Diamondback Energy (FANG) 10-Q 8 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 03, 2023
Cover [Abstract]
Document type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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 Ave.
Entity Address, Address Line Two	Suite 100
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		178,984,911
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001539838
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 827	$ 157
Restricted cash	3	7
Accounts receivable:
Joint interest and other, net	191	104
Oil and natural gas sales, net	789	618
Inventories	70	67
Derivative instruments	1	132
Income tax receivable	16	284
Prepaid expenses and other current assets	19	23
Total current assets	1,916	1,392
Property and equipment:
Oil and natural gas properties, full cost method of accounting ($8,239 million and $8,355 million excluded from amortization at September 30, 2023 and December 31, 2022, respectively)	40,647	37,122
Other property, equipment and land	706	1,481
Accumulated depletion, depreciation, amortization and impairment	(15,988)	(14,844)
Property and equipment, net	25,365	23,759
Funds held in escrow	50	119
Equity method investments	519	566
Assets held for sale	0	158
Derivative instruments	1	23
Deferred income taxes, net	60	64
Investment in real estate, net	85	86
Other assets	53	42
Total assets	28,049	26,209
Current liabilities:
Accounts payable - trade	358	127
Accrued capital expenditures	397	480
Current maturities of long-term debt	0	10
Other accrued liabilities	428	399
Revenues and royalties payable	782	619
Derivative instruments	139	47
Income taxes payable	37	34
Total current liabilities	2,141	1,716
Long-term debt	6,230	6,238
Derivative instruments	199	148
Asset retirement obligations	240	336
Deferred income taxes	2,243	2,069
Other long-term liabilities	12	12
Total liabilities	11,065	10,519
Commitments and contingencies (Note 14)
Stockholders’ equity:
Common stock, $0.01 par value; 400,000,000 shares authorized; 178,815,302 and 179,840,797 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	2	2
Additional paid-in capital	14,149	14,213
Retained earnings (accumulated deficit)	2,136	801
Accumulated Other Comprehensive Income (Loss), Net of Tax	(7)	(7)
Total Diamondback Energy, Inc. stockholders’ equity	16,280	15,009
Non-controlling interest	704	681
Total equity	16,984	15,690
Total liabilities and equity	$ 28,049	$ 26,209

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Oil and natural gas properties, amortization excluded	$ 8,239	$ 8,355
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)	178,815,302	179,840,797
Shares outstanding (in shares)	178,815,302	179,840,797

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Other operating income	$ 16	$ 20	$ 62	$ 55
Total revenues	2,340	2,437	6,184	7,613
Costs and expenses:
Lease operating expenses	226	183	618	491
Production and ad valorem taxes	118	156	421	495
Depreciation, depletion, amortization and accretion	442	336	1,277	979
General and administrative expenses	34	34	111	109
Merger and integration expenses	1	11	11	11
Other operating expenses	47	32	113	85
Total costs and expenses	1,000	823	2,819	2,361
Income (loss) from operations	1,340	1,614	3,365	5,252
Other income (expense):
Interest expense, net	(41)	(43)	(138)	(122)
Other income (expense), net	37	(5)	69	(3)
Gain (loss) on derivative instruments, net	(76)	(24)	(358)	(677)
Gain (loss) on extinguishment of debt	0	(1)	(4)	(59)
Income (loss) from equity investments	9	19	39	56
Total other income (expense), net	(71)	(54)	(392)	(805)
Income (loss) before income taxes	1,269	1,560	2,973	4,447
Provision for (benefit from) income taxes	276	290	648	913
Net income (loss)	993	1,270	2,325	3,534
Net income (loss) attributable to non-controlling interest	78	86	142	155
Net income (loss) attributable to Diamondback Energy, Inc.	$ 915	$ 1,184	$ 2,183	$ 3,379
Earnings (loss) per common share:
Basic (in USD per share)	$ 5.07	$ 6.72	$ 12.01	$ 18.99
Diluted (in USD per share)	$ 5.07	$ 6.72	$ 12.01	$ 18.99
Weighted average common shares outstanding:
Basic (in shares)	178,872	174,406	180,400	176,169
Diluted (in shares)	178,872	174,408	180,400	176,171
Dividends declared per share (in USD per share)	$ 3.37	$ 2.26	$ 5.04	$ 8.36
Oil sales
Revenues:
Revenue	$ 1,997	$ 1,853	$ 5,359	$ 5,988
Natural gas sales
Revenues:
Revenue	80	296	197	714
Natural gas liquid sales
Revenues:
Revenue	188	268	507	856
Gathering and transportation
Costs and expenses:
Cost of goods and services sold	73	71	209	191
Purchased oil
Revenues:
Revenue	59	0	59	0
Costs and expenses:
Cost of goods and services sold	$ 59	$ 0	$ 59	$ 0

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)	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interest
Balance at beginning of period (in shares) at Dec. 31, 2021		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		177,551,000
Balance at end of period at Mar. 31, 2022	13,852	$ 2	14,067	(1,326)		1,109
Balance at beginning of period (in shares) at Dec. 31, 2021		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
Net income (loss)	3,534
Balance at end of period (in shares) at Sep. 30, 2022		175,631,000
Balance at end of period at Sep. 30, 2022	14,558	$ 2	13,646	195		715
Balance at beginning of period (in shares) at Mar. 31, 2022		177,551,000
Balance at beginning of period at Mar. 31, 2022	13,852	$ 2	14,067	(1,326)		1,109
Increase (Decrease) in Stockholders' Equity
Unit-based compensation	3					3
Distribution equivalent rights payments	(7)			(7)
Stock-based compensation	17		17
Cash paid for tax withholding on vested equity awards	(3)					(3)
Repurchased shares for share buyback program (in Shares)		(2,369,000)
Repurchased shares under buyback program	(303)		(303)
Repurchased units under buyback programs	(29)					(29)
Distributions to non-controlling interest	(63)					(63)
Dividend paid	(541)			(541)
Exercise of stock options and issuance of restricted stock units and awards (in Shares)		19,000
Change in ownership of consolidated subsidiaries, net	3		(9)			12
Net income (loss)	1,461			1,416		45
Balance at end of period (in shares) at Jun. 30, 2022		175,201,000
Balance at end of period at Jun. 30, 2022	14,390	$ 2	13,772	(458)		1,074
Increase (Decrease) in Stockholders' Equity
Unit-based compensation	2					2
Distribution equivalent rights payments	(6)			(5)		(1)
Stock-based compensation	17		17
Repurchased shares for share buyback program (in Shares)		(3,922,000)
Repurchased shares under buyback program	(472)		(472)
Repurchased units under buyback programs	(51)					(51)
Common units issued for acquisitions (in Shares)		4,352,000
Common units for acquisitions	0		344			(344)
Distributions to non-controlling interest	(71)					(71)
Dividend paid	(526)			(526)
Change in ownership of consolidated subsidiaries, net	5		(15)			20
Net income (loss)	1,270			1,184		86
Balance at end of period (in shares) at Sep. 30, 2022		175,631,000
Balance at end of period at Sep. 30, 2022	$ 14,558	$ 2	13,646	195		715
Balance at beginning of period (in shares) at Dec. 31, 2022	179,840,797	179,841,000
Balance at beginning of period at Dec. 31, 2022	$ 15,690	$ 2	14,213	801	$ (7)	681
Increase (Decrease) in Stockholders' Equity
Unit-based compensation	1					1
Distribution equivalent rights payments	(4)			(4)
Stock-based compensation	15		15
Cash paid for tax withholding on vested equity awards (in shares)		(119,000)
Cash paid for tax withholding on vested equity awards	(18)		(18)
Repurchased shares for share buyback program (in Shares)		(2,531,000)
Repurchased shares under buyback program	(332)		(332)
Repurchased units under buyback programs	(34)					(34)
Common units issued for acquisitions (in Shares)		4,330,000
Common units for acquisitions	633		633
Distributions to non-controlling interest	(34)					(34)
Dividend paid	(542)			(542)
Exercise of stock options and issuance of restricted stock units and awards (in Shares)		84,000
Change in ownership of consolidated subsidiaries, net	2		(9)			11
Net income (loss)	746			712		34
Balance at end of period (in shares) at Mar. 31, 2023		181,605,000
Balance at end of period at Mar. 31, 2023	$ 16,123	$ 2	14,502	967	(7)	659
Balance at beginning of period (in shares) at Dec. 31, 2022	179,840,797	179,841,000
Balance at beginning of period at Dec. 31, 2022	$ 15,690	$ 2	14,213	801	(7)	681
Increase (Decrease) in Stockholders' Equity
Net income (loss)	$ 2,325
Balance at end of period (in shares) at Sep. 30, 2023	178,815,302	178,815,000
Balance at end of period at Sep. 30, 2023	$ 16,984	$ 2	14,149	2,136	(7)	704
Balance at beginning of period (in shares) at Mar. 31, 2023		181,605,000
Balance at beginning of period at Mar. 31, 2023	16,123	$ 2	14,502	967	(7)	659
Increase (Decrease) in Stockholders' Equity
Distribution equivalent rights payments	(1)			(1)
Stock-based compensation	22		22
Cash paid for tax withholding on vested equity awards (in shares)		(18,000)
Cash paid for tax withholding on vested equity awards	(1)		(1)
Repurchased shares for share buyback program (in Shares)		(2,427,000)
Repurchased shares under buyback program	(321)		(321)
Repurchased units under buyback programs	(23)					(23)
Distributions to non-controlling interest	(25)					(25)
Dividend paid	(150)			(150)
Exercise of stock options and issuance of restricted stock units and awards (in Shares)		59,000
Change in ownership of consolidated subsidiaries, net	2		(15)			17
Net income (loss)	586			556		30
Balance at end of period (in shares) at Jun. 30, 2023		179,219,000
Balance at end of period at Jun. 30, 2023	16,212	$ 2	14,187	1,372	(7)	658
Increase (Decrease) in Stockholders' Equity
Distribution equivalent rights payments	(2)			(2)		0
Stock-based compensation	21		21
Repurchased shares for share buyback program (in Shares)		(407,000)
Repurchased shares under buyback program	(56)		(56)
Repurchased units under buyback programs	(10)					(10)
Distributions to non-controlling interest	(25)					(25)
Dividend paid	(149)			(149)
Exercise of stock options and issuance of restricted stock units and awards (in Shares)		4,000
Change in ownership of consolidated subsidiaries, net	0		(3)			3
Net income (loss)	$ 993			915		78
Balance at end of period (in shares) at Sep. 30, 2023	178,815,302	178,815,000
Balance at end of period at Sep. 30, 2023	$ 16,984	$ 2	$ 14,149	$ 2,136	$ (7)	$ 704

