Energy Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Long-term debt, including current maturities | Total Diamondback Energy, Inc. stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2021 | 1,438) | 9,653) | 6,687) | 12,088) |
| Dec 31, 2020 | 1,236) | 7,815) | 5,815) | 8,794) |
| Dec 31, 2019 | 1,263) | 8,625) | 5,371) | 13,249) |
| Dec 31, 2018 | 1,020) | 7,429) | 4,464) | 13,699) |
| Dec 31, 2017 | 577) | 2,189) | 1,477) | 5,255) |
| Dec 31, 2016 | 209) | 1,331) | 1,106) | 3,697) |
| Dec 31, 2015 | 141) | 649) | 496) | 1,876) |
| Dec 31, 2014 | 267) | 1,110) | 674) | 1,751) |
| Dec 31, 2013 | 121) | 676) | 460) | 846) |
| Dec 31, 2012 | 79) | 145) | —) | 462) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
- Current Liabilities
- The current liabilities showed an overall increasing trend from 2012 to 2021, growing from $79 million to $1,438 million. There was a significant rise in 2017, with liabilities jumping from $577 million in 2017 to $1,020 million in 2018, and this upward trajectory continued steadily through 2021.
- Total Liabilities
- Total liabilities exhibited a fluctuating yet predominantly upward movement over the period. Starting at $145 million in 2012, liabilities sharply increased to $1,110 million by 2014, then experienced some volatility, peaking at $9,653 million in 2021. Notable spikes occurred in 2018 and 2019, indicating substantial debt accumulation during these years.
- Long-term Debt, Including Current Maturities
- Long-term debt increased considerably across the years, beginning at zero in 2012 and rising steadily to $6,687 million by 2021. The most marked increases occurred between 2017 and 2019, where levels nearly quadrupled from $1,477 million to $5,371 million, and though growth continued beyond 2019, it was at a slower pace.
- Total Stockholders’ Equity
- Stockholders’ equity displayed strong growth from $462 million in 2012 to a peak of $13,699 million in 2018. However, it experienced a slight decline after 2018, dropping to $13,249 million in 2019, and then more notably to $8,794 million in 2020 before recovering somewhat to $12,088 million in 2021. This pattern suggests periods of equity dilution or losses in 2019 and 2020, followed by rebound.
Cash Flow Statement
Diamondback Energy Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2021 | 3,944) | (1,539) | (1,841) |
| Dec 31, 2020 | 2,118) | (2,101) | (37) |
| Dec 31, 2019 | 2,734) | (3,888) | 1,062) |
| Dec 31, 2018 | 1,565) | (3,503) | 2,041) |
| Dec 31, 2017 | 889) | (3,132) | 690) |
| Dec 31, 2016 | 332) | (1,310) | 2,625) |
| Dec 31, 2015 | 417) | (895) | 468) |
| Dec 31, 2014 | 356) | (1,482) | 1,140) |
| Dec 31, 2013 | 156) | (940) | 774) |
| Dec 31, 2012 | 50) | (183) | 153) |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
The annual financial data reveals significant fluctuations across operating, investing, and financing cash flows over the observed period.
- Net Cash Provided by Operating Activities
-
This metric exhibits a generally upward trend, starting at US$50 million in 2012 and rising considerably to US$3944 million by 2021. Despite minor decreases in certain years—for instance, a drop from US$417 million in 2015 to US$332 million in 2016—the overall trajectory indicates progressively stronger cash generation from core operations. Notably, the increase accelerates markedly from 2017 onwards, nearly doubling between 2017 and 2019.
- Net Cash Used in Investing Activities
-
Investing activities consistently consume cash, with negative values each year. The cash outflows peak in magnitude around 2018 and 2019, with values of approximately -US$3503 million and -US$3888 million, respectively. Compared to earlier years, where cash used in investing ranged from -US$183 million to about -US$1482 million, there is a pronounced increase in investment intensity through mid-decade. However, the outflow reduces noticeably after 2019, down to -US$1539 million by 2021, suggesting a potential scaling back or more efficient allocation of investment expenditures.
- Net Cash Provided by (Used in) Financing Activities
-
Financing cash flows display considerable volatility. Early years see substantial inflows, reaching as high as US$2625 million in 2016. After a series of inflows and moderate fluctuations, financing activities turn to net cash outflows in 2020 and 2021, with -US$37 million and -US$1841 million, respectively. This shift from predominantly positive to negative cash flows from financing may reflect changes in capital structure strategies, such as debt repayment or reduced reliance on external financing.
In summary, the data indicate a strengthening operational cash base complemented by substantial investing commitments throughout the period, peaking around the late 2010s before moderating. Simultaneously, financing activities transition from heavy reliance on external cash inflows to net repayments, potentially reflecting strategic shifts in funding or capital management. These patterns collectively suggest a maturing financial profile with increased operational cash strength and evolving investment and financing approaches.
Per Share Data
Diamondback Energy Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2021 | 12.35 | 12.30 | 1.95 |
| Dec 31, 2020 | -28.59 | -28.59 | 1.53 |
| Dec 31, 2019 | 1.47 | 1.47 | 0.94 |
| Dec 31, 2018 | 8.09 | 8.06 | 0.50 |
| Dec 31, 2017 | 4.95 | 4.94 | 0.00 |
| Dec 31, 2016 | -2.20 | -2.20 | 0.00 |
| Dec 31, 2015 | -8.74 | -8.74 | 0.00 |
| Dec 31, 2014 | 3.67 | 3.64 | 0.00 |
| Dec 31, 2013 | 1.30 | 1.29 | 0.00 |
| Dec 31, 2012 | 0.60 | 0.60 | 0.00 |
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), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial data displays notable volatility in earnings per share (EPS) over the analyzed periods, alongside an emerging trend in dividend payments in the later years.
- Basic and Diluted Earnings Per Share
- Both basic and diluted EPS exhibit similar trends, reflecting consistency between the two measures. Initially, EPS rose from $0.60 in 2012 to a peak near $3.67 in 2014. This was followed by a sharp decline into negative territory in 2015 and 2016, with values of -$8.74 and -$2.20 respectively, indicating significant losses during these years.
- Subsequently, the EPS recovered strongly in 2017 and 2018, reaching $4.95 and $8.09 respectively for basic EPS. This upward pattern then reversed somewhat in 2019, with a reduction to $1.47, before plunging dramatically to -$28.59 in 2020, marking the most severe reported loss in the series.
- The final period, 2021, showed a substantial rebound, with EPS returning to positive territory at $12.35. Overall, the EPS data reflect high earnings volatility, including periods of sharp losses as well as strong recoveries, possibly influenced by external market factors and company-specific events.
- Dividend Per Share
- Dividend payments began in 2018, with a starting amount of $0.50 per share. Thereafter, a clear upward trend is evident, with dividends increasing to $0.94 in 2019, $1.53 in 2020, and $1.95 in 2021. This pattern suggests a growing commitment to returning value to shareholders during periods when earnings recovered and stabilized, despite the prior volatility in earnings performance.