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).
Revenues exhibit a strong overall upward trajectory over the analyzed period, increasing from US$ 75 million in 2012 to US$ 6,797 million by 2021. This growth was characterized by a consistent rise through 2019, followed by a contraction in 2020 and a substantial surge in 2021.
- Operational Profitability
- Income from operations shows significant volatility. Positive growth was recorded from 2012 to 2014, followed by operational losses in 2015 and 2016. A recovery period occurred between 2017 and 2019, before a severe decline in 2020, where losses reached US$ 5,476 million. A sharp reversal followed in 2021, with operational income rising to US$ 4,001 million.
- Net Income Trends
- Net income patterns closely mirror operational results, highlighting a cyclical financial performance. The company experienced alternating periods of profitability and losses, with the most significant deficit occurring in 2020 at US$ 4,517 million. The 2021 fiscal year marked a decisive return to profitability, totaling US$ 2,182 million.
- Revenue-to-Income Correlation
- A divergence is observed in 2020, where revenues remained relatively high at US$ 2,813 million, yet the company suffered its largest net loss. This suggests that the losses in 2020 were not driven solely by a drop in sales but potentially by non-cash impairments or extraordinary operational costs.
The financial data indicates a high degree of sensitivity to market volatility. The rapid transition from a net loss of US$ 4,517 million in 2020 to a net income of US$ 2,182 million in 2021 reflects a volatile operating environment and a strong capacity for recovery.
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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 asset base of the organization experienced significant expansion between 2012 and 2021, with total assets increasing from 607 million US dollars to 22,898 million US dollars. This growth trajectory was characterized by periods of steady accumulation followed by rapid acceleration and subsequent stabilization.
- Total Asset Trajectory
- Total assets demonstrated a consistent upward trend through 2019, reaching a peak of 23,531 million US dollars. A substantial surge occurred between 2017 and 2018, where assets grew from 7,771 million US dollars to 21,596 million US dollars, representing a nearly threefold increase within a single fiscal year. A notable contraction was observed in 2020, with assets decreasing to 17,619 million US dollars, before recovering to 22,898 million US dollars by the end of 2021.
- Current Asset Volatility
- Current assets exhibited significant fluctuations throughout the analyzed period. Notable spikes occurred in 2016, reaching 1,792 million US dollars, and in 2021, reaching 1,446 million US dollars. These peaks were interspersed with sharp declines, such as the drop to 109 million US dollars in 2015 and 359 million US dollars in 2017. Such volatility indicates a dynamic management of short-term liquidity and working capital.
- Asset Composition and Structural Insights
- A comparison of current assets relative to total assets reveals that the organization maintains a predominantly non-current asset structure. Current assets consistently represent a small percentage of the total balance sheet, even during years of high liquidity. This distribution indicates that the vast majority of corporate value is concentrated in long-term assets, which is typical for capital-intensive operations focused on resource extraction and infrastructure.
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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).
The financial data reveals a period of aggressive balance sheet expansion between 2012 and 2021, characterized by a substantial increase in both total liabilities and stockholders' equity. Total liabilities rose from US$ 145 million in 2012 to US$ 9,653 million by 2021, reflecting a significant scaling of the company's financial obligations and operational footprint.
- Debt and Liability Trends
- Total liabilities remained relatively contained until 2017, after which a sharp acceleration occurred, particularly between 2017 and 2018. Long-term debt, which was non-existent in 2012, became the primary driver of this increase, growing to US$ 6,687 million by 2021. The consistent growth in long-term debt relative to current liabilities suggests a strategic preference for long-term financing to fund growth and capital expenditures.
- Equity Growth and Volatility
- Stockholders' equity exhibited strong growth for much of the decade, increasing from US$ 462 million in 2012 to a peak of US$ 13,699 million in 2018. A significant contraction is observed in 2020, where equity fell to US$ 8,794 million, before rebounding to US$ 12,088 million in 2021. This fluctuation indicates a period of heightened volatility or significant capital adjustments during the 2020 fiscal year.
