Diamondback Energy Inc., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income (loss) attributable to Diamondback Energy, Inc.	2,182)	(4,517)	240)	846)	482)
Net (income) loss attributable to non-controlling interest	94)	(155)	75)	99)	34)
Net noncash charges	1,632)	6,693)	2,586)	615)	420)
Changes in operating assets and liabilities	36)	97)	(167)	5)	(48)
Net cash provided by operating activities	3,944)	2,118)	2,734)	1,565)	889)
Drilling, completions and infrastructure additions to oil and natural gas properties	(1,457)	(1,719)	(2,677)	(1,461)	(793)
Additions to midstream assets	(30)	(140)	(244)	(204)	(68)
Proceeds from borrowings under credit facilities	1,313)	1,130)	2,350)	2,652)	754)
Repayments under credit facilities	(1,000)	(1,478)	(3,718)	(1,242)	(384)
Repayment on Energen’s credit facility	—)	—)	—)	(559)	—)
Proceeds from senior notes	2,200)	997)	3,469)	1,062)	—)
Repayment of senior notes	(3,193)	(239)	(1,250)	—)	—)
Premium on extinguishment of debt	(178)	(2)	(44)	—)	—)
Free cash flow to equity (FCFE)	1,599)	667)	620)	1,813)	398)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Diamondback Energy Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Diamondback Energy Inc. FCFE increased from 2019 to 2020 and from 2020 to 2021.

Diamondback Energy Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	175,998,577
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	1,599)
FCFE per share	9.09
Current share price (P)	163.55
Valuation Ratio
P/FCFE	18.00
Benchmarks
P/FCFE, Competitors¹
Chevron Corp.	18.85
ConocoPhillips	13.15
Exxon Mobil Corp.	13.78
Marathon Petroleum Corp.	4.96
Occidental Petroleum Corp.	9.49
Valero Energy Corp.	6.32
P/FCFE, Sector
Oil, Gas & Consumable Fuels	26.93
P/FCFE, Industry
Energy	28.03

Based on: 10-K (reporting date: 2021-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Diamondback Energy Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
No. shares of common stock outstanding¹	177,414,969	158,015,647	158,284,486	164,381,522	98,167,289
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	1,599)	667)	620)	1,813)	398)
FCFE per share³	9.01	4.22	3.92	11.03	4.05
Share price^1, 4	127.89	69.06	59.48	105.29	125.15
Valuation Ratio
P/FCFE⁵	14.19	16.36	15.19	9.55	30.88
Benchmarks
P/FCFE, Competitors⁶
Chevron Corp.	32.05	21.61	38.28	—	—
ConocoPhillips	10.61	497.58	14.36	—	—
Exxon Mobil Corp.	19.82	13.70	16.01	—	—
Marathon Petroleum Corp.	65.05	51.11	5.87	—	—
Occidental Petroleum Corp.	66.22	—	1.84	—	—
Valero Energy Corp.	12.51	9.57	7.61	—	—
P/FCFE, Sector
Oil, Gas & Consumable Fuels	20.61	19.80	11.93	—	—
P/FCFE, Industry
Energy	21.56	19.35	12.49	—	—

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).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 1,599,000,000 ÷ 177,414,969 = 9.01

⁴ Closing price as at the filing date of Diamondback Energy Inc. Annual Report.

⁵ 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 127.89 ÷ 9.01 = 14.19

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Diamondback Energy Inc. P/FCFE ratio increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

Diamondback Energy Inc. (NASDAQ:FANG)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical