Diamondback Energy (FANG) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Cover [Abstract]
Document type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-35700
Entity Registrant Name	Diamondback Energy, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-4502447
Entity Address, Address Line One	500 West Texas
Entity Address, Address Line Two	Suite 1200
Entity Address, City or Town	Midland,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	79701
City Area Code	432
Local Phone Number	221-7400
Title of 12(b) Security	Common Stock
Trading Symbol	FANG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		181,053,648
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001539838
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 344	$ 104
Restricted cash	18	4
Accounts receivable:
Joint interest and other, net	78	56
Oil and natural gas sales, net	579	281
Inventories	52	33
Derivative instruments	13	1
Income tax receivable	33	100
Prepaid expenses and other current assets	25	23
Total current assets	1,142	602
Property and equipment:
Oil and natural gas properties, full cost method of accounting ($8,287 million and $7,493 million excluded from amortization at June 30, 2021 and December 31, 2020, respectively)	32,155	27,377
Midstream assets	1,018	1,013
Other property, equipment and land	160	138
Accumulated depletion, depreciation, amortization and impairment	(12,914)	(12,314)
Property and equipment, net	20,419	16,214
Funds held in escrow	34	51
Equity method investments	518	533
Derivative instruments	5	0
Deferred income taxes, net	28	73
Investment in real estate, net	89	101
Other assets	100	45
Total assets	22,335	17,619
Current liabilities:
Accounts payable - trade	104	71
Accrued capital expenditures	236	186
Current maturities of long-term debt	0	191
Other accrued liabilities	455	302
Revenues and royalties payable	404	237
Derivative instruments	773	249
Total current liabilities	1,972	1,236
Long-term debt	7,360	5,624
Derivative instruments	32	57
Asset retirement obligations - long-term	185	108
Deferred income taxes	879	783
Other long-term liabilities	17	7
Total liabilities	10,445	7,815
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock, $0.01 par value; 400,000,000 shares authorized; 181,049,191 and 158,088,182 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	2	2
Additional paid-in capital	14,399	12,656
Retained earnings (accumulated deficit)	(3,475)	(3,864)
Total Diamondback Energy, Inc. stockholders’ equity	10,926	8,794
Non-controlling interest	964	1,010
Total equity	11,890	9,804
Total liabilities and equity	$ 22,335	$ 17,619

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Oil and natural gas properties, amortization excluded	$ 8,287	$ 7,493
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Shares authorized (in Shares)	400,000,000	400,000,000
Shares Issued (in Shares)	181,049,191	158,088,182
Shares Outstanding (in Shares)	181,049,191	158,088,182

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Revenue	$ 1,667,000,000	$ 412,000,000	$ 2,839,000,000	$ 1,295,000,000
Other operating income	2,000,000	2,000,000	3,000,000	4,000,000
Total revenues	1,681,000,000	425,000,000	2,865,000,000	1,324,000,000
Costs and expenses:
Lease operating expenses	157,000,000	103,000,000	259,000,000	230,000,000
Production and ad valorem taxes	105,000,000	22,000,000	180,000,000	93,000,000
Depreciation, depletion, amortization and accretion	341,000,000	344,000,000	614,000,000	753,000,000
Impairment of oil and natural gas properties	0	2,539,000,000	0	3,548,000,000
General and administrative expenses	36,000,000	20,000,000	61,000,000	44,000,000
Merger and integration expense	2,000,000	0	77,000,000	0
Other operating expense	6,000,000	1,000,000	10,000,000	3,000,000
Total costs and expenses	726,000,000	3,097,000,000	1,339,000,000	4,798,000,000
Income (loss) from operations	955,000,000	(2,672,000,000)	1,526,000,000	(3,474,000,000)
Other income (expense):
Interest expense, net	(57,000,000)	(46,000,000)	(113,000,000)	(94,000,000)
Other income (expense), net	(7,000,000)	3,000,000	(6,000,000)	(6,000,000)
Gain (loss) on derivative instruments, net	(497,000,000)	(361,000,000)	(661,000,000)	181,000,000
Gain (loss) on sale of equity method investments	23,000,000	0	23,000,000	0
Loss on extinguishment of debt	0	(3,000,000)	(61,000,000)	(3,000,000)
(Income) loss from equity investment	5,000,000	(13,000,000)	2,000,000	(13,000,000)
Total other income (expense), net	(533,000,000)	(420,000,000)	(816,000,000)	65,000,000
Income (loss) before income taxes	422,000,000	(3,092,000,000)	710,000,000	(3,409,000,000)
Provision for (benefit from) income taxes	94,000,000	(681,000,000)	159,000,000	(598,000,000)
Net income (loss)	328,000,000	(2,411,000,000)	551,000,000	(2,811,000,000)
Net income (loss) attributable to non-controlling interest	17,000,000	(18,000,000)	20,000,000	(146,000,000)
Net income (loss) attributable to Diamondback Energy, Inc.	$ 311,000,000	$ (2,393,000,000)	$ 531,000,000	$ (2,665,000,000)
Earnings (loss) per common share:
Basic (in USD per share)	$ 1.72	$ (15.16)	$ 3.08	$ (16.86)
Diluted (in USD per share)	$ 1.71	$ (15.16)	$ 3.06	$ (16.86)
Weighted average common shares outstanding:
Basic (in shares)	181,009	157,829	172,636	158,060
Diluted (in shares)	181,968	157,829	173,518	158,060
Dividends declared per share (in USD per share)	$ 0.45	$ 0.375	$ 0.85	$ 0.75
Oil sales
Revenues:
Revenue	$ 1,395,000,000	$ 352,000,000	$ 2,339,000,000	$ 1,179,000,000
Natural gas sales
Revenues:
Revenue	107,000,000	21,000,000	211,000,000	25,000,000
Natural gas liquid sales
Revenues:
Revenue	165,000,000	39,000,000	289,000,000	91,000,000
Midstream services
Revenues:
Revenue	12,000,000	11,000,000	23,000,000	25,000,000
Costs and expenses:
Cost of goods and services sold	23,000,000	32,000,000	51,000,000	55,000,000
Gathering and transportation
Costs and expenses:
Cost of goods and services sold	$ 56,000,000	$ 36,000,000	$ 87,000,000	$ 72,000,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Non-Controlling Interest
Balance at beginning of period at Dec. 31, 2019	$ 14,906	$ 2	$ 12,357	$ 890	$ 1,657
Balance at beginning of period (in Shares) at Dec. 31, 2019		159,002,000
Increase (Decrease) in Stockholders' Equity
Unit-based compensation	5				5
Distribution equivalent rights payments	(1)				(1)
Stock-based compensation	10		10
Cash paid for tax withholding on vested equity awards	(5)		(5)
Repurchased units under buyback programs	(98)		(98)
Repurchased units under buyback programs (in Shares)		(1,280,000)
Distribution to non-controlling interest	(43)				(43)
Dividend paid	(59)			(59)
Exercise of stock options and issuance of restricted stock units and awards	1		1
Exercise of stock options and issuance of restricted stock units and awards (in Shares)		93,000
Net income (loss)	(400)			(272)	(128)
Balance at end of period at Mar. 31, 2020	14,316	$ 2	12,265	559	1,490
Balance at end of period (in Shares) at Mar. 31, 2020		157,815,000
Balance at beginning of period at Dec. 31, 2019	14,906	$ 2	12,357	890	1,657
Balance at beginning of period (in Shares) at Dec. 31, 2019		159,002,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(2,811)
Balance at end of period at Jun. 30, 2020	11,835	$ 2	12,605	(1,893)	1,121
Balance at end of period (in Shares) at Jun. 30, 2020		157,824,000
Balance at beginning of period at Mar. 31, 2020	14,316	$ 2	12,265	559	1,490
Balance at beginning of period (in Shares) at Mar. 31, 2020		157,815,000
Increase (Decrease) in Stockholders' Equity
Distribution equivalent rights payments	(1)				(1)
Stock-based compensation	11		11
Repurchased units under buyback programs	(2)		0		(2)
Repurchased units under buyback programs (in Shares)		0
Distribution to non-controlling interest	(19)				(19)
Dividend paid	(59)			(59)
Exercise of stock options and issuance of restricted stock units and awards (in Shares)		9,000
Change in ownership of consolidated subsidiaries, net	0		329		(329)
Net income (loss)	(2,411)			(2,393)	(18)
Balance at end of period at Jun. 30, 2020	11,835	$ 2	12,605	(1,893)	1,121
Balance at end of period (in Shares) at Jun. 30, 2020		157,824,000
Balance at beginning of period at Dec. 31, 2020	$ 9,804	$ 2	12,656	(3,864)	1,010
Balance at beginning of period (in Shares) at Dec. 31, 2020	158,088,182	158,088,000
Increase (Decrease) in Stockholders' Equity
Unit-based compensation	$ 3				3
Distribution equivalent rights payments	(1)			(1)
Common units issued for acquisitions	1,727		1,727
Common units issued for acquisitions (in Shares)		22,795,000
Stock-based compensation	11		11
Cash paid for tax withholding on vested equity awards	(6)		(6)
Repurchased units under buyback programs	(24)				(24)
Distribution to non-controlling interest	(17)				(17)
Dividend paid	(68)			(68)
Exercise of stock options and issuance of restricted stock units and awards (in Shares)		101,000
Change in ownership of consolidated subsidiaries, net	0		(4)		4
Net income (loss)	223			220	3
Balance at end of period at Mar. 31, 2021	11,652	$ 2	14,384	(3,713)	979
Balance at end of period (in Shares) at Mar. 31, 2021		180,984,000
Balance at beginning of period at Dec. 31, 2020	$ 9,804	$ 2	12,656	(3,864)	1,010
Balance at beginning of period (in Shares) at Dec. 31, 2020	158,088,182	158,088,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)	$ 551
Balance at end of period at Jun. 30, 2021	$ 11,890	$ 2	14,399	(3,475)	964
Balance at end of period (in Shares) at Jun. 30, 2021	181,049,191	181,049,000
Balance at beginning of period at Mar. 31, 2021	$ 11,652	$ 2	14,384	(3,713)	979
Balance at beginning of period (in Shares) at Mar. 31, 2021		180,984,000
Increase (Decrease) in Stockholders' Equity
Unit-based compensation	3				3
Distribution equivalent rights payments	(2)			(1)	(1)
Stock-based compensation	15		15
Cash paid for tax withholding on vested equity awards	(2)				(2)
Repurchased units under buyback programs	(12)				(12)
Distribution to non-controlling interest	(24)				(24)
Dividend paid	(72)			(72)
Exercise of stock options and issuance of restricted stock units and awards	3		3
Exercise of stock options and issuance of restricted stock units and awards (in Shares)		65,000
Change in ownership of consolidated subsidiaries, net	1		(3)		4
Net income (loss)	328			311	17
Balance at end of period at Jun. 30, 2021	$ 11,890	$ 2	$ 14,399	$ (3,475)	$ 964
Balance at end of period (in Shares) at Jun. 30, 2021	181,049,191	181,049,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income (loss)		$ 551,000,000	$ (2,811,000,000)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for (benefit from) deferred income taxes		155,000,000	(536,000,000)
Impairment of oil and natural gas properties		0	3,548,000,000
Depreciation, depletion, amortization and accretion		614,000,000	753,000,000
Loss on extinguishment of debt		61,000,000	3,000,000
(Gain) loss on derivative instruments, net		661,000,000	(181,000,000)
Cash received (paid) on settlement of derivative instruments		(484,000,000)	297,000,000
Equity-based compensation expense		23,000,000	18,000,000
(Gain) loss on sale of equity method investments		(23,000,000)	0
Other		13,000,000	28,000,000
Changes in operating assets and liabilities:
Accounts receivable		(172,000,000)	229,000,000
Income tax receivable		99,000,000	(62,000,000)
Prepaid expenses and other		18,000,000	1,000,000
Accounts payable and accrued liabilities		(26,000,000)	(50,000,000)
Revenues and royalties payable		100,000,000	(50,000,000)
Other		(12,000,000)	(14,000,000)
Net cash provided by (used in) operating activities		1,578,000,000	1,173,000,000
Cash flows from investing activities:
Drilling, completions and non-operated additions to oil and natural gas properties		(623,000,000)	(1,178,000,000)
Infrastructure additions to oil and natural gas properties		(22,000,000)	(80,000,000)
Additions to midstream assets		(17,000,000)	(94,000,000)
Purchase of business and assets, net		(410,000,000)	(64,000,000)
Acquisitions of mineral interests		(1,000,000)	(65,000,000)
Proceeds from sale of assets		100,000,000	0
Funds held in escrow		51,000,000	0
Contributions to equity method investments		(6,000,000)	(66,000,000)
Distributions from equity method investments		18,000,000	18,000,000
Proceeds from the sale of equity method investments		23,000,000	0
Other		(11,000,000)	(6,000,000)
Net cash provided by (used in) investing activities		(898,000,000)	(1,535,000,000)
Cash flows from financing activities:
Proceeds from borrowings under credit facilities		661,000,000	652,000,000
Repayments under credit facilities		(780,000,000)	(390,000,000)
Proceeds from senior notes		2,200,000,000	497,000,000
Repayment of senior notes		(2,107,000,000)	(222,000,000)
Premium on extinguishment of debt		(166,000,000)	0
Proceeds from (repayments to) joint venture		(10,000,000)	43,000,000
Repurchased shares under buyback program		0	(98,000,000)
Repurchased units under buyback program		(36,000,000)	0
Dividends to stockholders		(140,000,000)	(118,000,000)
Distributions to non-controlling interest		(41,000,000)	(62,000,000)
Financing portion of net cash received (paid) for derivative instruments		59,000,000	0
Other		(32,000,000)	(9,000,000)
Net cash provided by (used in) financing activities		(392,000,000)	293,000,000
Net increase (decrease) in cash and cash equivalents		288,000,000	(69,000,000)
Cash, cash equivalents and restricted cash at beginning of period		108,000,000	128,000,000
Cash, cash equivalents and restricted cash at end of period	[1]	396,000,000	59,000,000
Supplemental disclosure of cash flow information:
Accrued capital expenditures included in accounts payable and accrued expenses		296,000,000	427,000,000
Common stock issued for business combinations		$ 1,727,000,000	$ 0
[1]	(1) See Note 2—Summary of Significant Accounting Policies

DESCRIPTION OF THE BUSINESS AND

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION Organization and Description of the Business Diamondback Energy, Inc., together with its subsidiaries (collectively referred to as “Diamondback” or the “Company” unless the context otherwise requires), is an independent oil and natural gas company currently focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. The wholly owned subsidiaries of Diamondback, as of June 30, 2021, include Diamondback E&P LLC (Diamondback E&P), a Delaware limited liability company, Viper Energy Partners GP LLC, a Delaware limited liability company, Rattler Midstream GP LLC, a Delaware limited liability company, and QEP Resources, Inc. (“QEP”), a Delaware corporation. Diamondback O&G LLC (“O&G”), Energen Corporation (“Energen”), Energen Resources Corporation and EGN Services, Inc., former wholly owned subsidiaries of Diamondback, were merged with and into Diamondback E&P LLC effective June 30, 2021 as part of the internal restructuring of the Company’s subsidiaries (the “E&P Merger”). Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries after all significant intercompany balances and transactions have been eliminated upon consolidation. Diamondback’s publicly traded subsidiaries Viper Energy Partners LP (“Viper”) and Rattler Midstream LP (“Rattler”) are consolidated in the Company’s financial statements. As of June 30, 2021, the Company owned approximately 59% of Viper’s total units outstanding. The Company’s wholly owned subsidiary, Viper Energy Partners GP LLC, is the general partner of Viper. As of June 30, 2021, the Company owned approximately 72% of Rattler’s total units outstanding. The Company’s wholly owned subsidiary, Rattler Midstream GP LLC, is the general partner of Rattler. The results of operations attributable to the non-controlling interest in Viper and Rattler are presented within equity and net income and are shown separately from the Company’s equity and net income attributable to the Company. These condensed consolidated financial statements have been prepared by the Company without audit, pursuant to the rules and regulations of the SEC. They reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for interim periods, on a basis consistent with the annual audited financial statements. All such adjustments are of a normal recurring nature. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to SEC rules and regulations, although the Company believes the disclosures are adequate to make the information presented not misleading. This Quarterly Report on Form 10–Q should be read in conjunction with the Company’s most recent Annual Report on Form 10–K for the fiscal year ended December 31, 2020, which contains a summary of the Company’s significant accounting policies and other disclosures. Reclassifications Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. These reclassifications had an immaterial effect on the previously reported total assets, total liabilities, stockholders’ equity, results of operations or cash flows.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates Certain amounts included in or affecting the Company’s consolidated financial statements and related disclosures must be estimated by management, requiring certain assumptions to be made with respect to values or conditions that cannot be known with certainty at the time the consolidated financial statements are prepared. These estimates and assumptions affect the amounts the Company reports for assets and liabilities and the Company’s disclosure of contingent assets and liabilities as of the date of the consolidated financial statements. Actual results could differ from those estimates. Making accurate estimates and assumptions is particularly difficult in the oil and natural gas industry, given the challenges resulting from volatility in oil and natural gas prices. For instance, in 2020, the effects of COVID-19 and actions by OPEC members and other exporting nations on the supply and demand in global oil and natural gas markets resulted in significant negative pricing pressures in the first half of 2020, followed by a recovery in pricing and an increase in demand in the second half of 2020 and into 2021. The financial results of companies in the oil and natural gas industry have been impacted materially as a result of changing market conditions. Such circumstances generally increase the uncertainty in the Company’s accounting estimates, particularly those involving financial forecasts. The Company evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Company considers reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from the Company’s estimates. Any effects on the Company’s business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Significant items subject to such estimates and assumptions include estimates of proved oil and natural gas reserves and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, asset retirement obligations, the fair value determination of acquired assets and liabilities assumed, equity-based compensation, fair value estimates of derivative instruments and estimates of income taxes. Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported at the end of the period in the condensed consolidated statements of cash flows for the six months ended June 30, 2021 and 2020 to the line items within the condensed consolidated balance sheets: Six Months Ended June 30, 2021 2020 (In millions) Cash and cash equivalents $ 344 $ 51 Restricted cash 18 8 Restricted cash included in funds held in escrow (1) 34 — Total cash, cash equivalents and restricted cash $ 396 $ 59 (1) As of June 30, 2021, the restricted cash included in funds held in escrow on the condensed consolidated balance sheet is related to cash deposited into an escrow account for a title dispute between outside parties in the Williston Basin. Recent Accounting Pronouncements Recently Adopted Pronouncements In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes." This update is intended to simplify the accounting for income taxes by removing certain exceptions and by clarifying and amending existing guidance and is effective for public business entities beginning after December 15, 2020 with early adoption permitted. The Company adopted this update effective January 1, 2021. The adoption of this update did not have a material impact on its financial position, results of operations or liquidity. The Company considers the applicability and impact of all ASUs. ASUs not discussed above were assessed and determined to be either not applicable, the effects of adoption are not expected to be material or clarifications of ASUs previously disclosed.

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
REVENUE FROM CONTRACTS WITH CUSTOMERS	REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue from Contracts with Customers Sales of oil, natural gas and natural gas liquids are recognized at the point control of the product is transferred to the customer. Virtually all of the pricing provisions in the Company’s contracts are tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, the quality of the oil or natural gas and the prevailing supply and demand conditions. As a result, the price of the oil, natural gas and natural gas liquids fluctuates to remain competitive with other available oil, natural gas and natural gas liquids supplies. The following tables present the Company’s revenue from contracts with customers disaggregated by product type and basin: Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Midland Basin Delaware Basin Other Total Midland Basin Delaware Basin Other Total (In millions) Oil sales $ 876 $ 408 $ 111 $ 1,395 $ 211 $ 141 $ — $ 352 Natural gas sales 75 27 5 107 11 9 1 21 Natural gas liquid sales 102 52 11 165 23 16 — 39 Total $ 1,053 $ 487 $ 127 $ 1,667 $ 245 $ 166 $ 1 $ 412 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Midland Basin Delaware Basin Other Total Midland Basin Delaware Basin Other Total (In millions) Oil sales $ 1,445 $ 766 $ 128 $ 2,339 $ 682 $ 493 $ 4 $ 1,179 Natural gas sales 116 88 7 211 13 12 — 25 Natural gas liquid sales 177 99 13 289 52 39 — 91 Total $ 1,738 $ 953 $ 148 $ 2,839 $ 747 $ 544 $ 4 $ 1,295

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES Guidon Operating LLC On December 21, 2020, the Company entered into a definitive purchase agreement to acquire all leasehold interests and related assets of Guidon Operating LLC (the “Guidon Acquisition”) which include approximately 32,500 net acres in the Northern Midland Basin in exchange for 10.68 million shares of the Company’s common stock and $375 million of cash. The Guidon Acquisition closed on February 26, 2021. The cash portion of this transaction was funded through a combination of cash on hand and borrowings under the Company’s credit facility. As a result of the Guidon Acquisition, the Company added approximately 210 gross producing wells. The following table presents the acquisition consideration paid in the Guidon Acquisition (in millions, except per share data, shares in thousands): Consideration: Shares of Diamondback common stock issued at closing 10,676 Closing price per share of Diamondback common stock on the closing date $ 69.28 Fair value of Diamondback common stock issued $ 740 Cash consideration 375 Total consideration (including fair value of Diamondback common stock issued) $ 1,115 Purchase Price Allocation The Guidon Acquisition has been accounted for as a business combination using the acquisition method. The following table represents the allocation of the total purchase price paid in the Guidon Acquisition to the identifiable assets acquired based on the fair values at the acquisition date, with any excess of the purchase price over the estimated fair value of the identifiable net assets acquired. Although the purchase price allocation is substantially complete as of the date of this filing, there may be further adjustments to the fair value of certain assets acquired and liabilities assumed, including but not limited to the Company’s oil and natural gas properties. The Company expects to complete the purchase price allocation during the 12-month period following the acquisition date and may revise the value of the assets and liabilities as appropriate within that time frame. For the three months ended June 30, 2021, there were no material changes to the allocation presented in the March 31, 2021 10-Q filed with the SEC on May 7, 2021. The following table sets forth the Company’s preliminary purchase price allocation (in millions): Total consideration $ 1,115 Fair value of liabilities assumed: Asset retirement obligations 9 Fair value of assets acquired: Oil and gas properties 1,110 Midstream assets 14 Amount attributable to assets acquired 1,124 Net assets acquired and liabilities assumed $ 1,115 Oil and natural gas properties were valued using an income approach utilizing the discounted cash flow method, which takes into account production forecasts, projected commodity prices and pricing differentials, and estimates of future capital and operating costs which are then discounted utilizing an estimated weighted-average cost of capital for industry market participants. The fair value of acquired midstream assets was based on the cost approach, which utilized asset listings and cost records with consideration for the reported age, condition, utilization and economic support of the assets. With the completion of the Guidon Acquisition, the Company acquired proved properties of $537 million and unproved properties of $573 million. The results of operations attributable to the Guidon Acquisition since the acquisition date have been included in the condensed consolidated statements of operations and include $103 million and $133 million of total revenue for the three and six months ended June 30, 2021, respectively, and $49 million and $65 million of net income for the three and six months ended June 30, 2021, respectively. QEP Resources, Inc. On March 17, 2021, the Company completed its acquisition of QEP in an all-stock transaction (the “QEP Merger”). The addition of QEP’s assets increased the Company’s net acreage in the Midland Basin by approximately 49,000 net acres. Under the terms of the QEP Merger, each eligible share of QEP common stock issued and outstanding immediately prior to the effective time converted into the right to receive 0.050 of a share of Diamondback common stock, with cash being paid in lieu of any fractional shares (the “merger consideration”). At the closing date of the QEP Merger, the carrying value of QEP’s outstanding debt was approximately $1.6 billion. See Note 7— Debt for further discussion. The following table presents the acquisition consideration paid to QEP stockholders in the QEP Merger (in millions, except per share data, shares in thousands): Consideration: Eligible shares of QEP common stock converted into shares of Diamondback common stock 238,153 Shares of QEP equity awards included in precombination consideration 4,221 Total shares of QEP common stock eligible for merger consideration 242,374 Exchange ratio 0.050 Shares of Diamondback common stock issued as merger consideration 12,119 Closing price per share of Diamondback common stock $ 81.41 Total consideration (fair value of the Company's common stock issued) $ 987 Purchase Price Allocation The QEP Merger has been accounted for as a business combination using the acquisition method. The following table represents the preliminary allocation of the total purchase price for the acquisition of QEP to the identifiable assets acquired and the liabilities assumed based on the fair values at the acquisition date, with any excess of the purchase price over the estimated fair value of the identifiable net assets acquired. Although the purchase price allocation is substantially complete as of the date of this filing, certain data necessary to complete the purchase price allocation is not yet available, and includes, but is not limited to, final tax returns that provide the underlying tax basis of QEP’s assets and liabilities. As such, there may be further adjustments to the fair value of certain assets acquired and liabilities assumed, including the Company’s oil and natural gas properties. The Company expects to complete the purchase price allocation during the 12-month period following the acquisition date. For the three months ended June 30, 2021, there were no material changes to the allocation presented in the March 31, 2021 10-Q filed with the SEC on May 7, 2021. The following table sets forth the Company’s preliminary purchase price allocation (in millions): Total consideration $ 987 Fair value of liabilities assumed: Accounts payable - trade $ 26 Accrued capital expenditures 38 Other accrued liabilities 108 Revenues and royalties payable 67 Derivative instruments 242 Long-term debt 1,710 Asset retirement obligations 54 Other long-term liabilities 47 Amount attributable to liabilities assumed $ 2,292 Fair value of assets acquired: Cash, cash equivalents and restricted cash $ 22 Accounts receivable - joint interest and other, net 87 Accounts receivable - oil and natural gas sales, net 44 Inventories 18 Income tax receivable 33 Prepaid expenses and other current assets 7 Oil and natural gas properties 2,938 Other property, equipment and land 9 Deferred income taxes 15 Other assets 106 Amount attributable to assets acquired 3,279 Net assets acquired and liabilities assumed $ 987 The purchase price allocation above was based on preliminary estimates of the fair values of the assets and liabilities of QEP as of the closing date of the QEP Merger. The majority of the measurements of assets acquired and liabilities assumed are based on inputs that are not observable in the market and are therefore considered Level 3 inputs. The fair value of acquired property and equipment, including midstream assets classified in oil and natural gas properties, is based on the cost approach, which utilized asset listings and cost records with consideration for the reported age, condition, utilization and economic support of the assets. Oil and natural gas properties were valued using an income approach utilizing the discounted cash flow method, which takes into account production forecasts, projected commodity prices and pricing differentials, and estimates of future capital and operating costs which are then discounted utilizing an estimated weighted-average cost of capital for industry market participants. The fair value of QEP’s outstanding senior unsecured notes was based on unadjusted quoted prices in an active market, which are considered Level 1 inputs. The value of derivative instruments was based on observable inputs including forward commodity-price curves which are considered Level 2 inputs. Deferred income taxes represent the tax effects of differences in the tax basis and merger-date fair values of assets acquired and liabilities assumed. With the completion of the QEP Merger, the Company acquired proved properties of $2.3 billion and unproved properties of $444 million, primarily in the Midland Basin and the Williston Basin. The results of operations attributable to the QEP Merger since the acquisition date have been included in the condensed consolidated statements of operations and include $359 million and $413 million of total revenue, and $124 million and $139 million of net income for the three and six months ended June 30, 2021, respectively. Pro Forma Financial Information The following unaudited summary pro forma financial information for the three and six months ended June 30, 2021 and 2020 has been prepared to give effect to the QEP Merger and the Guidon Acquisition as if they had occurred on January 1, 2020. The unaudited pro forma financial information does not purport to be indicative of what the combined company’s results of operations would have been if these transactions had occurred on the dates indicated, nor is it indicative of the future financial position or results of operations of the combined company. The below information reflects pro forma adjustments for the issuance of the Company’s common stock in exchange for QEP’s outstanding shares of common stock, as well as pro forma adjustments based on available information and certain assumptions that the Company believes are reasonable, including adjustments to depreciation, depletion and amortization based on the full cost method of accounting and the purchase price allocated to property, plant, and equipment as well as adjustments to interest expense and the provision for (benefit from) income taxes. Additionally, pro forma earnings were adjusted to exclude acquisition-related costs incurred by the Company for the QEP Merger and the Guidon Acquisition of approximately $2 million and $77 million for the three and six months ended June 30, 2021 and acquisition-related costs incurred by QEP of $31 million through the closing date of the QEP Merger. These acquisition-related costs primarily consist of one-time severance costs and the accelerated or change-in-control vesting of certain QEP share-based awards for former QEP employees based on the terms of the merger agreement relating to the QEP Merger and other bank, legal and advisory fees. The pro forma results of operations do not include any cost savings or other synergies that may result from the QEP Merger and the Guidon Acquisition or any estimated costs that have been or will be incurred by the Company to integrate the acquired assets. The pro forma financial data does not include the results of operations for any other acquisitions made during the periods presented, as they were primarily acreage acquisitions and their results were not deemed material. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions, except per share amounts) Revenues $ 1,656 $ 573 $ 3,137 $ 1,763 Income (loss) from operations $ 1,022 $ (2,714) $ 1,706 $ (3,536) Net income (loss) $ 388 $ (2,527) $ 534 $ (2,469) Basic earnings per common share $ 2.14 $ (13.98) $ 2.95 $ (13.66) Diluted earnings per common share $ 2.13 $ (13.98) $ 2.94 $ (13.66) Divestitures On May 3, 2021, the Company signed a definitive agreement to divest all of its Williston Basin assets acquired in the QEP Merger, consisting of approximately 95,000 net acres, for a sales price of approximately $745 million, subject to certain closing adjustments. These assets have estimated full year 2021 net production of approximately 15 MBO/d (25 MBOE/d). This transaction is expected to close late in the third quarter of 2021, subject to continued due diligence and closing conditions. The Company intends to use its net proceeds from this transaction for debt reduction. On June 3, 2021 and June 7, 2021, respectively, the Company closed transactions to divest certain non-core Permian assets including over 7,000 net acres of non-core Southern Midland Basin acreage in Upton county, Texas and approximately 1,300 net acres of non-core, non-operated Delaware Basin assets in Lea county, New Mexico for a combined sales price of $82 million, net of customary purchase price adjustments. These assets have estimated full year 2021 net production of approximately 900 BO/d (2,650 BOE/d) from 140 producing wells. The Company used its net proceeds from these transactions toward debt reduction.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT Property and equipment includes the following as of the dates indicated: June 30, December 31, 2021 2020 (In millions) Oil and natural gas properties: Subject to depletion $ 23,868 $ 19,884 Not subject to depletion 8,287 7,493 Gross oil and natural gas properties 32,155 27,377 Accumulated depletion (4,811) (4,237) Accumulated impairment (7,954) (7,954) Oil and natural gas properties, net 19,390 15,186 Midstream assets 1,018 1,013 Other property, equipment and land 160 138 Accumulated depreciation and impairment (149) (123) Total property and equipment, net $ 20,419 $ 16,214 Under the full cost method of accounting, the Company is required to perform a ceiling test each quarter which determines a limit, or ceiling, on the book value of proved oil and natural gas properties. No impairment expense was recorded for the three and six months ended June 30, 2021. The Company recorded $2.5 billion and $3.5 billion in impairment expense for the three and six months ended June 30, 2020, respectively, based on the results of the respective quarterly ceiling tests. In connection with the QEP Merger and the Guidon Acquisition, the Company recorded the oil and natural gas properties acquired at fair value, based on forward strip oil and natural gas pricing existing at the closing date of the respective transactions, in accordance with ASC 820 Fair Value Measurement. Pursuant to SEC guidance, the Company determined that the fair value of the properties acquired in the QEP Merger and the Guidon Acquisition clearly exceeded the related full cost ceiling limitation beyond a reasonable doubt. As such, the Company requested and received a waiver from the SEC to exclude the properties acquired from the ceiling test calculation for the quarter ended March 31, 2021. As a result, no impairment expense related to the QEP Merger and the Guidon Acquisition was recorded for the three months ended March 31, 2021. Had the Company not received a waiver from the SEC, an impairment charge of approximately $1.1 billion would have been recorded for such period. Management affirmed there has not been a decline in the fair value of these acquired assets. The properties acquired in the QEP Merger and the Guidon Acquisition had total unamortized costs at March 31, 2021 of $3.0 billion and $1.1 billion, respectively.

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	6 Months Ended
	Jun. 30, 2021
Asset Retirement Obligation [Abstract]
ASSET RETIREMENT OBLIGATIONS	ASSET RETIREMENT OBLIGATIONS The following table describes the changes to the Company’s asset retirement obligations liability for the following periods: Six Months Ended June 30, 2021 2020 (In millions) Asset retirement obligations, beginning of period $ 109 $ 94 Additional liabilities incurred 6 7 Liabilities acquired 63 1 Liabilities settled and divested (4) — Accretion expense 5 3 Revisions in estimated liabilities 13 — Asset retirement obligations, end of period 192 105 Less current portion (1) 7 1 Asset retirement obligations - long-term $ 185 $ 104 (1) The current portion of the asset retirement obligation is included in other accrued liabilities in the Company’s condensed consolidated balance sheets.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
DEBT	DEBT Long-term debt consisted of the following as of the dates indicated: June 30, December 31, 2021 2020 (In millions) 4.625% Notes due 2021 $ — $ 191 5.375% Senior Notes due 2022 (1) 25 — 7.320% Medium-term Notes, Series A, due 2022 20 20 0.900% Senior Notes due 2023 650 — 5.250% Senior Notes due 2023 (1) 10 — 2.875% Senior Notes due 2024 1,000 1,000 4.750% Senior Notes due 2025 500 500 5.375% Senior Notes due 2025 432 800 3.250% Senior Notes due 2026 800 800 5.625% Senior Notes due 2026 (1) 18 — 7.125% Medium-term Notes, Series B, due 2028 100 100 3.500% Senior Notes due 2029 1,200 1,200 3.125% Senior Notes due 2031 900 — 4.400% Senior Notes due 2051 650 — DrillCo Agreement (2) 68 79 Unamortized debt issuance costs (40) (29) Unamortized discount costs (30) (27) Unamortized premium costs 14 15 Fair value of interest rate swap agreements (3) (4) — Revolving credit facility — 23 Viper revolving credit facility 62 84 Viper 5.375% Senior Notes due 2027 480 480 Rattler revolving credit facility 5 79 Rattler 5.625% Senior Notes due 2025 500 500 Total debt, net 7,360 5,815 Less: current maturities of long-term debt — (191) Total long-term debt $ 7,360 $ 5,624 (1) At the effective time of the QEP Merger, QEP became a wholly owned subsidiary of the Company and remained the issuer of the notes. (2) The Company entered into a participation and development agreement (the “DrillCo Agreement”), dated September 10, 2018, with Obsidian Resources, L.L.C. (“CEMOF”) to fund oil and natural gas development. As of June 30, 2021, the amount due to CEMOF related to this alliance was $68 million. (3) The Company has two interest rate swap agreements in place on the Company’s $1.2 billion 3.500% fixed rate senior notes due 2029. See Note 11— Derivatives for additional information on the Company’s interest rate swaps designated as fair value hedges. References in this section to the Company shall mean Diamondback Energy, Inc. and Diamondback E&P, collectively, unless otherwise specified. Second Amended and Restated Credit Facility On June 2, 2021, Diamondback Energy, Inc., as parent guarantor, and O&G, as borrower (the “Borrower”), entered into a twelfth amendment (the “Amendment”) to the Second Amended and Restated Credit Agreement, dated as of November 1, 2013, with Wells Fargo Bank, National Association, as administrative agent (the “Administrative Agent”), and the lenders party thereto (as amended, supplemented or otherwise modified to the date thereof and as further amended by the Amendment. The Amendment, among other things, (i) extended the maturity date to June 2, 2026, which may be further extended by two one On June 30, 2021, Diamondback E&P, as successor borrower, Diamondback Energy, Inc., as parent guarantor, and the Administrative Agent entered into that certain Successor Borrower Joinder Agreement (the “Joinder Agreement”) in connection with the E&P Merger. Pursuant to the Joinder Agreement, Diamondback E&P assumed all obligations (including, without limitation, all of the indebtedness) of O&G as the borrower under the credit agreement, the Second Amended and Restated Guaranty Agreement, dated as of November 20, 2019, made by O&G and Diamondback Energy, Inc., and the other documents entered into connection therewith. As of June 30, 2021, the maximum credit amount available under the credit agreement was $1.6 billion, with no outstanding borrowings and $1.6 billion available for future borrowings. As of June 30, 2021, there was an aggregate of $3 million in outstanding letters of credit, which reduces available borrowings under the credit agreement on a dollar for dollar basis. During the three and six months ended June 30, 2021 and 2020, the weighted average interest rate on loans under the credit agreement was 1.68%, 1.67%, 2.02% and 2.42%, respectively. The borrowing base is scheduled to be redetermined semi-annually in May and November. As of June 30, 2021, the Company was in compliance with all financial maintenance covenants under the credit agreement. March 2021 Notes Offering On March 24, 2021, Diamondback Energy, Inc. issued $650 million aggregate principal amount of 0.900% Senior Notes due March 24, 2023 (the “2023 Notes”), $900 million aggregate principal amount of 3.125% Senior Notes due March 24, 2031 (the “2031 Notes”) and $650 million aggregate principal amount of 4.400% Senior Notes due March 24, 2051 (the “2051 Notes” and together with the 2023 Notes and the 2031 Notes, the “March 2021 Notes”) and received proceeds, net of $24 million in debt issuance costs and discounts, of $2.18 billion. The net proceeds were primarily used to fund the repurchase of other senior notes outstanding as discussed further below. Interest on the March 2021 Notes is payable semi-annually on March 24 and September 24, beginning on September 24, 2021. The March 2021 Notes are the Company’s senior unsecured obligations and are fully and unconditionally guaranteed by Diamondback E&P. The March 2021 Notes are senior in right of payment to any of the Company’s future subordinated indebtedness and rank equal in right of payment with all of the Company’s existing and future senior indebtedness. At June 30, 2021, the March 2021 Notes are effectively subordinated to the Company’s existing and future secured indebtedness, if any, to the extent of the value of the collateral securing such indebtedness, and structurally subordinated to all of the existing and future indebtedness and other liabilities of the Company’s subsidiaries other than Diamondback E&P. The Company may not redeem the 2023 Notes in whole or in part at any time prior to September 24, 2021. The Company may redeem (i) the 2031 Notes in whole or in part at any time prior to December 24, 2030 and (ii) the 2051 Notes in whole or in part at any time prior to September 24, 2050, in each case at the redemption price set forth in the 2019 Indenture. If the March 2021 Notes are redeemed on or after the dates noted above, in each case, the March 2021 Notes may be redeemed at a redemption price equal to 100% of the principal amount of the March 2021 Notes to be redeemed plus interest accrued thereon to but not including the redemption date. Upon the occurrence of a change of control triggering event as defined in the 2019 Indenture, holders may require the Company to purchase some or all of their March 2021 Notes for cash at a price equal to 101% of the principal amount of the March 2021 Notes being purchased, plus accrued and unpaid interest, if any, to the date of purchase. Repurchases of Notes On March 17, 2021, at the time of the QEP Merger discussed in Note 4— Acquisitions , QEP had outstanding debt at fair values consisting of $478 million of 5.375% Senior Notes due 2022 (the “QEP 2022 Notes”), $673 million of 5.250% Senior Notes due 2023 (the “QEP 2023 Notes”) and $558 million of 5.625% Senior Notes due 2026 (the “QEP 2026 Notes” and together with the QEP 2022 Notes and QEP 2023 Notes, the “QEP Notes”). Subsequent to the QEP Merger, in March 2021, the Company repurchased pursuant to tender offers commenced by the Company, approximately $1.65 billion in fair value carrying amount of the QEP Notes for total cash consideration of $1.7 billion, including redemption and early premium fees of $152 million, which resulted in a loss on extinguishment of debt during the six months ended June 30, 2021 of approximately $47 million. The aggregate fair value of the QEP Notes repurchased consisted of (i) $453 million, or 94.65%, of the outstanding fair value carrying amount of the QEP 2022 Notes, (ii) $663 million, or 98.43%, of the outstanding fair value carrying amount of the QEP 2023 Notes and (iii) $538 million, or 96.35%, of the outstanding fair value carrying amount of the QEP 2026 Notes. In March 2021, the Company also repurchased an aggregate of $368 million principal amount of its 5.375% 2025 Senior Notes, representing approximately 45.97% of the outstanding 2025 Senior Notes, for total cash consideration of $381 million, including redemption and early premium fees of $13 million, which resulted in a loss on extinguishment of debt during the six months ended June 30, 2021 of $14 million. The Company funded the repurchases of the QEP Notes and 2025 Senior Notes with the proceeds from the March 2021 Notes offering discussed above. In connection with the tender offers to repurchase the QEP Notes discussed above, the Company also solicited consents from holders of the QEP Notes to amend the indenture for the QEP Notes to, among other things, eliminate substantially all of the restrictive covenants and related provisions and certain events of default contained in the indenture under which the QEP Notes were issued. The Company received the requisite number of consents and, on March 23, 2021, entered into a supplemental indenture relating to the QEP Notes adopting these amendments. In June 2021, the Company redeemed the remaining $191 million principal amount of the outstanding Energen 4.625% senior notes due on September 1, 2021. The Company recorded an immaterial pre-tax loss on extinguishment of debt related to the redemption, which included the write-off of unamortized debt discounts associated with the redeemed notes. Energen Notes In connection with the E&P Merger, Diamondback E&P became the successor issuer under the indenture, dated as of September 1, 1996, pursuant to which Energen issued $100 million aggregate principal amount of 7.125% Medium-Term Notes, Series B due 2028 and $20 million aggregate principal amount of 7.32% Medium-Term Notes, Series A due 2022. Viper’s Credit Agreement Viper LLC’s existing credit agreement, as amended by the seventh amendment on June 2, 2021 (the “Viper Amendment”), provides for a revolving credit facility in the maximum credit amount of $2.0 billion with a borrowing base of $580 million based on Viper LLC’s oil and natural gas reserves and other factors. Among other changes, the Viper Amendment added new provisions that allow Viper LLC to elect a commitment amount that is less than its borrowing base as determined by the lenders. As of June 30, 2021, the elected commitment amount was $500 million with $62 million of outstanding borrowings and $438 million available for future borrowings. The borrowing base is scheduled to be redetermined semi-annually in May and November. During the three and six months ended June 30, 2021 and 2020, the weighted average interest rate on borrowings under the Viper credit agreement was 1.93%, 1.90%, 2.41% and 2.82%, respectively . The Viper credit agreement will mature on June 2, 2025 . As of June 30, 2021, Viper LLC was in compliance with all financial maintenance covenants under the Viper credit agreement. Rattler’s Credit Agreement Rattler LLC’s credit agreement, as amended, provides for a revolving credit facility in the maximum credit amount of $600 million, which is expandable to $1.0 billion upon Rattler’s election, subject to obtaining additional lender commitments and satisfaction of customary conditions. As of June 30, 2021, Rattler LLC had $5 million of outstanding borrowings and $595 million available for future borrowings under the Rattler credit agreement. During the three and six months ended June 30, 2021 and 2020, the weighted average interest rate on borrowings under the Rattler credit agreement was 1.36%, 1.39%, 2.43% and 2.64%, respectively. The revolving credit facility will mature on May 28, 2024. As of June 30, 2021, Rattler LLC was in compliance with all financial maintenance covenants under the Rattler credit agreement.

CAPITAL STOCK AND EARNINGS PER

CAPITAL STOCK AND EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
CAPITAL STOCK AND EARNINGS PER SHARE	CAPITAL STOCK AND EARNINGS PER SHARE Diamondback did not complete any equity offerings during the six months ended June 30, 2021 and June 30, 2020. As discussed in Note 4— Acquisition s , Diamondback issued 12.12 million shares of the Company’s stock as consideration for the QEP Merger and 10.68 million shares of the Company’s stock as consideration for the Guidon Acquisition during the six months ended June 30, 2021. Earnings (Loss) Per Share The Company’s basic earnings (loss) per share amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share include the effect of potentially dilutive shares outstanding for the period. Additionally, the per share earnings of Viper and Rattler are included in the consolidated earnings per share computation based on the consolidated group’s holdings of the subsidiaries. A reconciliation of the components of basic and diluted earnings per common share is presented in the table below: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 ($ in millions, except per share amounts, shares in thousands) Net income (loss) attributable to common stock $ 311 $ (2,393) $ 531 $ (2,665) Weighted average common shares outstanding: Basic weighted average common shares outstanding 181,009 157,829 172,636 158,060 Effect of dilutive securities: Potential common shares issuable (1) 959 — 882 — Diluted weighted average common shares outstanding 181,968 157,829 173,518 158,060 Basic net income (loss) attributable to common stock $ 1.72 $ (15.16) $ 3.08 $ (16.86) Diluted net income (loss) attributable to common stock $ 1.71 $ (15.16) $ 3.06 $ (16.86) (1) For the three and six months ended June 30, 2021, there were 80,329 and 105,577 potential common units, respectively, excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive under the treasury stock method. For the three and six months ended June 30, 2020, no potential common units were included in the computation of diluted earnings per share because their inclusion would have been anti-dilutive. Change in Ownership of Consolidated Subsidiaries Non-controlling interests in the accompanying condensed consolidated financial statements represent minority interest ownership in Viper and Rattler and are presented as a component of equity. When the Company’s relative ownership interests in Viper and Rattler change, adjustments to non-controlling interest and additional paid-in-capital, tax effected, will occur. The following table summarizes changes in the ownership interest in consolidated subsidiaries during the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) Net income (loss) attributable to the Company $ 311 $ (2,393) $ 531 $ (2,665) Change in ownership of consolidated subsidiaries (3) 329 (7) 329 Change from net income (loss) attributable to the Company's stockholders and transfers to non-controlling interest $ 308 $ (2,064) $ 524 $ (2,336)

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
EQUITY-BASED COMPENSATION	EQUITY-BASED COMPENSATION On June 3, 2021, the Company’s stockholders approved and adopted the Company’s 2021 amended and restated equity incentive plan (the “Equity Plan”), which, among other things, increased total shares authorized for issuance from 8.3 million to 11.8 million. At June 30, 2021, the Company had 4.9 million shares of common stock available for future grants. Under the Equity Plan, approved by the Board of Directors, the Company is authorized to issue incentive and non-statutory stock options, restricted stock awards and restricted stock units, performance awards and stock appreciation rights to eligible employees. At June 30, 2021, the Company had outstanding restricted stock units, performance-based restricted stock units, immaterial amounts of restricted share awards and restricted stock units which were assumed in connection with the QEP Merger and immaterial amounts of stock options and stock appreciation rights. The Company classifies these as equity-based awards and estimates the fair values of restricted stock awards and units as the closing price of the Company’s common stock on the grant date of the award, which is expensed over the applicable vesting period. The Company values its stock options using a Black-Scholes option valuation model. In addition to the Equity Plan, Viper and Rattler maintain their own long-term incentive plans which are not significant to the Company. The following table presents the financial statement impacts of the equity compensation plans and related costs: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) General and administrative expenses $ 13 $ 9 $ 23 $ 18 Equity-based compensation capitalized pursuant to full cost method of accounting for oil and natural gas properties $ 5 $ 2 $ 9 $ 8 Restricted Stock Units The following table presents the Company’s restricted stock unit activity during the six months ended June 30, 2021 under the Equity Plan and the QEP equity incentive plan assumed by the Company in the QEP Merger: Restricted Stock Weighted Average Grant-Date Unvested at December 31, 2020 1,113,480 $ 48.58 Granted (1) 655,634 $ 80.06 Vested (322,524) $ 77.07 Forfeited (53,005) $ 49.48 Unvested at June 30, 2021 1,393,585 $ 56.76 (1) Includes 164,088 replacement restricted stock unit awards granted in connection with the QEP Merger, the majority of which vested upon closing of the QEP Merger. For additional information regarding the QEP Merger, see Note 4— Acquisitions . The aggregate fair value of restricted stock units that vested during the six months ended June 30, 2021 and 2020 was $25 million and $9 million, respectively. As of June 30, 2021, the Company’s unrecognized compensation cost related to unvested restricted stock units was $63 million, which is expected to be recognized over a weighted-average period of 2.3 years. Performance Based Restricted Stock Units The following table presents the Company’s performance restricted stock units activity under the Equity Plan for the six months ended June 30, 2021: Performance Restricted Stock Units Weighted Average Grant-Date Fair Value Unvested at December 31, 2020 411,587 $ 99.10 Granted 198,454 $ 131.06 Unvested at June 30, 2021 (1) 610,041 $ 109.49 (1) A maximum of 1,431,833 units could be awarded based upon the Company’s final TSR ranking. As of June 30, 2021, the Company’s unrecognized compensation cost related to unvested performance based restricted stock awards and units was $38 million, which is expected to be recognized over a weighted-average period of 1.9 years. In March 2021, eligible employees received performance restricted stock unit awards totaling 198,454 units from which a minimum of 0% and a maximum of 200% of the units could be awarded based upon the measurement of total stockholder return of the Company’s common stock as compared to a designated peer group during the three-year performance period of January 1, 2021 to December 31, 2023 and cliff vest at December 31, 2023 subject to continued employment. The initial payout of the March 2021 awards will be further adjusted by a TSR modifier that may reduce the payout or increase the payout up to a maximum of 250%. The fair value of each performance restricted stock unit issuance is estimated at the date of grant using a Monte Carlo simulation, which results in an expected percentage of units to be earned during the performance period. The following table presents a summary of the grant-date fair values of performance restricted stock units granted and the related assumptions for the awards granted during the period presented: 2021 Grant-date fair value $ 131.06 Risk-free rate 0.15 % Company volatility 69.60 %

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s effective income tax rates were 22.3% and 22.0% for the three months ended June 30, 2021 and 2020, respectively, and 22.4% and 17.5% for the six months ended June 30, 2021 and 2020, respectively. Total income tax expense from continuing operations for the three and six months ended June 30, 2021 differed from amounts computed by applying the United States federal statutory tax rate to pre-tax income primarily due to (i) state income taxes, net of federal benefit, and (ii) the impact of permanent differences between book and taxable income, partially offset by (iii) tax benefit resulting from a reduction in the valuation allowance on Viper’s deferred tax assets due to pre-tax income for the period. For the six months ended June 30, 2021, the Company’s items of discrete income tax expense or benefit were not material. On March 17, 2021, the Company completed its acquisition of QEP. For federal income tax purposes, the transaction qualified as a nontaxable merger whereby the Company acquired carryover tax basis in QEP’s assets and liabilities. The Company recorded an opening balance sheet net deferred tax asset of $15 million, primarily consisting of deferred tax assets related to tax attributes acquired from QEP, partially offset by a valuation allowance, and deferred tax liabilities resulting from the excess of financial reporting carrying value over tax basis of oil and natural gas properties and other assets acquired from QEP. The acquired income tax attributes, including federal net operating loss and credit carryforwards, are subject to an annual limitation under Internal Revenue Code Section 382. The Company has considered the positive and negative evidence regarding realizability of these federal tax attributes including taxable income in prior carryback years, the annual limitation imposed by Section 382, and the anticipated timing of reversal of its deferred tax liabilities, resulting in a valuation allowance on the portion of QEP’s federal tax attributes estimated not more likely than not to be realized prior to expiration. In addition, acquired tax attributes include state net operating loss carryforwards for which a valuation allowance has been provided, since the Company does not believe the state net operating losses are more likely than not to be realized based on its assessment of anticipated future operations in those states. Total income tax expense from continuing operations for the three and six months ended June 30, 2020 differed from amounts computed by applying the United States federal statutory tax rate to pre-tax loss primarily due to (i) the impact of recording a valuation allowance on Viper’s deferred tax assets, (ii) state income taxes and (iii) the impact of permanent differences between book and taxable income, partially offset by tax benefit resulting from the carryback of federal net operating losses. For the six months ended June 30, 2020, the Company recorded a discrete income tax expense of $143 million related to application in the first quarter of a valuation allowance on Viper’s beginning-of-year deferred tax assets, which consisted primarily of its investment in Viper LLC and federal net operating loss carryforwards. As of June 30, 2021 and 2020, Viper maintained a valuation allowance against its deferred tax assets, based on its assessment of all available evidence, both positive and negative, supporting realizability of Viper’s deferred tax assets. In addition, for the six months ended June 30, 2020, the Company recorded a discrete income tax benefit of $25 million related to the available carryback of certain federal net operating losses to tax year(s) in which the corporate income tax rate was 35%. The Company considered the impact of the American Rescue Plan, enacted on March 11, 2021, and concluded its provisions related to U.S. income taxes for corporations did not materially affect the Company’s current or deferred tax balances. The Company also considered the impact of the CARES Act, enacted March 27, 2020, in the period of enactment, resulting in a net discrete income tax benefit of $25 million for the three months ended March 31, 2020 related to the carryback of approximately $179 million of the Company’s federal net operating losses as noted above. As a result of the refund associated with such carryback as well as the accelerated refund available for minimum tax credits, the Company received a refund of federal taxes in the first quarter of 2021 of approximately $100 million. In addition, the Company’s current and long-term income taxes receivable at June 30, 2021 of approximately $33 million and $31 million, respectively, relate to anticipated refunds of minimum tax credits resulting from available carryback of certain federal net operating losses acquired from QEP.

DERIVATIVES

DERIVATIVES	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES At June 30, 2021, the Company has commodity derivative contracts and receive-fixed, pay-variable interest rate hedges outstanding. All derivative financial instruments are recorded at fair value. Commodity Contracts The Company has entered into multiple crude oil, natural gas and natural gas liquids derivatives, indexed to the respective indices as noted in the table below, to reduce price volatility associated with certain of its oil and natural gas sales. The Company has not designated its commodity derivative instruments as hedges for accounting purposes and, as a result, marks its commodity derivative instruments to fair value and recognizes the cash and non-cash changes in fair value in the condensed consolidated statements of operations under the caption “Gain (loss) on derivative instruments, net.” By using derivative instruments to economically hedge exposure to changes in commodity prices, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk. The Company’s counterparties are participants in the secured second amended and restated credit agreement, which is secured by substantially all of the assets of the guarantor subsidiaries; therefore, the Company is not required to post any collateral. The Company does not require collateral from its counterparties. The Company has entered into commodity derivative instruments only with counterparties that are also lenders under its credit facility and have been deemed an acceptable credit risk. The Company has multiple commodity derivative contracts that contain an other-than-insignificant financing element at inception and, therefore, the cash receipts were classified as cash flows from financing activities in the condensed consolidated statements of cash flow for the three and six months ended June 30, 2021. As of June 30, 2021, the Company had the following outstanding commodity derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed. Swaps Collars Settlement Month Settlement Year Type of Contract Bbls/MMBtu Per Day Index Weighted Average Differential Weighted Average Fixed Price Weighted Average Floor Price Weighted Average Ceiling Price OIL July - Sep. 2021 Swap 38,348 WTI $— $42.82 $— $— Oct. - Dec. 2021 Swap 30,674 WTI $— $42.36 $— $— July - Dec. 2021 Swap 5,000 Argus WTI Houston $— $37.78 $— $— July - Dec. 2021 Swap 5,000 Brent $— $41.62 $— $— July - Dec. 2021 Basis Swap (1) 34,000 Argus WTI Midland $0.91 $— $— $— July - Sep. 2021 Roll Swap (2)(3) 57,261 WTI $0.50 $— $— $— Oct. - Dec. 2021 Roll Swap (2)(3) 64,000 WTI $0.56 $— $— $— July - Sep. 2021 Costless Collar 17,685 WTI $— $— $35.27 $46.50 July - Sep. 2021 Costless Collar 67,000 Brent $— $— $40.39 $49.28 July - Sep. 2021 Costless Collar 5,000 Argus WTI Houston $— $— $45.00 $57.90 Oct. - Dec. 2021 Costless Collar 5,000 Argus WTI Houston $— $— $45.00 $78.75 Oct. - Dec. 2021 Costless Collar 26,663 WTI $— $— $38.69 $53.80 Oct. - Dec. 2021 Costless Collar 69,000 Brent $— $— $40.52 $49.71 Jan. - June 2022 Swap 1,000 WTI $— $45.00 $— $— Jan. - Dec. 2022 Basis Swap (1) 10,000 Argus WTI Midland $0.84 $— $— $— Jan. - Dec. 2022 Roll Swap (2) 20,000 WTI $0.54 $— $— $— Jan. - Mar. 2022 Costless Collar 16,500 WTI $— $— $45.61 $71.34 Jan. - Mar. 2022 Costless Collar 53,000 Brent $— $— $45.38 $70.61 Jan. - Mar. 2022 Costless Collar 22,000 Argus WTI Houston $— $— $45.91 $70.95 Apr. - June 2022 Costless Collar 8,000 WTI $— $— $46.25 $71.84 Apr. - June 2022 Costless Collar 30,000 Brent $— $— $46.00 $76.37 Apr. - June 2022 Costless Collar 20,000 Argus WTI Houston $— $— $46.00 $71.29 July - Sep. 2022 Costless Collar 7,000 Brent $— $— $46.43 $78.16 Oct. - Dec. 2022 Costless Collar 5,000 Brent $— $— $45.00 $75.56 NATURAL GAS July - Dec. 2021 Swap 245,000 Henry Hub $— $2.65 $— $— July - Dec. 2021 Swap 50,000 Waha Hub $— $1.92 $— $— July - Dec. 2021 Basis Swap (1) 250,000 Waha Hub $(0.66) $— $— $— Jan. - Dec. 2022 Basis Swap (1) 210,000 Waha Hub $(0.34) $— $— $— Jan. - June 2022 Costless Collar 160,000 Henry Hub $— $— $2.50 $3.93 July - Dec. 2022 Costless Collar 60,000 Henry Hub $— $— $2.50 $4.51 NATURAL GAS LIQUIDS July - Dec. 2021 Swap 2,000 Mont Belvieu Propane $— $29.40 $— $— (1) The Company has fixed price basis swaps for the spread between the Cushing crude oil price and the Midland WTI crude oil price as well as the spread between the Henry Hub natural gas price and the Waha Hub natural gas price. The weighted average differential represents the amount of reduction to the Cushing, Oklahoma oil price and the Waha Hub natural gas price for the notional volumes covered by the basis swap contracts. (2) The Company has rolling hedge basis swaps for the differential in NYMEX prices between the calendar month average and the physical crude oil delivery month. The weighted average differential represents the amount of reduction to Cushing, Oklahoma oil price for the notional volumes covered by the rolling hedge basis swap contracts. (3) Includes a rolling hedge basis swap contract for the differential between the NYMEX prices for WTI Cushing and WTI CMA calendar month average of each basis for a notional quantity of 4,000 barrels per day with a weighted average differential of $0.00. Settlement Month Settlement Year Type of Contract Bbls/Mcf Per Day Index Strike Price OIL Jan. - Mar. 2022 Puts (1) 5,000 WTI $47.52 (1) Includes immaterial deferred premiums. Interest Rate Swaps In the second quarter of 2021, the Company entered into two interest rate swap agreements for notional amounts of $600 million each to limit the Company’s exposure to changes in the fair value of debt due to movements in LIBOR interest rates. These interest rate swaps have been designated as fair value hedges of the Company’s $1.2 billion 3.50% fixed rate senior notes due 2029 (the “2029 Notes”) whereby the Company will receive the fixed rate of interest and will pay an average variable rate of interest based on three month LIBOR plus 2.1865%. Gains and losses due to changes in the fair value of the interest rate swaps completely offset changes in the fair value of the hedged portion of the underlying debt, and were not material for the three and six months ended June 30, 2021. These interest rate swaps are assumed to be perfectly effective and were determined to qualify for the “shortcut” method of accounting. The swaps expire on December 1, 2029, with an alternative early termination date of September 1, 2029, which mirrors the call option in the 2029 Notes. During 2020 and the first quarter of 2021, the Company used interest rate swaps to reduce its exposure to variable rate interest payments associated with the Company’s revolving credit facility. These interest rate swaps were not designated as hedging instruments and as a result, the Company recognized all changes in fair value immediately in earnings. During the first quarter of 2021, the Company terminated all of its previously outstanding interest rate swaps which resulted in cash received upon settlement of $80 million, net of fees, during the six months ended June 30, 2021. The interest swaps contained an other-than-insignificant financing element at inception, and therefore, the cash receipts were classified as cash flows from financing activities in the condensed consolidated statements of cash flow for the six months ended June 30, 2021. Balance Sheet Offsetting of Derivative Assets and Liabilities The fair value of derivative instruments is generally determined using established index prices and other sources which are based upon, among other things, futures prices and time to maturity. These fair values are recorded by netting asset and liability positions, including any deferred premiums that are with the same counterparty and are subject to contractual terms which provide for net settlement. See Note 12— Fair Value Measurements for further details. Gains and Losses on Derivative Instruments The following table summarizes the gains and losses on derivative instruments not designated as hedging instruments included in the condensed consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) Gain (loss) on derivative instruments, net Commodity contracts $ (497) $ (353) $ (791) $ 251 Interest rate swaps — (8) 130 (70) Total $ (497) $ (361) $ (661) $ 181 Net cash received (paid) on settlements Commodity contracts $ (323) $ 210 $ (505) $ 297 Interest rate swaps (1) — — 80 — Total $ (323) $ 210 $ (425) $ 297 (1) The six months ended June 30, 2021 include cash received on contracts terminated prior to their contractual maturity of $80 million.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. The Company uses appropriate valuation techniques based on available inputs to measure the fair values of its assets and liabilities. Level 1 - Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date. Level 2 - Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 - Unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best estimate of fair value. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. The Company estimates the fair values of proved oil and natural gas properties assumed in business combinations using discounted cash flow techniques and based on market assumptions as to the future commodity prices, internal estimates of future quantities of oil and natural gas reserves, future estimated rates of production, expected recovery rates and risk-adjustment discounts. The estimated fair values of unevaluated oil and natural gas properties were based on the location, engineering and geological studies, historical well performance, and applicable mineral lease terms. Given the unobservable nature of the inputs, the estimated fair values of oil and natural gas properties assumed is deemed to use Level 3 inputs. Assets and Liabilities Measured at Fair Value on a Recurring Basis Certain assets and liabilities are reported at fair value on a recurring basis, including the Company’s commodity derivative instruments and interest rate swaps. The fair values of the Company’s commodity derivative contracts are measured internally using established commodity futures price strips for the underlying commodity provided by a reputable third party, the contracted notional volumes, and time to maturity. Interest rate swaps designated as fair value hedges and those that are not designated as hedges are determined based on inputs that are readily available in public markets, can be derived from information available in publicly quoted markets, or are provided by financial institutions that trade these contracts. These valuations are Level 2 inputs. The following table provides (i) fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis, (ii) the gross amounts of recognized derivative assets and liabilities, (iii) the amounts offset under master netting arrangements with counterparties, and (iv) the resulting net amounts presented in the Company’s condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020 . The net amounts of derivative instruments are classified as current or noncurrent based on their anticipated settlement dates. As of June 30, 2021 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: Derivative instruments $ — $ 34 $ — $ 34 $ (34) $ — Interest rate swaps designated as hedges $ — $ 13 $ — $ 13 $ — $ 13 Non-current: Derivative instruments $ — $ 14 $ — $ 14 $ (9) $ 5 Interest rate swaps designated as hedges $ — $ 13 $ — $ 13 $ (13) $ — Liabilities: Current: Derivative instruments $ — $ 807 $ — $ 807 $ (34) $ 773 Non-current: Derivative instruments $ — $ 24 $ — $ 24 $ (9) $ 15 Interest rate swaps designated as hedges $ — $ 30 $ — $ 30 $ (13) $ 17 As of December 31, 2020 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: Derivative instruments $ — $ 43 $ — $ 43 $ (42) $ 1 Non-current: Derivative instruments $ — $ 187 $ — $ 187 $ (187) $ — Liabilities: Current: Derivative instruments $ — $ 291 $ — $ 291 $ (42) $ 249 Non-current: Derivative instruments $ — $ 244 $ — $ 244 $ (187) $ 57 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The following table provides the fair value of financial instruments that are not recorded at fair value in the condensed consolidated balance sheets: June 30, 2021 December 31, 2020 Carrying Carrying Value Fair Value Value Fair Value (In millions) Debt $ 7,360 $ 7,888 $ 5,815 $ 6,213 The fair values of the Company’s credit agreement, the Viper credit agreement and the Rattler credit agreement approximate their carrying values based on borrowing rates available to the Company for bank loans with similar terms and maturities and is classified as Level 2 in the fair value hierarchy. The fair values of the outstanding notes were determined using the June 30, 2021 quoted market price, a Level 1 classification in the fair value hierarchy. Fair Value of Financial Assets

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company is a party to various routine legal proceedings, disputes and claims arising in the course of its business, including those that arise from interpretation of federal and state laws and regulations affecting the crude oil and natural gas industry. While the ultimate outcome of the pending proceedings, disputes or claims, and any resulting impact on the Company, cannot be predicted with certainty, the Company’s management believes that none of these matters, if ultimately decided adversely, will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. The Company’s assessment is based on information known about the pending matters and its experience in contesting, litigating and settling similar matters. Actual outcomes could differ materially from the Company’s assessment. The Company records reserves for contingencies related to outstanding legal proceedings, disputes or claims when information available indicates that a loss is probable and the amount of the loss can be reasonably estimated. The Company acquired certain contractual obligations in conjunction with the QEP Merger including an aggregate of approximately $68 million in various transportation, gathering and purchase commitments.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Second Quarter 2021 Dividend Declaration On July 29, 2021, the Board of Directors of the Company declared a cash dividend for the second quarter of 2021 of $0.45 per share of common stock, payable on August 19, 2021 to its stockholders of record at the close of business on August 12, 2021. Pending Full Redemption of the Outstanding 5.375% Senior Notes due 2025 On July 23, 2021, the Company elected to effect an optional redemption of all of the Company’s 5.375% Senior Notes due 2025 outstanding as of the Redemption Date (defined below) in the aggregate principal amount of $432 million (the “2025 Notes”) and gave notice to the holders of the 2025 Notes of such redemption. The 2025 Notes are called for redemption on August 24, 2021 (the “Redemption Date”), at a redemption price equal to 102.688% of the principal amount on the Redemption Date, plus accrued interest to the Redemption Date (the “Redemption Price”). Interest on the 2025 Notes will cease to accrue on and after the Redemption Date unless the Company defaults in making the redemption payment, and thereupon the only remaining right of holders of the 2025 Notes is to receive payment of the Redemption Price. The Company intends to fund the redemption with cash on hand and borrowings under its revolving credit facility.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATIONThe Company reports its operations in two operating segments: (i) the upstream segment, which is engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas and (ii) the midstream operations segment, which is focused on owning, operating, developing and acquiring midstream infrastructure assets in the Midland and Delaware Basins of the Permian Basin. All of the Company’s equity method investments are included in the midstream operations segment. The following tables summarize the results of the Company’s operating segments during the periods presented: Upstream Midstream Operations Eliminations Total Three Months Ended June 30, 2021: (In millions) Third-party revenues $ 1,669 $ 12 $ — $ 1,681 Intersegment revenues — 99 (99) — Total revenues 1,669 111 (99) 1,681 Depreciation, depletion, amortization and accretion 325 16 — 341 Income (loss) from operations 927 39 (11) 955 Interest expense, net (48) (9) — (57) Other income (expense) (502) 28 (2) (476) Provision for (benefit from) income taxes 91 3 — 94 Net income (loss) attributable to non-controlling interest 5 12 — 17 Net income (loss) attributable to Diamondback Energy, Inc. 281 43 (13) 311 As of June 30, 2021: Total assets $ 20,947 $ 1,740 $ (352) $ 22,335 Upstream Midstream Operations Eliminations Total Three Months Ended June 30, 2020: (In millions) Third-party revenues $ 412 $ 13 $ — $ 425 Intersegment revenues — 77 (77) — Total revenues 412 90 (77) 425 Depreciation, depletion, amortization and accretion 332 12 — 344 Impairment of oil and natural gas properties 2,539 — — 2,539 Income (loss) from operations (2,642) 29 (59) (2,672) Interest expense, net (44) (2) — (46) Other income (expense) (358) (13) (3) (374) Provision for (benefit from) income taxes (682) 1 — (681) Net income (loss) attributable to non-controlling interest (18) 10 (10) (18) Net income (loss) attributable to Diamondback Energy, Inc. (2,344) 3 (52) (2,393) As of December 31, 2020: Total assets $ 16,128 $ 1,809 $ (318) $ 17,619 Upstream Midstream Operations Eliminations Total Six Months Ended June 30, 2021: (In millions) Third-party revenues $ 2,841 $ 24 $ — $ 2,865 Intersegment revenues — 186 (186) — Total revenues 2,841 210 (186) 2,865 Depreciation, depletion, amortization and accretion 587 27 — 614 Impairment of midstream assets — 3 — 3 Income (loss) from operations 1,479 77 (30) 1,526 Interest expense, net (97) (16) — (113) Other income (expense) (724) 25 (4) (703) Provision for (benefit from) income taxes 154 5 — 159 Net income (loss) attributable to non-controlling interest 2 18 — 20 Net income (loss) attributable to Diamondback Energy, Inc. 502 63 (34) 531 As of June 30, 2021: Total assets $ 20,947 $ 1,740 $ (352) $ 22,335 Upstream Midstream Operations Eliminations Total Six Months Ended June 30, 2020: (In millions) Third-party revenues $ 1,295 $ 29 $ — $ 1,324 Intersegment revenues — 189 (189) — Total revenues 1,295 218 (189) 1,324 Depreciation, depletion, amortization and accretion 728 25 — 753 Impairment of oil and natural gas properties 3,548 — — 3,548 Income (loss) from operations (3,424) 90 (140) (3,474) Interest expense, net (89) (5) — (94) Other income (expense) 177 (13) (5) 159 Provision for (benefit from) income taxes (603) 5 — (598) Net income (loss) attributable to non-controlling interest (146) 51 (51) (146) Net income (loss) attributable to Diamondback Energy, Inc. (2,587) 16 (94) (2,665) As of December 31, 2020: Total assets $ 16,128 $ 1,809 $ (318) $ 17,619

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries after all significant intercompany balances and transactions have been eliminated upon consolidation. Diamondback’s publicly traded subsidiaries Viper Energy Partners LP (“Viper”) and Rattler Midstream LP (“Rattler”) are consolidated in the Company’s financial statements. As of June 30, 2021, the Company owned approximately 59% of Viper’s total units outstanding. The Company’s wholly owned subsidiary, Viper Energy Partners GP LLC, is the general partner of Viper. As of June 30, 2021, the Company owned approximately 72% of Rattler’s total units outstanding. The Company’s wholly owned subsidiary, Rattler Midstream GP LLC, is the general partner of Rattler. The results of operations attributable to the non-controlling interest in Viper and Rattler are presented within equity and net income and are shown separately from the Company’s equity and net income attributable to the Company. These condensed consolidated financial statements have been prepared by the Company without audit, pursuant to the rules and regulations of the SEC. They reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for interim periods, on a basis consistent with the annual audited financial statements. All such adjustments are of a normal recurring nature. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to SEC rules and regulations, although the Company believes the disclosures are adequate to make the information presented not misleading. This Quarterly Report on Form 10–Q should be read in conjunction with the Company’s most recent Annual Report on Form 10–K for the fiscal year ended December 31, 2020, which contains a summary of the Company’s significant accounting policies and other disclosures.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. These reclassifications had an immaterial effect on the previously reported total assets, total liabilities, stockholders’ equity, results of operations or cash flows.
Use of Estimates	Use of Estimates Certain amounts included in or affecting the Company’s consolidated financial statements and related disclosures must be estimated by management, requiring certain assumptions to be made with respect to values or conditions that cannot be known with certainty at the time the consolidated financial statements are prepared. These estimates and assumptions affect the amounts the Company reports for assets and liabilities and the Company’s disclosure of contingent assets and liabilities as of the date of the consolidated financial statements. Actual results could differ from those estimates. Making accurate estimates and assumptions is particularly difficult in the oil and natural gas industry, given the challenges resulting from volatility in oil and natural gas prices. For instance, in 2020, the effects of COVID-19 and actions by OPEC members and other exporting nations on the supply and demand in global oil and natural gas markets resulted in significant negative pricing pressures in the first half of 2020, followed by a recovery in pricing and an increase in demand in the second half of 2020 and into 2021. The financial results of companies in the oil and natural gas industry have been impacted materially as a result of changing market conditions. Such circumstances generally increase the uncertainty in the Company’s accounting estimates, particularly those involving financial forecasts. The Company evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Company considers reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from the Company’s estimates. Any effects on the Company’s business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Significant items subject to such estimates and assumptions include estimates of proved oil and natural gas reserves and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, asset retirement obligations, the fair value determination of acquired assets and liabilities assumed, equity-based compensation, fair value estimates of derivative instruments and estimates of income taxes.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Pronouncements In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes." This update is intended to simplify the accounting for income taxes by removing certain exceptions and by clarifying and amending existing guidance and is effective for public business entities beginning after December 15, 2020 with early adoption permitted. The Company adopted this update effective January 1, 2021. The adoption of this update did not have a material impact on its financial position, results of operations or liquidity. The Company considers the applicability and impact of all ASUs. ASUs not discussed above were assessed and determined to be either not applicable, the effects of adoption are not expected to be material or clarifications of ASUs previously disclosed.
Revenue from Contracts with Customers	Revenue from Contracts with CustomersSales of oil, natural gas and natural gas liquids are recognized at the point control of the product is transferred to the customer. Virtually all of the pricing provisions in the Company’s contracts are tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, the quality of the oil or natural gas and the prevailing supply and demand conditions. As a result, the price of the oil, natural gas and natural gas liquids fluctuates to remain competitive with other available oil, natural gas and natural gas liquids supplies.
Fair Value Measurement	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. The Company uses appropriate valuation techniques based on available inputs to measure the fair values of its assets and liabilities. Level 1 - Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date. Level 2 - Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 - Unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best estimate of fair value. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported at the end of the period in the condensed consolidated statements of cash flows for the six months ended June 30, 2021 and 2020 to the line items within the condensed consolidated balance sheets: Six Months Ended June 30, 2021 2020 (In millions) Cash and cash equivalents $ 344 $ 51 Restricted cash 18 8 Restricted cash included in funds held in escrow (1) 34 — Total cash, cash equivalents and restricted cash $ 396 $ 59

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present the Company’s revenue from contracts with customers disaggregated by product type and basin: Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Midland Basin Delaware Basin Other Total Midland Basin Delaware Basin Other Total (In millions) Oil sales $ 876 $ 408 $ 111 $ 1,395 $ 211 $ 141 $ — $ 352 Natural gas sales 75 27 5 107 11 9 1 21 Natural gas liquid sales 102 52 11 165 23 16 — 39 Total $ 1,053 $ 487 $ 127 $ 1,667 $ 245 $ 166 $ 1 $ 412 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Midland Basin Delaware Basin Other Total Midland Basin Delaware Basin Other Total (In millions) Oil sales $ 1,445 $ 766 $ 128 $ 2,339 $ 682 $ 493 $ 4 $ 1,179 Natural gas sales 116 88 7 211 13 12 — 25 Natural gas liquid sales 177 99 13 289 52 39 — 91 Total $ 1,738 $ 953 $ 148 $ 2,839 $ 747 $ 544 $ 4 $ 1,295

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	6 Months Ended
	Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Asset Acquisition	The following table presents the acquisition consideration paid in the Guidon Acquisition (in millions, except per share data, shares in thousands): Consideration: Shares of Diamondback common stock issued at closing 10,676 Closing price per share of Diamondback common stock on the closing date $ 69.28 Fair value of Diamondback common stock issued $ 740 Cash consideration 375 Total consideration (including fair value of Diamondback common stock issued) $ 1,115 The following table sets forth the Company’s preliminary purchase price allocation (in millions): Total consideration $ 1,115 Fair value of liabilities assumed: Asset retirement obligations 9 Fair value of assets acquired: Oil and gas properties 1,110 Midstream assets 14 Amount attributable to assets acquired 1,124 Net assets acquired and liabilities assumed $ 1,115
Schedule of Acquisition Consideration Paid	The following table presents the acquisition consideration paid to QEP stockholders in the QEP Merger (in millions, except per share data, shares in thousands): Consideration: Eligible shares of QEP common stock converted into shares of Diamondback common stock 238,153 Shares of QEP equity awards included in precombination consideration 4,221 Total shares of QEP common stock eligible for merger consideration 242,374 Exchange ratio 0.050 Shares of Diamondback common stock issued as merger consideration 12,119 Closing price per share of Diamondback common stock $ 81.41 Total consideration (fair value of the Company's common stock issued) $ 987
Schedule of Preliminary Purchase Price Allocation	The following table sets forth the Company’s preliminary purchase price allocation (in millions): Total consideration $ 987 Fair value of liabilities assumed: Accounts payable - trade $ 26 Accrued capital expenditures 38 Other accrued liabilities 108 Revenues and royalties payable 67 Derivative instruments 242 Long-term debt 1,710 Asset retirement obligations 54 Other long-term liabilities 47 Amount attributable to liabilities assumed $ 2,292 Fair value of assets acquired: Cash, cash equivalents and restricted cash $ 22 Accounts receivable - joint interest and other, net 87 Accounts receivable - oil and natural gas sales, net 44 Inventories 18 Income tax receivable 33 Prepaid expenses and other current assets 7 Oil and natural gas properties 2,938 Other property, equipment and land 9 Deferred income taxes 15 Other assets 106 Amount attributable to assets acquired 3,279 Net assets acquired and liabilities assumed $ 987
Acquisition Pro Forma Information	Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions, except per share amounts) Revenues $ 1,656 $ 573 $ 3,137 $ 1,763 Income (loss) from operations $ 1,022 $ (2,714) $ 1,706 $ (3,536) Net income (loss) $ 388 $ (2,527) $ 534 $ (2,469) Basic earnings per common share $ 2.14 $ (13.98) $ 2.95 $ (13.66) Diluted earnings per common share $ 2.13 $ (13.98) $ 2.94 $ (13.66)

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment includes the following as of the dates indicated: June 30, December 31, 2021 2020 (In millions) Oil and natural gas properties: Subject to depletion $ 23,868 $ 19,884 Not subject to depletion 8,287 7,493 Gross oil and natural gas properties 32,155 27,377 Accumulated depletion (4,811) (4,237) Accumulated impairment (7,954) (7,954) Oil and natural gas properties, net 19,390 15,186 Midstream assets 1,018 1,013 Other property, equipment and land 160 138 Accumulated depreciation and impairment (149) (123) Total property and equipment, net $ 20,419 $ 16,214

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2021
Asset Retirement Obligation [Abstract]
Schedule of Asset Retirement Obligations	The following table describes the changes to the Company’s asset retirement obligations liability for the following periods: Six Months Ended June 30, 2021 2020 (In millions) Asset retirement obligations, beginning of period $ 109 $ 94 Additional liabilities incurred 6 7 Liabilities acquired 63 1 Liabilities settled and divested (4) — Accretion expense 5 3 Revisions in estimated liabilities 13 — Asset retirement obligations, end of period 192 105 Less current portion (1) 7 1 Asset retirement obligations - long-term $ 185 $ 104 (1) The current portion of the asset retirement obligation is included in other accrued liabilities in the Company’s condensed consolidated balance sheets.

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consisted of the following as of the dates indicated: June 30, December 31, 2021 2020 (In millions) 4.625% Notes due 2021 $ — $ 191 5.375% Senior Notes due 2022 (1) 25 — 7.320% Medium-term Notes, Series A, due 2022 20 20 0.900% Senior Notes due 2023 650 — 5.250% Senior Notes due 2023 (1) 10 — 2.875% Senior Notes due 2024 1,000 1,000 4.750% Senior Notes due 2025 500 500 5.375% Senior Notes due 2025 432 800 3.250% Senior Notes due 2026 800 800 5.625% Senior Notes due 2026 (1) 18 — 7.125% Medium-term Notes, Series B, due 2028 100 100 3.500% Senior Notes due 2029 1,200 1,200 3.125% Senior Notes due 2031 900 — 4.400% Senior Notes due 2051 650 — DrillCo Agreement (2) 68 79 Unamortized debt issuance costs (40) (29) Unamortized discount costs (30) (27) Unamortized premium costs 14 15 Fair value of interest rate swap agreements (3) (4) — Revolving credit facility — 23 Viper revolving credit facility 62 84 Viper 5.375% Senior Notes due 2027 480 480 Rattler revolving credit facility 5 79 Rattler 5.625% Senior Notes due 2025 500 500 Total debt, net 7,360 5,815 Less: current maturities of long-term debt — (191) Total long-term debt $ 7,360 $ 5,624 (1) At the effective time of the QEP Merger, QEP became a wholly owned subsidiary of the Company and remained the issuer of the notes. (2) The Company entered into a participation and development agreement (the “DrillCo Agreement”), dated September 10, 2018, with Obsidian Resources, L.L.C. (“CEMOF”) to fund oil and natural gas development. As of June 30, 2021, the amount due to CEMOF related to this alliance was $68 million. (3) The Company has two interest rate swap agreements in place on the Company’s $1.2 billion 3.500% fixed rate senior notes due 2029. See Note 11— Derivatives

CAPITAL STOCK AND EARNINGS PE_2

CAPITAL STOCK AND EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of Reconciliation of Basic and Diluted Net Income Per Share	A reconciliation of the components of basic and diluted earnings per common share is presented in the table below: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 ($ in millions, except per share amounts, shares in thousands) Net income (loss) attributable to common stock $ 311 $ (2,393) $ 531 $ (2,665) Weighted average common shares outstanding: Basic weighted average common shares outstanding 181,009 157,829 172,636 158,060 Effect of dilutive securities: Potential common shares issuable (1) 959 — 882 — Diluted weighted average common shares outstanding 181,968 157,829 173,518 158,060 Basic net income (loss) attributable to common stock $ 1.72 $ (15.16) $ 3.08 $ (16.86) Diluted net income (loss) attributable to common stock $ 1.71 $ (15.16) $ 3.06 $ (16.86)
Schedule of Change in Ownership Interest	The following table summarizes changes in the ownership interest in consolidated subsidiaries during the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) Net income (loss) attributable to the Company $ 311 $ (2,393) $ 531 $ (2,665) Change in ownership of consolidated subsidiaries (3) 329 (7) 329 Change from net income (loss) attributable to the Company's stockholders and transfers to non-controlling interest $ 308 $ (2,064) $ 524 $ (2,336)

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
The effects of stock-based compensation plans and related costs	The following table presents the financial statement impacts of the equity compensation plans and related costs: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) General and administrative expenses $ 13 $ 9 $ 23 $ 18 Equity-based compensation capitalized pursuant to full cost method of accounting for oil and natural gas properties $ 5 $ 2 $ 9 $ 8
Summary of restricted stock units	The following table presents the Company’s restricted stock unit activity during the six months ended June 30, 2021 under the Equity Plan and the QEP equity incentive plan assumed by the Company in the QEP Merger: Restricted Stock Weighted Average Grant-Date Unvested at December 31, 2020 1,113,480 $ 48.58 Granted (1) 655,634 $ 80.06 Vested (322,524) $ 77.07 Forfeited (53,005) $ 49.48 Unvested at June 30, 2021 1,393,585 $ 56.76 (1) Includes 164,088 replacement restricted stock unit awards granted in connection with the QEP Merger, the majority of which vested upon closing of the QEP Merger. For additional information regarding the QEP Merger, see Note 4— Acquisitions .
Schedule of performance restricted stock units activity	The following table presents the Company’s performance restricted stock units activity under the Equity Plan for the six months ended June 30, 2021: Performance Restricted Stock Units Weighted Average Grant-Date Fair Value Unvested at December 31, 2020 411,587 $ 99.10 Granted 198,454 $ 131.06 Unvested at June 30, 2021 (1) 610,041 $ 109.49 (1) A maximum of 1,431,833 units could be awarded based upon the Company’s final TSR ranking.
Summary of grant-date fair values of performance restricted stock units granted and related assumptions	The following table presents a summary of the grant-date fair values of performance restricted stock units granted and the related assumptions for the awards granted during the period presented: 2021 Grant-date fair value $ 131.06 Risk-free rate 0.15 % Company volatility 69.60 %

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule Of Derivative Contracts	As of June 30, 2021, the Company had the following outstanding commodity derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed. Swaps Collars Settlement Month Settlement Year Type of Contract Bbls/MMBtu Per Day Index Weighted Average Differential Weighted Average Fixed Price Weighted Average Floor Price Weighted Average Ceiling Price OIL July - Sep. 2021 Swap 38,348 WTI $— $42.82 $— $— Oct. - Dec. 2021 Swap 30,674 WTI $— $42.36 $— $— July - Dec. 2021 Swap 5,000 Argus WTI Houston $— $37.78 $— $— July - Dec. 2021 Swap 5,000 Brent $— $41.62 $— $— July - Dec. 2021 Basis Swap (1) 34,000 Argus WTI Midland $0.91 $— $— $— July - Sep. 2021 Roll Swap (2)(3) 57,261 WTI $0.50 $— $— $— Oct. - Dec. 2021 Roll Swap (2)(3) 64,000 WTI $0.56 $— $— $— July - Sep. 2021 Costless Collar 17,685 WTI $— $— $35.27 $46.50 July - Sep. 2021 Costless Collar 67,000 Brent $— $— $40.39 $49.28 July - Sep. 2021 Costless Collar 5,000 Argus WTI Houston $— $— $45.00 $57.90 Oct. - Dec. 2021 Costless Collar 5,000 Argus WTI Houston $— $— $45.00 $78.75 Oct. - Dec. 2021 Costless Collar 26,663 WTI $— $— $38.69 $53.80 Oct. - Dec. 2021 Costless Collar 69,000 Brent $— $— $40.52 $49.71 Jan. - June 2022 Swap 1,000 WTI $— $45.00 $— $— Jan. - Dec. 2022 Basis Swap (1) 10,000 Argus WTI Midland $0.84 $— $— $— Jan. - Dec. 2022 Roll Swap (2) 20,000 WTI $0.54 $— $— $— Jan. - Mar. 2022 Costless Collar 16,500 WTI $— $— $45.61 $71.34 Jan. - Mar. 2022 Costless Collar 53,000 Brent $— $— $45.38 $70.61 Jan. - Mar. 2022 Costless Collar 22,000 Argus WTI Houston $— $— $45.91 $70.95 Apr. - June 2022 Costless Collar 8,000 WTI $— $— $46.25 $71.84 Apr. - June 2022 Costless Collar 30,000 Brent $— $— $46.00 $76.37 Apr. - June 2022 Costless Collar 20,000 Argus WTI Houston $— $— $46.00 $71.29 July - Sep. 2022 Costless Collar 7,000 Brent $— $— $46.43 $78.16 Oct. - Dec. 2022 Costless Collar 5,000 Brent $— $— $45.00 $75.56 NATURAL GAS July - Dec. 2021 Swap 245,000 Henry Hub $— $2.65 $— $— July - Dec. 2021 Swap 50,000 Waha Hub $— $1.92 $— $— July - Dec. 2021 Basis Swap (1) 250,000 Waha Hub $(0.66) $— $— $— Jan. - Dec. 2022 Basis Swap (1) 210,000 Waha Hub $(0.34) $— $— $— Jan. - June 2022 Costless Collar 160,000 Henry Hub $— $— $2.50 $3.93 July - Dec. 2022 Costless Collar 60,000 Henry Hub $— $— $2.50 $4.51 NATURAL GAS LIQUIDS July - Dec. 2021 Swap 2,000 Mont Belvieu Propane $— $29.40 $— $— (1) The Company has fixed price basis swaps for the spread between the Cushing crude oil price and the Midland WTI crude oil price as well as the spread between the Henry Hub natural gas price and the Waha Hub natural gas price. The weighted average differential represents the amount of reduction to the Cushing, Oklahoma oil price and the Waha Hub natural gas price for the notional volumes covered by the basis swap contracts. (2) The Company has rolling hedge basis swaps for the differential in NYMEX prices between the calendar month average and the physical crude oil delivery month. The weighted average differential represents the amount of reduction to Cushing, Oklahoma oil price for the notional volumes covered by the rolling hedge basis swap contracts. (3) Includes a rolling hedge basis swap contract for the differential between the NYMEX prices for WTI Cushing and WTI CMA calendar month average of each basis for a notional quantity of 4,000 barrels per day with a weighted average differential of $0.00. Settlement Month Settlement Year Type of Contract Bbls/Mcf Per Day Index Strike Price OIL Jan. - Mar. 2022 Puts (1) 5,000 WTI $47.52 (1) Includes immaterial deferred premiums.
Summary Of Derivatives Not Designated As Hedging Instruments	The following table summarizes the gains and losses on derivative instruments not designated as hedging instruments included in the condensed consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) Gain (loss) on derivative instruments, net Commodity contracts $ (497) $ (353) $ (791) $ 251 Interest rate swaps — (8) 130 (70) Total $ (497) $ (361) $ (661) $ 181 Net cash received (paid) on settlements Commodity contracts $ (323) $ 210 $ (505) $ 297 Interest rate swaps (1) — — 80 — Total $ (323) $ 210 $ (425) $ 297 (1) The six months ended June 30, 2021 include cash received on contracts terminated prior to their contractual maturity of $80 million.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurement Information For Financial Instruments Measured on a Recurring Basis	The following table provides (i) fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis, (ii) the gross amounts of recognized derivative assets and liabilities, (iii) the amounts offset under master netting arrangements with counterparties, and (iv) the resulting net amounts presented in the Company’s condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020 . The net amounts of derivative instruments are classified as current or noncurrent based on their anticipated settlement dates. As of June 30, 2021 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: Derivative instruments $ — $ 34 $ — $ 34 $ (34) $ — Interest rate swaps designated as hedges $ — $ 13 $ — $ 13 $ — $ 13 Non-current: Derivative instruments $ — $ 14 $ — $ 14 $ (9) $ 5 Interest rate swaps designated as hedges $ — $ 13 $ — $ 13 $ (13) $ — Liabilities: Current: Derivative instruments $ — $ 807 $ — $ 807 $ (34) $ 773 Non-current: Derivative instruments $ — $ 24 $ — $ 24 $ (9) $ 15 Interest rate swaps designated as hedges $ — $ 30 $ — $ 30 $ (13) $ 17 As of December 31, 2020 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: Derivative instruments $ — $ 43 $ — $ 43 $ (42) $ 1 Non-current: Derivative instruments $ — $ 187 $ — $ 187 $ (187) $ — Liabilities: Current: Derivative instruments $ — $ 291 $ — $ 291 $ (42) $ 249 Non-current: Derivative instruments $ — $ 244 $ — $ 244 $ (187) $ 57
Offsetting Assets	The following table provides (i) fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis, (ii) the gross amounts of recognized derivative assets and liabilities, (iii) the amounts offset under master netting arrangements with counterparties, and (iv) the resulting net amounts presented in the Company’s condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020 . The net amounts of derivative instruments are classified as current or noncurrent based on their anticipated settlement dates. As of June 30, 2021 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: Derivative instruments $ — $ 34 $ — $ 34 $ (34) $ — Interest rate swaps designated as hedges $ — $ 13 $ — $ 13 $ — $ 13 Non-current: Derivative instruments $ — $ 14 $ — $ 14 $ (9) $ 5 Interest rate swaps designated as hedges $ — $ 13 $ — $ 13 $ (13) $ — Liabilities: Current: Derivative instruments $ — $ 807 $ — $ 807 $ (34) $ 773 Non-current: Derivative instruments $ — $ 24 $ — $ 24 $ (9) $ 15 Interest rate swaps designated as hedges $ — $ 30 $ — $ 30 $ (13) $ 17 As of December 31, 2020 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: Derivative instruments $ — $ 43 $ — $ 43 $ (42) $ 1 Non-current: Derivative instruments $ — $ 187 $ — $ 187 $ (187) $ — Liabilities: Current: Derivative instruments $ — $ 291 $ — $ 291 $ (42) $ 249 Non-current: Derivative instruments $ — $ 244 $ — $ 244 $ (187) $ 57
Offsetting Liabilities	The following table provides (i) fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis, (ii) the gross amounts of recognized derivative assets and liabilities, (iii) the amounts offset under master netting arrangements with counterparties, and (iv) the resulting net amounts presented in the Company’s condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020 . The net amounts of derivative instruments are classified as current or noncurrent based on their anticipated settlement dates. As of June 30, 2021 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: Derivative instruments $ — $ 34 $ — $ 34 $ (34) $ — Interest rate swaps designated as hedges $ — $ 13 $ — $ 13 $ — $ 13 Non-current: Derivative instruments $ — $ 14 $ — $ 14 $ (9) $ 5 Interest rate swaps designated as hedges $ — $ 13 $ — $ 13 $ (13) $ — Liabilities: Current: Derivative instruments $ — $ 807 $ — $ 807 $ (34) $ 773 Non-current: Derivative instruments $ — $ 24 $ — $ 24 $ (9) $ 15 Interest rate swaps designated as hedges $ — $ 30 $ — $ 30 $ (13) $ 17 As of December 31, 2020 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: Derivative instruments $ — $ 43 $ — $ 43 $ (42) $ 1 Non-current: Derivative instruments $ — $ 187 $ — $ 187 $ (187) $ — Liabilities: Current: Derivative instruments $ — $ 291 $ — $ 291 $ (42) $ 249 Non-current: Derivative instruments $ — $ 244 $ — $ 244 $ (187) $ 57
Fair Value Measurement Information For Financial Instruments Measured On A Nonrecurring Basis	The following table provides the fair value of financial instruments that are not recorded at fair value in the condensed consolidated balance sheets: June 30, 2021 December 31, 2020 Carrying Carrying Value Fair Value Value Fair Value (In millions) Debt $ 7,360 $ 7,888 $ 5,815 $ 6,213

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Results Of The Company Business Segments	The following tables summarize the results of the Company’s operating segments during the periods presented: Upstream Midstream Operations Eliminations Total Three Months Ended June 30, 2021: (In millions) Third-party revenues $ 1,669 $ 12 $ — $ 1,681 Intersegment revenues — 99 (99) — Total revenues 1,669 111 (99) 1,681 Depreciation, depletion, amortization and accretion 325 16 — 341 Income (loss) from operations 927 39 (11) 955 Interest expense, net (48) (9) — (57) Other income (expense) (502) 28 (2) (476) Provision for (benefit from) income taxes 91 3 — 94 Net income (loss) attributable to non-controlling interest 5 12 — 17 Net income (loss) attributable to Diamondback Energy, Inc. 281 43 (13) 311 As of June 30, 2021: Total assets $ 20,947 $ 1,740 $ (352) $ 22,335 Upstream Midstream Operations Eliminations Total Three Months Ended June 30, 2020: (In millions) Third-party revenues $ 412 $ 13 $ — $ 425 Intersegment revenues — 77 (77) — Total revenues 412 90 (77) 425 Depreciation, depletion, amortization and accretion 332 12 — 344 Impairment of oil and natural gas properties 2,539 — — 2,539 Income (loss) from operations (2,642) 29 (59) (2,672) Interest expense, net (44) (2) — (46) Other income (expense) (358) (13) (3) (374) Provision for (benefit from) income taxes (682) 1 — (681) Net income (loss) attributable to non-controlling interest (18) 10 (10) (18) Net income (loss) attributable to Diamondback Energy, Inc. (2,344) 3 (52) (2,393) As of December 31, 2020: Total assets $ 16,128 $ 1,809 $ (318) $ 17,619 Upstream Midstream Operations Eliminations Total Six Months Ended June 30, 2021: (In millions) Third-party revenues $ 2,841 $ 24 $ — $ 2,865 Intersegment revenues — 186 (186) — Total revenues 2,841 210 (186) 2,865 Depreciation, depletion, amortization and accretion 587 27 — 614 Impairment of midstream assets — 3 — 3 Income (loss) from operations 1,479 77 (30) 1,526 Interest expense, net (97) (16) — (113) Other income (expense) (724) 25 (4) (703) Provision for (benefit from) income taxes 154 5 — 159 Net income (loss) attributable to non-controlling interest 2 18 — 20 Net income (loss) attributable to Diamondback Energy, Inc. 502 63 (34) 531 As of June 30, 2021: Total assets $ 20,947 $ 1,740 $ (352) $ 22,335 Upstream Midstream Operations Eliminations Total Six Months Ended June 30, 2020: (In millions) Third-party revenues $ 1,295 $ 29 $ — $ 1,324 Intersegment revenues — 189 (189) — Total revenues 1,295 218 (189) 1,324 Depreciation, depletion, amortization and accretion 728 25 — 753 Impairment of oil and natural gas properties 3,548 — — 3,548 Income (loss) from operations (3,424) 90 (140) (3,474) Interest expense, net (89) (5) — (94) Other income (expense) 177 (13) (5) 159 Provision for (benefit from) income taxes (603) 5 — (598) Net income (loss) attributable to non-controlling interest (146) 51 (51) (146) Net income (loss) attributable to Diamondback Energy, Inc. (2,587) 16 (94) (2,665) As of December 31, 2020: Total assets $ 16,128 $ 1,809 $ (318) $ 17,619

DESCRIPTION OF THE BUSINESS A_2

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details)	Jun. 30, 2021
Viper Energy Partners LP
Noncontrolling Interest [Line Items]
Ownership percentage	59.00%
Rattler MIdstream LP
Noncontrolling Interest [Line Items]
Ownership percentage	72.00%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2021		Dec. 31, 2020	Jun. 30, 2020		Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 344		$ 104	$ 51
Restricted cash	18		4	8
Funds held in escrow	34		51	0
Total cash, cash equivalents and restricted cash	$ 396	[1]	$ 108	$ 59	[1]	$ 128
[1]	(1) See Note 2—Summary of Significant Accounting Policies

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 1,667	$ 412	$ 2,839	$ 1,295
Midland Basin
Disaggregation of Revenue [Line Items]
Revenue	1,053	245	1,738	747
Delaware Basin
Disaggregation of Revenue [Line Items]
Revenue	487	166	953	544
Other
Disaggregation of Revenue [Line Items]
Revenue	127	1	148	4
Oil sales
Disaggregation of Revenue [Line Items]
Revenue	1,395	352	2,339	1,179
Oil sales | Midland Basin
Disaggregation of Revenue [Line Items]
Revenue	876	211	1,445	682
Oil sales | Delaware Basin
Disaggregation of Revenue [Line Items]
Revenue	408	141	766	493
Oil sales | Other
Disaggregation of Revenue [Line Items]
Revenue	111	0	128	4
Natural gas sales
Disaggregation of Revenue [Line Items]
Revenue	107	21	211	25
Natural gas sales | Midland Basin
Disaggregation of Revenue [Line Items]
Revenue	75	11	116	13
Natural gas sales | Delaware Basin
Disaggregation of Revenue [Line Items]
Revenue	27	9	88	12
Natural gas sales | Other
Disaggregation of Revenue [Line Items]
Revenue	5	1	7	0
Natural gas liquid sales
Disaggregation of Revenue [Line Items]
Revenue	165	39	289	91
Natural gas liquid sales | Midland Basin
Disaggregation of Revenue [Line Items]
Revenue	102	23	177	52
Natural gas liquid sales | Delaware Basin
Disaggregation of Revenue [Line Items]
Revenue	52	16	99	39
Natural gas liquid sales | Other
Disaggregation of Revenue [Line Items]
Revenue	$ 11	$ 0	$ 13	$ 0

ACQUISITIONS AND DIVESTITURES -

ACQUISITIONS AND DIVESTITURES - Narrative (Details) shares in Thousands, $ in Millions	Mar. 31, 2021USD ($)	Dec. 21, 2020USD ($)awellshares	Mar. 31, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)shares	Jun. 30, 2020USD ($)	Mar. 17, 2021USD ($)a
Business Acquisition [Line Items]
Merger and integration expense				$ 2	$ 0	$ 77	$ 0
Guidon Operating LLC
Business Acquisition [Line Items]
Number of shares issued (in shares) | shares		10,676
Cash consideration		$ 375
Number of additional wells | well		210
Proved properties			$ 537
Unproved properties			$ 573
Revenues				103		133
Direct operating expenses				49		$ 65
Guidon Operating LLC | Northern Midland Basin
Business Acquisition [Line Items]
Area of land (in acre) | a		32,500
QEP Resources Inc
Business Acquisition [Line Items]
Number of shares issued (in shares) | shares						12,120
Proved properties	$ 2,300
Unproved properties	$ 444
Revenues				359		$ 413
Direct operating expenses				$ 124		139
Total tier one acres (in acre) | a								49,000
Remaining debt								$ 1,600
Acquisition related costs						77
Acquisition related costs, incurred by QEP						$ 31
Exchange ratio (in shares)								0.050

ACQUISITIONS AND DIVESTITURES_2

ACQUISITIONS AND DIVESTITURES - Schedule of Acquisition Consideration Paid (Details) - Guidon Operating LLC $ / shares in Units, shares in Thousands, $ in Millions	Dec. 21, 2020USD ($)$ / sharesshares
Schedule of Asset Acquisition [Line Items]
Shares of Diamondback common stock issued at closing (shares) | shares	10,676
Closing price per share of Diamondback common stock on the closing date (in USD per share) | $ / shares	$ 69.28
Fair value of Diamondback common stock issued	$ 740
Cash consideration	375
Total consideration	$ 1,115

ACQUISITIONS AND DIVESTITURES_3

ACQUISITIONS AND DIVESTITURES - Schedule of Purchase Price Allocation (Details) - Guidon Operating LLC $ in Millions	Dec. 21, 2020USD ($)
Schedule of Asset Acquisition [Line Items]
Total consideration	$ 1,115
Fair value of liabilities assumed:
Asset retirement obligations	9
Fair value of assets acquired:
Oil and gas properties	1,110
Midstream assets	14
Amount attributable to assets acquired	1,124
Net assets acquired and liabilities assumed	$ 1,115

ACQUISITIONS AND DIVESTITURES_

ACQUISITIONS AND DIVESTITURES  - Schedule Of Acquisition Consideration Paid (Details) - QEP Resources Inc $ / shares in Units, $ in Millions	Mar. 17, 2021USD ($)$ / sharesshares
Business Acquisition [Line Items]
Eligible shares of QEP common stock to be converted into shares of Diamondback common stock (in shares)	238,153,000
Shares of QEP equity awards included in precombination consideration (in shares)	4,221,000
Total shares of QEP common stock eligible for merger consideration (in shares)	242,374,000
Exchange ratio (in shares)	0.050
Additional shares of Diamondback common stock to be issued as merger consideration (in shares)	12,119,000
Business acquisition, share price (in USD per share) | $ / shares	$ 81.41
Business combination, total consideration | $	$ 987

ACQUISITIONS AND DIVESTITURES_4

ACQUISITIONS AND DIVESTITURES - Schedule of Preliminary Purchase Price Allocation (Details) - QEP Resources Inc $ in Millions	Mar. 17, 2021USD ($)
Business Combination, Consideration Transferred [Abstract]
Total consideration	$ 987
Fair value of liabilities assumed:
Accounts payable - trade	26
Accrued capital expenditures	38
Other accrued liabilities	108
Revenues and royalties payable	67
Derivative instruments	242
Long-term debt	1,710
Asset retirement obligations	54
Other long-term liabilities	47
Amount attributable to liabilities assumed	2,292
Fair value of assets acquired:
Cash, cash equivalents and restricted cash	22
Accounts receivable - joint interest and other, net	87
Accounts receivable - oil and natural gas sales, net	44
Inventories	18
Income tax receivable	33
Prepaid expenses and other current assets	7
Oil and natural gas properties	2,938
Other property, equipment and land	9
Deferred income taxes	15
Other assets	106
Amount attributable to assets acquired	3,279
Net assets acquired and liabilities assumed	$ 987

ACQUISITIONS AND DIVESTITURES_5

ACQUISITIONS AND DIVESTITURES - Business Acquisition, Pro Forma Information (Details) - QEP Resources Inc - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Revenues	$ 1,656	$ 573	$ 3,137	$ 1,763
Income (loss) from operations	1,022	(2,714)	1,706	(3,536)
Net income (loss)	$ 388	$ (2,527)	$ 534	$ (2,469)
Basic earnings per common share (in USD per share)	$ 2.14	$ (13.98)	$ 2.95	$ (13.66)
Diluted earnings per common share (in USD per share)	$ 2.13	$ (13.98)	$ 2.94	$ (13.66)

ACQUISITIONS AND DIVESTITURES_6

ACQUISITIONS AND DIVESTITURES - Divestitures (Details) bbl in Thousands, MBoe in Thousands, MBbls in Thousands, Boe in Thousands, $ in Millions	May 03, 2021USD ($)aMBoeMBbls	Jun. 30, 2021USD ($)	Dec. 31, 2021Boeletterbbl	Jun. 07, 2021a	Jun. 03, 2021a
Williston Basin
Business Acquisition [Line Items]
Area of land (in acre)	95,000
Asset acquisition, price of acquisition, expected | $	$ 745
Oil and Gas, production reserve, volume | MBbls	15
Oil and gas, production reserve, energy | MBoe	25
Permian
Business Acquisition [Line Items]
Asset acquisition, price of acquisition, expected | $		$ 82
Subsequent Event | Permian
Business Acquisition [Line Items]
Oil and Gas, production reserve, volume | bbl			900
Oil and gas, production reserve, energy | Boe			2,650
Number of producing wells | letter			140
Southern Midland Basin | Permian
Business Acquisition [Line Items]
Area of land (in acre)					7,000
Delaware Basin | Permian
Business Acquisition [Line Items]
Total tier one acres (in acre)				1,300

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Oil and natural gas properties:
Not subject to depletion	$ 8,287	$ 7,493
Gross oil and natural gas properties	32,155	27,377
Accumulated depletion and depreciation	(12,914)	(12,314)
Midstream assets	1,018	1,013
Other property, equipment and land	160	138
Property and equipment, net	20,419	16,214
Oil and Natural Gas
Oil and natural gas properties:
Subject to depletion	23,868	19,884
Not subject to depletion	8,287	7,493
Gross oil and natural gas properties	32,155	27,377
Accumulated depletion and depreciation	(4,811)	(4,237)
Accumulated impairment	(7,954)	(7,954)
Oil and natural gas properties, net	19,390	15,186
Other Property and Equipment, Net
Oil and natural gas properties:
Accumulated depletion and depreciation	(149)	(123)
Other property, equipment and land	$ 160	$ 138

PROPERTY AND EQUIPMENT - Narrat

PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Impairment of oil and natural gas properties	$ 0		$ 2,539,000,000	$ 0	$ 3,548,000,000
Guidon Operating LLC And QEP Resources
Business Acquisition [Line Items]
Impairment of oil and natural gas properties		$ 0
QEP Resources Inc
Business Acquisition [Line Items]
Unamortized costs		3,000,000,000
Guidon Operating LLC
Business Acquisition [Line Items]
Unamortized costs		$ 1,100,000,000

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations, beginning of period	$ 109	$ 94
Additional liabilities incurred	6	7
Liabilities acquired	63	1
Liabilities settled and divested	(4)	0
Accretion expense	5	3
Revisions in estimated liabilities	13	0
Asset retirement obligations, end of period	192	105
Less current portion	7	1
Asset retirement obligations - long-term	$ 185	$ 104	$ 108

DEBT - Long-term Debt (Details)

DEBT - Long-term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2021	Mar. 24, 2021	Mar. 17, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt, gross	$ 7,360			$ 5,815
Unamortized debt issuance costs	(40)			(29)
Unamortized discount costs	(30)			(27)
Unamortized premium costs	14			15
Current maturities of long-term debt	0			(191)
Total long-term debt	7,360			5,624
Fair value of interest rate swap agreements
Debt Instrument [Line Items]
Fair value of interest rate swap agreements	$ (4)			0
4.625% Notes due 2021
Debt Instrument [Line Items]
Debt instrument stated interest rate	4.625%
Long-term debt, gross	$ 0			191
5.375% Senior Notes due 2022
Debt Instrument [Line Items]
Debt instrument stated interest rate	5.375%		5.375%
Long-term debt, gross	$ 25			0
7.320% Medium-term Notes, Series A, due 2022
Debt Instrument [Line Items]
Debt instrument stated interest rate	7.32%
Long-term debt, gross	$ 20			20
0.900% Senior Notes due 2023
Debt Instrument [Line Items]
Debt instrument stated interest rate	0.90%	0.90%
Long-term debt, gross	$ 650			0
5.250% Senior Notes due 2023
Debt Instrument [Line Items]
Debt instrument stated interest rate	5.25%		5.25%
Long-term debt, gross	$ 10			0
2.875% Senior Notes due 2024
Debt Instrument [Line Items]
Debt instrument stated interest rate	2.875%
Long-term debt, gross	$ 1,000			1,000
4.750% Senior Notes due 2025
Debt Instrument [Line Items]
Debt instrument stated interest rate	4.75%
Long-term debt, gross	$ 500			500
5.375% Senior Notes due 2025
Debt Instrument [Line Items]
Debt instrument stated interest rate	5.375%
Long-term debt, gross	$ 432			800
3.250% Senior Notes due 2026
Debt Instrument [Line Items]
Debt instrument stated interest rate	3.25%
Long-term debt, gross	$ 800			800
5.625% Senior Notes due 2026
Debt Instrument [Line Items]
Debt instrument stated interest rate	5.625%		5.625%
Long-term debt, gross	$ 18			0
7.125% Medium-term Notes, Series B, due 2028
Debt Instrument [Line Items]
Debt instrument stated interest rate	7.125%
Long-term debt, gross	$ 100			100
3.500% Senior Notes due 2029
Debt Instrument [Line Items]
Debt instrument stated interest rate	3.50%
Long-term debt, gross	$ 1,200			1,200
3.125% Senior Notes due 2031
Debt Instrument [Line Items]
Debt instrument stated interest rate	3.125%	3.125%
Long-term debt, gross	$ 900			0
4.400% Senior Notes due 2051
Debt Instrument [Line Items]
Debt instrument stated interest rate	4.40%	4.40%
Long-term debt, gross	$ 650			0
DrillCo Agreement
Debt Instrument [Line Items]
Long-term debt, gross	68			79
Revolving credit facility
Debt Instrument [Line Items]
Long-term debt, gross	0			23
Viper revolving credit facility | Viper Energy Partners LP
Debt Instrument [Line Items]
Long-term debt, gross	$ 62			84
Viper 5.375% Senior Notes due 2027
Debt Instrument [Line Items]
Debt instrument stated interest rate	5.375%
Viper 5.375% Senior Notes due 2027 | Viper Energy Partners LP
Debt Instrument [Line Items]
Long-term debt, gross	$ 480			480
Rattler revolving credit facility | Rattler LLC
Debt Instrument [Line Items]
Long-term debt, gross	$ 5			79
Rattler 5.625% Senior Notes due 2025
Debt Instrument [Line Items]
Debt instrument stated interest rate	5.625%
Rattler 5.625% Senior Notes due 2025 | Rattler LLC
Debt Instrument [Line Items]
Long-term debt, gross	$ 500			$ 500
Senior Notes Due 2029 | Fair value of interest rate swap agreements | Designated as Hedging Instrument
Debt Instrument [Line Items]
Fair value hedges	$ 1,200
Derivative, fixed interest rate	3.50%

DEBT - Second Amended and Resta

DEBT - Second Amended and Restated Credit Facility (Details)	Jun. 02, 2021USD ($)extension	Jun. 30, 2021USD ($)letter	Jun. 30, 2020	Jun. 30, 2021USD ($)letter	Jun. 30, 2020	Jul. 01, 2021USD ($)	Jun. 01, 2021USD ($)	Dec. 31, 2020USD ($)
Line of Credit Facility [Line Items]
Outstanding borrowings		$ 7,360,000,000		$ 7,360,000,000				$ 5,815,000,000
Amended And Restated Credit Agreement
Line of Credit Facility [Line Items]
Number of extensions | extension	2
Debt instrument, term	1 year
Maximum borrowing capacity	$ 1,600,000,000	2,600,000,000		2,600,000,000			$ 2,000,000,000
Amended And Restated Credit Agreement | Subsequent Event
Line of Credit Facility [Line Items]
Line of credit facility, additional borrowing capacity						$ 1,000,000,000
Swingline Loans
Line of Credit Facility [Line Items]
Long-term line of credit		100,000,000		100,000,000
Revolving credit facility
Line of Credit Facility [Line Items]
Outstanding borrowings		0		0				$ 23,000,000
Remaining borrowing capacity		$ 1,600,000,000		$ 1,600,000,000
Number of letters of credit outstanding | letter		3,000,000		3,000,000
Weighted average rate		1.68%	2.02%	1.67%	2.42%
Revolving credit facility | Minimum | Investment Grade Annually
Line of Credit Facility [Line Items]
Quarterly commitment fee percentage based on unused portion of borrowing base				0.15%
Revolving credit facility | Maximum | Investment Grade Annually
Line of Credit Facility [Line Items]
Quarterly commitment fee percentage based on unused portion of borrowing base				0.35%
Revolving credit facility | Federal Funds Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate				0.50%
Revolving credit facility | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate				1.00%
Revolving credit facility | LIBOR | Minimum | Investment Grade Annually
Line of Credit Facility [Line Items]
Basis spread on variable rate				1.25%
Revolving credit facility | LIBOR | Maximum | Investment Grade Annually
Line of Credit Facility [Line Items]
Basis spread on variable rate				2.125%
Revolving credit facility | Base Rate | Minimum | Investment Grade Annually
Line of Credit Facility [Line Items]
Basis spread on variable rate				0.25%
Revolving credit facility | Base Rate | Maximum | Investment Grade Annually
Line of Credit Facility [Line Items]
Basis spread on variable rate				1.125%

DEBT - March 2021 Notes Offerin

DEBT - March 2021 Notes Offering (Details) - USD ($)	Mar. 24, 2021	Jun. 30, 2021	Mar. 17, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Issuance costs and discount		$ 30,000,000		$ 27,000,000
March 2021 Notes
Debt Instrument [Line Items]
Issuance costs and discount			$ 24,000,000
Proceeds from debt, net	$ 2,180,000,000
Debt, redemption price, percentage	100.00%
Debt, redemption price, percentage upon change of control triggering event	101.00%
0.900% Senior Notes due 2023
Debt Instrument [Line Items]
Aggregate principal amount	$ 650,000,000
Debt instrument stated interest rate	0.90%	0.90%
3.125% Senior Notes due 2031
Debt Instrument [Line Items]
Aggregate principal amount	$ 900,000,000
Debt instrument stated interest rate	3.125%	3.125%
4.400% Senior Notes due 2051
Debt Instrument [Line Items]
Aggregate principal amount	$ 650,000,000
Debt instrument stated interest rate	4.40%	4.40%

DEBT - QEP Notes and Repurchase

DEBT - QEP Notes and Repurchases of Notes (Details) - USD ($)	Mar. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 17, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Outstanding borrowings		$ 7,360,000,000		$ 7,360,000,000		$ 7,360,000,000			$ 5,815,000,000
Repurchase of debt						2,107,000,000	$ 222,000,000
Loss on extinguishment of debt				0	$ 3,000,000	61,000,000	$ 3,000,000
QEP Notes
Debt Instrument [Line Items]
Outstanding borrowings		$ 1,650,000,000		$ 1,650,000,000		1,650,000,000
Repurchase of debt	$ 1,700,000,000
Redemption and early premium fees	$ 152,000,000
Loss on extinguishment of debt						$ 47,000,000
5.375% Senior Notes due 2022
Debt Instrument [Line Items]
Aggregate principal amount								$ 478,000,000
Debt instrument stated interest rate		5.375%		5.375%		5.375%		5.375%
Outstanding borrowings		$ 25,000,000		$ 25,000,000		$ 25,000,000			0
Debt		$ 453,000,000		$ 453,000,000		$ 453,000,000
Effective percentage		94.65%		94.65%		94.65%
5.250% Senior Notes due 2023
Debt Instrument [Line Items]
Aggregate principal amount								$ 673,000,000
Debt instrument stated interest rate		5.25%		5.25%		5.25%		5.25%
Outstanding borrowings		$ 10,000,000		$ 10,000,000		$ 10,000,000			0
Debt		$ 663,000,000		$ 663,000,000		$ 663,000,000
Effective percentage		98.43%		98.43%		98.43%
5.625% Senior Notes due 2026
Debt Instrument [Line Items]
Aggregate principal amount								$ 558,000,000
Debt instrument stated interest rate		5.625%		5.625%		5.625%		5.625%
Outstanding borrowings		$ 18,000,000		$ 18,000,000		$ 18,000,000			0
Debt		$ 538,000,000		$ 538,000,000		$ 538,000,000
Effective percentage		96.35%		96.35%		96.35%
5.375% Senior Notes due 2025
Debt Instrument [Line Items]
Debt instrument stated interest rate		5.375%		5.375%		5.375%
Outstanding borrowings		$ 432,000,000		$ 432,000,000		$ 432,000,000			800,000,000
Repurchase of debt			$ 381,000,000
Redemption and early premium fees			$ 13,000,000
Loss on extinguishment of debt						14,000,000
Repurchased principal amount		$ 368,000,000		$ 368,000,000		$ 368,000,000
Percentage of outstanding debt		45.97%		45.97%		45.97%
Energen Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate		4.625%		4.625%		4.625%
Redemption, amount		$ 191,000,000
7.125% Medium-term Notes, Series B, due 2028
Debt Instrument [Line Items]
Aggregate principal amount		$ 100,000,000		$ 100,000,000		$ 100,000,000
Debt instrument stated interest rate		7.125%		7.125%		7.125%
Outstanding borrowings		$ 100,000,000		$ 100,000,000		$ 100,000,000			100,000,000
7.320% Medium-term Notes, Series A, due 2022
Debt Instrument [Line Items]
Aggregate principal amount		$ 20,000,000		$ 20,000,000		$ 20,000,000
Debt instrument stated interest rate		7.32%		7.32%		7.32%
Outstanding borrowings		$ 20,000,000		$ 20,000,000		$ 20,000,000			$ 20,000,000

DEBT - Viper_s Credit Agreement

DEBT - Viper’s Credit Agreement (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Line of Credit Facility [Line Items]
Outstanding borrowings	$ 7,360,000,000		$ 7,360,000,000		$ 5,815,000,000
Viper revolving credit facility | Viper Energy Partners LP
Line of Credit Facility [Line Items]
Maximum borrowing capacity	2,000,000,000		2,000,000,000
Current borrowing capacity	580,000,000		580,000,000
Remaining borrowing capacity	500,000,000	$ 438,000,000	500,000,000	$ 438,000,000
Outstanding borrowings	$ 62,000,000		$ 62,000,000		$ 84,000,000
Weighted average rate	1.93%	1.90%	2.41%	2.82%

DEBT - Rattler's Credit Agreeme

DEBT - Rattler's Credit Agreement (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Line of Credit Facility [Line Items]
Outstanding borrowings	$ 7,360,000,000		$ 7,360,000,000		$ 5,815,000,000
Rattler revolving credit facility | Rattler LLC
Line of Credit Facility [Line Items]
Maximum borrowing capacity	600,000,000		600,000,000
Expandable amount	1,000,000,000		1,000,000,000
Outstanding borrowings	5,000,000		5,000,000		$ 79,000,000
Remaining borrowing capacity	$ 595,000,000		$ 595,000,000
Weighted average rate	1.36%	2.43%	1.39%	2.64%

CAPITAL STOCK AND EARNINGS PE_3

CAPITAL STOCK AND EARNINGS PER SHARE - Narrative (Details) - shares shares in Thousands	Dec. 21, 2020	Jun. 30, 2021
QEP Resources Inc
Business Acquisition [Line Items]
Number of shares issued (in shares)		12,120
Guidon Operating LLC
Business Acquisition [Line Items]
Number of shares issued (in shares)	10,676

CAPITAL STOCK AND EARNINGS PE_4

CAPITAL STOCK AND EARNINGS PER SHARE - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Basic:
Net income (loss) attributable to common stock	$ 311	$ (2,393)	$ 531	$ (2,665)
Net income (loss) attributable to common stock	$ 311	$ (2,393)	$ 531	$ (2,665)
Basic weighted average common units outstanding (in shares)	181,009,000	157,829,000	172,636,000	158,060,000
Effect of dilutive securities:
Potential common shares issuable (in shares)	959,000	0	882,000	0
Diluted:
Diluted weighted average common shares outstanding (in shares)	181,968,000	157,829,000	173,518,000	158,060,000
Basic net income attributable to common stock (in USD per share)	$ 1.72	$ (15.16)	$ 3.08	$ (16.86)
Diluted net income attributable to common stock (in USD per share)	$ 1.71	$ (15.16)	$ 3.06	$ (16.86)
Antidilutive securities, restricted stock units (in shares)	80,329	0	105,577	0

CAPITAL STOCK AND EARNINGS PE_5

CAPITAL STOCK AND EARNINGS PER SHARE - Change in Ownership of Consolidated Subsidiaries (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income (loss) attributable to Diamondback Energy, Inc.	$ 311		$ (2,393)	$ 531	$ (2,665)
Change in ownership of consolidated subsidiaries, net	1	$ 0	0
Limited Partner
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income (loss) attributable to Diamondback Energy, Inc.	311		(2,393)	531	(2,665)
Change in ownership of consolidated subsidiaries, net	(3)		329	(7)	329
Change from net income (loss) attributable to the Company's stockholders and transfers to non-controlling interest	$ 308		$ (2,064)	$ 524	$ (2,336)

EQUITY-BASED COMPENSATION - (Na

EQUITY-BASED COMPENSATION - (Narratives) (Details) - Equity Plan - shares shares in Millions	Jun. 30, 2021	Jun. 02, 2021
Restricted Stock Awards & Units
Shares authorized for issuance (in shares)	11.8	8.3
Common stock available for future grants (in shares)	4.9

EQUITY-BASED COMPENSATION - Sch

EQUITY-BASED COMPENSATION - Schedule of Stock-Based Compensation Plans and Related Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Equity-based compensation capitalized pursuant to full cost method of accounting for oil and natural gas properties	$ 5	$ 2	$ 9	$ 8
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
General and administrative expenses	$ 13	$ 9	$ 23	$ 18

EQUITY-BASED COMPENSATION - Res

EQUITY-BASED COMPENSATION - Restricted Stock Units (Details) - Equity Plan - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Restricted Stock Units
Unvested, beginning balance (in shares)	1,113,480
Granted (in shares)	655,634
Vested (in shares)	(322,524)
Forfeited (in shares)	(53,005)
Unvested, ending balance (in shares)	1,393,585
Weighted Average Grant-Date Fair Value
Unvested, beginning balance (in USD per share) | $ / shares	$ 48.58
Granted (in USD per share) | $ / shares	80.06
Vested (in USD per share) | $ / shares	77.07
Forfeited (in USD per share) | $ / shares	49.48
Unvested, ending balance (in USD per share) | $ / shares	$ 56.76
QEP Resources Inc
Restricted Stock Units
Granted (in shares)	164,088

EQUITY-BASED COMPENSATION - R_2

EQUITY-BASED COMPENSATION - Restricted Stock Units (Narratives) (Details) - Restricted Stock Units (RSUs) - Equity Plan - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregated fair value of restricted stock	$ 25	$ 9
Share based award not recognized	$ 63
Share based payment not recognized	2 years 3 months 18 days

EQUITY-BASED COMPENSATION - Per

EQUITY-BASED COMPENSATION - Performance Restricted Stock Activity (Details) - Equity Plan - Performance Shares - $ / shares	1 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021
Performance Restricted Stock Units
Unvested, beginning balance (in shares)		411,587
Granted (in shares)	198,454	198,454
Unvested, ending balance (in shares)		610,041
Weighted Average Grant-Date Fair Value
Unvested, beginning balance (in USD per share)		$ 99.10
Granted (in USD per share)	$ 131.06	131.06
Unvested, ending balance (in USD per share)		$ 109.49
Share based compensation arrangement by share based payment maximum award potential (in shares)		1,431,833

EQUITY-BASED COMPENSATION - P_2

EQUITY-BASED COMPENSATION - Performance Based Restricted Stock Units (Narratives) (Details) - Performance Shares - Equity Plan - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based award not recognized		$ 38
Share based payment not recognized		1 year 10 months 24 days
Granted (in shares)	198,454	198,454
Number of shares authorized percent of shares granted	250.00%
Performance shares, performance period	3 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized percent of shares granted	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized percent of shares granted	200.00%

EQUITY-BASED COMPENSATION - Val

EQUITY-BASED COMPENSATION - Valuation Assumptions (Details) - Equity Plan - Performance Shares - $ / shares	1 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021
Restricted Stock Awards & Units
Granted (in USD per share)	$ 131.06	$ 131.06
Risk-free rate	0.15%
Company volatility	69.60%

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2017	Mar. 31, 2021	Mar. 17, 2021
Business Acquisition [Line Items]
Effective income tax rate	22.30%	22.00%		22.40%	17.50%
Discrete income tax expense (benefit) related to deferred taxes recorded during the period			$ 25	$ 143	$ 25
Federal net losses			$ 179
Current federal taxes receivable							$ 100
Income taxes receivable	$ 33	$ 31		$ 33	$ 31
Federal Statutory Income Tax Rate, Percent						35.00%
QEP Resources Inc
Business Acquisition [Line Items]
Deferred income taxes								$ 15

DERIVATIVES - Open Derivative P

DERIVATIVES - Open Derivative Positions (Details) MMBTU in Thousands	6 Months Ended
	Jun. 30, 2021MMBTU$ / bbl$ / MMBTUbbl
OIL | 2021 | Rolling Swap | WTI
Derivative [Line Items]
Volume (Bbls) | bbl	4,000
Weighted average differential (per Bbl)	0
OIL | 2021 | July - Sep. | Swap | WTI
Derivative [Line Items]
Volume (Bbls) | bbl	38,348
Weighted average differential (per Bbl)	0
Weighted Average Fixed Price (per Bbl/MMBtu/Gallon)	42.82
OIL | 2021 | July - Sep. | Rolling Swap | WTI
Derivative [Line Items]
Volume (Bbls) | bbl	57,261
Weighted average differential (per Bbl)	0.50
Weighted Average Fixed Price (per Bbl/MMBtu/Gallon)	0
OIL | 2021 | July - Sep. | Costless Collar | WTI
Derivative [Line Items]
Volume (Bbls) | bbl	17,685
Weighted Average Floor Price (USD per Bbl)	35.27
Weighted Average Ceiling Price (USD per Bbl)	46.50
OIL | 2021 | July - Sep. | Costless Collar | Argus WTI Houston
Derivative [Line Items]
Volume (Bbls) | bbl	5,000
Weighted Average Floor Price (USD per Bbl)	45
Weighted Average Ceiling Price (USD per Bbl)	57.90
OIL | 2021 | July - Sep. | Costless Collar | Brent
Derivative [Line Items]
Volume (Bbls) | bbl	67,000
Weighted Average Floor Price (USD per Bbl)	40.39
Weighted Average Ceiling Price (USD per Bbl)	49.28
OIL | 2021 | Oct. - Dec. | Swap | WTI
Derivative [Line Items]
Volume (Bbls) | bbl	30,674
Weighted average differential (per Bbl)	0
Weighted Average Fixed Price (per Bbl/MMBtu/Gallon)	42.36
OIL | 2021 | Oct. - Dec. | Rolling Swap | WTI
Derivative [Line Items]
Volume (Bbls) | bbl	64,000
Weighted average differential (per Bbl)	0.56
Weighted Average Fixed Price (per Bbl/MMBtu/Gallon)	0
OIL | 2021 | Oct. - Dec. | Costless Collar | WTI
Derivative [Line Items]
Volume (Bbls) | bbl	26,663
Weighted Average Floor Price (USD per Bbl)	38.69
Weighted Average Ceiling Price (USD per Bbl)	53.80
OIL | 2021 | Oct. - Dec. | Costless Collar | Argus WTI Houston
Derivative [Line Items]
Volume (Bbls) | bbl	5,000
Weighted Average Floor Price (USD per Bbl)	45
Weighted Average Ceiling Price (USD per Bbl)	78.75
OIL | 2021 | Oct. - Dec. | Costless Collar | Brent
Derivative [Line Items]
Volume (Bbls) | bbl	69,000
Weighted Average Floor Price (USD per Bbl)	40.52
Weighted Average Ceiling Price (USD per Bbl)	49.71
OIL | 2021 | July - Dec. | Swap | Argus WTI Houston
Derivative [Line Items]
Volume (Bbls) | bbl	5,000
Weighted average differential (per Bbl)	0
Weighted Average Fixed Price (per Bbl/MMBtu/Gallon)	37.78
OIL | 2021 | July - Dec. | Swap | Brent
Derivative [Line Items]
Volume (Bbls) | bbl	5,000
Weighted average differential (per Bbl)	0
Weighted Average Fixed Price (per Bbl/MMBtu/Gallon)	41.62
OIL | 2021 | July - Dec. | Basis Swap | Argus WTI Midland
Derivative [Line Items]
Volume (Bbls) | bbl	34,000
Weighted average differential (per Bbl)	0.91
Weighted Average Fixed Price (per Bbl/MMBtu/Gallon)	0
OIL | 2022 | July - Sep. | Costless Collar | Brent
Derivative [Line Items]
Volume (Bbls) | bbl	7,000
Weighted Average Floor Price (USD per Bbl)	46.43
Weighted Average Ceiling Price (USD per Bbl)	78.16
OIL | 2022 | Oct. - Dec. | Costless Collar | Brent
Derivative [Line Items]
Volume (Bbls) | bbl	5,000
Weighted Average Floor Price (USD per Bbl)	45
Weighted Average Ceiling Price (USD per Bbl)	75.56
OIL | 2022 | Jan. - June | Swap | WTI
Derivative [Line Items]
Volume (Bbls) | bbl	1,000
Weighted average differential (per Bbl)	0
Weighted Average Fixed Price (per Bbl/MMBtu/Gallon)	45
OIL | 2022 | Jan. - Dec. | Basis Swap | Argus WTI Midland
Derivative [Line Items]
Volume (Bbls) | bbl	10,000
Weighted average differential (per Bbl)	0.84
Weighted Average Fixed Price (per Bbl/MMBtu/Gallon)	0
OIL | 2022 | Jan. - Dec. | Rolling Swap | WTI
Derivative [Line Items]
Volume (Bbls) | bbl	20,000
Weighted average differential (per Bbl)	0.54
Weighted Average Fixed Price (per Bbl/MMBtu/Gallon)	0
OIL | 2022 | Jan. - Mar. | WTI
Derivative [Line Items]
Strike Price (USD per Bbl)	47.52
OIL | 2022 | Jan. - Mar. | Brent | Short
Derivative [Line Items]
Volume (Bbls) | bbl	5,000
OIL | 2022 | Jan. - Mar. | Costless Collar | WTI
Derivative [Line Items]
Volume (Bbls) | bbl	16,500
Weighted Average Floor Price (USD per Bbl)	45.61
Weighted Average Ceiling Price (USD per Bbl)	71.34
OIL | 2022 | Jan. - Mar. | Costless Collar | Argus WTI Houston
Derivative [Line Items]
Volume (Bbls) | bbl	22,000
Weighted Average Floor Price (USD per Bbl)	45.91
Weighted Average Ceiling Price (USD per Bbl)	70.95
OIL | 2022 | Jan. - Mar. | Costless Collar | Brent
Derivative [Line Items]
Volume (Bbls) | bbl	53,000
Weighted Average Floor Price (USD per Bbl)	45.38
Weighted Average Ceiling Price (USD per Bbl)	70.61
OIL | 2022 | Apr. - June | Costless Collar | WTI
Derivative [Line Items]
Volume (Bbls) | bbl	8,000
Weighted Average Floor Price (USD per Bbl)	46.25
Weighted Average Ceiling Price (USD per Bbl)	71.84
OIL | 2022 | Apr. - June | Costless Collar | Argus WTI Houston
Derivative [Line Items]
Volume (Bbls) | bbl	20,000
Weighted Average Floor Price (USD per Bbl)	46
Weighted Average Ceiling Price (USD per Bbl)	71.29
OIL | 2022 | Apr. - June | Costless Collar | Brent
Derivative [Line Items]
Volume (Bbls) | bbl	30,000
Weighted Average Floor Price (USD per Bbl)	46
Weighted Average Ceiling Price (USD per Bbl)	76.37
NATURAL GAS | 2021 | July - Dec. | Swap | Henry Hub
Derivative [Line Items]
Volume, energy measure (MMBtu) | MMBTU	245
Weighted average differential (per Bbl) | $ / MMBTU	0
Weighted Average Fixed Price (per Bbl/MMBtu/Gallon) | $ / MMBTU	2.65
NATURAL GAS | 2021 | July - Dec. | Swap | Waha Hub
Derivative [Line Items]
Volume, energy measure (MMBtu) | MMBTU	50
Weighted average differential (per Bbl) | $ / MMBTU	0
Weighted Average Fixed Price (per Bbl/MMBtu/Gallon) | $ / MMBTU	1.92
NATURAL GAS | 2021 | July - Dec. | Basis Swap | Waha Hub
Derivative [Line Items]
Volume, energy measure (MMBtu) | MMBTU	250
Weighted average differential (per Bbl) | $ / MMBTU	(0.66)
Weighted Average Fixed Price (per Bbl/MMBtu/Gallon) | $ / MMBTU	0
NATURAL GAS | 2022 | July - Dec. | Costless Collar | Henry Hub
Derivative [Line Items]
Volume, energy measure (MMBtu) | MMBTU	60
Weighted Average Floor Price (USD per Bbl)	2.50
Weighted Average Ceiling Price (USD per Bbl)	4.51
NATURAL GAS | 2022 | Jan. - June | Costless Collar | Henry Hub
Derivative [Line Items]
Volume, energy measure (MMBtu) | MMBTU	160
Weighted Average Floor Price (USD per Bbl)	2.50
Weighted Average Ceiling Price (USD per Bbl)	3.93
NATURAL GAS | 2022 | Jan. - Dec. | Basis Swap | Waha Hub
Derivative [Line Items]
Volume, energy measure (MMBtu) | MMBTU	210
Weighted average differential (per Bbl) | $ / MMBTU	(0.34)
Weighted Average Fixed Price (per Bbl/MMBtu/Gallon) | $ / MMBTU	0
NATURAL GAS LIQUIDS | 2021 | July - Dec. | Swap | Mont Belvieu Propane
Derivative [Line Items]
Volume (Bbls) | bbl	2,000
Weighted average differential (per Bbl) | $ / MMBTU	0
Weighted Average Fixed Price (per Bbl/MMBtu/Gallon) | $ / MMBTU	29.40

DERIVATIVES - Interest Rate Swa

DERIVATIVES - Interest Rate Swaps (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)instrument	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)instrument	Jun. 30, 2020USD ($)
Derivative [Line Items]
Number of instruments held | instrument	2		2
Net cash received (paid) on settlements	$ (323)	$ 210	$ (425)	$ 297
Interest rate swaps
Derivative [Line Items]
Derivative, notional amount	600		600
Net cash received (paid) on settlements	$ 0	$ 0	$ 80	$ 0
Interest rate swaps | Designated as Hedging Instrument | LIBOR
Derivative [Line Items]
Derivative, average variable interest rate	2.1865%		2.1865%
Interest rate swaps designated as hedges | Senior Notes Due 2029 | Designated as Hedging Instrument
Derivative [Line Items]
Fair value hedges	$ 1,200		$ 1,200
Derivative, fixed interest rate	3.50%		3.50%

DERIVATIVES - Derivatives Not D

DERIVATIVES - Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net	$ (497)	$ (361)	$ (661)	$ 181
Net cash received (paid) on settlements	(323)	210	(425)	297
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net	(497)	(353)	(791)	251
Net cash received (paid) on settlements	(323)	210	(505)	297
Cash received on contract			80
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net	0	(8)	130	(70)
Net cash received (paid) on settlements	$ 0	$ 0	$ 80	$ 0

FAIR VALUE MEASUREMENTS - Recur

FAIR VALUE MEASUREMENTS - Recurring Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current:
Derivative instruments	$ 13	$ 1
Non-current:
Derivative instruments	5	0
Current:
Derivative instruments	773	249
Non-current:
Derivative instruments	32	57
Recurring | Derivative instruments
Current:
Total Gross Fair Value	34	43
Gross Amounts Offset in Balance Sheet	(34)	(42)
Derivative instruments	0	1
Non-current:
Total Gross Fair Value	14	187
Gross Amounts Offset in Balance Sheet	(9)	(187)
Derivative instruments	5	0
Current:
Total Gross Fair Value	807	291
Gross Amounts Offset in Balance Sheet	(34)	(42)
Derivative instruments	773	249
Non-current:
Total Gross Fair Value	24	244
Gross Amounts Offset in Balance Sheet	(9)	(187)
Derivative instruments	15	57
Recurring | Interest rate swaps designated as hedges
Current:
Total Gross Fair Value	13
Gross Amounts Offset in Balance Sheet	0
Derivative instruments	13
Non-current:
Total Gross Fair Value	13
Gross Amounts Offset in Balance Sheet	(13)
Derivative instruments	0
Non-current:
Total Gross Fair Value	30
Gross Amounts Offset in Balance Sheet	(13)
Derivative instruments	17
Recurring | Level 1 | Derivative instruments
Current:
Total Gross Fair Value	0	0
Non-current:
Total Gross Fair Value	0	0
Current:
Total Gross Fair Value	0	0
Non-current:
Total Gross Fair Value	0	0
Recurring | Level 1 | Interest rate swaps designated as hedges
Current:
Total Gross Fair Value	0
Non-current:
Total Gross Fair Value	0
Non-current:
Total Gross Fair Value	0
Recurring | Level 2 | Derivative instruments
Current:
Total Gross Fair Value	34	43
Non-current:
Total Gross Fair Value	14	187
Current:
Total Gross Fair Value	807	291
Non-current:
Total Gross Fair Value	24	244
Recurring | Level 2 | Interest rate swaps designated as hedges
Current:
Total Gross Fair Value	13
Non-current:
Total Gross Fair Value	13
Non-current:
Total Gross Fair Value	30
Recurring | Level 3 | Derivative instruments
Current:
Total Gross Fair Value	0	0
Non-current:
Total Gross Fair Value	0	0
Current:
Total Gross Fair Value	0	0
Non-current:
Total Gross Fair Value	0	$ 0
Recurring | Level 3 | Interest rate swaps designated as hedges
Current:
Total Gross Fair Value	0
Non-current:
Total Gross Fair Value	0
Non-current:
Total Gross Fair Value	$ 0

FAIR VALUE MEASUREMENTS - Nonre

FAIR VALUE MEASUREMENTS - Nonrecurring Measurements (Details) - Nonrecurring - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Carrying Value
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Debt	$ 7,360	$ 5,815
Fair Value
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Debt	$ 7,888	$ 6,213

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Jun. 30, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contractual obligations	$ 68

SUBSEQUENT EVENTS - Narratives

SUBSEQUENT EVENTS - Narratives (Details) - USD ($)	Aug. 24, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jul. 23, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Dividends declared per share (in USD per share)		$ 0.45	$ 0.375	$ 0.85	$ 0.75
Long-term debt, gross		$ 7,360,000,000		$ 7,360,000,000			$ 5,815,000,000
5.375% Senior Notes due 2025
Subsequent Event [Line Items]
Debt instrument stated interest rate		5.375%		5.375%
Long-term debt, gross		$ 432,000,000		$ 432,000,000			$ 800,000,000
5.375% Senior Notes due 2025 | Forecast
Subsequent Event [Line Items]
Debt, redemption price, percentage	102.688%
5.375% Senior Notes due 2025 | Subsequent Event
Subsequent Event [Line Items]
Debt instrument stated interest rate						5.375%
Long-term debt, gross						$ 432,000,000

SEGMENT INFORMATION- Additional

SEGMENT INFORMATION- Additional Information (Details)	6 Months Ended
	Jun. 30, 2021segment
Segment Reporting [Abstract]
Number of business segments	2

SEGMENT INFORMATION - Summary o

SEGMENT INFORMATION - Summary of Business Segments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 1,681,000,000	$ 425,000,000	$ 2,865,000,000	$ 1,324,000,000
Depreciation, depletion, amortization and accretion	341,000,000	344,000,000	614,000,000	753,000,000
Impairment of oil and natural gas properties	0	2,539,000,000	0	3,548,000,000
Impairment of midstream assets			3,000,000
Income (loss) from operations	955,000,000	(2,672,000,000)	1,526,000,000	(3,474,000,000)
Interest expense, net	(57,000,000)	(46,000,000)	(113,000,000)	(94,000,000)
Other income (expense)	(476,000,000)	(374,000,000)	(703,000,000)	159,000,000
Provision for (benefit from) income taxes	94,000,000	(681,000,000)	159,000,000	(598,000,000)
Net income (loss) attributable to non-controlling interest	17,000,000	(18,000,000)	20,000,000	(146,000,000)
Net income (loss) attributable to Diamondback Energy, Inc.	311,000,000	(2,393,000,000)	531,000,000	(2,665,000,000)
Assets	22,335,000,000		22,335,000,000		$ 17,619,000,000
Upstream
Segment Reporting Information [Line Items]
Revenues	1,669,000,000	412,000,000	2,841,000,000	1,295,000,000
Midstream Operations
Segment Reporting Information [Line Items]
Revenues	111,000,000	90,000,000	210,000,000	218,000,000
Operating Segments | Upstream
Segment Reporting Information [Line Items]
Revenues	1,669,000,000	412,000,000	2,841,000,000	1,295,000,000
Depreciation, depletion, amortization and accretion	325,000,000	332,000,000	587,000,000	728,000,000
Impairment of oil and natural gas properties		2,539,000,000		3,548,000,000
Impairment of midstream assets			0
Income (loss) from operations	927,000,000	(2,642,000,000)	1,479,000,000	(3,424,000,000)
Interest expense, net	(48,000,000)	(44,000,000)	(97,000,000)	(89,000,000)
Other income (expense)	(502,000,000)	(358,000,000)	(724,000,000)	177,000,000
Provision for (benefit from) income taxes	91,000,000	(682,000,000)	154,000,000	(603,000,000)
Net income (loss) attributable to non-controlling interest	5,000,000	(18,000,000)	2,000,000	(146,000,000)
Net income (loss) attributable to Diamondback Energy, Inc.	281,000,000	(2,344,000,000)	502,000,000	(2,587,000,000)
Assets	20,947,000,000		20,947,000,000		16,128,000,000
Operating Segments | Midstream Operations
Segment Reporting Information [Line Items]
Revenues	12,000,000	13,000,000	24,000,000	29,000,000
Depreciation, depletion, amortization and accretion	16,000,000	12,000,000	27,000,000	25,000,000
Impairment of oil and natural gas properties		0		0
Impairment of midstream assets			3,000,000
Income (loss) from operations	39,000,000	29,000,000	77,000,000	90,000,000
Interest expense, net	(9,000,000)	(2,000,000)	(16,000,000)	(5,000,000)
Other income (expense)	28,000,000	(13,000,000)	25,000,000	(13,000,000)
Provision for (benefit from) income taxes	3,000,000	1,000,000	5,000,000	5,000,000
Net income (loss) attributable to non-controlling interest	12,000,000	10,000,000	18,000,000	51,000,000
Net income (loss) attributable to Diamondback Energy, Inc.	43,000,000	3,000,000	63,000,000	16,000,000
Assets	1,740,000,000		1,740,000,000		1,809,000,000
Eliminations
Segment Reporting Information [Line Items]
Revenues	(99,000,000)	(77,000,000)	(186,000,000)	(189,000,000)
Depreciation, depletion, amortization and accretion	0	0	0	0
Impairment of oil and natural gas properties		0		0
Impairment of midstream assets			0
Income (loss) from operations	(11,000,000)	(59,000,000)	(30,000,000)	(140,000,000)
Interest expense, net	0	0	0	0
Other income (expense)	(2,000,000)	(3,000,000)	(4,000,000)	(5,000,000)
Provision for (benefit from) income taxes	0	0	0	0
Net income (loss) attributable to non-controlling interest	0	(10,000,000)	0	(51,000,000)
Net income (loss) attributable to Diamondback Energy, Inc.	(13,000,000)	$ (52,000,000)	(34,000,000)	$ (94,000,000)
Assets	$ (352,000,000)		$ (352,000,000)		$ (318,000,000)