Diamondback Energy, Inc 10-Q for FY2023 Q1

Diamondback Energy, Inc. (FANG)

10-Q 2023-05-03 For: 2023-03-31

Added on April 09, 2026

About this 10-Q

Diamondback Energy, Inc filed this 10-Q on May 3, 2023, covering the quarter ended March 31, 2023 (FY2023 Q1).

Headline figures

Quarter ended March 31, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.93B; down 20.1% from $2.41B a year earlier
Net income: $712M; down 8.6% from net income of $779M a year earlier
Diluted EPS: $3.88; down 10.8% from $4.35 a year earlier

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DE									45-4502447
(State or Other Jurisdiction of Incorporation or Organization)									(I.R.S. Employer Identification Number)

500 West Texas Ave.
Suite 100
Midland, TX									79701
(Address of principal executive offices)									(Zip code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	FANG	The Nasdaq Stock Market LLC
		(NASDAQ Global Select Market)


			Page
Glossary of Oil and Natural Gas Terms			ii
Glossary of Certain Other Terms			iii
Cautionary Statement Regarding Forward-Looking Statements			iv

PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements (Unaudited)			1
Condensed Consolidated Balance Sheets			1
Condensed Consolidated Statements of Operations			2

Condensed Consolidated Statements of Stockholders’ Equity			3
Condensed Consolidated Statements of Cash Flows			4
Condensed Notes to Consolidated Financial Statements			5

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			23

Item 3. Quantitative and Qualitative Disclosures About Market Risk			37

Item 4. Controls and Procedures			38

PART II. OTHER INFORMATION
Item 1. Legal Proceedings			39

Item 1A. Risk Factors			39

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			39

Item 6. Exhibits			40

Signatures			41



Argus WTI Midland			Crude oil price index at the Permian Basin.
Basin			A large depression on the earth’s surface in which sediments accumulate.
Bbl or barrel			One stock tank barrel, or 42 U.S. gallons liquid volume, used in this report in reference to crude oil or other liquid hydrocarbons.

BO			One barrel of crude oil.
BO/d			One BO per day.
BOE			One barrel of oil equivalent, with six thousand cubic feet of natural gas being equivalent to one barrel of oil.
BOE/d			BOE per day.
British Thermal Unit or Btu			The quantity of heat required to raise the temperature of one pound of water by one degree Fahrenheit.
Completion			The process of treating a drilled well followed by the installation of permanent equipment for the production of natural gas or oil, or in the case of a dry hole, the reporting of abandonment to the appropriate agency.













Gross acres or gross wells			The total acres or wells, as the case may be, in which a working interest is owned.

Henry Hub			Louisiana natural gas pricing index.
Horizontal wells			Wells drilled directionally horizontal to allow for development of structures not reachable through traditional vertical drilling mechanisms.



MBbl			One thousand barrels of crude oil and other liquid hydrocarbons.

MBOE			One thousand BOE.
MBOE/d			One thousand BOE per day.
Mcf			One thousand cubic feet of natural gas.

Mineral interests			The interests in ownership of the resource and mineral rights, giving an owner the right to profit from the extracted resources.
MMBtu			One million British Thermal Units.
MMcf			Million cubic feet of natural gas.
Net acres or net wells			The sum of the fractional working interest owned in gross acres.


Oil and natural gas properties			Tracts of land consisting of properties to be developed for oil and natural gas resource extraction.






Prospect			A specific geographic area which, based on supporting geological, geophysical or other data and also preliminary economic analysis using reasonably anticipated prices and costs, is deemed to have potential for the discovery of commercial hydrocarbons.

Proved reserves			The estimated quantities of oil, natural gas and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be commercially recoverable in future years from known reservoirs under existing economic and operating conditions.


Reserves			The estimated remaining quantities of oil and natural gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means of delivering oil and natural gas or related substances to the market and all permits and financing required to implement the project. Reserves are not assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non-productive reservoir (i.e., absence of reservoir, structurally low reservoir or negative test results). Such areas may contain prospective resources (i.e., potentially recoverable resources from undiscovered accumulations).
Reservoir			A porous and permeable underground formation containing a natural accumulation of producible natural gas and/or crude oil that is confined by impermeable rock or water barriers and is separate from other reservoirs.

