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![Diamondback Energy, Inc. [FANG] reports annual net loss of $3.3 billion](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FFANG.png&w=1200&q=75)
Diamondback Energy, Inc. [FANG] has reported a net loss of $3.3 billion for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $8.4 billion
Based in MIDLAND, Texas, Diamondback Energy, Inc. operates in the MINING sector.
Consolidated Statements of Operations and Comprehensive Income - Dec. 31, in millions
12 Months Ended Dec. 31, 2023 Dec. 31, 2022 Dec. 31, 2021
Revenues:
Other operating income $0.073 $0.077 $0.050
Total revenues $8.412 $9.643 $6.797
Costs and expenses:
Lease operating expenses $0.872 $0.652 $0.565
Production and ad valorem taxes $0.525 $0.611 $0.425
Depreciation, depletion, amortization and accretion $1.746 $1.344 $1.275
General and administrative expenses $0.150 $0.144 $0.146
Merger and integration expenses $0.011 $0.014 $0.078
Other operating expenses $0.140 $0.112 $0.095
Total costs and expenses $3.842 $3.135 $2.796
Income (loss) from operations $4.570 $6.508 $4.001
Other income (expense):
Interest expense, net $(0.175) $(0.159) $(0.199)
Other income (expense), net $0.068 $(0.005) $0.013
Gain (loss) on derivative instruments, net: $(0.259) $(0.586) $(0.848)
Gain (loss) on extinguishment of debt $(0.004) $(0.099) $(0.075)
Income (loss) from equity investments, net $0.048 $0.077 $0.015
Total other income (expense), net $(0.322) $(0.772) $(1.094)
Income (loss) before income taxes $4.248 $5.736 $2.907
Provision for (benefit from) income taxes $0.912 $1.174 $0.631
Net income (loss) $3.336 $4.562 $2.276
Net income (loss) attributable to non-controlling interest $0.193 $0.176 $0.094
Net income (loss) attributable to Diamondback Energy, Inc. $3.143 $4.386 $2.182
Earnings (loss) per common share:
Basic (in dollars per share) $17.34 $24.61 $12.24
Diluted (in dollars per share) $17.34 $24.61 $12.24
Weighted average common shares outstanding:
Basic (in shares) 179.999 176.539 176.643
Diluted (in shares) 179.999 176.539 176.643
Comprehensive income (loss):
Net income (loss) attributable to Diamondback Energy, Inc. $3.143 $4.386 $2.182
Other comprehensive income (loss), net of tax:
Pension and postretirement benefit plans $(0.001) $(0.007) $0.000
Comprehensive income (loss) attributable to Diamondback Energy, Inc $3.142 $4.379 $2.182
Oil sales Revenues:
Revenues $7.279 $7.660 $5.396
Natural gas sales Revenues:
Revenues $0.262 $0.858 $0.569
Natural gas liquid sales Revenues:
Revenues $0.687 $1.048 $0.782
Sales of purchased oil Revenues:
Revenues $0.111 $0.000 $0.000
Costs and expenses:
Cost of goods and services sold $0.111 $0.000 $0.000
Gathering, processing and transportation Costs and expenses:
Cost of goods and services sold $0.287 $0.258 $0.212
In comparing the financial performance of Diamondback Energy, Inc. for the 12 months ended Dec. 31, 2023, with the same period in 2022 and 2021, several key metrics stand out.
Total revenues for the current period were reported at $8.412 billion, a decrease from $9.643 billion in the previous year and an increase from $6.797 billion in 2021. Cost of goods and operating expenses also increased over the period, with a notable rise in lease operating expenses, production and ad valorem taxes, and depreciation costs.
Income from operations decreased to $4.570 billion in 2023 from $6.508 billion in 2022 but showed an improvement from $4.001 billion in 2021. Net income attributable to the company followed a similar trend, decreasing to $3.143 billion in the current period, down from $4.386 billion in 2022 and up from $2.182 billion in 2021.
Earnings per share (EPS) also reflected these changes, with basic and diluted EPS decreasing from $24.61 in 2022 to $17.34 in 2023 but showing an increase from $12.24 in 2021. The weighted average common shares outstanding remained relatively stable over the three years.
Overall, Diamondback Energy, Inc. faced challenges in its financial performance in 2023 compared to the previous year, primarily due to a decrease in revenues and income from operations. However, the company managed to maintain a consistent EPS and saw improvements in net income compared to 2021.
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