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 2,325	$ 3,534
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for (benefit from) deferred income taxes	185	375
Depreciation, depletion, amortization and accretion	1,277	979
(Gain) loss on extinguishment of debt	4	59
(Gain) loss on derivative instruments, net	358	677
Cash received (paid) on settlement of derivative instruments	(62)	(816)
(Income) loss from equity investment	(39)	(56)
Equity-based compensation expense	40	42
Other	(23)	57
Changes in operating assets and liabilities:
Accounts receivable	(218)	(113)
Income tax receivable	267	(1)
Prepaid expenses and other	5	(16)
Accounts payable and accrued liabilities	46	(29)
Income tax payable	4	14
Revenues and royalties payable	139	182
Other	(12)	(4)
Net cash provided by (used in) operating activities	4,296	4,884
Cash flows from investing activities:
Drilling, completions and infrastructure additions to oil and natural gas properties	(1,948)	(1,327)
Additions to midstream assets	(104)	(69)
Property acquisitions	(1,193)	(623)
Proceeds from sale of assets	1,400	105
Other	(14)	(38)
Net cash provided by (used in) investing activities	(1,859)	(1,952)
Cash flows from financing activities:
Proceeds from borrowings under credit facilities	4,466	4,100
Repayments under credit facilities	(4,368)	(4,119)
Proceeds from senior notes	0	750
Repayment of senior notes	(134)	(1,910)
Proceeds from (repayments to) joint venture	0	(41)
Premium on extinguishment of debt	0	(49)
Repurchased shares under buyback program	(709)	(782)
Repurchased units under buyback program	(67)	(122)
Dividends paid to stockholders	(841)	(1,174)
Distributions to non-controlling interest	(84)	(181)
Other	(34)	(42)
Net cash provided by (used in) financing activities	(1,771)	(3,570)
Net increase (decrease) in cash and cash equivalents	666	(638)
Cash, cash equivalents and restricted cash at beginning of period	164	672
Cash, cash equivalents and restricted cash at end of period	$ 830	$ 34

DESCRIPTION OF THE BUSINESS AND

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023, 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 (“Viper’s General Partner”), Rattler Midstream GP LLC, a Delaware limited liability company (“Rattler’s GP”), Rattler Midstream LP, a Delaware limited partnership (“Rattler”) and QEP Resources, Inc. (“QEP”), a Delaware corporation. Rattler Merger On August 24, 2022 (the “Effective Date”), the Company completed the merger with Rattler pursuant to which the Company acquired all of the approximately 38.51 million publicly held outstanding common units of Rattler in exchange for approximately 4.35 million shares of the Company’s common stock (the “Rattler Merger”). Rattler continued as the surviving entity. Following the Rattler Merger, the Company owns all of Rattler’s outstanding common units and Class B units, and Rattler GP remains the general partner of Rattler. Following the closing of the Rattler Merger, Rattler’s common units were delisted from Nasdaq and Rattler filed a certification on Form 15 with the SEC requesting the deregistration of its common units and suspension of Rattler’s reporting obligations under the Exchange Act. The Rattler Merger was accounted for as a non-cash equity transaction resulting in increases to common stock of $44 thousand, additional paid-in-capital of $344 million, merger and integration expense of $11 million and a decrease in noncontrolling interests in consolidated subsidiaries of $344 million. For periods prior to the Effective Date, the results of operations attributable to the non-controlling interest in Rattler are presented within equity and net income and are shown separately from the equity and net income attributable to the Company. 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. The Company has one reportable segment, the upstream segment. Diamondback’s publicly traded subsidiary Viper Energy Partners LP (“Viper”) is consolidated in the Company’s financial statements. As of September 30, 2023, the Company owned approximately 57% of Viper’s total units outstanding. The Company’s wholly owned subsidiary, Viper Energy Partners GP LLC, is the general partner of Viper. The results of operations attributable to the non-controlling interest in Viper are presented within equity and net income and are shown separately from the 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, 2022, 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	9 Months Ended
	Sep. 30, 2023
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 condensed 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 condensed 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 condensed consolidated financial statements. Actual results could differ from those estimates. Making accurate estimates and assumptions is particularly difficult in the oil and natural gas industry given the challenges resulting from volatility in oil and natural gas prices. For instance, the war in Ukraine and Israel-Hamas war, rising interest rates, global supply chain disruptions, concerns about a potential economic downturn or recession, recent measures to combat persistent inflation and instability in the financial sector have contributed to recent economic and pricing volatility. The financial results of companies in the oil and natural gas industry have been impacted materially as a result of these events and changing market conditions. Such circumstances generally increase 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, fair value estimates of derivative instruments, the fair value determination of acquired assets and liabilities assumed and estimates of income taxes, including deferred tax valuation allowances. Net Sales of Purchased Oil The Company enters into pipeline capacity commitments in order to secure available transportation capacity from the Company's areas of production for its commodities. Beginning in the third quarter of 2023, the Company has also entered into purchase transactions with third parties and separate sale transactions with third parties to satisfy certain of its unused oil pipeline capacity commitments. Revenues and expenses from these transactions are generally presented on a gross basis in the captions “Sales of purchased oil” and “Purchased oil expense” in the accompanying condensed consolidated statements of operations as the Company acts as a principal in the transaction by assuming both the risks and rewards of ownership, including credit risk, of the oil volumes purchased and the responsibility to deliver the oil volumes sold. See Note 3— Revenue from Contracts with Customers for additional information. Recent Accounting Pronouncements Recently Adopted Pronouncements 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 required the acquirer in a business combination to record contract assets and liabilities following Topic 606 – “Revenue from Contracts with Customers” at acquisition as if it had originated the contract, rather than at fair value. The Company adopted this update effective January 1, 2023. The adoption of this update did not have a material impact on its financial position, results of operations or liquidity. Accounting Pronouncements Not Yet Adopted 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	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUE FROM CONTRACTS WITH CUSTOMERS	REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue from Contracts with Customers The following tables present the Company’s revenue from contracts with customers: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In millions) Oil sales $ 1,997 $ 1,853 $ 5,359 $ 5,988 Natural gas sales 80 296 197 714 Natural gas liquid sales 188 268 507 856 Total oil, natural gas and natural gas liquid revenues 2,265 2,417 6,063 7,558 Sales of purchased oil 59 — 59 — Midstream and marketing services 13 18 56 49 Total revenue from contracts with customers $ 2,337 $ 2,435 $ 6,178 $ 7,607 The following tables present the Company’s revenue from oil, natural gas, and natural gas liquids disaggregated by basin: Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Midland Basin Delaware Basin Other Total Midland Basin Delaware Basin Other Total (In millions) Oil sales $ 1,588 $ 407 $ 2 $ 1,997 $ 1,311 $ 539 $ 3 $ 1,853 Natural gas sales 52 28 — 80 200 95 1 296 Natural gas liquid sales 138 50 — 188 188 80 — 268 Total $ 1,778 $ 485 $ 2 $ 2,265 $ 1,699 $ 714 $ 4 $ 2,417 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Midland Basin Delaware Basin Other Total Midland Basin Delaware Basin Other Total (In millions) Oil sales $ 4,205 $ 1,149 $ 5 $ 5,359 $ 4,319 $ 1,661 $ 8 $ 5,988 Natural gas sales 131 66 — 197 466 246 2 714 Natural gas liquid sales 363 144 — 507 586 268 2 856 Total $ 4,699 $ 1,359 $ 5 $ 6,063 $ 5,371 $ 2,175 $ 12 $ 7,558