- Current Liability Analysis
- Current liabilities demonstrated a steady upward trend, rising from US$ 79 million in 2012 to US$ 1,438 million in 2021. Despite this growth, current liabilities consistently represent a small proportion of total liabilities, indicating that the company's leverage is heavily weighted toward long-term obligations rather than short-term pressures.
- Capital Structure Evolution
- The company transitioned from a zero-debt capital structure in 2012 to a more leveraged position by 2021. The ratio of long-term debt to equity shifted notably in 2020, where debt levels increased while equity decreased, resulting in a peak in financial leverage. By 2021, the recovery in stockholders' equity helped stabilize the capital structure, although total debt remained at its highest recorded level.
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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 financial trajectory between 2012 and 2021 reflects a transition from an aggressive capital expansion phase to a period of significant operational cash generation and capital return. Throughout this decade, the organization evolved from relying heavily on external financing to fund investments to a state where internal operations sustain expenditures and support debt reduction or shareholder returns.
- Operating Cash Flow Trends
- Net cash provided by operating activities exhibited consistent long-term growth, rising from 50 million US dollars in 2012 to 3.944 billion US dollars by 2021. A notable acceleration in cash generation occurred after 2016, with the most substantial increase observed between 2018 and 2019. Despite a temporary contraction in 2020, the recovery in 2021 marked the highest operating cash flow in the analyzed period, indicating significantly enhanced operational efficiency and production scale.
- Investing Activity Patterns
- Investing activities remained consistently negative, reflecting continuous capital deployment. Expenditures intensified from 2012 through 2019, peaking at 3.888 billion US dollars in 2019. This suggests a period of heavy investment in asset acquisition and infrastructure. However, a marked deceleration in investing outflows is observed from 2020 onward, with net cash used in investing activities decreasing to 1.539 billion US dollars by 2021, signaling a shift toward capital discipline or a maturing asset base.
- Financing Activity Shifts
- Financing activities transitioned from a primary source of liquidity to a use of cash. From 2012 to 2019, financing flows were predominantly positive, peaking in 2016 at 2.625 billion US dollars, which served to offset the heavy investing outflows. This trend reversed sharply in 2020 and 2021, with 2021 recording a net outflow of 1.841 billion US dollars. This inversion indicates a strategic pivot from raising external capital to repaying debt or distributing capital to shareholders.
- Cash Flow Equilibrium and Sustainability
- The relationship between the three cash flow components shifted fundamentally over the period. In the early years, investing activities far exceeded operating cash flows, necessitating reliance on financing activities to maintain liquidity. By 2021, the operating cash flow (3.944 billion US dollars) comfortably exceeded the combined requirements of investing activities (1.539 billion US dollars) and financing outflows (1.841 billion US dollars), demonstrating that the organization achieved operational self-sufficiency.
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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 performance from 2012 to 2021 is characterized by extreme volatility in earnings per share, juxtaposed with a steady, uninterrupted growth trajectory in shareholder distributions starting in 2018.
- Earnings per Share Performance
- Basic and diluted earnings per share exhibited cyclical and volatile patterns. An initial growth phase peaked in 2014 at 3.67 US$ before a sharp reversal led to a loss of 8.74 US$ in 2015. A recovery followed, with earnings peaking at 8.09 US$ in 2018. This was followed by a significant decline, resulting in a substantial loss of 28.59 US$ in 2020, the most severe contraction in the observed period. A strong rebound occurred in 2021, with basic earnings per share reaching a period high of 12.35 US$. The close alignment between basic and diluted earnings per share indicates that dilutive instruments had a negligible impact on per-share profitability.
- Dividend Distribution Trends
- Dividend payments were initiated in 2018 at 0.50 US$ per share. Since inception, the dividend has demonstrated a consistent year-over-year increase, rising to 0.94 US$ in 2019, 1.53 US$ in 2020, and 1.95 US$ in 2021. Notably, the growth in dividend distributions persisted throughout 2020 despite the extreme negative earnings reported in the same period, indicating a decoupled relationship between annual net income and the dividend payout strategy.
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