Diamondback Energy (FANG) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		177,492,631
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001539838
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 149	$ 654
Restricted cash	18	18
Accounts receivable:
Joint interest and other, net	113	72
Oil and natural gas sales, net	966	598
Inventories	62	62
Derivative instruments	6	13
Income tax receivable	0	1
Prepaid expenses and other current assets	33	28
Total current assets	1,347	1,446
Property and equipment:
Oil and natural gas properties, full cost method of accounting ($8,512 million and $8,496 million excluded from amortization at March 31, 2022 and December 31, 2021, respectively)	33,645	32,914
Midstream assets	1,118	1,076
Other property, equipment and land	185	174
Accumulated depletion, depreciation, amortization and impairment	(13,840)	(13,545)
Property and equipment, net	21,108	20,619
Funds held in escrow	0	12
Equity method investments	643	613
Derivative instruments	37	4
Deferred income taxes, net	37	40
Investment in real estate, net	88	88
Other assets	71	76
Total assets	23,331	22,898
Current liabilities:
Accounts payable - trade	49	36
Accrued capital expenditures	301	295
Current maturities of long-term debt	45	45
Other accrued liabilities	411	419
Revenues and royalties payable	578	452
Derivative instruments	339	174
Deferred income taxes	149	17
Total current liabilities	1,872	1,438
Long-term debt	5,803	6,642
Derivative instruments	94	29
Asset retirement obligations	254	166
Deferred income taxes	1,421	1,338
Other long-term liabilities	35	40
Total liabilities	9,479	9,653
Commitments and contingencies (Note 14)
Stockholders’ equity:
Common stock, $0.01 par value; 400,000,000 shares authorized; 177,550,589 and 177,551,347 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	2	2
Additional paid-in capital	14,067	14,084
Retained earnings (accumulated deficit)	(1,326)	(1,998)
Total Diamondback Energy, Inc. stockholders’ equity	12,743	12,088
Non-controlling interest	1,109	1,157
Total equity	13,852	13,245
Total liabilities and equity	$ 23,331	$ 22,898

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Oil and natural gas properties, amortization excluded	$ 8,512	$ 8,496
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)	177,550,589	177,551,347
Shares Outstanding (in Shares)	177,550,589	177,551,347

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Revenue	$ 2,389	$ 1,172
Other operating income	2	1
Total revenues	2,408	1,184
Costs and expenses:
Lease operating expenses	149	102
Production and ad valorem taxes	161	75
Depreciation, depletion, amortization and accretion	313	273
General and administrative expenses	36	25
Merger and integration expense	0	75
Other operating expense	8	4
Total costs and expenses	748	613
Income (loss) from operations	1,660	571
Other income (expense):
Interest expense, net	(40)	(56)
Other income (expense), net	1	1
Gain (loss) on derivative instruments, net	(552)	(164)
Gain (loss) on extinguishment of debt	(54)	(61)
Income (loss) from equity investments	9	(3)
Total other income (expense), net	(636)	(283)
Income (loss) before income taxes	1,024	288
Provision for (benefit from) income taxes	221	65
Net income (loss)	803	223
Net income (loss) attributable to non-controlling interest	24	3
Net income (loss) attributable to Diamondback Energy, Inc.	$ 779	$ 220
Earnings (loss) per common share:
Basic (in USD per share)	$ 4.39	$ 1.34
Diluted (in USD per share)	$ 4.36	$ 1.33
Weighted average common shares outstanding:
Basic (in shares)	177,565	164,169
Diluted (in shares)	178,555	164,926
Dividends declared per share (in USD per share)	$ 3.05	$ 0.40
Oil sales
Revenues:
Revenue	$ 1,946	$ 944
Natural gas sales
Revenues:
Revenue	154	104
Natural gas liquid sales
Revenues:
Revenue	289	124
Midstream services
Revenues:
Revenue	17	11
Costs and expenses:
Cost of goods and services sold	22	28
Gathering and transportation
Costs and expenses:
Cost of goods and services sold	$ 59	$ 31

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 (in Shares) at Dec. 31, 2020		158,088,000
Balance at beginning of period at Dec. 31, 2020	$ 9,804	$ 2	$ 12,656	$ (3,864)	$ 1,010
Increase (Decrease) in Stockholders' Equity
Unit-based compensation	3				3
Distribution equivalent rights payments	(1)			(1)
Common units issued for acquisitions (in Shares)		22,795,000
Common units issued for acquisitions	1,727		1,727
Stock-based compensation	11		11
Cash paid for tax withholding on vested equity awards	(6)		(6)
Repurchased units under buyback programs	(24)				(24)
Distributions 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			(4)		4
Net income (loss)	223			220	3
Balance at end of period (in Shares) at Mar. 31, 2021		180,984,000
Balance at end of period at Mar. 31, 2021	$ 11,652	$ 2	14,384	(3,713)	979
Balance at beginning of period (in Shares) at Dec. 31, 2021	177,551,347	177,551,000
Balance at beginning of period at Dec. 31, 2021	$ 13,245	$ 2	14,084	(1,998)	1,157
Increase (Decrease) in Stockholders' Equity
Unit-based compensation	3				3
Distribution equivalent rights payments	(1)				(1)
Stock-based compensation	16		16
Cash paid for tax withholding on vested equity awards	(15)		(15)
Repurchased shares for share buyback program (in Shares)		(58,000)
Repurchased shares under buyback program	(7)		(7)
Repurchased units under buyback programs	(42)				(42)
Distributions to non-controlling interest	(47)				(47)
Dividend paid	(107)			(107)
Exercise of stock options and issuance of restricted stock units and awards (in Shares)		58,000
Exercise of stock options and issuance of restricted stock units and awards	1		1
Change in ownership of consolidated subsidiaries, net	3		(12)		15
Net income (loss)	$ 803			779	24
Balance at end of period (in Shares) at Mar. 31, 2022	177,550,589	177,551,000
Balance at end of period at Mar. 31, 2022	$ 13,852	$ 2	$ 14,067	$ (1,326)	$ 1,109

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)		$ 803	$ 223
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for (benefit from) deferred income taxes		89	64
Depreciation, depletion, amortization and accretion		313	273
(Gain) loss on extinguishment of debt		54	61
(Gain) loss on derivative instruments, net		552	164
Cash received (paid) on settlement of derivative instruments		(420)	(178)
Equity-based compensation expense		15	10
Other		5	10
Changes in operating assets and liabilities:
Accounts receivable		(403)	(137)
Income tax receivable		1	100
Prepaid expenses and other		2	22
Accounts payable and accrued liabilities		(13)	(26)
Income tax payable		132	0
Revenues and royalties payable		125	50
Other		(3)	(12)
Net cash provided by (used in) operating activities		1,252	624
Cash flows from investing activities:
Drilling, completions and infrastructure additions to oil and natural gas properties		(418)	(289)
Additions to midstream assets		(19)	(7)
Property acquisitions		(296)	(346)
Proceeds from sale of assets		35	0
Contributions to equity method investments		(29)	(4)
Distributions from equity method investments		0	9
Other		11	50
Net cash provided by (used in) investing activities		(716)	(587)
Cash flows from financing activities:
Proceeds from borrowings under credit facilities		79	432
Repayments under credit facilities		(100)	(455)
Proceeds from senior notes		750	2,200
Repayment of senior notes		(1,500)	(1,916)
Proceeds from (repayments to) joint venture		5	(4)
Premium on extinguishment of debt		(47)	(166)
Repurchased shares under buyback program		(7)	0
Repurchased units under buyback program		(42)	(24)
Dividends to stockholders		(107)	(68)
Distributions to non-controlling interest		(47)	(17)
Financing portion of net cash received (paid) for derivative instruments		0	76
Other		(25)	(29)
Net cash provided by (used in) financing activities		(1,041)	29
Net increase (decrease) in cash and cash equivalents		(505)	66
Cash, cash equivalents and restricted cash at beginning of period		672	108
Cash, cash equivalents and restricted cash at end of period	[1]	$ 167	$ 174
[1]	See Note 2—Summary of Significant Accounting Policies

SUPPLEMENTAL INFORMATION TO STA

SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Information Disclosure [Abstract]
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS	SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2022 2021 (In millions) Supplemental disclosure of non-cash transactions: Accrued capital expenditures included in accounts payable and accrued expenses $ 293 $ 252 Common stock issued for business combinations $ — $ 1,727

DESCRIPTION OF THE BUSINESS AND

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2022
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. As of March 31, 2022, the wholly owned subsidiaries of Diamondback 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. 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 March 31, 2022, the Company owned approximately 55% 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 March 31, 2022, the Company owned approximately 74% 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, 2021, 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	3 Months Ended
	Mar. 31, 2022
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 and the effects of the COVID-19 pandemic. 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, the fair value determination of acquired assets and liabilities assumed, 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 three months ended March 31, 2022 and 2021 to the line items within the condensed consolidated balance sheets: Three Months Ended March 31, 2022 2021 (In millions) Cash and cash equivalents $ 149 $ 121 Restricted cash 18 19 Restricted cash included in funds held in escrow — 34 Total cash, cash equivalents and restricted cash $ 167 $ 174 Recent Accounting Pronouncements Recently Adopted Pronouncements There are no recently adopted pronouncements. Accounting Pronouncements Not Yet Adopted In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805) – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” This update requires the acquirer in a business combination to record contract asset and liabilities following Topic 606 – “Revenue from Contracts with Customers” at acquisition as if it had originated the contract, rather than at fair value. This update is effective for public business entities beginning after December 15, 2022 with early adoption permitted. The Company continues to evaluate the provisions of this update, but does not believe the adoption will 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 are clarifications of ASUs previously disclosed.

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 Three Months Ended March 31, 2021 Midland Basin Delaware Basin Other Total Midland Basin Delaware Basin Other Total (In millions) Oil sales $ 1,398 $ 545 $ 3 $ 1,946 $ 569 $ 358 $ 17 $ 944 Natural gas sales 98 56 — 154 41 61 2 104 Natural gas liquid sales 191 97 1 289 75 47 2 124 Total $ 1,687 $ 698 $ 4 $ 2,389 $ 685 $ 466 $ 21 $ 1,172

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES First Quarter 2022 Acquisition On January 18, 2022, the Company acquired, from an unrelated third-party seller, approximately 6,200 net acres in the Delaware Basin for $232 million in cash, including customary post-closing adjustments. The acquisition was funded through cash on hand. Guidon Operating LLC On February 26, 2021, the Company completed its acquisition of 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 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. The purchase price allocation was complete as of the first quarter of 2022. The following table sets forth the Company’s 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 were 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. 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. 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 $28 million of total revenue and $16 million of net income for the three months ended March 31, 2021. 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”). 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. The purchase price allocation was complete as of the first quarter of 2022. The following table sets forth the Company’s purchase price allocation (in millions): Total consideration $ 987 Fair value of liabilities assumed: Accounts payable - trade $ 26 Accrued capital expenditures 38 Other accrued liabilities 107 Revenues and royalties payable 67 Derivative instruments 242 Long-term debt 1,710 Asset retirement obligations 54 Other long-term liabilities 63 Amount attributable to liabilities assumed $ 2,307 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 2,922 Other property, equipment and land 16 Deferred income taxes 39 Other assets 106 Amount attributable to assets acquired 3,294 Net assets acquired and liabilities assumed $ 987 The purchase price allocation above is based on 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 were 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 $2.0 billion and unproved properties of $733 million, primarily in the Midland Basin and the Williston Basin. In October 2021, the Company completed the divestiture of the Williston Basin properties, acquired as part of the QEP Merger and consisting of approximately 95,000 net acres, to Oasis Petroleum Inc. for net cash proceeds of approximately $586 million, after customary closing adjustments. See “—Williston Basin Divestiture” below. 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 $54 million of total revenue and $23 million of net income for the three months ended March 31, 2021. Pro Forma Financial Information The following unaudited summary pro forma financial information for the three months ended March 31, 2021 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 $75 million for the three months ended March 31, 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 March 31, 2021 (In millions, except per share amounts) Revenues $ 1,481 Income (loss) from operations $ 684 Net income (loss) $ 146 Basic earnings (loss) per common share $ 0.81 Diluted earnings (loss) per common share $ 0.80 Williston Basin Divestiture On October 21, 2021, the Company completed the divestiture of its Williston Basin oil and natural gas assets, consisting of approximately 95,000 net acres, to Oasis Petroleum Inc., for net cash proceeds of approximately $586 million, after customary closing adjustments. This transaction did not result in a significant alteration of the relationship between the Company’s capitalized costs and proved reserves and, accordingly, the Company recorded the proceeds as a reduction of its full cost pool with no gain or loss recognized on the sale. The Company used its net proceeds from this transaction toward debt reduction. 2021 Drop Down Transaction On December 1, 2021, Diamondback completed the sale of certain water midstream assets to Rattler in exchange for cash proceeds of approximately $164 million, including post-closing adjustments, in a drop down transaction (the “Drop Down”). The midstream assets consist primarily of produced water gathering and disposal systems, produced water recycling facilities, and sourced water gathering and storage assets acquired by the Company through the Guidon Acquisition and the QEP Merger with a carrying value of approximately $164 million. The Company and Rattler have also mutually agreed to amend their commercial agreements covering produced water gathering and disposal and sourced water gathering services to add certain Diamondback leasehold acreage to Rattler’s dedication. The Drop Down transaction was accounted for as a transaction between entities under common control. Viper’s Swallowtail Acquisition On October 1, 2021, Viper acquired certain mineral and royalty interests from the Swallowtail entities pursuant to a definitive purchase and sale agreement for 15.25 million of Viper’s common units and approximately $225 million in cash (the “Swallowtail Acquisition”). The mineral and royalty interests acquired in the Swallowtail Acquisition represent approximately 2,313 net royalty acres primarily in the Northern Midland Basin, of which approximately 62% are operated by Diamondback. The Swallowtail Acquisition had an effective date of August 1, 2021. The cash portion of this transaction was funded through a combination of Viper’s cash on hand and approximately $190 million of borrowings under Viper LLC’s revolving credit facility.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT Property and equipment includes the following as of the dates indicated: March 31, December 31, 2022 2021 (In millions) Oil and natural gas properties: Subject to depletion $ 25,133 $ 24,418 Not subject to depletion 8,512 8,496 Gross oil and natural gas properties 33,645 32,914 Accumulated depletion (5,716) (5,434) Accumulated impairment (7,954) (7,954) Oil and natural gas properties, net 19,975 19,526 Midstream assets 1,118 1,076 Other property, equipment and land 185 174 Accumulated depreciation and impairment (170) (157) Total property and equipment, net $ 21,108 $ 20,619 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 months ended March 31, 2022 or 2021 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. In addition to commodity prices, the Company’s production rates, levels of proved reserves, future development costs, transfers of unevaluated properties and other factors will determine its actual ceiling test calculation and impairment analysis in future periods. If the future trailing 12-month commodity prices decline as compared to the commodity prices used in prior quarters, the Company may have material write downs in subsequent quarters. It is possible that circumstances requiring additional impairment testing will occur in future interim periods, which could result in potentially material impairment charges being recorded.

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	3 Months Ended
	Mar. 31, 2022
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: Three Months Ended March 31, 2022 2021 (In millions) Asset retirement obligations, beginning of period $ 171 $ 109 Additional liabilities incurred 21 2 Liabilities acquired 2 63 Liabilities settled and divested (5) (1) Accretion expense 3 2 Revisions in estimated liabilities 75 20 Asset retirement obligations, end of period 267 195 Less current portion (1) 13 5 Asset retirement obligations - long-term $ 254 $ 190 (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	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
DEBT	DEBT Long-term debt consisted of the following as of the dates indicated: March 31, December 31, 2022 2021 (In millions) 5.375% Senior Notes due 2022 (1) $ 25 $ 25 7.320% Medium-term Notes, Series A, due 2022 (2) 20 20 5.250% Senior Notes due 2023 (1) 10 10 2.875% Senior Notes due 2024 — 1,000 4.750% Senior Notes due 2025 — 500 3.250% Senior Notes due 2026 800 800 5.625% Senior Notes due 2026 (1) 14 14 7.125% Medium-term Notes, Series B, due 2028 (2) 100 100 3.500% Senior Notes due 2029 1,200 1,200 3.125% Senior Notes due 2031 900 900 4.400% Senior Notes due 2051 650 650 4.750% Senior Notes due 2052 750 — DrillCo Agreement (3) 64 58 Unamortized debt issuance costs (30) (31) Unamortized discount costs (30) (28) Unamortized premium costs 7 8 Fair value of interest rate swap agreements (4) (90) (18) Revolving credit facility — — Viper revolving credit facility 248 304 Viper 5.375% Senior Notes due 2027 480 480 Rattler revolving credit facility 230 195 Rattler 5.625% Senior Notes due 2025 500 500 Total debt, net 5,848 6,687 Less: current maturities of long-term debt (45) (45) Total long-term debt $ 5,803 $ 6,642 (1) At the effective time of the QEP Merger, QEP became a wholly owned subsidiary of the Company and remained the issuer of these senior notes. (2) In November 2018, Energen became the Company’s wholly owned subsidiary and remained the issuer of these senior notes. In connection with the E&P Merger, Diamondback E&P became the successor issuer under the indenture. (3) 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 March 31, 2022, the amount due to CEMOF related to this alliance was $64 million. As of March 31, 2022, 20 joint wells under this agreement have been drilled and completed. (4) 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 As of March 31, 2022, Diamondback E&P, as borrower, and Diamondback Energy, Inc., as parent guarantor, have a credit agreement, as amended, which provides for a maximum credit amount available of $1.6 billion which was fully available for future borrowings, except for an aggregate of $3 million in outstanding letters of credit, which reduce available borrowings under the credit agreement on a dollar for dollar basis. There were no borrowings under the credit agreement during the three months ended March 31, 2022. During the three months ended March 31, 2021, the weighted average interest rate on borrowings under the credit agreement was 1.65%. As of March 31, 2022, the Company was in compliance with all financial maintenance covenants under the credit agreement. March 2022 Notes Offering On March 17, 2022, Diamondback Energy, Inc. issued $750 million aggregate principal amount of 4.250% Senior Notes due March 15, 2052 (the “March 2022 Notes”) and received net proceeds of $739 million, after deducting debt issuance costs and discounts of $11 million and underwriting discounts and offering expenses. Interest on the March 2022 Notes is payable semi-annually on March 15 and September 15 of each year, beginning on September 15, 2022. The March 2022 Notes are the Company’s senior unsecured obligations and are fully and unconditionally guaranteed by Diamondback E&P. The March 2022 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. The Company may redeem the March 2022 Notes in whole or in part at any time prior to September 15, 2051 at the redemption price set forth in the fifth supplemental indenture to the IG Indenture. Redemptions of Notes On March 18, 2022, the Company redeemed the aggregate $500 million principal amount of its outstanding 4.750% 2025 Senior Notes for total cash consideration of $540 million, including a make-whole premium of $33 million, which resulted in a loss on extinguishment of debt during the three months ended March 31, 2022 of $35 million. The Company funded the redemption with a portion of the net proceeds from the March 2022 Notes offering. On March 23, 2022, the Company redeemed the aggregate $1.0 billion principal amount of its outstanding 2.875% 2024 Senior Notes for total cash consideration of $1.0 billion, including a make-whole premium of $14 million, which resulted in a loss on extinguishment of debt during the three months ended March 31, 2022 of $19 million. The Company funded the redemption with the remaining proceeds from the March 2022 Notes offering and cash on hand. Viper’s Credit Agreement Viper LLC’s credit agreement, as amended, 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. The borrowing base is scheduled to be redetermined semi-annually in May and November. As of March 31, 2022, the elected commitment amount was $500 million with $248 million of outstanding borrowings and $252 million available for future borrowings. During the three months ended March 31, 2022 and 2021, the weighted average interest rate on borrowings under the Viper credit agreement was 2.58% and 1.88%, respectively. The Viper credit agreement will mature on June 2, 2025. As of March 31, 2022, 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 March 31, 2022, Rattler LLC had $230 million of outstanding borrowings and $370 million available for future borrowings under the Rattler credit agreement. During the three months ended March 31, 2022 and 2021, the weighted average interest rate on borrowings under the Rattler credit agreement was, in each case, 1.40%. The revolving credit facility will mature on May 28, 2024. As of March 31, 2022, Rattler LLC was in compliance with all financial maintenance covenants under the Rattler credit agreement.

STOCKHOLDERS_ EQUITY AND EARNIN

STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE	STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE Stock Repurchase Program In September 2021, the Company’s board of directors approved a stock repurchase program to acquire up to $2 billion of the Company’s outstanding common stock. Purchases under the repurchase program may be made from time to time in open market or privately negotiated transactions, and are subject to market conditions, applicable legal requirements, contractual obligations and other factors. The repurchase program does not require the Company to acquire any specific number of shares. This repurchase program may be suspended from time to time, modified, extended or discontinued by the board of directors at any time. During the three months ended March 31, 2022, the Company repurchased approximately $7 million of common stock under this repurchase program. As of March 31, 2022, approximately $1.6 billion remained available for use to repurchase shares under the Company’s common stock repurchase program. 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 March 31, 2022 2021 (In millions) Net income (loss) attributable to the Company $ 779 $ 220 Change in ownership of consolidated subsidiaries (12) (4) Change from net income (loss) attributable to the Company's stockholders and transfers to non-controlling interest $ 767 $ 216 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 March 31, 2022 2021 ($ in millions, except per share amounts, shares in thousands) Net income (loss) attributable to common stock $ 779 $ 220 Weighted average common shares outstanding: Basic weighted average common shares outstanding 177,565 164,169 Effect of dilutive securities: Potential common shares issuable (1) 990 757 Diluted weighted average common shares outstanding 178,555 164,926 Basic net income (loss) attributable to common stock $ 4.39 $ 1.34 Diluted net income (loss) attributable to common stock $ 4.36 $ 1.33

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, the Company had 5.1 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 March 31, 2022, the Company had outstanding restricted stock units and performance-based restricted stock units under the Equity Plan. The Company also has immaterial amounts of restricted share awards, stock options and stock appreciation rights outstanding which were issued under plans assumed in connection with previously completed mergers. 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 March 31, 2022 2021 (In millions) General and administrative expenses $ 15 $ 10 Equity-based compensation capitalized pursuant to full cost method of accounting for oil and natural gas properties $ 4 $ 4 Restricted Stock Units The following table presents the Company’s restricted stock unit activity during the three months ended March 31, 2022 under the Equity Plan: Restricted Stock Weighted Average Grant-Date Unvested at December 31, 2021 1,079,589 $ 62.09 Granted 309,535 $ 131.72 Vested (157,534) $ 87.10 Forfeited (15,041) $ 62.98 Unvested at March 31, 2022 1,216,549 $ 75.71 The aggregate fair value of restricted stock units that vested during the three months ended March 31, 2022 was $14 million. As of March 31, 2022, the Company’s unrecognized compensation cost related to unvested restricted stock units was $81 million, which is expected to be recognized over a weighted-average period of 2.2 years. Performance Based Restricted Stock Units The following table presents the Company’s performance restricted stock units activity under the Equity Plan for the three months ended March 31, 2022: Performance Restricted Stock Units Weighted Average Grant-Date Fair Value Unvested at December 31, 2021 456,459 $ 100.17 Granted 126,905 $ 237.13 Unvested at March 31, 2022 (1) 583,364 $ 129.96 (1) A maximum of 1,408,973 units could be awarded based upon the Company’s final TSR ranking. As of March 31, 2022, the Company’s unrecognized compensation cost related to unvested performance based restricted stock awards and units was $52 million, which is expected to be recognized over a weighted-average period of 1.9 years. In March 2022, eligible employees received performance restricted stock unit awards totaling 126,905 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 3-year performance period of January 1, 2022 to December 31, 2024 and cliff vest at December 31, 2024 subject to continued employment. The initial payout of the March 2022 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: 2022 Grant-date fair value $ 237.13 Risk-free rate 1.44 % Company volatility 72.10 %

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s effective income tax rates were 21.6% and 22.6% for the three months ended March 31, 2022 and 2021, respectively. Total income tax expense from continuing operations for the three months ended March 31, 2022 and 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. As of March 31, 2022 and 2021, 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. For the three months ended March 31, 2022 and 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. As of March 31, 2022, the Company’s opening balance sheet net deferred tax asset was $39 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.

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES At March 31, 2022, 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 and natural gas 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 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. As such, the Company does not require collateral from its counterparties. The Company had certain commodity derivative contracts that contained an other-than-insignificant financing element at inception during 2021 and, therefore, the cash receipts were classified as cash flows from financing activities in the condensed consolidated statements of cash flow for the three months ended March 31, 2021. As of March 31, 2022, 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 Apr. - June 2022 Swap 1,000 WTI $— $45.00 $— $— Apr. - June 2022 Swap 13,900 Brent $— $67.54 $— $— Apr. - June 2022 Basis Swap (1) 17,000 Argus WTI Midland $0.66 $— $— $— July - Dec. 2022 Basis Swap (1) 10,000 Argus WTI Midland $0.84 $— $— $— Apr. - Dec. 2022 Roll Swap 55,000 WTI $0.89 $— $— $— Apr. - June 2022 Costless Collar 5,000 WTI $— $— $50.00 $80.44 Apr. - June 2022 Costless Collar 24,000 Brent $— $— $46.67 $77.49 Apr. - June 2022 Costless Collar 20,000 Argus WTI Houston $— $— $47.50 $75.25 July - Sep. 2022 Costless Collar 4,000 WTI $— $— $45.00 $92.65 July - Sep. 2022 Costless Collar 19,000 Brent $— $— $53.95 $98.59 July - Sep. 2022 Costless Collar 11,000 Argus WTI Houston $— $— $50.00 $89.28 Oct. - Dec. 2022 Costless Collar 4,000 WTI $— $— $50.00 $128.01 Oct. - Dec. 2022 Costless Collar 15,000 Brent $— $— $55.00 $103.06 Oct. - Dec. 2022 Costless Collar 7,000 Argus WTI Houston $— $— $50.00 $95.55 Jan. - June 2023 Costless Collar 6,000 Brent $— $— $60.00 $114.57 NATURAL GAS Apr. - June 2022 Basis Swap (1) 230,000 Waha Hub $(0.36) $— $— $— Apr. - June 2022 Costless Collar 390,000 Henry Hub $— $— $2.65 $5.20 July - Dec. 2022 Basis Swap (1) 330,000 Waha Hub $(0.68) $— $— $— July - Dec. 2022 Costless Collar 380,000 Henry Hub $— $— $2.79 $6.24 Jan. - June 2023 Basis Swap (1) 270,000 Waha Hub $(1.12) $— $— $— Jan. - Mar. 2023 Costless Collar 270,000 Henry Hub $— $— $2.95 $7.59 Apr. - June 2023 Costless Collar 230,000 Henry Hub $— $— $2.96 $7.07 July - Dec. 2023 Basis Swap (1) 250,000 Waha Hub $(1.17) $— $— $— July - Dec. 2023 Costless Collar 210,000 Henry Hub $— $— $2.96 $7.01 (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. Settlement Month Settlement Year Type of Contract Bbls Per Day Index Strike Price Weighted Average Differential Deferred Premium OIL Apr. - June 2022 Put 10,000 WTI $47.50 $— $1.49 Apr. - June 2022 Put 24,000 Brent $50.00 $— $1.80 Apr. - June 2022 Put 8,000 Argus WTI Houston $50.00 $— $1.87 July - Sep. 2022 Put 8,000 WTI $47.50 $— $1.52 July - Sep. 2022 Put 36,000 Brent $50.00 $— $1.83 July - Sep. 2022 Put 12,000 Argus WTI Houston $50.00 $— $1.89 Oct. - Dec. 2022 Put 32,000 Brent $50.00 $— $1.83 Oct. - Dec. 2022 Put 10,000 Argus WTI Houston $50.00 $— $1.85 Apr. - Dec. 2022 Basis Put (1) 50,000 Brent $— $(10.40) $0.78 (1) The Company has basis puts for the spread between the Brent crude oil price and NYMEX WTI crude oil price. During the three months ended March 31, 2022, the Company completed certain hedge restructurings by terminating certain commodity derivative contracts prior to their contractual maturities which resulted in net cash settlements of $135 million. The following table presents the commodity derivatives that were terminated: Swaps Collars Settlement Month Settlement Year Type of Contract Bbls Per Day Index Weighted Average Fixed Price Weighted Average Floor Price Weighted Average Ceiling Price OIL Apr. - June 2022 Costless Collar 8,000 WTI $— $45.00 $71.60 Apr. - June 2022 Costless Collar 8,000 Brent $— $45.00 $74.78 Apr. - June 2022 Costless Collar 6,000 Argus WTI Houston $— $45.00 $69.53 Apr. - Sep. 2022 Costless Collar 2,000 Brent $— $50.00 $80.00 Apr. - Sep. 2022 Costless Collar 2,000 Argus WTI Houston $— $50.00 $76.70 July - Sep. 2022 Costless Collar 4,000 Argus WTI Houston $— $50.00 $75.00 July - Dec. 2022 Swaption 8,250 Brent $68.62 $— $— 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 totaled $90 million for the three months ended March 31, 2022, as discussed further in Note 7— Debt. During 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 three months ended March 31, 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 three months ended March 31, 2022. 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 March 31, 2022 2021 (In millions) Gain (loss) on derivative instruments, net: Commodity contracts $ (552) $ (294) Interest rate swaps — 130 Total $ (552) $ (164) Net cash received (paid) on settlements: Commodity contracts (1) $ (420) $ (182) Interest rate swaps (2) — 80 Total $ (420) $ (102) (1) The three months ended March 31, 2022 includes cash paid on commodity contracts terminated prior to their contractual maturity of $135 million. (2) The three months ended March 31, 2021 includes cash received on interest rate swap contracts terminated prior to their contractual maturity of $80 million.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2022
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 fair value of interest rate swaps is recorded as an asset or liability on the condensed consolidated balance sheet and the net change in fair value of the Company’s interest rate swaps designated as hedges are offset by change in value of the hedged item, long-term debt, within the condensed consolidated balance sheet.. 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 March 31, 2022 and December 31, 2021 . The net amounts of derivative instruments are classified as current or noncurrent based on their anticipated settlement dates. As of March 31, 2022 Level 1 Level 2 Level 3 Total Gross Fair Value Gross Amounts Offset in Balance Sheet Net Fair Value Presented in Balance Sheet (In millions) Assets: Current: Derivative instruments $ — $ 83 $ — $ 83 $ (80) $ 3 Interest rate swaps designated as hedges $ — $ 6 $ — $ 6 $ (3) $ 3 Non-current: Derivative instruments $ — $ 56 $ — $ 56 $ (19) $ 37 Interest rate swaps designated as hedges $ — $ — $ — $ — $ — $ — Liabilities: Current: Derivative instruments $ — $ 419 $ — $ 419 $ (80) $ 339 Interest rate swaps designated as hedges $ — $ 3 $ — $ 3 $ (3) $ — Non-current: Derivative instruments $ — $ 20 $ — $ 20 $ (19) $ 1 Interest rate swaps designated as hedges $ — $ 93 $ — $ 93 $ — $ 93 As of December 31, 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 $ — $ 60 $ — $ 60 $ (57) $ 3 Interest rate swaps designated as hedges $ — $ 10 $ — $ 10 $ — $ 10 Non-current: Derivative instruments $ — $ 12 $ — $ 12 $ (8) $ 4 Interest rate swaps designated as hedges $ — $ 1 $ — $ 1 $ (1) $ — Liabilities: Current: Derivative instruments $ — $ 231 $ — $ 231 $ (57) $ 174 Non-current: Derivative instruments $ — $ 9 $ — $ 9 $ (8) $ 1 Interest rate swaps designated as hedges $ — $ 29 $ — $ 29 $ (1) $ 28 Assets and Liabilities Not Recorded at Fair Value The following table provides the fair value of financial instruments that are not recorded at fair value in the condensed consolidated balance sheets: March 31, 2022 December 31, 2021 Carrying Carrying Value Fair Value Value Fair Value (In millions) Debt $ 5,848 $ 5,966 $ 6,687 $ 7,148 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 quoted market price at each period end, a Level 1 classification in the fair value hierarchy. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets and liabilities are measured at fair value on a nonrecurring basis in certain circumstances. These assets and liabilities can include those acquired in a business combination, inventory, proved and unproved oil and gas properties and other long-lived assets that are written down to fair value when they are impaired or held for sale. Refer to Note 4— Acquisitions and Divestitures and Note 5— Property and Equipment for additional discussion of nonrecurring fair value adjustments. Fair Value of Financial Assets

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIESThe Company is a party to various routine legal proceedings, disputes and claims arising in the ordinary 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, personal injury claims, title disputes, royalty disputes, contract claims, contamination claims relating to oil and natural gas exploration and development and environmental claims, including claims involving assets previously sold to third parties and no longer part of the Company’s current operations. 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSFirst Quarter 2022 Dividend DeclarationOn April 27, 2022, the Board of Directors of the Company declared a cash dividend for the first quarter of 2022 of $3.05 per share of common stock, payable on May 23, 2022 to its stockholders of record at the close of business on May 12, 2022. The dividend consists of a base quarterly dividend of $0.70 per share of common stock and a variable quarterly dividend of $2.35 per share of common stock. Future base and variable dividends are at the discretion of the Board of Directors of the Company.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The 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 (In millions) Three Months Ended March 31, 2022: Third-party revenues $ 2,391 $ 17 $ — $ 2,408 Intersegment revenues — 87 (87) — Total revenues 2,391 104 (87) 2,408 Depreciation, depletion, amortization and accretion 292 21 — 313 Income (loss) from operations 1,637 39 (16) 1,660 Interest expense, net (31) (9) — (40) Other income (expense) (600) 9 (5) (596) Provision for (benefit from) income taxes 219 2 — 221 Net income (loss) attributable to non-controlling interest 16 8 — 24 Net income (loss) attributable to Diamondback Energy, Inc. 771 29 (21) 779 As of March 31, 2022: Total assets $ 21,727 $ 1,996 $ (392) $ 23,331 Upstream Midstream Operations Eliminations Total (In millions) Three Months Ended March 31, 2021: Third-party revenues $ 1,172 $ 12 $ — $ 1,184 Intersegment revenues — 87 (87) — Total revenues 1,172 99 (87) 1,184 Depreciation, depletion, amortization and accretion 262 11 — 273 Income (loss) from operations 552 38 (19) 571 Interest expense, net (49) (7) — (56) Other income (expense) (222) (3) (2) (227) Provision for (benefit from) income taxes 63 2 — 65 Net income (loss) attributable to non-controlling interest (3) 6 — 3 Net income (loss) attributable to Diamondback Energy, Inc. 221 20 (21) 220 As of December 31, 2021: Total assets $ 21,329 $ 1,942 $ (373) $ 22,898

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, the Company owned approximately 55% 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 March 31, 2022, the Company owned approximately 74% 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, 2021, 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 and the effects of the COVID-19 pandemic. Such circumstances generally increase the uncertainty in the Company’s accounting estimates, particularly those involving financial forecasts.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Pronouncements There are no recently adopted pronouncements. Accounting Pronouncements Not Yet Adopted In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805) – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” This update requires the acquirer in a business combination to record contract asset and liabilities following Topic 606 – “Revenue from Contracts with Customers” at acquisition as if it had originated the contract, rather than at fair value. This update is effective for public business entities beginning after December 15, 2022 with early adoption permitted. The Company continues to evaluate the provisions of this update, but does not believe the adoption will 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 are 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)	3 Months Ended
	Mar. 31, 2022
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 three months ended March 31, 2022 and 2021 to the line items within the condensed consolidated balance sheets: Three Months Ended March 31, 2022 2021 (In millions) Cash and cash equivalents $ 149 $ 121 Restricted cash 18 19 Restricted cash included in funds held in escrow — 34 Total cash, cash equivalents and restricted cash $ 167 $ 174
Schedule of 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 three months ended March 31, 2022 and 2021 to the line items within the condensed consolidated balance sheets: Three Months Ended March 31, 2022 2021 (In millions) Cash and cash equivalents $ 149 $ 121 Restricted cash 18 19 Restricted cash included in funds held in escrow — 34 Total cash, cash equivalents and restricted cash $ 167 $ 174

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables present the Company’s revenue from contracts with customers disaggregated by product type and basin: Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Midland Basin Delaware Basin Other Total Midland Basin Delaware Basin Other Total (In millions) Oil sales $ 1,398 $ 545 $ 3 $ 1,946 $ 569 $ 358 $ 17 $ 944 Natural gas sales 98 56 — 154 41 61 2 104 Natural gas liquid sales 191 97 1 289 75 47 2 124 Total $ 1,687 $ 698 $ 4 $ 2,389 $ 685 $ 466 $ 21 $ 1,172

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	3 Months Ended
	Mar. 31, 2022
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 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 purchase price allocation (in millions): Total consideration $ 987 Fair value of liabilities assumed: Accounts payable - trade $ 26 Accrued capital expenditures 38 Other accrued liabilities 107 Revenues and royalties payable 67 Derivative instruments 242 Long-term debt 1,710 Asset retirement obligations 54 Other long-term liabilities 63 Amount attributable to liabilities assumed $ 2,307 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 2,922 Other property, equipment and land 16 Deferred income taxes 39 Other assets 106 Amount attributable to assets acquired 3,294 Net assets acquired and liabilities assumed $ 987
Schedule of Acquisition Pro Forma Information	Three Months Ended March 31, 2021 (In millions, except per share amounts) Revenues $ 1,481 Income (loss) from operations $ 684 Net income (loss) $ 146 Basic earnings (loss) per common share $ 0.81 Diluted earnings (loss) per common share $ 0.80

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment includes the following as of the dates indicated: March 31, December 31, 2022 2021 (In millions) Oil and natural gas properties: Subject to depletion $ 25,133 $ 24,418 Not subject to depletion 8,512 8,496 Gross oil and natural gas properties 33,645 32,914 Accumulated depletion (5,716) (5,434) Accumulated impairment (7,954) (7,954) Oil and natural gas properties, net 19,975 19,526 Midstream assets 1,118 1,076 Other property, equipment and land 185 174 Accumulated depreciation and impairment (170) (157) Total property and equipment, net $ 21,108 $ 20,619

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2022
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: Three Months Ended March 31, 2022 2021 (In millions) Asset retirement obligations, beginning of period $ 171 $ 109 Additional liabilities incurred 21 2 Liabilities acquired 2 63 Liabilities settled and divested (5) (1) Accretion expense 3 2 Revisions in estimated liabilities 75 20 Asset retirement obligations, end of period 267 195 Less current portion (1) 13 5 Asset retirement obligations - long-term $ 254 $ 190 (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)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consisted of the following as of the dates indicated: March 31, December 31, 2022 2021 (In millions) 5.375% Senior Notes due 2022 (1) $ 25 $ 25 7.320% Medium-term Notes, Series A, due 2022 (2) 20 20 5.250% Senior Notes due 2023 (1) 10 10 2.875% Senior Notes due 2024 — 1,000 4.750% Senior Notes due 2025 — 500 3.250% Senior Notes due 2026 800 800 5.625% Senior Notes due 2026 (1) 14 14 7.125% Medium-term Notes, Series B, due 2028 (2) 100 100 3.500% Senior Notes due 2029 1,200 1,200 3.125% Senior Notes due 2031 900 900 4.400% Senior Notes due 2051 650 650 4.750% Senior Notes due 2052 750 — DrillCo Agreement (3) 64 58 Unamortized debt issuance costs (30) (31) Unamortized discount costs (30) (28) Unamortized premium costs 7 8 Fair value of interest rate swap agreements (4) (90) (18) Revolving credit facility — — Viper revolving credit facility 248 304 Viper 5.375% Senior Notes due 2027 480 480 Rattler revolving credit facility 230 195 Rattler 5.625% Senior Notes due 2025 500 500 Total debt, net 5,848 6,687 Less: current maturities of long-term debt (45) (45) Total long-term debt $ 5,803 $ 6,642 (1) At the effective time of the QEP Merger, QEP became a wholly owned subsidiary of the Company and remained the issuer of these senior notes. (2) In November 2018, Energen became the Company’s wholly owned subsidiary and remained the issuer of these senior notes. In connection with the E&P Merger, Diamondback E&P became the successor issuer under the indenture. (3) 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 March 31, 2022, the amount due to CEMOF related to this alliance was $64 million. As of March 31, 2022, 20 joint wells under this agreement have been drilled and completed. (4) 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

STOCKHOLDERS_ EQUITY AND EARN_2

STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
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 March 31, 2022 2021 (In millions) Net income (loss) attributable to the Company $ 779 $ 220 Change in ownership of consolidated subsidiaries (12) (4) Change from net income (loss) attributable to the Company's stockholders and transfers to non-controlling interest $ 767 $ 216
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 March 31, 2022 2021 ($ in millions, except per share amounts, shares in thousands) Net income (loss) attributable to common stock $ 779 $ 220 Weighted average common shares outstanding: Basic weighted average common shares outstanding 177,565 164,169 Effect of dilutive securities: Potential common shares issuable (1) 990 757 Diluted weighted average common shares outstanding 178,555 164,926 Basic net income (loss) attributable to common stock $ 4.39 $ 1.34 Diluted net income (loss) attributable to common stock $ 4.36 $ 1.33

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of 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 March 31, 2022 2021 (In millions) General and administrative expenses $ 15 $ 10 Equity-based compensation capitalized pursuant to full cost method of accounting for oil and natural gas properties $ 4 $ 4
Schedule of Restricted Stock Units	The following table presents the Company’s restricted stock unit activity during the three months ended March 31, 2022 under the Equity Plan: Restricted Stock Weighted Average Grant-Date Unvested at December 31, 2021 1,079,589 $ 62.09 Granted 309,535 $ 131.72 Vested (157,534) $ 87.10 Forfeited (15,041) $ 62.98 Unvested at March 31, 2022 1,216,549 $ 75.71
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 three months ended March 31, 2022: Performance Restricted Stock Units Weighted Average Grant-Date Fair Value Unvested at December 31, 2021 456,459 $ 100.17 Granted 126,905 $ 237.13 Unvested at March 31, 2022 (1) 583,364 $ 129.96 (1) A maximum of 1,408,973 units could be awarded based upon the Company’s final TSR ranking.
Schedule 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: 2022 Grant-date fair value $ 237.13 Risk-free rate 1.44 % Company volatility 72.10 %

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	As of March 31, 2022, 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 Apr. - June 2022 Swap 1,000 WTI $— $45.00 $— $— Apr. - June 2022 Swap 13,900 Brent $— $67.54 $— $— Apr. - June 2022 Basis Swap (1) 17,000 Argus WTI Midland $0.66 $— $— $— July - Dec. 2022 Basis Swap (1) 10,000 Argus WTI Midland $0.84 $— $— $— Apr. - Dec. 2022 Roll Swap 55,000 WTI $0.89 $— $— $— Apr. - June 2022 Costless Collar 5,000 WTI $— $— $50.00 $80.44 Apr. - June 2022 Costless Collar 24,000 Brent $— $— $46.67 $77.49 Apr. - June 2022 Costless Collar 20,000 Argus WTI Houston $— $— $47.50 $75.25 July - Sep. 2022 Costless Collar 4,000 WTI $— $— $45.00 $92.65 July - Sep. 2022 Costless Collar 19,000 Brent $— $— $53.95 $98.59 July - Sep. 2022 Costless Collar 11,000 Argus WTI Houston $— $— $50.00 $89.28 Oct. - Dec. 2022 Costless Collar 4,000 WTI $— $— $50.00 $128.01 Oct. - Dec. 2022 Costless Collar 15,000 Brent $— $— $55.00 $103.06 Oct. - Dec. 2022 Costless Collar 7,000 Argus WTI Houston $— $— $50.00 $95.55 Jan. - June 2023 Costless Collar 6,000 Brent $— $— $60.00 $114.57 NATURAL GAS Apr. - June 2022 Basis Swap (1) 230,000 Waha Hub $(0.36) $— $— $— Apr. - June 2022 Costless Collar 390,000 Henry Hub $— $— $2.65 $5.20 July - Dec. 2022 Basis Swap (1) 330,000 Waha Hub $(0.68) $— $— $— July - Dec. 2022 Costless Collar 380,000 Henry Hub $— $— $2.79 $6.24 Jan. - June 2023 Basis Swap (1) 270,000 Waha Hub $(1.12) $— $— $— Jan. - Mar. 2023 Costless Collar 270,000 Henry Hub $— $— $2.95 $7.59 Apr. - June 2023 Costless Collar 230,000 Henry Hub $— $— $2.96 $7.07 July - Dec. 2023 Basis Swap (1) 250,000 Waha Hub $(1.17) $— $— $— July - Dec. 2023 Costless Collar 210,000 Henry Hub $— $— $2.96 $7.01 (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. Settlement Month Settlement Year Type of Contract Bbls Per Day Index Strike Price Weighted Average Differential Deferred Premium OIL Apr. - June 2022 Put 10,000 WTI $47.50 $— $1.49 Apr. - June 2022 Put 24,000 Brent $50.00 $— $1.80 Apr. - June 2022 Put 8,000 Argus WTI Houston $50.00 $— $1.87 July - Sep. 2022 Put 8,000 WTI $47.50 $— $1.52 July - Sep. 2022 Put 36,000 Brent $50.00 $— $1.83 July - Sep. 2022 Put 12,000 Argus WTI Houston $50.00 $— $1.89 Oct. - Dec. 2022 Put 32,000 Brent $50.00 $— $1.83 Oct. - Dec. 2022 Put 10,000 Argus WTI Houston $50.00 $— $1.85 Apr. - Dec. 2022 Basis Put (1) 50,000 Brent $— $(10.40) $0.78 (1) The Company has basis puts for the spread between the Brent crude oil price and NYMEX WTI crude oil price. During the three months ended March 31, 2022, the Company completed certain hedge restructurings by terminating certain commodity derivative contracts prior to their contractual maturities which resulted in net cash settlements of $135 million. The following table presents the commodity derivatives that were terminated: Swaps Collars Settlement Month Settlement Year Type of Contract Bbls Per Day Index Weighted Average Fixed Price Weighted Average Floor Price Weighted Average Ceiling Price OIL Apr. - June 2022 Costless Collar 8,000 WTI $— $45.00 $71.60 Apr. - June 2022 Costless Collar 8,000 Brent $— $45.00 $74.78 Apr. - June 2022 Costless Collar 6,000 Argus WTI Houston $— $45.00 $69.53 Apr. - Sep. 2022 Costless Collar 2,000 Brent $— $50.00 $80.00 Apr. - Sep. 2022 Costless Collar 2,000 Argus WTI Houston $— $50.00 $76.70 July - Sep. 2022 Costless Collar 4,000 Argus WTI Houston $— $50.00 $75.00 July - Dec. 2022 Swaption 8,250 Brent $68.62 $— $—
Schedule of Derivative Contract Gains and Losses Included in the Consolidated Statements of Operations	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 March 31, 2022 2021 (In millions) Gain (loss) on derivative instruments, net: Commodity contracts $ (552) $ (294) Interest rate swaps — 130 Total $ (552) $ (164) Net cash received (paid) on settlements: Commodity contracts (1) $ (420) $ (182) Interest rate swaps (2) — 80 Total $ (420) $ (102) (1) The three months ended March 31, 2022 includes cash paid on commodity contracts terminated prior to their contractual maturity of $135 million. (2) The three months ended March 31, 2021 includes cash received on interest rate swap contracts terminated prior to their contractual maturity of $80 million.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of 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 March 31, 2022 and December 31, 2021 . The net amounts of derivative instruments are classified as current or noncurrent based on their anticipated settlement dates. As of March 31, 2022 Level 1 Level 2 Level 3 Total Gross Fair Value Gross Amounts Offset in Balance Sheet Net Fair Value Presented in Balance Sheet (In millions) Assets: Current: Derivative instruments $ — $ 83 $ — $ 83 $ (80) $ 3 Interest rate swaps designated as hedges $ — $ 6 $ — $ 6 $ (3) $ 3 Non-current: Derivative instruments $ — $ 56 $ — $ 56 $ (19) $ 37 Interest rate swaps designated as hedges $ — $ — $ — $ — $ — $ — Liabilities: Current: Derivative instruments $ — $ 419 $ — $ 419 $ (80) $ 339 Interest rate swaps designated as hedges $ — $ 3 $ — $ 3 $ (3) $ — Non-current: Derivative instruments $ — $ 20 $ — $ 20 $ (19) $ 1 Interest rate swaps designated as hedges $ — $ 93 $ — $ 93 $ — $ 93 As of December 31, 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 $ — $ 60 $ — $ 60 $ (57) $ 3 Interest rate swaps designated as hedges $ — $ 10 $ — $ 10 $ — $ 10 Non-current: Derivative instruments $ — $ 12 $ — $ 12 $ (8) $ 4 Interest rate swaps designated as hedges $ — $ 1 $ — $ 1 $ (1) $ — Liabilities: Current: Derivative instruments $ — $ 231 $ — $ 231 $ (57) $ 174 Non-current: Derivative instruments $ — $ 9 $ — $ 9 $ (8) $ 1 Interest rate swaps designated as hedges $ — $ 29 $ — $ 29 $ (1) $ 28
Schedule of 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 March 31, 2022 and December 31, 2021 . The net amounts of derivative instruments are classified as current or noncurrent based on their anticipated settlement dates. As of March 31, 2022 Level 1 Level 2 Level 3 Total Gross Fair Value Gross Amounts Offset in Balance Sheet Net Fair Value Presented in Balance Sheet (In millions) Assets: Current: Derivative instruments $ — $ 83 $ — $ 83 $ (80) $ 3 Interest rate swaps designated as hedges $ — $ 6 $ — $ 6 $ (3) $ 3 Non-current: Derivative instruments $ — $ 56 $ — $ 56 $ (19) $ 37 Interest rate swaps designated as hedges $ — $ — $ — $ — $ — $ — Liabilities: Current: Derivative instruments $ — $ 419 $ — $ 419 $ (80) $ 339 Interest rate swaps designated as hedges $ — $ 3 $ — $ 3 $ (3) $ — Non-current: Derivative instruments $ — $ 20 $ — $ 20 $ (19) $ 1 Interest rate swaps designated as hedges $ — $ 93 $ — $ 93 $ — $ 93 As of December 31, 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 $ — $ 60 $ — $ 60 $ (57) $ 3 Interest rate swaps designated as hedges $ — $ 10 $ — $ 10 $ — $ 10 Non-current: Derivative instruments $ — $ 12 $ — $ 12 $ (8) $ 4 Interest rate swaps designated as hedges $ — $ 1 $ — $ 1 $ (1) $ — Liabilities: Current: Derivative instruments $ — $ 231 $ — $ 231 $ (57) $ 174 Non-current: Derivative instruments $ — $ 9 $ — $ 9 $ (8) $ 1 Interest rate swaps designated as hedges $ — $ 29 $ — $ 29 $ (1) $ 28
Schedule of 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 March 31, 2022 and December 31, 2021 . The net amounts of derivative instruments are classified as current or noncurrent based on their anticipated settlement dates. As of March 31, 2022 Level 1 Level 2 Level 3 Total Gross Fair Value Gross Amounts Offset in Balance Sheet Net Fair Value Presented in Balance Sheet (In millions) Assets: Current: Derivative instruments $ — $ 83 $ — $ 83 $ (80) $ 3 Interest rate swaps designated as hedges $ — $ 6 $ — $ 6 $ (3) $ 3 Non-current: Derivative instruments $ — $ 56 $ — $ 56 $ (19) $ 37 Interest rate swaps designated as hedges $ — $ — $ — $ — $ — $ — Liabilities: Current: Derivative instruments $ — $ 419 $ — $ 419 $ (80) $ 339 Interest rate swaps designated as hedges $ — $ 3 $ — $ 3 $ (3) $ — Non-current: Derivative instruments $ — $ 20 $ — $ 20 $ (19) $ 1 Interest rate swaps designated as hedges $ — $ 93 $ — $ 93 $ — $ 93 As of December 31, 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 $ — $ 60 $ — $ 60 $ (57) $ 3 Interest rate swaps designated as hedges $ — $ 10 $ — $ 10 $ — $ 10 Non-current: Derivative instruments $ — $ 12 $ — $ 12 $ (8) $ 4 Interest rate swaps designated as hedges $ — $ 1 $ — $ 1 $ (1) $ — Liabilities: Current: Derivative instruments $ — $ 231 $ — $ 231 $ (57) $ 174 Non-current: Derivative instruments $ — $ 9 $ — $ 9 $ (8) $ 1 Interest rate swaps designated as hedges $ — $ 29 $ — $ 29 $ (1) $ 28
Schedule of 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: March 31, 2022 December 31, 2021 Carrying Carrying Value Fair Value Value Fair Value (In millions) Debt $ 5,848 $ 5,966 $ 6,687 $ 7,148

SUPPLEMENTAL INFORMATION TO S_2

SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS (Tables)	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Information Disclosure [Abstract]
Schedule of Supplemental Disclosures of Cash Flow Information	Three Months Ended March 31, 2022 2021 (In millions) Supplemental disclosure of non-cash transactions: Accrued capital expenditures included in accounts payable and accrued expenses $ 293 $ 252 Common stock issued for business combinations $ — $ 1,727

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of 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 (In millions) Three Months Ended March 31, 2022: Third-party revenues $ 2,391 $ 17 $ — $ 2,408 Intersegment revenues — 87 (87) — Total revenues 2,391 104 (87) 2,408 Depreciation, depletion, amortization and accretion 292 21 — 313 Income (loss) from operations 1,637 39 (16) 1,660 Interest expense, net (31) (9) — (40) Other income (expense) (600) 9 (5) (596) Provision for (benefit from) income taxes 219 2 — 221 Net income (loss) attributable to non-controlling interest 16 8 — 24 Net income (loss) attributable to Diamondback Energy, Inc. 771 29 (21) 779 As of March 31, 2022: Total assets $ 21,727 $ 1,996 $ (392) $ 23,331 Upstream Midstream Operations Eliminations Total (In millions) Three Months Ended March 31, 2021: Third-party revenues $ 1,172 $ 12 $ — $ 1,184 Intersegment revenues — 87 (87) — Total revenues 1,172 99 (87) 1,184 Depreciation, depletion, amortization and accretion 262 11 — 273 Income (loss) from operations 552 38 (19) 571 Interest expense, net (49) (7) — (56) Other income (expense) (222) (3) (2) (227) Provision for (benefit from) income taxes 63 2 — 65 Net income (loss) attributable to non-controlling interest (3) 6 — 3 Net income (loss) attributable to Diamondback Energy, Inc. 221 20 (21) 220 As of December 31, 2021: Total assets $ 21,329 $ 1,942 $ (373) $ 22,898

DESCRIPTION OF THE BUSINESS A_2

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details)	Mar. 31, 2022
Viper Energy Partners LP
Noncontrolling Interest [Line Items]
Ownership percentage	55.00%
Rattler MIdstream LP
Noncontrolling Interest [Line Items]
Ownership percentage	74.00%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Mar. 31, 2022		Dec. 31, 2021	Mar. 31, 2021		Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 149		$ 654	$ 121
Restricted cash	18		18	19
Restricted cash included in funds held in escrow	0		12	34
Total cash, cash equivalents and restricted cash	$ 167	[1]	$ 672	$ 174	[1]	$ 108
[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
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 2,389	$ 1,172
Midland Basin
Disaggregation of Revenue [Line Items]
Revenue	1,687	685
Delaware Basin
Disaggregation of Revenue [Line Items]
Revenue	698	466
Other
Disaggregation of Revenue [Line Items]
Revenue	4	21
Oil sales
Disaggregation of Revenue [Line Items]
Revenue	1,946	944
Oil sales | Midland Basin
Disaggregation of Revenue [Line Items]
Revenue	1,398	569
Oil sales | Delaware Basin
Disaggregation of Revenue [Line Items]
Revenue	545	358
Oil sales | Other
Disaggregation of Revenue [Line Items]
Revenue	3	17
Natural gas sales
Disaggregation of Revenue [Line Items]
Revenue	154	104
Natural gas sales | Midland Basin
Disaggregation of Revenue [Line Items]
Revenue	98	41
Natural gas sales | Delaware Basin
Disaggregation of Revenue [Line Items]
Revenue	56	61
Natural gas sales | Other
Disaggregation of Revenue [Line Items]
Revenue	0	2
Natural gas liquid sales
Disaggregation of Revenue [Line Items]
Revenue	289	124
Natural gas liquid sales | Midland Basin
Disaggregation of Revenue [Line Items]
Revenue	191	75
Natural gas liquid sales | Delaware Basin
Disaggregation of Revenue [Line Items]
Revenue	97	47
Natural gas liquid sales | Other
Disaggregation of Revenue [Line Items]
Revenue	$ 1	$ 2

ACQUISITIONS AND DIVESTITURES -

ACQUISITIONS AND DIVESTITURES - Narrative (Details) shares in Thousands	Jan. 18, 2022USD ($)a	Dec. 01, 2021USD ($)	Oct. 21, 2021USD ($)a	Oct. 01, 2021USD ($)ashares	Mar. 31, 2021USD ($)	Feb. 26, 2021USD ($)awellshares	Mar. 31, 2021USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)	Mar. 17, 2021a
Business Acquisition [Line Items]
Long-term debt, gross									$ 5,848,000,000	$ 6,687,000,000
Williston Basin
Business Acquisition [Line Items]
Gain on disposition of assets			$ 0
Williston Basin | Discontinued Operations, Disposed of by Sale
Business Acquisition [Line Items]
Area of land | a			95,000
Asset acquisition, price of acquisition, expected			$ 586,000,000
QEP Resources Inc
Business Acquisition [Line Items]
Proved properties					$ 2,000,000,000
Unproved properties					$ 733,000,000
Revenues								$ 54,000,000
Direct operating expenses								23,000,000
Total tier one acres | a											49,000
Exchange ratio											0.050
Acquisition related costs								75,000,000
Acquisition related costs, incurred by QEP								31,000,000
Guidon Operating LLC
Business Acquisition [Line Items]
Cash consideration						$ 375,000,000
Number of shares issued (in shares) | shares						10,676
Number of additional wells | well						210
Proved properties							$ 537,000,000
Unproved properties							$ 573,000,000
Revenues								28,000,000
Direct operating expenses								$ 16,000,000
2021 Dropdown Transaction
Business Acquisition [Line Items]
Price of acquisition		$ 164,000,000
Asset acquisition, property acquired		$ 164,000,000
Viper’s Swallowtail Acquisition
Business Acquisition [Line Items]
Cash consideration				$ 225,000,000
Number of shares issued (in shares) | shares				15,250
Viper’s Swallowtail Acquisition | Viper’s Revolving Credit Facility
Business Acquisition [Line Items]
Long-term debt, gross				$ 190,000,000
Viper’s Swallowtail Acquisition | Diamondback Energy, Inc
Business Acquisition [Line Items]
Percentage of shares operated				62.00%
Delaware Basin | First Quarter 2022 Acquisition
Business Acquisition [Line Items]
Area of land | a	6,200
Cash consideration	$ 232,000,000
Northern Midland Basin | Guidon Operating LLC
Business Acquisition [Line Items]
Area of land | a						32,500
Northern Midland Basin | Viper’s Swallowtail Acquisition
Business Acquisition [Line Items]
Area of land | a				2,313

ACQUISITIONS AND DIVESTITURES_2

ACQUISITIONS AND DIVESTITURES - Schedule of Acquisition Consideration Paid (Details) - Guidon Operating LLC $ / shares in Units, shares in Thousands, $ in Millions	Feb. 26, 2021USD ($)$ / 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	Feb. 26, 2021USD ($)
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, shares in Thousands, $ 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
Shares of QEP equity awards included in precombination consideration (in shares)	4,221
Total shares of QEP common stock eligible for merger consideration (in shares)	242,374
Exchange ratio	0.050
Additional shares of Diamondback common stock to be issued as merger consideration (in shares)	12,119
Business acquisition, share price (in USD per share) | $ / shares	$ 81.41
Total consideration | $	$ 987

ACQUISITIONS AND DIVESTITURES_4

ACQUISITIONS AND DIVESTITURES - Schedule of Preliminary Purchase Price Allocation (Details) - QEP Resources Inc - USD ($) $ in Millions	Mar. 17, 2021	Mar. 31, 2022
Business Combination, Consideration Transferred [Abstract]
Total consideration	$ 987
Fair value of liabilities assumed:
Accounts payable - trade	26
Accrued capital expenditures	38
Other accrued liabilities	107
Revenues and royalties payable	67
Derivative instruments	242
Long-term debt	1,710
Asset retirement obligations	54
Other long-term liabilities	63
Amount attributable to liabilities assumed	2,307
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	2,922
Other property, equipment and land	16
Deferred income taxes	39	$ 39
Other assets	106
Amount attributable to assets acquired	3,294
Net assets acquired and liabilities assumed	$ 987

ACQUISITIONS AND DIVESTITURES_5

ACQUISITIONS AND DIVESTITURES - Business Acquisition, Pro Forma Information (Details) - QEP Resources Inc $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)$ / shares
Business Acquisition [Line Items]
Revenues	$ 1,481
Income (loss) from operations	684
Net income (loss)	$ 146
Basic earnings (loss) per common share (in USD per share) | $ / shares	$ 0.81
Diluted earnings (loss) per common share (in USD per share) | $ / shares	$ 0.80

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Oil and natural gas properties:
Not subject to depletion	$ 8,512	$ 8,496
Gross oil and natural gas properties	33,645	32,914
Accumulated depletion and depreciation	(13,840)	(13,545)
Midstream assets	1,118	1,076
Other property, equipment and land	185	174
Property and equipment, net	21,108	20,619
Oil and Natural Gas
Oil and natural gas properties:
Subject to depletion	25,133	24,418
Not subject to depletion	8,512	8,496
Gross oil and natural gas properties	33,645	32,914
Accumulated depletion and depreciation	(5,716)	(5,434)
Accumulated impairment	(7,954)	(7,954)
Oil and natural gas properties, net	19,975	19,526
Other Property and Equipment, Net
Oil and natural gas properties:
Accumulated depletion and depreciation	(170)	(157)
Other property, equipment and land	$ 185	$ 174

PROPERTY AND EQUIPMENT - Narrat

PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Impairment of oil and natural gas properties	$ 0	$ 0
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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations, beginning of period	$ 171	$ 109
Additional liabilities incurred	21	2
Liabilities acquired	2	63
Liabilities settled and divested	(5)	(1)
Accretion expense	3	2
Revisions in estimated liabilities	75	20
Asset retirement obligations, end of period	267	195
Less current portion	13	5
Asset retirement obligations - long-term	$ 254	$ 190	$ 166

DEBT - Long-term Debt (Details)

DEBT - Long-term Debt (Details)	3 Months Ended
	Mar. 31, 2022USD ($)well	Dec. 31, 2021USD ($)derivative	Jun. 30, 2021instrument
Debt Instrument [Line Items]
Long-term debt, gross	$ 5,848,000,000	$ 6,687,000,000
Unamortized debt issuance costs	(30,000,000)	(31,000,000)
Unamortized discount costs	(30,000,000)	(28,000,000)
Unamortized premium costs	7,000,000	8,000,000
Current maturities of long-term debt	(45,000,000)	(45,000,000)
Total long-term debt	5,803,000,000	6,642,000,000
Number of agreements | instrument			2
Fair value of interest rate swap agreements
Debt Instrument [Line Items]
Fair value of interest rate swap agreements	$ (90,000,000)	$ (18,000,000)
Number of agreements | derivative		2
5.375% Senior Notes due 2022
Debt Instrument [Line Items]
Debt instrument stated interest rate	5.375%
Long-term debt, gross	$ 25,000,000	$ 25,000,000
7.320% Medium-term Notes, Series A, due 2022
Debt Instrument [Line Items]
Debt instrument stated interest rate	7.32%
Long-term debt, gross	$ 20,000,000	20,000,000
5.250% Senior Notes due 2023
Debt Instrument [Line Items]
Debt instrument stated interest rate	5.25%
Long-term debt, gross	$ 10,000,000	10,000,000
2.875% Senior Notes due 2024
Debt Instrument [Line Items]
Debt instrument stated interest rate	2.875%
Long-term debt, gross	$ 0	1,000,000,000
4.750% Senior Notes due 2025
Debt Instrument [Line Items]
Debt instrument stated interest rate	4.75%
Long-term debt, gross	$ 0	500,000,000
3.250% Senior Notes due 2026
Debt Instrument [Line Items]
Debt instrument stated interest rate	3.25%
Long-term debt, gross	$ 800,000,000	800,000,000
5.625% Senior Notes due 2026
Debt Instrument [Line Items]
Debt instrument stated interest rate	5.625%
Long-term debt, gross	$ 14,000,000	14,000,000
7.125% Medium-term Notes, Series B, due 2028
Debt Instrument [Line Items]
Debt instrument stated interest rate	7.125%
Long-term debt, gross	$ 100,000,000	100,000,000
3.500% Senior Notes due 2029
Debt Instrument [Line Items]
Debt instrument stated interest rate	3.50%
Long-term debt, gross	$ 1,200,000,000	1,200,000,000
3.125% Senior Notes due 2031
Debt Instrument [Line Items]
Debt instrument stated interest rate	3.125%
Long-term debt, gross	$ 900,000,000	900,000,000
4.400% Senior Notes due 2051
Debt Instrument [Line Items]
Debt instrument stated interest rate	4.40%
Long-term debt, gross	$ 650,000,000	650,000,000
4.750% Senior Notes due 2052
Debt Instrument [Line Items]
Debt instrument stated interest rate	4.75%
Long-term debt, gross	$ 750,000,000	0
DrillCo Agreement
Debt Instrument [Line Items]
Long-term debt, gross	$ 64,000,000	58,000,000
Wells drilled and completed under joint venture agreement | well	20
Revolving credit facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	0
Viper revolving credit facility | Viper Energy Partners LP
Debt Instrument [Line Items]
Long-term debt, gross	$ 248,000,000	304,000,000
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	$ 480,000,000	480,000,000
Rattler revolving credit facility | Rattler LLC
Debt Instrument [Line Items]
Long-term debt, gross	$ 230,000,000	195,000,000
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	$ 500,000,000	$ 500,000,000

DEBT - Second Amended and Resta

DEBT - Second Amended and Restated Credit Facility (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Outstanding borrowings		$ 5,848,000,000	$ 6,687,000,000
Amended And Restated Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity		1,600,000,000
Revolving credit facility
Line of Credit Facility [Line Items]
Outstanding letters of credit		3,000,000
Outstanding borrowings		$ 0	$ 0
Weighted average rate	1.65%

DEBT - March 2022 Notes Offerin

DEBT - March 2022 Notes Offering (Details) - 4.250% Senior Notes due 2052 - Senior Notes $ in Millions	Mar. 17, 2022USD ($)
Debt Instrument [Line Items]
Aggregate principal amount	$ 750
Debt instrument stated interest rate	4.25%
Proceeds from debt, net	$ 739
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$ 11

DEBT - Redemptions of Notes (De

DEBT - Redemptions of Notes (Details) - USD ($) $ in Millions	Mar. 23, 2022	Mar. 18, 2022	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ 54	$ 61
4.750% Senior Notes due 2025
Debt Instrument [Line Items]
Debt instrument stated interest rate			4.75%
4.750% Senior Notes due 2025 | Senior Notes
Debt Instrument [Line Items]
Redemption, amount		$ 500
Debt instrument stated interest rate		4.75%
Cash consideration paid for redemption		$ 540
Redemption premium fees		$ 33
Loss on extinguishment of debt			$ 35
2.875% Senior Notes due 2024
Debt Instrument [Line Items]
Debt instrument stated interest rate			2.875%
2.875% Senior Notes due 2024 | Senior Notes
Debt Instrument [Line Items]
Redemption, amount	$ 1,000
Debt instrument stated interest rate	2.875%
Cash consideration paid for redemption	$ 1,000
Redemption premium fees	$ 14
Loss on extinguishment of debt			$ 19

DEBT - Viper_s Credit Agreement

DEBT - Viper’s Credit Agreement (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Line of Credit Facility [Line Items]
Outstanding borrowings	$ 5,848,000,000		$ 6,687,000,000
Viper revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	2,000,000,000
Viper revolving credit facility | Viper Energy Partners LP
Line of Credit Facility [Line Items]
Maximum borrowing capacity	500,000,000
Current borrowing capacity	580,000,000
Outstanding borrowings	248,000,000		$ 304,000,000
Remaining borrowing capacity	$ 252,000,000
Weighted average rate	2.58%	1.88%

DEBT - Rattler's Credit Agreeme

DEBT - Rattler's Credit Agreement (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Outstanding borrowings	$ 5,848,000,000	$ 6,687,000,000
Rattler revolving credit facility | Rattler LLC
Line of Credit Facility [Line Items]
Maximum borrowing capacity	600,000,000
Expandable amount	1,000,000,000
Outstanding borrowings	230,000,000	$ 195,000,000
Remaining borrowing capacity	$ 370,000,000
Weighted average rate	1.40%

STOCKHOLDERS_ EQUITY AND EARN_3

STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2021
Equity [Abstract]
Stock repurchase program authorized amount			$ 2,000,000,000
Shares repurchased during period	$ 7,000,000	$ 7,000,000
Stock repurchase remaining authorized amount	$ 1,600,000,000

STOCKHOLDERS_ EQUITY AND EARN_4

STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE - Change in Ownership of Consolidated Subsidiaries (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income (loss) attributable to the Company	$ 779	$ 220
Change in ownership of consolidated subsidiaries	3
Limited Partner
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income (loss) attributable to the Company	779	220
Change in ownership of consolidated subsidiaries	(12)	(4)
Change from net income (loss) attributable to the Company's stockholders and transfers to non-controlling interest	$ 767	$ 216

STOCKHOLDERS_ EQUITY AND EARN_5

STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Basic:
Net income (loss) attributable to common stock	$ 779	$ 220
Basic weighted average common units outstanding (in shares)	177,565,000	164,169,000
Effect of dilutive securities:
Potential common shares issuable (in shares)	990,000	757,000
Diluted weighted average common shares outstanding (in shares)	178,555,000	164,926,000
Basic net income (loss) attributable to common stock (in USD per share)	$ 4.39	$ 1.34
Diluted net income (loss) attributable to common stock (in USD per share)	$ 4.36	$ 1.33
Antidilutive securities, restricted stock units (in shares)	0	241,091

EQUITY-BASED COMPENSATION - (Na

EQUITY-BASED COMPENSATION - (Narratives) (Details) - Equity Plan - shares shares in Millions	Mar. 31, 2022	Jun. 03, 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)	5.1

EQUITY-BASED COMPENSATION - Sch

EQUITY-BASED COMPENSATION - Schedule of Stock-Based Compensation Plans and Related Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
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	$ 4	$ 4
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
General and administrative expenses	$ 15	$ 10

EQUITY-BASED COMPENSATION - Res

EQUITY-BASED COMPENSATION - Restricted Stock Units (Details) - Equity Plan - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Restricted Stock Units
Unvested, beginning balance (in shares) | shares	1,079,589
Granted (in shares) | shares	309,535
Vested (in shares) | shares	(157,534)
Forfeited (in shares) | shares	(15,041)
Unvested, ending balance (in shares) | shares	1,216,549
Weighted Average Grant-Date Fair Value
Unvested, beginning balance (in USD per share) | $ / shares	$ 62.09
Granted (in USD per share) | $ / shares	131.72
Vested (in USD per share) | $ / shares	87.10
Forfeited (in USD per share) | $ / shares	62.98
Unvested, ending balance (in USD per share) | $ / shares	$ 75.71

EQUITY-BASED COMPENSATION - R_2

EQUITY-BASED COMPENSATION - Restricted Stock Units (Narratives) (Details) - Restricted Stock Units (RSUs) - Equity Plan $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregated fair value of restricted stock	$ 14
Share based award not recognized	$ 81
Share based payment not recognized	2 years 2 months 12 days

EQUITY-BASED COMPENSATION - Per

EQUITY-BASED COMPENSATION - Performance Restricted Stock Activity (Details) - Equity Plan - Performance Shares	1 Months Ended	3 Months Ended
	Mar. 31, 2022$ / sharesshares	Mar. 31, 2022$ / sharesshares
Performance Restricted Stock Units
Unvested, beginning balance (in shares)		456,459
Granted (in shares)	126,905	126,905
Unvested, ending balance (in shares)	583,364	583,364
Weighted Average Grant-Date Fair Value
Unvested, beginning balance (in USD per share) | $ / shares		$ 100.17
Granted (in USD per share) | $ / shares	$ 237.13	237.13
Unvested, ending balance (in USD per share) | $ / shares	$ 129.96	$ 129.96
Share based compensation arrangement by share based payment maximum award potential (in shares)	1,408,973	1,408,973

EQUITY-BASED COMPENSATION - P_2

EQUITY-BASED COMPENSATION - Performance Based Restricted Stock Units (Narratives) (Details) - Performance Shares - Equity Plan $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2022USD ($)shares	Mar. 31, 2022USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based award not recognized | $	$ 52	$ 52
Share based payment not recognized		1 year 10 months 24 days
Granted (in shares) | shares	126,905	126,905
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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2022
Restricted Stock Awards & Units
Granted (in USD per share)	$ 237.13	$ 237.13
Risk-free rate	1.44%
Company volatility	72.10%

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Effective income tax rate	21.60%	22.60%

DERIVATIVES - Open Derivative P

DERIVATIVES - Open Derivative Positions (Details) MMBTU in Thousands	3 Months Ended
	Mar. 31, 2022MMBTU$ / bbl$ / MMBTUbbl
OIL | 2022 | Apr. - June | Swap | WTI
Derivative [Line Items]
Volume (Bbls) | bbl	1,000
Weighted Average Fixed Price (per Bbl/MMBtu/Gallon)	45
OIL | 2022 | Apr. - June | Swap | Brent
Derivative [Line Items]
Volume (Bbls) | bbl	13,900
Weighted Average Fixed Price (per Bbl/MMBtu/Gallon)	67.54
OIL | 2022 | Apr. - June | Basis Swap | Argus WTI Midland
Derivative [Line Items]
Volume (Bbls) | bbl	17,000
Weighted average differential (per Bbl)	0.66
OIL | 2022 | Apr. - June | Costless Collar | WTI
Derivative [Line Items]
Volume (Bbls) | bbl	5,000
Weighted Average Floor Price (USD per Bbl)	50
Weighted Average Ceiling Price (USD per Bbl)	80.44
OIL | 2022 | Apr. - June | Costless Collar | Brent
Derivative [Line Items]
Volume (Bbls) | bbl	24,000
Weighted Average Floor Price (USD per Bbl)	46.67
Weighted Average Ceiling Price (USD per Bbl)	77.49
OIL | 2022 | Apr. - June | Costless Collar | Argus WTI Houston
Derivative [Line Items]
Volume (Bbls) | bbl	20,000
Weighted Average Floor Price (USD per Bbl)	47.50
Weighted Average Ceiling Price (USD per Bbl)	75.25
OIL | 2022 | Apr. - June | Put | WTI
Derivative [Line Items]
Volume (Bbls) | bbl	10,000
Strike Price (USD per Bbl)	47.50
Deferred premium (USD per Bbl)	1.49
OIL | 2022 | Apr. - June | Put | Brent
Derivative [Line Items]
Volume (Bbls) | bbl	24,000
Strike Price (USD per Bbl)	50
Deferred premium (USD per Bbl)	1.80
OIL | 2022 | Apr. - June | Put | Argus WTI Houston
Derivative [Line Items]
Volume (Bbls) | bbl	8,000
Strike Price (USD per Bbl)	50
Deferred premium (USD per Bbl)	1.87
OIL | 2022 | July - Dec. | Basis Swap | Argus WTI Midland
Derivative [Line Items]
Volume (Bbls) | bbl	10,000
Weighted average differential (per Bbl)	0.84
OIL | 2022 | Apr. - Dec. | Roll Swap | WTI
Derivative [Line Items]
Volume (Bbls) | bbl	55,000
Weighted average differential (per Bbl)	0.89
OIL | 2022 | Apr. - Dec. | Basis Put | Brent
Derivative [Line Items]
Volume (Bbls) | bbl	50,000
Weighted average differential (per Bbl)	(10.40)
Deferred premium (USD per Bbl)	0.78
OIL | 2022 | July - Sep. | Costless Collar | WTI
Derivative [Line Items]
Volume (Bbls) | bbl	4,000
Weighted Average Floor Price (USD per Bbl)	45
Weighted Average Ceiling Price (USD per Bbl)	92.65
OIL | 2022 | July - Sep. | Costless Collar | Brent
Derivative [Line Items]
Volume (Bbls) | bbl	19,000
Weighted Average Floor Price (USD per Bbl)	53.95
Weighted Average Ceiling Price (USD per Bbl)	98.59
OIL | 2022 | July - Sep. | Costless Collar | Argus WTI Houston
Derivative [Line Items]
Volume (Bbls) | bbl	11,000
Weighted Average Floor Price (USD per Bbl)	50
Weighted Average Ceiling Price (USD per Bbl)	89.28
OIL | 2022 | July - Sep. | Put | WTI
Derivative [Line Items]
Volume (Bbls) | bbl	8,000
Strike Price (USD per Bbl)	47.50
Deferred premium (USD per Bbl)	1.52
OIL | 2022 | July - Sep. | Put | Brent
Derivative [Line Items]
Volume (Bbls) | bbl	36,000
Strike Price (USD per Bbl)	50
Deferred premium (USD per Bbl)	1.83
OIL | 2022 | July - Sep. | Put | Argus WTI Houston
Derivative [Line Items]
Volume (Bbls) | bbl	12,000
Strike Price (USD per Bbl)	50
Deferred premium (USD per Bbl)	1.89
OIL | 2022 | Oct. - Dec. | Costless Collar | WTI
Derivative [Line Items]
Volume (Bbls) | bbl	4,000
Weighted Average Floor Price (USD per Bbl)	50
Weighted Average Ceiling Price (USD per Bbl)	128.01
OIL | 2022 | Oct. - Dec. | Costless Collar | Brent
Derivative [Line Items]
Volume (Bbls) | bbl	15,000
Weighted Average Floor Price (USD per Bbl)	55
Weighted Average Ceiling Price (USD per Bbl)	103.06
OIL | 2022 | Oct. - Dec. | Costless Collar | Argus WTI Houston
Derivative [Line Items]
Volume (Bbls) | bbl	7,000
Weighted Average Floor Price (USD per Bbl)	50
Weighted Average Ceiling Price (USD per Bbl)	95.55
OIL | 2022 | Oct. - Dec. | Put | Brent
Derivative [Line Items]
Volume (Bbls) | bbl	32,000
Strike Price (USD per Bbl)	50
Deferred premium (USD per Bbl)	1.83
OIL | 2022 | Oct. - Dec. | Put | Argus WTI Houston
Derivative [Line Items]
Volume (Bbls) | bbl	10,000
Strike Price (USD per Bbl)	50
Deferred premium (USD per Bbl)	1.85
OIL | 2023 | Jan. - June | Costless Collar | Brent
Derivative [Line Items]
Volume (Bbls) | bbl	6,000
Weighted Average Floor Price (USD per Bbl)	60
Weighted Average Ceiling Price (USD per Bbl)	114.57
NATURAL GAS | 2022 | Apr. - June | Basis Swap | Waha Hub
Derivative [Line Items]
Volume, energy measure (MMBtu) | MMBTU	230
Weighted average differential (per Bbl) | $ / MMBTU	(0.36)
NATURAL GAS | 2022 | Apr. - June | Costless Collar | Henry Hub
Derivative [Line Items]
Volume, energy measure (MMBtu) | MMBTU	390
Weighted Average Floor Price (USD per Bbl) | $ / MMBTU	2.65
Weighted Average Ceiling Price (USD per Bbl) | $ / MMBTU	5.20
NATURAL GAS | 2022 | July - Dec. | Basis Swap | Waha Hub
Derivative [Line Items]
Volume, energy measure (MMBtu) | MMBTU	330
Weighted average differential (per Bbl) | $ / MMBTU	(0.68)
NATURAL GAS | 2022 | July - Dec. | Costless Collar | Henry Hub
Derivative [Line Items]
Volume, energy measure (MMBtu) | MMBTU	380
Weighted Average Floor Price (USD per Bbl) | $ / MMBTU	2.79
Weighted Average Ceiling Price (USD per Bbl) | $ / MMBTU	6.24
NATURAL GAS | 2023 | Apr. - June | Costless Collar | Henry Hub
Derivative [Line Items]
Volume, energy measure (MMBtu) | MMBTU	230
Weighted Average Floor Price (USD per Bbl)	2.96
Weighted Average Ceiling Price (USD per Bbl)	7.07
NATURAL GAS | 2023 | July - Dec. | Basis Swap | Waha Hub
Derivative [Line Items]
Volume, energy measure (MMBtu) | MMBTU	250
Weighted average differential (per Bbl) | $ / MMBTU	(1.17)
NATURAL GAS | 2023 | July - Dec. | Costless Collar | Henry Hub
Derivative [Line Items]
Volume, energy measure (MMBtu) | MMBTU	210
Weighted Average Floor Price (USD per Bbl) | $ / MMBTU	2.96
Weighted Average Ceiling Price (USD per Bbl) | $ / MMBTU	7.01
NATURAL GAS | 2023 | Jan. - June | Basis Swap | Waha Hub
Derivative [Line Items]
Volume, energy measure (MMBtu) | MMBTU	270
Weighted average differential (per Bbl)	(1.12)
NATURAL GAS | 2023 | Jan. - Mar. | Costless Collar | Henry Hub
Derivative [Line Items]
Volume, energy measure (MMBtu) | MMBTU	270
Weighted Average Floor Price (USD per Bbl)	2.95
Weighted Average Ceiling Price (USD per Bbl)	7.59

DERIVATIVES - Narrative (Detail

DERIVATIVES - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
OIL | Contract Termination
Derivative [Line Items]
Cash received on contract	$ 135

DERIVATIVES - Restructurings De

DERIVATIVES - Restructurings Derivative Positions By Terminating (Details) - OIL $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)$ / bblbbl
Contract Termination
Derivative [Line Items]
Cash received on contract | $	$ 135
Apr. - June | 2022 | WTI | Costless Collar
Derivative [Line Items]
Volume (Bbls) | bbl	5,000
Weighted Average Floor Price (USD per Bbl)	50
Weighted Average Ceiling Price (USD per Bbl)	80.44
Apr. - June | 2022 | WTI | Costless Collar | Contract Termination
Derivative [Line Items]
Volume (Bbls) | bbl	8,000
Weighted Average Fixed Price (per Bbl/MMBtu/Gallon)	0
Weighted Average Floor Price (USD per Bbl)	45
Weighted Average Ceiling Price (USD per Bbl)	71.60
Apr. - June | 2022 | Brent | Costless Collar
Derivative [Line Items]
Volume (Bbls) | bbl	24,000
Weighted Average Floor Price (USD per Bbl)	46.67
Weighted Average Ceiling Price (USD per Bbl)	77.49
Apr. - June | 2022 | Brent | Costless Collar | Contract Termination
Derivative [Line Items]
Volume (Bbls) | bbl	8,000
Weighted Average Fixed Price (per Bbl/MMBtu/Gallon)	0
Weighted Average Floor Price (USD per Bbl)	45
Weighted Average Ceiling Price (USD per Bbl)	74.78
Apr. - June | 2022 | Argus WTI Houston | Costless Collar | Contract Termination
Derivative [Line Items]
Volume (Bbls) | bbl	6,000
Weighted Average Fixed Price (per Bbl/MMBtu/Gallon)	0
Weighted Average Floor Price (USD per Bbl)	45
Weighted Average Ceiling Price (USD per Bbl)	69.53
Apr. - Sep. | 2022 | Brent | Costless Collar | Contract Termination
Derivative [Line Items]
Volume (Bbls) | bbl	2,000
Weighted Average Fixed Price (per Bbl/MMBtu/Gallon)	0
Weighted Average Floor Price (USD per Bbl)	50
Weighted Average Ceiling Price (USD per Bbl)	80
Apr. - Sep. | 2022 | Argus WTI Houston | Costless Collar | Contract Termination
Derivative [Line Items]
Volume (Bbls) | bbl	2,000
Weighted Average Fixed Price (per Bbl/MMBtu/Gallon)	0
Weighted Average Floor Price (USD per Bbl)	50
Weighted Average Ceiling Price (USD per Bbl)	76.70
July - Sep. | 2022 | Argus WTI Houston | Costless Collar | Contract Termination
Derivative [Line Items]
Volume (Bbls) | bbl	4,000
Weighted Average Fixed Price (per Bbl/MMBtu/Gallon)	0
Weighted Average Floor Price (USD per Bbl)	50
Weighted Average Ceiling Price (USD per Bbl)	75
July - Dec. | 2022 | WTI | Costless Collar
Derivative [Line Items]
Volume (Bbls) | bbl	4,000
Weighted Average Floor Price (USD per Bbl)	45
Weighted Average Ceiling Price (USD per Bbl)	92.65
July - Dec. | 2022 | Brent | Costless Collar
Derivative [Line Items]
Volume (Bbls) | bbl	19,000
Weighted Average Floor Price (USD per Bbl)	53.95
Weighted Average Ceiling Price (USD per Bbl)	98.59
July - Dec. | 2022 | Brent | Swaption | Contract Termination
Derivative [Line Items]
Volume (Bbls) | bbl	8,250
Weighted Average Fixed Price (per Bbl/MMBtu/Gallon)	68.62
Weighted Average Floor Price (USD per Bbl)	0
Weighted Average Ceiling Price (USD per Bbl)	0

DERIVATIVES - Interest Rate Swa

DERIVATIVES - Interest Rate Swaps (Details)	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021derivative	Jun. 30, 2021USD ($)instrument
Derivative [Line Items]
Number of instruments held | instrument				2
Net cash received (paid) on settlements:	$ (420,000,000)	$ (102,000,000)
Interest rate swaps
Derivative [Line Items]
Derivative, notional amount				$ 600,000,000
Net cash received (paid) on settlements:	0	$ 80,000,000
Interest rate swaps | Designated as Hedging Instrument | LIBOR
Derivative [Line Items]
Derivative, average variable interest rate				2.1865%
Interest rate swaps designated as hedges
Derivative [Line Items]
Number of instruments held | derivative			2
Interest rate swaps designated as hedges | Senior Notes Due 2029 | Designated as Hedging Instrument
Derivative [Line Items]
Fair value hedges				$ 1,200,000,000
Derivative, fixed interest rate				3.50%
Gains (losses) due to changes in the fair value of the interest rate swap	$ 90,000,000

DERIVATIVES - Gains and Losses

DERIVATIVES - Gains and Losses on Derivative Instruments Included in Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net:	$ (552)	$ (164)
Net cash received (paid) on settlements:	(420)	(102)
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net:	(552)	(294)
Net cash received (paid) on settlements:	(420)	(182)
Cash paid on contract	135
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net:	0	130
Net cash received (paid) on settlements:	$ 0	$ 80

FAIR VALUE MEASUREMENTS - Recur

FAIR VALUE MEASUREMENTS - Recurring Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current:
Derivative instruments	$ 6	$ 13
Non-current:
Derivative instruments	37	4
Current:
Derivative instruments	339	174
Non-current:
Derivative instruments	94	29
Recurring | Derivative instruments
Current:
Total Gross Fair Value	83	60
Gross Amounts Offset in Balance Sheet	(80)	(57)
Derivative instruments	3	3
Non-current:
Total Gross Fair Value	56	12
Gross Amounts Offset in Balance Sheet	(19)	(8)
Derivative instruments	37	4
Current:
Total Gross Fair Value	419	231
Gross Amounts Offset in Balance Sheet	(80)	(57)
Derivative instruments	339	174
Non-current:
Total Gross Fair Value	20	9
Gross Amounts Offset in Balance Sheet	(19)	(8)
Derivative instruments	1	1
Recurring | Interest rate swaps designated as hedges
Current:
Total Gross Fair Value	6	10
Gross Amounts Offset in Balance Sheet	(3)	0
Derivative instruments	3	10
Non-current:
Total Gross Fair Value	0	1
Gross Amounts Offset in Balance Sheet	0	(1)
Derivative instruments	0	0
Current:
Total Gross Fair Value	3
Gross Amounts Offset in Balance Sheet	(3)
Derivative instruments	0
Non-current:
Total Gross Fair Value	93	29
Gross Amounts Offset in Balance Sheet	0	(1)
Derivative instruments	93	28
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	0
Non-current:
Total Gross Fair Value	0	0
Current:
Total Gross Fair Value	0
Non-current:
Total Gross Fair Value	0	0
Recurring | Level 2 | Derivative instruments
Current:
Total Gross Fair Value	83	60
Non-current:
Total Gross Fair Value	56	12
Current:
Total Gross Fair Value	419	231
Non-current:
Total Gross Fair Value	20	9
Recurring | Level 2 | Interest rate swaps designated as hedges
Current:
Total Gross Fair Value	6	10
Non-current:
Total Gross Fair Value	0	1
Current:
Total Gross Fair Value	3
Non-current:
Total Gross Fair Value	93	29
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	0
Non-current:
Total Gross Fair Value	0	0
Current:
Total Gross Fair Value	0
Non-current:
Total Gross Fair Value	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Asset and Liabilities Not Recorded at Fair Value (Details) - Nonrecurring - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Carrying Value
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Debt	$ 5,848	$ 6,687
Fair Value
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Debt	$ 5,966	$ 7,148

SUPPLEMENTAL INFORMATION TO S_3

SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Supplemental disclosure of non-cash transactions:
Accrued capital expenditures included in accounts payable and accrued expenses	$ 293	$ 252
Common stock issued for business combinations	$ 0	$ 1,727

SUBSEQUENT EVENTS - Narratives

SUBSEQUENT EVENTS - Narratives (Details) - $ / shares	Apr. 27, 2022	Mar. 31, 2022	Mar. 31, 2021
Subsequent Event [Line Items]
Dividends declared per share (in USD per share)		$ 3.05	$ 0.40
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share (in USD per share)	$ 3.05
Subsequent Event | Fixed Dividend
Subsequent Event [Line Items]
Dividends payable (in USD per share)	0.70
Subsequent Event | Variable Dividend
Subsequent Event [Line Items]
Dividends payable (in USD per share)	$ 2.35

SEGMENT INFORMATION- Additional

SEGMENT INFORMATION- Additional Information (Details)	3 Months Ended
	Mar. 31, 2022segment
Segment Reporting [Abstract]
Number of business segments	2

SEGMENT INFORMATION - Summary o

SEGMENT INFORMATION - Summary of Business Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 2,408	$ 1,184
Depreciation, depletion, amortization and accretion	313	273
Income (loss) from operations	1,660	571
Interest expense, net	(40)	(56)
Other income (expense)	(596)	(227)
Provision for (benefit from) income taxes	221	65
Net income (loss) attributable to non-controlling interest	24	3
Net income (loss) attributable to Diamondback Energy, Inc.	779	220
Total assets	23,331		$ 22,898
Upstream
Segment Reporting Information [Line Items]
Revenues	2,391	1,172
Midstream Operations
Segment Reporting Information [Line Items]
Revenues	104	99
Operating Segments | Upstream
Segment Reporting Information [Line Items]
Revenues	2,391	1,172
Depreciation, depletion, amortization and accretion	292	262
Income (loss) from operations	1,637	552
Interest expense, net	(31)	(49)
Other income (expense)	(600)	(222)
Provision for (benefit from) income taxes	219	63
Net income (loss) attributable to non-controlling interest	16	(3)
Net income (loss) attributable to Diamondback Energy, Inc.	771	221
Total assets	21,727		21,329
Operating Segments | Midstream Operations
Segment Reporting Information [Line Items]
Revenues	17	12
Depreciation, depletion, amortization and accretion	21	11
Income (loss) from operations	39	38
Interest expense, net	(9)	(7)
Other income (expense)	9	(3)
Provision for (benefit from) income taxes	2	2
Net income (loss) attributable to non-controlling interest	8	6
Net income (loss) attributable to Diamondback Energy, Inc.	29	20
Total assets	1,996		1,942
Eliminations
Segment Reporting Information [Line Items]
Revenues	(87)	(87)
Depreciation, depletion, amortization and accretion	0	0
Income (loss) from operations	(16)	(19)
Interest expense, net	0	0
Other income (expense)	(5)	(2)
Provision for (benefit from) income taxes	0	0
Net income (loss) attributable to non-controlling interest	0	0
Net income (loss) attributable to Diamondback Energy, Inc.	(21)	$ (21)
Total assets	$ (392)		$ (373)