ACQUISITIONS AND DIVESTITURES

ACQUISITIONS AND DIVESTITURES	9 Months Ended
	Sep. 30, 2023
Acquisitions And Divestitures [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES 2023 Activity Deep Blue Acquisition and Divestiture of Water Assets On September 1, 2023, the Company closed on a joint venture agreement with Five Point Energy LLC (“Five Point”) to form Deep Blue Midland Basin LLC (“Deep Blue”). At closing, the Company contributed certain treated water, fresh water and salt water disposal assets (the “Water Assets”) with a net carrying value of $681 million and Five Point contributed $251 million in cash, including customary closing adjustments, to Deep Blue. In exchange for these contributions, Deep Blue issued the Company a one-time cash distribution of approximately $516 million and issued to the Company a 30% equity ownership and voting interest, and issued to Five Point a 70% equity ownership and voting interest. Under a separate agreement with Deep Blue, the Company is continuing to operate the Water Assets on a short-term basis before transferring operations to Deep Blue, which is anticipated to happen in 2024. Contingent upon the successful transfer of operations, the Company will receive approximately $47 million in cash to be contributed by Five Point in 2024. This contingent consideration does not meet the criteria to be accounted for as a derivative. As such, at September 30, 2023, approximately $43 million has been recorded as a receivable in the condensed consolidated balance sheet for the fair value of the additional consideration to be received when operation of the Water Assets transfers to Deep Blue. The Company recorded its 30% equity interest in Deep Blue at fair value based on the cash consideration contributed by Five Point to Deep Blue in exchange for its 70% equity ownership and the estimated fair value of contingent consideration to be contributed by Five Point in future years. As of September 30, 2023, the Company’s equity method investment in Deep Blue has a carrying value equal to its initial fair value of $126 million and is included in the caption “Equity method investments” in the condensed consolidated balance sheet. The Company’s proportionate share of the income or loss from Deep Blue will be recognized on a two-month lag. For the three and nine months ended September 30, 2023, the Company recognized a $2 million loss on the sale of its Water Assets, which is included in the caption “Other operating expenses” in the condensed consolidated statement of operations. The Company and Five Point currently anticipate collectively contributing $500 million in follow-on capital to fund future growth projects and acquisitions. As part of the transaction, the Company also entered into a 15-year dedication with Deep Blue for its produced water and supply water within a 12-county area of mutual interest in the Midland Basin. Fees paid to Deep Blue for produced water and supply water services and fees received from Deep Blue for operating services provided by the Company during the three and nine months ended September 30, 2023 were insignificant. Lario Acquisition On January 31, 2023, the Company closed on its acquisition of all leasehold interests and related assets of Lario Permian, LLC, a wholly owned subsidiary of Lario Oil and Gas Company, and certain associated sellers (collectively “Lario”). The acquisition included approximately 25,000 gross (16,000 net) acres in the Midland Basin and certain related oil and gas assets (the “Lario Acquisition”), in exchange for 4.33 million shares of the Company’s common stock and $814 million in cash, including certain customary post-closing adjustments. Approximately $113 million of the cash consideration was deposited in an indemnity holdback escrow account at closing to be distributed upon satisfactory settlement of any potential title defects on the acquired properties. The cash portion of the consideration for the Lario Acquisition was funded through a combination of cash on hand, a portion of the net proceeds from the Company’s offering of 6.250% Senior Notes due 2053 and borrowings under the Company’s revolving credit facility. The following table presents the acquisition consideration paid in the Lario Acquisition (in millions, except per share data, shares in thousands): Consideration: Shares of Diamondback common stock issued at closing 4,330 Closing price per share of Diamondback common stock on the closing date $ 146.12 Fair value of Diamondback common stock issued $ 633 Cash consideration 814 Total consideration (including fair value of Diamondback common stock issued) $ 1,447 Purchase Price Allocation The Lario 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 Lario Acquisition to the identifiable assets acquired and the liabilities assumed based on the fair values at the acquisition date. Although the purchase price allocation is substantially complete as of the date of this filing, there may be further adjustments to the fair value of certain assets acquired and liabilities assumed, including but not limited to the Company’s oil and natural gas properties. The Company expects to complete the purchase price allocation during the 12-month period following the acquisition date and may revise the value of the assets and liabilities as appropriate within that time frame. There have been no material changes to the purchase price allocation for the Lario Acquisition through September 30, 2023. The following table sets forth the Company’s preliminary purchase price allocation (in millions): Total consideration $ 1,447 Fair value of liabilities assumed: Other long-term liabilities 37 Fair value of assets acquired: Oil and natural gas properties 1,460 Inventories 2 Other property, equipment and land 22 Amount attributable to assets acquired 1,484 Net assets acquired and liabilities assumed $ 1,447 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, vehicles and a field office were 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 and were included in the Company’s condensed consolidated balance sheets under the caption “Other property, equipment and land.” 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 in the fair value hierarchy. With the completion of the Lario Acquisition, the Company acquired proved properties of $924 million and unproved properties of $536 million. The results of operations attributable to the Lario Acquisition since the acquisition date have been included in the condensed consolidated statements of operations and include $134 million and $345 million of total revenue and $53 million and $140 million of net income for the three and nine months ended September 30, 2023, respectively. Divestitures On July 28, 2023, the Company divested its 43% limited liability company interest in OMOG JV LLC (“OMOG”) for $225 million in cash received at closing. This divestiture resulted in a gain on the sale of equity method investments of approximately $35 million for the three and nine months ended September 30, 2023, which is included in the caption “Other income (expense), net” in the condensed consolidated statement of operations. The Company used its net proceeds from this transaction for debt reduction and other general corporate purposes. On April 28, 2023, the Company divested non-core assets to an unrelated third-party buyer consisting of approximately 19,000 net acres in Glasscock County, TX for net cash proceeds at closing of $269 million, including customary post-closing adjustments. The Company used its net proceeds from this transaction for debt reduction and other general corporate purposes. On March 31, 2023, the Company divested non-core assets consisting of approximately 4,900 net acres in Ward and Winkler counties to unrelated third-party buyers for $78 million in net cash proceeds, including customary post-closing adjustments. The divestitures of non-core oil and gas assets 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. On January 9, 2023, the Company divested its 10% non-operating equity investment in Gray Oak Pipeline, LLC (“Gray Oak”) for $172 million in net cash proceeds and recorded a gain on the sale of equity method investments of approximately $53 million in the first quarter of 2023 that is included in the caption “Other income (expense), net” on the condensed consolidated statement of operations for the nine months ended September 30, 2023. 2022 Activity FireBird Energy LLC On November 30, 2022, the Company closed on its acquisition of all leasehold interests and related assets of FireBird Energy LLC, which included approximately 75,000 gross (68,000 net) acres in the Midland Basin and certain related oil and gas assets, in exchange for 5.92 million shares of the Company’s common stock and $787 million in cash, including certain customary post-closing adjustments. Approximately $125 million of the cash consideration was deposited in an indemnity holdback escrow account at closing to be distributed upon satisfactory settlement of any potential title defects on the acquired properties. The cash portion of the consideration for the FireBird Acquisition was funded through a combination of cash on hand and borrowings under the Company’s revolving credit facility. As a result of the FireBird Acquisition, the Company added approximately 854 gross producing wells. The following table presents the acquisition consideration paid in the FireBird Acquisition (in millions, except per share data, shares in thousands): Consideration: Shares of Diamondback common stock issued at closing 5,921 Closing price per share of Diamondback common stock on the closing date $ 148.02 Fair value of Diamondback common stock issued $ 876 Cash consideration 787 Total consideration (including fair value of Diamondback common stock issued) $ 1,663 Purchase Price Allocation The FireBird 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 FireBird Acquisition to the identifiable assets acquired and the liabilities assumed based on the fair values at the acquisition date. Although the purchase price allocation is substantially complete as of the date of this filing, there may be further adjustments to the fair value of certain assets acquired and liabilities assumed, including but not limited to the Company’s oil and natural gas properties and other property, equipment and land. The Company expects to complete the purchase price allocation during the 12-month period following the acquisition date and may revise the value of the assets and liabilities as appropriate within that time frame. During the three months ended September 30, 2023, the Company decreased the fair value allocated to certain midstream assets by $36 million and; increased the fair value allocated to the acquired oil and natural gas properties by $36 million based on new information that became available related to the fair value of these assets on the acquisition date. The following table sets forth the Company’s preliminary purchase price allocation (in millions): Total consideration $ 1,663 Fair value of liabilities assumed: Other long-term liabilities 10 Fair value of assets acquired: Oil and natural gas properties 1,598 Inventories 3 Other property, equipment and land 72 Amount attributable to assets acquired 1,673 Net assets acquired and liabilities assumed $ 1,663 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 and was included in the Company’s condensed consolidated balance sheets under the caption “Other property, equipment and land.” 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 FireBird Acquisition, the Company acquired proved properties of $648 million and unproved properties of $950 million. Delaware Basin 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. Other 2022 Acquisitions Additionally during the year ended December 31, 2022, the Company acquired, from unrelated third-party sellers, approximately 4,000 net acres and over 200 gross wells in the Permian Basin for an aggregate purchase price of approximately $220 million in cash, including customary post-closing adjustments. The acquisitions were funded through cash on hand. Divestitures of Certain Non-Core Assets In October 2022, the Company completed the divestiture of non-core Delaware Basin acreage consisting of approximately 3,272 net acres, with net production of approximately 550 BO/d (800 BOE/d) for $155 million of net proceeds. The Company used the net proceeds from this transaction towards debt reduction. Pro Forma Financial Information The following unaudited summary pro forma financial information for the three and nine months ended September 30, 2023 and 2022 has been prepared to give effect to the FireBird Acquisition and the Lario Acquisition as if they had occurred on January 1, 2022. 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 as consideration for the FireBird Acquisition and the Lario Acquisition, 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. Additionally, pro forma earnings for the three and nine months ended September 30, 2023 were adjusted to exclude acquisition-related costs incurred by the Company of $1 million and $8 million for the Lario Acquisition, respectively, and $3 million for the FireBird Acquisition during the nine months ended September 30, 2023, which consist primarily of legal and advisory fees. The pro forma results of operations do not include any cost savings or other synergies that may result from the Firebird Acquisition and the Lario 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In millions, except per share amounts) Revenues $ 2,340 $ 2,681 $ 6,229 $ 8,308 Income (loss) from operations $ 1,341 $ 1,776 $ 3,401 $ 5,707 Net income (loss) $ 916 $ 1,356 $ 2,214 $ 3,866 Basic earnings (loss) per common share $ 5.07 $ 7.34 $ 12.18 $ 20.74 Diluted earnings (loss) per common share $ 5.07 $ 7.36 $ 12.18 $ 20.79