Royalty interest			An interest that gives an owner the right to receive a portion of the resources or revenues without having to carry any costs of development, which may be subject to expiration.




Waha Hub			West Texas natural gas index.
Working interest			An operating interest that gives the owner the right to drill, produce and conduct operating activities on the property and receive a share of production and requires the owner to pay a share of the costs of drilling and production operations.
WTI			West Texas Intermediate.





ASU			Accounting Standards Update.




Exchange Act			The Securities Exchange Act of 1934, as amended.
FASB			Financial Accounting Standards Board.
GAAP			Accounting principles generally accepted in the United States.



LIBOR			The London interbank offered rate.



NYMEX			New York Mercantile Exchange.
OPEC			Organization of the Petroleum Exporting Countries.







SEC			United States Securities and Exchange Commission.
Securities Act			The Securities Act of 1933, as amended.

Guaranteed Senior Notes			The outstanding senior notes issued by Diamondback Energy, Inc. under indentures where Diamondback E&P is the sole guarantor, consisting of the 3.250% Senior Notes due 2026, 3.500% Senior Notes due 2029, 3.125% Senior Notes due 2031, 6.250% Senior Notes due 2033, 4.400% Senior Notes due 2051, 4.250% Senior Notes due 2052 and 6.250% Senior Notes due 2053.
SOFR			The secured overnight financing rate.
TSR			Total stockholder return of the Company’s common stock.






Wells Fargo			Wells Fargo Bank, National Association.


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934


Diamondback Energy, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
	March 31,		December 31,
	2023		2022
	(In millions, except par values and share data)
Assets
Current assets:
Cash and cash equivalents	$	46	$	157
Restricted cash	7		7
Accounts receivable:
Joint interest and other, net	148		104
Oil and natural gas sales, net	606		618

Inventories	69		67

Derivative instruments	60		132
Income tax receivable	188		284
Prepaid expenses and other current assets	36		23
Total current assets	1,160		1,392
Property and equipment:
Oil and natural gas properties, full cost method of accounting ($8,711 million and $8,355 million excluded from amortization at March 31, 2023 and December 31, 2022, respectively)	39,321		37,122
Other property, equipment and land	1,431		1,481
Accumulated depletion, depreciation, amortization and impairment	(15,238)		(14,844)
Property and equipment, net	25,514		23,759
Funds held in escrow	—		119
Equity method investments	573		566
Assets held for sale	143		158
Derivative instruments	8		23
Deferred income taxes, net	62		64
Investment in real estate, net	86		86
Other assets	43		42
Total assets	$	27,589	$	26,209
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable - trade	$	241	$	127

Accrued capital expenditures	466		480
Current maturities of long-term debt	10		10
Other accrued liabilities	350		399
Revenues and royalties payable	716		619
Derivative instruments	52		47
Income taxes payable	51		34

Total current liabilities	1,886		1,716
Long-term debt	6,950		6,238
Derivative instruments	150		148
Asset retirement obligations	306		336
Deferred income taxes	2,161		2,069
Other long-term liabilities	13		12
Total liabilities	11,466		10,519
Commitments and contingencies (Note 14)
Stockholders’ equity:
Common stock, $0.01 par value; 400,000,000 shares authorized; 181,604,781 and 179,840,797 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	2		2
Additional paid-in capital	14,502		14,213
Retained earnings (accumulated deficit)	967		801
Accumulated other comprehensive income (loss)	(7)		(7)
Total Diamondback Energy, Inc. stockholders’ equity	15,464		15,009
Non-controlling interest	659		681
Total equity	16,123		15,690
Total liabilities and equity	$	27,589	$	26,209


	Three Months Ended March 31,
	2023		2022
	(In millions, except per share amounts, shares in thousands)
Revenues:
Oil sales	$	1,654	$	1,946
Natural gas sales	69		154
Natural gas liquid sales	179		289

Other operating income	23		19
Total revenues	1,925		2,408
Costs and expenses:
Lease operating expenses	192		149
Production and ad valorem taxes	155		161
Gathering and transportation	68		59
Depreciation, depletion, amortization and accretion	403		313