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT Property and equipment includes the following as of the dates indicated: September 30, December 31, 2023 2022 (In millions) Oil and natural gas properties: Subject to depletion $ 32,408 $ 28,767 Not subject to depletion 8,239 8,355 Gross oil and natural gas properties 40,647 37,122 Accumulated depletion (7,884) (6,671) Accumulated impairment (7,954) (7,954) Oil and natural gas properties, net 24,809 22,497 Other property, equipment and land 706 1,481 Accumulated depreciation, amortization, accretion and impairment (150) (219) Total property and equipment, net $ 25,365 $ 23,759 Under the full cost method of accounting, the Company is required to perform a ceiling test each quarter which determines a limit, or ceiling, on the book value of proved oil and natural gas properties. No impairment expense was recorded for the three and nine months ended September 30, 2023 or 2022 based on the results of the respective quarterly ceiling tests. 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. Assets Held For Sale During the third quarter of 2023, the Company completed the sale of its Water Assets and oil gathering assets which had been classified as assets held for sale in the condensed consolidated balance sheet as of June 30, 2023, with carrying values of $667 million and $75 million, respectively. The sale of these assets resulted in an insignificant loss on disposal of property, plant and equipment for the three and nine months ended September 30, 2023, which is included in the caption “Other operating expenses” in the condensed consolidated statements of operations. See Note 4— Acquisitions and Divestitures for further discussion of the divestiture of the Water Assets. At December 31, 2022, the Water Assets and oil gathering assets were included in the Company’s condensed consolidated balance sheet under the caption “Other property, equipment and land.” All of these assets are included in the midstream operating segment, which is categorized as “All Other” in the Company’s segment disclosures in Note 16— Segment Information

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	9 Months Ended
	Sep. 30, 2023
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: Nine Months Ended September 30, 2023 2022 (In millions) Asset retirement obligations, beginning of period $ 347 $ 171 Additional liabilities incurred 5 31 Liabilities acquired 7 3 Liabilities settled and divested (83) (12) Accretion expense 12 10 Revisions in estimated liabilities (42) 133 Asset retirement obligations, end of period 246 336 Less current portion (1) 6 11 Asset retirement obligations - long-term $ 240 $ 325 (1) The current portion of the asset retirement obligation is included in the caption “Other accrued liabilities” in the Company’s condensed consolidated balance sheets.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
DEBT	DEBT Long-term debt consisted of the following as of the dates indicated: September 30, December 31, 2023 2022 (In millions) 5.250% Senior Notes due 2023 $ — $ 10 3.250% Senior Notes due 2026 750 780 5.625% Senior Notes due 2026 14 14 7.125% Medium-term Notes, Series B, due 2028 73 73 3.500% Senior Notes due 2029 921 1,021 3.125% Senior Notes due 2031 789 789 6.250% Senior Notes due 2033 1,100 1,100 4.400% Senior Notes due 2051 650 650 4.250% Senior Notes due 2052 750 750 6.250% Senior Notes due 2053 650 650 Unamortized debt issuance costs (41) (43) Unamortized discount costs (23) (26) Unamortized premium costs 4 4 Unamortized basis adjustment of dedesignated interest rate swap agreements (1) (87) (106) Revolving credit facility — — Viper revolving credit facility 250 152 Viper 5.375% Senior Notes due 2027 430 430 Total debt, net 6,230 6,248 Less: current maturities of long-term debt — 10 Total long-term debt $ 6,230 $ 6,238 (1) Represents the unamortized basis adjustment related to two receive-fixed, pay variable interest rate swap agreements which were previously designated as fair value hedges of the Company’s $1.2 billion 3.500% fixed rate senior notes due 2029. These swaps were dedesignated in the second quarter of 2022 as discussed further in Note 11— Derivatives . References in this section to the Company shall mean Diamondback Energy, Inc. and Diamondback E&P, collectively, unless otherwise specified. Credit Agreement As of September 30, 2023, 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 of $1.6 billion. As of September 30, 2023, the Company had no outstanding borrowings under the credit agreement and $1.6 billion available for future borrowings. During the three and nine months ended September 30, 2023 and 2022, the weighted average interest rate on borrowings under the credit agreement was 6.59%, 6.31%, 3.92% and 3.50%, respectively. During the second quarter of 2023, the Company exercised an election to extend the maturity date of the credit agreement by one year to June 2, 2028 in accordance with the terms of the credit agreement. As of September 30, 2023, the Company was in compliance with all financial maintenance covenants under the credit agreement. Repurchases of Notes In the second quarter of 2023, the Company repurchased principal amounts of $30 million of its 3.250% Senior Notes due 2026 and $100 million of its 3.500% Senior Notes due 2029 for total cash consideration, including accrued interest paid of $124 million. These repurchases resulted in an immaterial loss on extinguishment of debt during the nine months ended September 30, 2023. Viper’s Credit Agreement On September 22, 2023, Viper LLC entered into an eleventh and separately a twelfth amendment to the existing credit agreement, which among other things, (i) extended the maturity date from June 2, 2025 to September 22, 2028, (ii) maintained the maximum credit amount under the Viper LLC credit agreement of $2.0 billion, (iii) increased the borrowing base from $1.0 billion to $1.3 billion upon consummation of the Viper Acquisition (as defined in Note 15— Subsequent Events ), (iv) increased the elected commitment amount from $750 million to $850 million, and (v) waived the automatic reduction of the borrowing base that otherwise would have occurred upon the consummation of the issuance of the Viper 2031 Notes (as defined in Note 15— Subsequent Events ). As of September 30, 2023, Viper LLC had $250 million of outstanding borrowings and $600 million available for future borrowings. During the three and nine months ended September 30, 2023 and 2022, the weighted average interest rates on borrowings under the Viper credit agreement were 7.58%, 7.37%, 4.75% and 3.53%, respectively. As of September 30, 2023, Viper LLC was in compliance with all financial maintenance covenants under the Viper credit agreement.

STOCKHOLDERS_ EQUITY AND EARNIN

STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE	STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE Stock Repurchase Program The Company’s board of directors has approved a common stock repurchase program to acquire up to $4.0 billion of the Company’s outstanding common stock, excluding excise tax. 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 and nine months ended September 30, 2023 and 2022, the Company repurchased, excluding excise tax, approximately $56 million, $709 million, $472 million and $782 million of common stock under this repurchase program, respectively. As of September 30, 2023, approximately $1.8 billion remained available for use to repurchase shares under the Company’s common stock repurchase program, excluding excise tax. Change in Ownership of Consolidated Subsidiaries Non-controlling interests in the accompanying condensed consolidated financial statements represent minority interest ownership in Viper and Rattler through the Effective Date 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In millions) Net income (loss) attributable to the Company $ 915 $ 1,184 $ 2,183 $ 3,379 Change in ownership of consolidated subsidiaries (3) (15) (27) (36) Change from net income (loss) attributable to the Company's stockholders and transfers to non-controlling interest $ 912 $ 1,169 $ 2,156 $ 3,343 Earnings (Loss) Per Share The Company’s earnings (loss) per share amounts have been computed using the two-class method. The two-class method is an earnings allocation proportional to the respective ownership among holders of common stock and participating securities. 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 non-participating securities outstanding for the period. Additionally, the per share earnings of Viper 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 ($ in millions, except per share amounts, shares in thousands) Net income (loss) attributable to common stock $ 915 $ 1,184 $ 2,183 $ 3,379 Less: distributed and undistributed earnings allocated to participating securities (1) 8 12 17 34 Net income (loss) attributable to common stockholders $ 907 $ 1,172 $ 2,166 $ 3,345 Weighted average common shares outstanding: Basic weighted average common shares outstanding 178,872 174,406 180,400 176,169 Effect of dilutive securities: Weighted-average potential common shares issuable — 2 — 2 Diluted weighted average common shares outstanding 178,872 174,408 180,400 176,171 Basic net income (loss) attributable to common stock $ 5.07 $ 6.72 $ 12.01 $ 18.99 Diluted net income (loss) attributable to common stock $ 5.07 $ 6.72 $ 12.01 $ 18.99 (1) Unvested restricted stock awards and performance stock awards that contain non-forfeitable distribution equivalent rights are considered participating securities and therefore are included in the earnings per share calculation pursuant to the two-class method.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
EQUITY-BASED COMPENSATION	EQUITY-BASED COMPENSATION Under the Equity Plan approved by the Board of Directors, the Company is authorized to issue up to 11.8 million shares of incentive and non-statutory stock options, restricted stock awards and restricted stock units, performance awards and stock appreciation rights to eligible employees. The Company currently has outstanding restricted stock units and performance-based restricted stock units under the Equity Plan. The Company also has immaterial amounts of restricted share awards and stock appreciation rights outstanding which were issued under plans assumed in connection with previously completed mergers. At September 30, 2023, approximately 5.1 million shares of common stock remain available for future grants under the Equity Plan. The Company classifies its restricted stock units and performance-based restricted stock units 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. In addition to the Equity Plan, Viper maintains its own long-term incentive plan, which is not significant to the Company. The following table presents the financial statement impacts of equity compensation plans and related costs on the Company’s financial statements: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In millions) General and administrative expenses $ 13 $ 14 $ 40 $ 42 Equity-based compensation capitalized pursuant to full cost method of accounting for oil and natural gas properties $ 8 $ 6 $ 19 $ 16 Restricted Stock Units The following table presents the Company’s restricted stock unit activity during the nine months ended September 30, 2023 under the Equity Plan: Restricted Stock Weighted Average Grant-Date Unvested at December 31, 2022 918,902 $ 95.74 Granted 392,310 $ 143.69 Vested (161,878) $ 122.77 Forfeited (64,453) $ 104.66 Unvested at September 30, 2023 1,084,881 $ 108.34 The aggregate grant date fair value of restricted stock units that vested during the nine months ended September 30, 2023 was $20 million. As of September 30, 2023, the Company’s unrecognized compensation cost related to unvested restricted stock units was $78 million, which is expected to be recognized over a weighted-average period of 1.6 years. Performance Based Restricted Stock Units The following table presents the Company’s performance restricted stock units activity under the Equity Plan for the nine months ended September 30, 2023: Performance Restricted Stock Units Weighted Average Grant-Date Fair Value Unvested at December 31, 2022 347,881 $ 168.48 Granted 128,205 $ 258.98 Forfeited (42,657) $ 144.48 Unvested at September 30, 2023 (1) 433,429 $ 197.61 (1) A maximum of 1,034,136 units could be awarded based upon the Company’s final TSR ranking. As of September 30, 2023, the Company’s unrecognized compensation cost related to unvested performance based restricted stock awards and units was $42 million, which is expected to be recognized over a weighted-average period of 1.5 years. In March 2023, eligible employees received performance restricted stock unit awards totaling 126,347 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, 2023 to December 31, 2025 and cliff vest at December 31, 2025 subject to continued employment. The initial payout of the March 2023 awards will be further adjusted by a TSR modifier that may reduce the payout or increase the payout up to a maximum of 250%. Additionally, in July 2023 the Company granted 1,858 units under substantially the same terms as the March 2023 performance restricted stock unit awards. 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 periods presented: March 2023 July 2023 Grant-date fair value $ 259.52 $ 222.09 Risk-free rate 4.64 % 4.70 % Company volatility 46.90 % 47.20 %

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The following table provides the Company’s provision for (benefit from) income taxes and the effective income tax rate for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In millions, except for tax rate) Provision for (benefit from) income taxes $ 276 $ 290 $ 648 $ 913 Effective income tax rate 21.7 % 18.6 % 21.8 % 20.5 % Total income tax expense from continuing operations for the three and nine months ended September 30, 2023 and 2022 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) a tax benefit resulting from a reduction in the valuation allowance on Viper’s deferred tax assets for the three and nine months ended September 30, 2022. As of September 30, 2023, Viper maintained a partial 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 and nine months ended September 30, 2023, the Company’s items of discrete income tax expense or benefit were not material. For the three and nine months ended September 30, 2022, the Company recognized discrete income tax benefit of $50 million related to a partial release of Viper’s beginning-of-the-year valuation allowance, based on a change in judgment about the realizability of Viper’s deferred tax assets in future years. The Inflation Reduction Act of 2022 (“IRA”) was enacted on August 16, 2022, which created a 15% corporate alternative minimum tax (“CAMT”) on the “adjusted financial statement income” of certain large corporations (generally, corporations reporting at least $1 billion of average adjusted pre-tax net income on their consolidated financial statements) as well as an excise tax of 1% on the fair market value of certain public company stock/unit repurchases for tax years beginning after December 31, 2022. Based on application of currently available guidance, the Company’s income tax expense for the three and nine months ended September 30, 2023 were not impacted by the CAMT. The Company’s excise tax during the three and nine months ended September 30, 2023 was immaterial and was recognized as part of the cost basis of the units repurchased.

DERIVATIVES

DERIVATIVES	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES At September 30, 2023, the Company has commodity derivative contracts and interest rate swaps 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 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, collateral is not required from either the counterparties or the Company on its outstanding commodity derivative contracts. As of September 30, 2023, 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 Floor Price Weighted Average Ceiling Price OIL Oct. - Dec. 2023 Basis Swap (1) 24,000 Argus WTI Midland $0.90 $— $— Jan. - Dec. 2024 Basis Swap (1) 6,000 Argus WTI Midland $1.23 $— $— Jan. - Jun. 2024 Costless Collar 6,000 WTI Cushing $— $65.00 $95.55 Jan. - Dec. 2024 Roll Swap 25,000 WTI $0.81 $— $— NATURAL GAS Oct. - Dec. 2023 Costless Collar 310,000 Henry Hub $— $3.18 $9.22 Jan. - Dec. 2024 Costless Collar 260,000 Henry Hub $— $2.87 $7.76 Oct. - Dec. 2023 Basis Swap (1) 330,000 Waha Hub $(1.24) $— $— Jan. - Dec. 2024 Basis Swap (1) 380,000 Waha Hub $(1.18) $— $— Jan. - Dec. 2025 Basis Swap (1) 160,000 Waha Hub $(0.72) $— $— (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 Deferred Premium OIL Oct. - Dec. 2023 Put 110,000 Brent $55.00 $1.59 Oct. - Dec. 2023 Put 28,000 Argus WTI Houston $55.00 $1.67 Oct. - Dec. 2023 Put 16,000 WTI Cushing $56.25 $1.70 Jan. - Mar. 2024 Put 110,000 Brent $55.00 $1.50 Jan. - Mar. 2024 Put 28,000 Argus WTI Houston $55.00 $1.60 Jan. - Mar. 2024 Put 14,000 WTI Cushing $58.57 $1.54 Apr. - Jun. 2024 Put 74,000 Brent $55.00 $1.48 Apr. - Jun. 2024 Put 18,000 Argus WTI Houston $55.00 $1.51 Apr. - Jun. 2024 Put 12,000 WTI Cushing $60.00 $1.50 Jul. - Sep. 2024 Put 34,000 Brent $55.00 $1.41 Jul. - Sep. 2024 Put 10,000 Argus WTI Houston $55.00 $1.45 Oct. - Dec. 2024 Put 12,000 Brent $55.00 $1.49 Interest Rate Swaps In the second quarter of 2021, the Company entered into two interest rate swap agreements for notional amounts of $600 million, which were designated as fair value hedges of the Company’s $1.2 billion 3.50% fixed rate senior notes due 2029 (the “2029 Notes”) at inception. The Company receives a fixed 3.50% rate of interest on these swaps. Effective on May 28, 2023, the variable rate of interest the Company pays on these swaps was reset from three month LIBOR to three month SOFR plus 2.1865%. The Company previously adopted the optional expedient in ASU 2020-04, “Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” as later extended for these contract term modifications, and as a result, did not recognize any impact of the change in reference rate on its financial position, results of operations or liquidity for the three or nine months ended September 30, 2023. In the second quarter of 2022, the Company elected to fully dedesignate these interest rate swaps and hedge accounting was discontinued. The cumulative fair value basis adjustment recorded on the 2029 Notes at the time of dedesignation totaled $135 million. This basis adjustment is being amortized to interest expense over the remaining term of the 2029 Notes utilizing the effective interest method. The dedesignated interest rate swaps are considered economic hedges of the Company’s fixed-rate debt. As such, changes in the fair value of the interest rate swaps after the date of dedesignation have been recorded in earnings under the caption “Gain (loss) on derivative instruments, net” in the condensed consolidated statements of operations. 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In millions) Gain (loss) on derivative instruments, net: Commodity contracts $ (36) $ 39 $ (297) $ (615) Interest rate swaps (40) (63) (61) (62) Total $ (76) $ (24) $ (358) $ (677) Net cash received (paid) on settlements: Commodity contracts (1) $ (24) $ (96) $ (40) $ (822) Interest rate swaps — — (22) 6 Total $ (24) $ (96) $ (62) $ (816) (1) The three and nine months ended September 30, 2022 includes cash paid on commodity contracts terminated prior to their contractual maturity of $3 million and $138 million.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Assets and Liabilities Measured at Fair Value on a Recurring Basis As discussed in Note 13—Fair Value Measurements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, certain financial instruments of the Company are reported at fair value on the Company’s condensed consolidated balance sheets . The net amounts of derivative instruments are classified as current or noncurrent based on their anticipated settlement dates. The Company has an immaterial investment that is reported at fair value using observable, quoted stock prices and is included in “Other assets” on the Company’s condensed consolidated balance sheet at September 30, 2023. The following table provides the fair value of financial instruments that are recorded at fair value in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022: As of September 30, 2023 Level 1 Level 2 Level 3 Total Gross Fair Value Gross Amounts Offset in Balance Sheet Net Fair Value Presented in Balance Sheet (In millions) Assets: Current assets- Derivative instruments: Commodity derivative instruments $ — $ 49 $ — $ 49 $ (48) $ 1 Non-current assets- Derivative instruments: Commodity derivative instruments $ — $ 13 $ — $ 13 $ (12) $ 1 Non-current assets- Other assets: Investment $ 8 $ — $ — $ 8 $ — $ 8 Liabilities: Current liabilities- Derivative instruments: Commodity derivative instruments $ — $ 134 $ — $ 134 $ (48) $ 86 Interest rate swaps $ — $ 53 $ — $ 53 $ — $ 53 Non-current liabilities- Derivative instruments: Commodity derivative instruments $ — $ 33 $ — $ 33 $ (12) $ 21 Interest rate swaps $ — $ 178 $ — $ 178 $ — $ 178 As of December 31, 2022 Level 1 Level 2 Level 3 Total Gross Fair Value Gross Amounts Offset in Balance Sheet Net Fair Value Presented in Balance Sheet (In millions) Assets: Current assets- Derivative instruments: Commodity derivative instruments $ — $ 197 $ — $ 197 $ (65) $ 132 Non-current assets- Derivative instruments: Commodity derivative instruments $ — $ 62 $ — $ 62 $ (39) $ 23 Liabilities: Current liabilities- Derivative instruments: Commodity derivative instruments $ — $ 67 $ — $ 67 $ (65) $ 2 Interest rate swaps $ — $ 45 $ — $ 45 $ — $ 45 Non-current liabilities- Derivative instruments: Commodity derivative instruments $ — $ 39 $ — $ 39 $ (39) $ — Interest rate swaps $ — $ 148 $ — $ 148 $ — $ 148 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: September 30, 2023 December 31, 2022 Carrying Carrying Value Fair Value Value Fair Value (In millions) Debt $ 6,230 $ 5,650 $ 6,248 $ 5,754 The fair values of the Company’s credit agreement and the Viper 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, equity method investments 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

SUPPLEMENTAL INFORMATION TO STA

SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS	9 Months Ended
	Sep. 30, 2023
Supplemental Cash Flow Information Disclosure [Abstract]
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS	SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2023 2022 (In millions) Supplemental disclosure of cash flow information: Cash paid (received) for income taxes $ 195 $ 560 Supplemental disclosure of non-cash transactions: Accrued capital expenditures included in accounts payable and accrued expenses $ 639 $ 431 Common stock issued for acquisitions $ 633 $ 595 Equity method investment received in exchange for contributed assets $ 126 $ —

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2023
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. Environmental Matters The United States Department of the Interior, Bureau of Safety and Environmental Enforcement, ordered several oil and gas operators, including a corporate predecessor of Energen Corporation, to perform decommissioning and reclamation activities related to a Louisiana offshore oil and gas production platform and related facilities. In response to the insolvency of the operator of record, the government ordered the former operators and/or alleged former lease record title owners to decommission the platform and related facilities. The Company has agreed to an arrangement with other operators to contribute to a trust to fund the decommissioning costs, however, the Company’s portion of such costs are not expected to be material. Beginning in 2013 and continuing through the third quarter of 2023, several coastal Louisiana parishes and the State of Louisiana have filed 43 lawsuits under Louisiana’s State and Local Coastal Resources Management Act (“SLCRMA”) against numerous oil and gas producers seeking damages for coastal erosion in or near oil fields located within Louisiana’s coastal zone. The Company is a defendant in three of these cases, and Plaintiffs’ claims against the Company relate to the prior operations of entities previously acquired by Energen Corporation. The Company has exercised contractual indemnification rights where applicable. Plaintiffs’ SLCRMA theories are unprecedented, and there remains significant uncertainty about the claims (both as to scope and damages). Although we cannot predict the ultimate outcome of these matters, the Company believes the claims lack merit and intends to continue vigorously defending these lawsuits.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Viper 2031 Notes Offering On October 19, 2023, Viper completed an offering (the “Viper 2031 Notes Offering”) of $400 million in aggregate principal amount of its 7.375% Senior Notes maturing on November 1, 2031 (the “Viper 2031 Notes”). Viper received net proceeds of approximately $394 million, after deducting the initial purchasers’ discount and expected transaction costs, from the Viper 2031 Notes Offering. Viper loaned the gross proceeds to Viper LLC, which used the proceeds to partially fund the cash portion of the Viper Acquisition as defined and discussed further below. The Viper 2031 Notes are senior unsecured obligations of Viper, initially guaranteed on a senior unsecured basis by Viper LLC, and will pay interest semi-annually. Neither the Company nor Viper’s General Partner will guarantee the Viper 2031 Notes. In the future, each of Viper’s restricted subsidiaries that either (i) guarantees any of its or a guarantor’s indebtedness, or (ii) is a domestic restricted subsidiary and is an obligor with respect to any indebtedness under any credit facility will be required to guarantee the Viper 2031 Notes. Viper Issuance of Common Units to Diamondback On October 31, 2023, pursuant to a common unit purchase and sale agreement entered into on September 4, 2023, Viper issued approximately 7.22 million of its common units to the Company at a price of $27.72 per unit for total net proceeds to Viper of approximately $200 million. Viper used the net proceeds of this common unit issuance to fund a portion of the cash consideration for the Viper Acquisition, as defined and discussed further below. Viper Acquisition On November 1, 2023, Viper and Viper LLC acquired certain mineral and royalty interests from Royalty Asset Holdings, LP, Royalty Asset Holdings II, LP and Saxum Asset Holdings, LP (collectively, “the Sellers,” and affiliates of Warwick Capital Partners and GRP Energy Capital) pursuant to a definitive purchase and sale agreement for approximately 9.02 million Viper common units and $750 million in cash, subject to customary post-closing adjustments (the “Viper Acquisition”). The mineral and royalty interests acquired in the Viper Acquisition represent 4,600 net royalty acres in the Permian Basin, plus an additional 2,700 net royalty acres in other major basins. The cash consideration for the Viper Acquisition was funded through a combination of cash on hand and held in escrow, borrowings under Viper LLC’s credit agreement, proceeds from the Viper 2031 Notes Offering and proceeds from the $200 million common unit issuance to the Company. Following the completion of the Viper Acquisition and the related issuance of Viper common units to the Company under the common unit purchase and sale agreement, the Company beneficially owned approximately 56% of Viper’s total units outstanding.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION As of September 30, 2023, the Company has one reportable segment, 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. Other operations are included in the “All Other” category in the table below. The following tables summarize the results of the Company’s operating segments during the periods presented: Upstream All Other Eliminations Total (In millions) Three Months Ended September 30, 2023: Third-party revenues $ 2,327 $ 13 $ — $ 2,340 Intersegment revenues — 84 (84) — Total revenues $ 2,327 $ 97 $ (84) $ 2,340 Depreciation, depletion, amortization and accretion $ 435 $ 7 $ — $ 442 Income (loss) from operations $ 1,339 $ 19 $ (18) $ 1,340 Interest expense, net $ (42) $ 1 $ — $ (41) Other income (expense) $ (71) $ 45 $ (4) $ (30) Provision for (benefit from) income taxes $ 261 $ 15 $ — $ 276 Net income (loss) attributable to non-controlling interest $ 78 $ — $ — $ 78 Net income (loss) attributable to Diamondback Energy, Inc. $ 887 $ 50 $ (22) $ 915 As of September 30, 2023: Total assets $ 27,382 $ 1,263 $ (596) $ 28,049 Upstream All Other Eliminations Total (In millions) Three Months Ended September 30, 2022: Third-party revenues $ 2,419 $ 18 $ — $ 2,437 Intersegment revenues — 96 (96) — Total revenues $ 2,419 $ 114 $ (96) $ 2,437 Depreciation, depletion, amortization and accretion $ 323 $ 13 $ — $ 336 Income (loss) from operations $ 1,598 $ 41 $ (25) $ 1,614 Interest expense, net $ (33) $ (10) $ — $ (43) Other income (expense) $ (27) $ 20 $ (4) $ (11) Provision for (benefit from) income taxes $ 287 $ 3 $ — $ 290 Net income (loss) attributable to non-controlling interest $ 76 $ 10 $ — $ 86 Net income (loss) attributable to Diamondback Energy, Inc. $ 1,175 $ 38 $ (29) $ 1,184 As of December 31, 2022: Total assets $ 24,452 $ 2,213 $ (456) $ 26,209 Upstream All Other Eliminations Total (In millions) Nine Months Ended September 30, 2023: Third-party revenues $ 6,126 $ 58 $ — $ 6,184 Intersegment revenues — 286 (286) — Total revenues $ 6,126 $ 344 $ (286) $ 6,184 Depreciation, depletion, amortization and accretion $ 1,244 $ 33 $ — $ 1,277 Income (loss) from operations $ 3,320 $ 118 $ (73) $ 3,365 Interest expense, net $ (139) $ 1 $ — $ (138) Other income (expense) $ (370) $ 128 $ (12) $ (254) Provision for (benefit from) income taxes $ 626 $ 22 $ — $ 648 Net income (loss) attributable to non-controlling interest $ 142 $ — $ — $ 142 Net income (loss) attributable to Diamondback Energy, Inc. $ 2,043 $ 225 $ (85) $ 2,183 As of September 30, 2023: Total assets $ 27,382 $ 1,263 $ (596) $ 28,049 Upstream All Other Eliminations Total (In millions) Nine Months Ended September 30, 2022: Third-party revenues $ 7,563 $ 50 $ — $ 7,613 Intersegment revenues — 273 (273) — Total revenues $ 7,563 $ 323 $ (273) $ 7,613 Depreciation, depletion, amortization and accretion $ 929 $ 50 $ — $ 979 Income (loss) from operations $ 5,197 $ 119 $ (64) $ 5,252 Interest expense, net $ (94) $ (28) $ — $ (122) Other income (expense) $ (727) $ 57 $ (13) $ (683) Provision for (benefit from) income taxes $ 904 $ 9 $ — $ 913 Net income (loss) attributable to non-controlling interest $ 125 $ 30 $ — $ 155 Net income (loss) attributable to Diamondback Energy, Inc. $ 3,347 $ 109 $ (77) $ 3,379 As of December 31, 2022: Total assets $ 24,452 $ 2,213 $ (456) $ 26,209

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to Diamondback Energy, Inc.	$ 915	$ 1,184	$ 2,183	$ 3,379