General and administrative expenses	40		36

Merger and integration expenses	8		—
Other operating expenses	34		30
Total costs and expenses	900		748
Income (loss) from operations	1,025		1,660
Other income (expense):
Interest expense, net	(46)		(40)
Other income (expense), net	53		1

Gain (loss) on derivative instruments, net	(93)		(552)



Gain (loss) on extinguishment of debt	—		(54)
Income (loss) from equity investments	14		9
Total other income (expense), net	(72)		(636)
Income (loss) before income taxes	953		1,024
Provision for (benefit from) income taxes	207		221
Net income (loss)	746		803
Net income (loss) attributable to non-controlling interest	34		24
Net income (loss) attributable to Diamondback Energy, Inc.	$	712	$	779
Earnings (loss) per common share:
Basic	$	3.88	$	4.35
Diluted	$	3.88	$	4.35
Weighted average common shares outstanding:
Basic	181,988		177,565
Diluted	181,988		177,567
Dividends declared per share	$	0.83	$	3.05


	Three Months Ended March 31, 2023								Three Months Ended March 31, 2022
	Midland Basin		Delaware Basin		Other		Total		Midland Basin		Delaware Basin		Other		Total
	(In millions)
Oil sales	$	1,295	$	358	$	1	$	1,654	$	1,398	$	545	$	3	$	1,946
Natural gas sales	48		21		—		69		98		56		—		154
Natural gas liquid sales	132		47		—		179		191		97		1		289

Total	$	1,475	$	426	$	1	$	1,902	$	1,687	$	698	$	4	$	2,389


Consideration:
Shares of Diamondback common stock issued at closing	4,330
Closing price per share of Diamondback common stock on the closing date	$	146.12
Fair value of Diamondback common stock issued	$	633
Cash consideration	814
Total consideration (including fair value of Diamondback common stock issued)	$	1,447








Total consideration	$	1,447

Fair value of liabilities assumed:
Other long-term liabilities	37

Fair value of assets acquired:
Oil and natural gas properties	1,457
Inventories	2
Other property, equipment and land	25
Amount attributable to assets acquired	1,484
Net assets acquired and liabilities assumed	$	1,447


Consideration:
Shares of Diamondback common stock issued at closing	5,921
Closing price per share of Diamondback common stock on the closing date	$	148.02
Fair value of Diamondback common stock issued	$	876
Cash consideration	787
Total consideration (including fair value of Diamondback common stock issued)	$	1,663


	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022
	(In millions, except per share amounts)
Revenues	$	1,970	$	2,604
Income (loss) from operations	$	1,058	$	1,777
Net income (loss)	$	740	$	907
Basic earnings (loss) per common share	$	3.94	$	4.80
Diluted earnings (loss) per common share	$	3.94	$	4.80


	Restricted Stock Units	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2022	918,902	$	95.74
Granted	376,724	$	144.13
Vested	(92,697)	$	113.89
Forfeited	(22,639)	$	99.80
Unvested at March 31, 2023	1,180,290	$	109.52


	March 31,		December 31,
	2023		2022
	(In millions)
5.250% Senior Notes due 2023	$	10	$	10
3.250% Senior Notes due 2026	780		780
5.625% Senior Notes due 2026	14		14
7.125% Medium-term Notes, Series B, due 2028	73		73
3.500% Senior Notes due 2029	1,021		1,021
3.125% Senior Notes due 2031	789		789
6.250% Senior Notes due 2033	1,100		1,100
4.400% Senior Notes due 2051	650		650
4.250% Senior Notes due 2052	750		750
6.250% Senior Notes due 2053	650		650
Unamortized debt issuance costs	(43)		(43)
Unamortized discount costs	(25)		(26)
Unamortized premium costs	5		4
Unamortized basis adjustment of dedesignated interest rate swap agreements(1)	(103)		(106)
Revolving credit facility	589		—
Viper revolving credit facility	270		152
Viper 5.375% Senior Notes due 2027	430		430
Total debt, net	6,960		6,248
Less: current maturities of long-term debt	10		10
Total long-term debt	$	6,950	$	6,238


	2023
Grant-date fair value	$	259.52

Risk-free rate	4.64		%
Company volatility	46.90		%


					Swaps	Collars
Settlement Month	Settlement Year	Type of Contract	Bbls/MMBtu Per Day	Index	Weighted Average Differential		Weighted Average Floor Price	Weighted Average Ceiling Price
OIL
Apr. - June	2023	Costless Collar	6,000	Brent	$—		$60.00	$114.57
Apr. - Dec.	2023	Basis Swap(1)	24,000	Argus WTI Midland	$0.90		$—	$—
NATURAL GAS
Apr. - June	2023	Costless Collar	330,000	Henry Hub	$—		$3.17	$9.13
July - Dec.	2023	Costless Collar	310,000	Henry Hub	$—		$3.18	$9.22
Jan. - Dec.	2024	Costless Collar	200,000	Henry Hub	$—		$3.00	$8.42
Apr. - June	2023	Basis Swap(1)	350,000	Waha Hub	$(1.20)		$—	$—
July - Dec.	2023	Basis Swap(1)	330,000	Waha Hub	$(1.24)		$—	$—
Jan. - Dec.	2024	Basis Swap(1)	380,000	Waha Hub	$(1.18)		$—	$—


Settlement Month	Settlement Year	Type of Contract	Bbls Per Day	Index	Strike Price	Weighted Average Differential	Deferred Premium
OIL
Apr. - June	2023	Put	99,000	Brent	$54.04	$—	$1.68
Apr. - June	2023	Put	36,000	Argus WTI Houston	$54.17	$—	$1.71
Apr. - June	2023	Put	12,000	WTI	$55.00	$—	$1.82
July - Sep.	2023	Put	77,000	Brent	$54.55	$—	$1.66
July - Sep.	2023	Put	22,000	Argus WTI Houston	$55.00	$—	$1.71
July - Sep.	2023	Put	12,000	WTI	$55.00	$—	$1.80
Oct. - Dec.	2023	Put	48,000	Brent	$55.00	$—	$1.54
Oct. - Dec.	2023	Put	14,000	Argus WTI Houston	$55.00	$—	$1.70
Oct. - Dec.	2023	Put	4,000	WTI	$55.00	$—	$1.86


	Performance Restricted Stock Units	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2022	347,881	$	168.48
Granted	126,347	$	259.52

Forfeited	(27,168)	$	71.03
Unvested at March 31, 2023(1)	447,060	$	196.48


	As of March 31, 2023
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Current assets- Derivative instruments:

Commodity derivative instruments	$	—	$	122	$	—	$	122	$	(62)	$	60

Non-current assets- Derivative instruments:

Commodity derivative instruments	$	—	$	25	$	—	$	25	$	(17)	$	8

Liabilities:
Current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	69	$	—	$	69	$	(62)	$	7
Interest rate swaps	$	—	$	45	$	—	$	45	$	—	$	45
Non-current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	35	$	—	$	35	$	(16)	$	19
Interest rate swaps	$	—	$	131	$	—	$	131	$	—	$	131


	As of December 31, 2022
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Current assets- Derivative instruments:

Commodity derivative instruments	$	—	$	197	$	—	$	197	$	(65)	$	132

Non-current assets- Derivative instruments:

Commodity derivative instruments	$	—	$	62	$	—	$	62	$	(39)	$	23

Liabilities:
Current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	67	$	—	$	67	$	(65)	$	2
Interest rate swaps	$	—	$	45	$	—	$	45	$	—	$	45
Non-current liabilities- Derivative instruments:
Commodity derivative instruments	$	—	$	39	$	—	$	39	$	(39)	$	—
Interest rate swaps	$	—	$	148	$	—	$	148	$	—	$	148


	March 31, 2023				December 31, 2022
	Carrying				Carrying
	Value		Fair Value		Value		Fair Value
	(In millions)
Debt	$	6,960	$	6,689	$	6,248	$	5,754


	Upstream		All Other		Eliminations		Total
	(In millions)
Three Months Ended March 31, 2023:
Third-party revenues	$	1,904	$	21	$	—	$	1,925
Intersegment revenues	—		99		(99)		—
Total revenues	1,904		120		(99)		1,925
Depreciation, depletion, amortization and accretion	388		15		—		403


Income (loss) from operations	1,002		45		(22)		1,025
Interest expense, net	(46)		—		—		(46)
Other income (expense)	(93)		67		—		(26)
Provision for (benefit from) income taxes	203		4		—		207
Net income (loss) attributable to non-controlling interest	34		—		—		34
Net income (loss) attributable to Diamondback Energy, Inc.	626		108		(22)		712
As of March 31, 2023:
Total assets	$	25,948	$	2,116	$	(475)	$	27,589


	Three Months Ended March 31, 2023
	Drilled		Completed(1)
Area:	Gross	Net	Gross	Net
Midland Basin	70	65	69	65
Delaware Basin	12	11	19	18

Total	82	76	88	83


	As of March 31, 2023
	Vertical Wells		Horizontal Wells		Total
Area:	Gross	Net	Gross	Net	Gross	Net
Midland Basin	3,010	2,855	2,245	2,076	5,255	4,931
Delaware Basin	42	39	716	664	758	703

Total	3,052	2,894	2,961	2,740	6,013	5,634


	Three Months Ended
	March 31, 2023		December 31, 2022
Revenues (In millions):
Oil sales	$	1,654	$	1,672
Natural gas sales	69		144
Natural gas liquid sales	179		192
Total oil, natural gas and natural gas liquid revenues	$	1,902	$	2,008

Production Data:
Oil (MBbls)	22,624		20,803
Natural gas (MMcf)	47,388		45,020
Natural gas liquids (MBbls)	7,730		7,703
Combined volumes (MBOE)(1)	38,252		36,009

Daily oil volumes (BO/d)	251,378		226,120
Daily combined volumes (BOE/d)	425,022		391,402

Average Prices:
Oil ($ per Bbl)	$	73.11	$	80.37
Natural gas ($ per Mcf)	$	1.46	$	3.20
Natural gas liquids ($ per Bbl)	$	23.16	$	24.93
Combined ($ per BOE)	$	49.72	$	55.76

Oil, hedged ($ per Bbl)(2)	$	72.05	$	79.08
Natural gas, hedged ($ per Mcf)(2)	$	1.96	$	3.20
Natural gas liquids, hedged ($ per Bbl)(2)	$	23.16	$	24.93
Average price, hedged ($ per BOE)(2)	$	49.72	$	55.01


	Three Months Ended March 31, 2023				Three Months Ended December 31, 2022
	Midland Basin	Delaware Basin	Other(1)	Total	Midland Basin	Delaware Basin	Other(2)	Total
Production Data:
Oil (MBbls)	17,720	4,892	12	22,624	15,459	5,311	33	20,803
Natural gas (MMcf)	33,548	13,786	54	47,388	30,381	14,521	118	45,020
Natural gas liquids (MBbls)	5,858	1,874	(2)	7,730	5,477	2,211	15	7,703
Total (MBOE)	29,169	9,064	19	38,252	25,999	9,942	68	36,009


	Three Months Ended
(In millions, except BOE amounts)	March 31, 2023		December 31, 2022
Depletion of proved oil and natural gas properties	$	381	$	342
Depreciation of other property and equipment	17		19
Other amortization	1		—
Asset retirement obligation accretion	4		4
Depreciation, depletion, amortization and accretion	$	403	$	365
Oil and natural gas properties depletion rate per BOE	$	9.96	$	9.50


	March 31, 2023		December 31, 2022
Summarized Balance Sheets:	(In millions)
Assets:
Current assets	$	966	$	1,191

Property and equipment, net	$	19,975	$	18,252
Other noncurrent assets	$	22	$	164
Liabilities:
Current liabilities	$	1,711	$	1,547
Intercompany accounts payable, non-guarantor subsidiary	$	2,233	$	2,253
Long-term debt	$	6,240	$	5,647
Other noncurrent liabilities	$	2,578	$	2,509


	Three Months Ended March 31, 2023
Summarized Statement of Operations:	(In millions)
Revenues	$	1,658
Income (loss) from operations	$	843
Net income (loss)	$	547


Period	Total Number of Shares Purchased(1)	Average Price Paid Per Share(2)		Total Number of Shares Purchased as Part of Publicly Announced Plan	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan(3)
	($ In millions, except per share amounts, shares in thousands)
January 1, 2023 - January 31, 2023	174	$	133.89	174	$	2,449
February 1, 2023 - February 28, 2023	455	$	139.41	455	$	2,385
March 1, 2023 - March 31, 2023	2,021	$	129.95	1,902	$	2,140
Total	2,650	$	131.83	2,531


Exhibit Number						Description
2.1						Agreement and Plan of Merger, dated as of May 15, 2022, by and among Diamondback Energy, Inc., Rattler Midstream GP LLC, Bacchus Merger Sub Company and Rattler Midstream LP (incorporated by reference to Exhibit 2.1 of the Registrant’s Current Report on Form 8-K (File 001-38919) filed on May 16, 2022
3.1						Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Form 10-Q, File No. 001-35700, filed by the Company with the SEC on November 16, 2012).
3.2						Certificate of Amendment No. 1 of the Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on December 12, 2016).
3.3						Certificate of Amendment No. 2 to the Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on June 8, 2021).
3.4						Third Amended and Restated Bylaws of the Company, adopted as of September 28, 2022 (incorporated by reference to Exhibit 3.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on October 3, 2022).
4.1						Specimen certificate for shares of common stock, par value $0.01 per share, of the Company (incorporated by reference to Exhibit 4.1 to Amendment No. 4 to the Registration Statement on Form S-1, File No. 333-179502, filed by the Company with the SEC on August 20, 2012).
4.2						Registration Rights Agreement, dated as of February 26, 2021, by and among the Company, Guidon Operating LLC and Guidon Energy Holdings LP (incorporated by reference to Exhibit 4.3 to the Company’s Registration Statement on Form S-3, File No. 333-255731, filed by the Company with the SEC on May 3, 2021.
4.3						Letter Agreement, dated as of April 27, 2021, by and among the Company, Guidon Operating LLC and Guidon Energy Holdings LP relating to the Registration Rights Agreement referenced as Exhibit 4.2 hereto (incorporated by reference to Exhibit 4.4 to the Company’s Registration Statement on Form S-3, File No. 333-255731, filed by the Company with the SEC on May 3, 2021).
4.4						Sixth Supplemental Indenture, dated as of October 28, 2022, by and among the Company, Diamondback E&P LLC and Computershare Trust Company, National Association, as successor trustee to Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on October 28, 2022).
10.1						Thirteenth Amendment to Second Amended and Restated Credit Agreement, dated as of June 2, 2022, between Diamondback Energy, Inc., as parent guarantor, Diamondback E&P LLC, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on June 7, 2022).
22.1						List of Issuers and Guarantor Subsidiaries (incorporated by reference to Exhibit 22.1 to the Form 10-Q, File No. 001-35700, filed by the Company with the SEC on August 5, 2021).
31.1*						Certification of Chief Executive Officer of the Registrant pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.
31.2*						Certification of Chief Financial Officer of the Registrant pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.
32.1**						Certification of Chief Executive Officer of the Registrant pursuant to Rule 13a-14(b) promulgated under the Securities Exchange Act of 1934, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code.
32.2**						Certification of Chief Financial Officer of the Registrant pursuant to Rule 13a-14(b) promulgated under the Securities Exchange Act of 1934, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code.
101						The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations, (iii) Condensed Consolidated Statement of Changes in Stockholders’ Equity, (iv) Condensed Consolidated Statements of Cash Flows and (v) Condensed Notes to Consolidated Financial Statements.
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).


*			Filed herewith.
**			The certifications attached as Exhibit 32.1 and Exhibit 32.2 accompany this Quarterly Report on Form 10-Q pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and shall not be deemed “filed” by the Registrant for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.


		DIAMONDBACK ENERGY, INC.

Date:	May 3, 2023	/s/ Travis D. Stice
		Travis D. Stice
		Chief Executive Officer
		(Principal Executive Officer)

Date:	May 3, 2023	/s/ Kaes Van’t Hof
		Kaes Van’t Hof
		Chief Financial Officer
		(Principal Financial Officer)



Date:	May 3, 2023	/s/ Kaes Van't Hof
		Kaes Van't Hof
		Chief Financial Officer