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2023 shares	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Travis D. Stice [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 21, 2023, Travis D. Stice, the Company's Chief Executive Officer and Chairman of the board of directors of the Company, adopted a trading plan intended to satisfy Rule 10b5-1(c), as amended. The plan relates to the sale of up to 90,000 shares of common stock between November 22, 2023 and November 22, 2024. The shares covered by this plan include shares of common stock which will be acquired upon (i) the exercise of any employee stock options, and (ii) vesting of restricted stock units, including the net settlement of such restricted stock units to satisfy tax withholding obligations.
Name	Travis D. Stice
Title	Company's Chief Executive Officer and Chairman
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 21, 2023
Arrangement Duration	366 days
Aggregate Available	90,000	90,000

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2023
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. The Company has one reportable segment, the upstream segment. Diamondback’s publicly traded subsidiary Viper Energy Partners LP (“Viper”) is consolidated in the Company’s financial statements. As of September 30, 2023, the Company owned approximately 57% of Viper’s total units outstanding. The Company’s wholly owned subsidiary, Viper Energy Partners GP LLC, is the general partner of Viper. The results of operations attributable to the non-controlling interest in Viper are presented within equity and net income and are shown separately from the 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, 2022, 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 condensed 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 condensed 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 condensed consolidated financial statements. Actual results could differ from those estimates. Making accurate estimates and assumptions is particularly difficult in the oil and natural gas industry given the challenges resulting from volatility in oil and natural gas prices. For instance, the war in Ukraine and Israel-Hamas war, rising interest rates, global supply chain disruptions, concerns about a potential economic downturn or recession, recent measures to combat persistent inflation and instability in the financial sector have contributed to recent economic and pricing volatility. The financial results of companies in the oil and natural gas industry have been impacted materially as a result of these events and changing market conditions. Such circumstances generally increase 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, fair value estimates of derivative instruments, the fair value determination of acquired assets and liabilities assumed and estimates of income taxes, including deferred tax valuation allowances.
Net Sales of Purchased Oil	Net Sales of Purchased OilThe Company enters into pipeline capacity commitments in order to secure available transportation capacity from the Company's areas of production for its commodities. Beginning in the third quarter of 2023, the Company has also entered into purchase transactions with third parties and separate sale transactions with third parties to satisfy certain of its unused oil pipeline capacity commitments. Revenues and expenses from these transactions are generally presented on a gross basis in the captions “Sales of purchased oil” and “Purchased oil expense” in the accompanying condensed consolidated statements of operations as the Company acts as a principal in the transaction by assuming both the risks and rewards of ownership, including credit risk, of the oil volumes purchased and the responsibility to deliver the oil volumes sold.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Pronouncements 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 required the acquirer in a business combination to record contract assets and liabilities following Topic 606 – “Revenue from Contracts with Customers” at acquisition as if it had originated the contract, rather than at fair value. The Company adopted this update effective January 1, 2023. The adoption of this update did not have a material impact on its financial position, results of operations or liquidity. Accounting Pronouncements Not Yet Adopted 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 C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables present the Company’s revenue from contracts with customers: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In millions) Oil sales $ 1,997 $ 1,853 $ 5,359 $ 5,988 Natural gas sales 80 296 197 714 Natural gas liquid sales 188 268 507 856 Total oil, natural gas and natural gas liquid revenues 2,265 2,417 6,063 7,558 Sales of purchased oil 59 — 59 — Midstream and marketing services 13 18 56 49 Total revenue from contracts with customers $ 2,337 $ 2,435 $ 6,178 $ 7,607 The following tables present the Company’s revenue from oil, natural gas, and natural gas liquids disaggregated by basin: Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Midland Basin Delaware Basin Other Total Midland Basin Delaware Basin Other Total (In millions) Oil sales $ 1,588 $ 407 $ 2 $ 1,997 $ 1,311 $ 539 $ 3 $ 1,853 Natural gas sales 52 28 — 80 200 95 1 296 Natural gas liquid sales 138 50 — 188 188 80 — 268 Total $ 1,778 $ 485 $ 2 $ 2,265 $ 1,699 $ 714 $ 4 $ 2,417 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Midland Basin Delaware Basin Other Total Midland Basin Delaware Basin Other Total (In millions) Oil sales $ 4,205 $ 1,149 $ 5 $ 5,359 $ 4,319 $ 1,661 $ 8 $ 5,988 Natural gas sales 131 66 — 197 466 246 2 714 Natural gas liquid sales 363 144 — 507 586 268 2 856 Total $ 4,699 $ 1,359 $ 5 $ 6,063 $ 5,371 $ 2,175 $ 12 $ 7,558

ACQUISITIONS AND DIVESTITURES (

ACQUISITIONS AND DIVESTITURES (Tables)	9 Months Ended
	Sep. 30, 2023
Asset Acquisition [Line Items]
Schedule of Business Acquisition Pro Forma	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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In millions, except per share amounts) Revenues $ 2,340 $ 2,681 $ 6,229 $ 8,308 Income (loss) from operations $ 1,341 $ 1,776 $ 3,401 $ 5,707 Net income (loss) $ 916 $ 1,356 $ 2,214 $ 3,866 Basic earnings (loss) per common share $ 5.07 $ 7.34 $ 12.18 $ 20.74 Diluted earnings (loss) per common share $ 5.07 $ 7.36 $ 12.18 $ 20.79
Lario Acquisition
Asset Acquisition [Line Items]
Schedule of Asset Acquisition	The following table presents the acquisition consideration paid in the Lario Acquisition (in millions, except per share data, shares in thousands): Consideration: Shares of Diamondback common stock issued at closing 4,330 Closing price per share of Diamondback common stock on the closing date $ 146.12 Fair value of Diamondback common stock issued $ 633 Cash consideration 814 Total consideration (including fair value of Diamondback common stock issued) $ 1,447
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following table sets forth the Company’s preliminary purchase price allocation (in millions): Total consideration $ 1,447 Fair value of liabilities assumed: Other long-term liabilities 37 Fair value of assets acquired: Oil and natural gas properties 1,460 Inventories 2 Other property, equipment and land 22 Amount attributable to assets acquired 1,484 Net assets acquired and liabilities assumed $ 1,447
Firebird Acquisition
Asset Acquisition [Line Items]
Schedule of Asset Acquisition	The following table presents the acquisition consideration paid in the FireBird Acquisition (in millions, except per share data, shares in thousands): Consideration: Shares of Diamondback common stock issued at closing 5,921 Closing price per share of Diamondback common stock on the closing date $ 148.02 Fair value of Diamondback common stock issued $ 876 Cash consideration 787 Total consideration (including fair value of Diamondback common stock issued) $ 1,663
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed	The following table sets forth the Company’s preliminary purchase price allocation (in millions): Total consideration $ 1,663 Fair value of liabilities assumed: Other long-term liabilities 10 Fair value of assets acquired: Oil and natural gas properties 1,598 Inventories 3 Other property, equipment and land 72 Amount attributable to assets acquired 1,673 Net assets acquired and liabilities assumed $ 1,663

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment includes the following as of the dates indicated: September 30, December 31, 2023 2022 (In millions) Oil and natural gas properties: Subject to depletion $ 32,408 $ 28,767 Not subject to depletion 8,239 8,355 Gross oil and natural gas properties 40,647 37,122 Accumulated depletion (7,884) (6,671) Accumulated impairment (7,954) (7,954) Oil and natural gas properties, net 24,809 22,497 Other property, equipment and land 706 1,481 Accumulated depreciation, amortization, accretion and impairment (150) (219) Total property and equipment, net $ 25,365 $ 23,759

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	9 Months Ended
	Sep. 30, 2023
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: Nine Months Ended September 30, 2023 2022 (In millions) Asset retirement obligations, beginning of period $ 347 $ 171 Additional liabilities incurred 5 31 Liabilities acquired 7 3 Liabilities settled and divested (83) (12) Accretion expense 12 10 Revisions in estimated liabilities (42) 133 Asset retirement obligations, end of period 246 336 Less current portion (1) 6 11 Asset retirement obligations - long-term $ 240 $ 325 (1) The current portion of the asset retirement obligation is included in the caption “Other accrued liabilities” in the Company’s condensed consolidated balance sheets.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consisted of the following as of the dates indicated: September 30, December 31, 2023 2022 (In millions) 5.250% Senior Notes due 2023 $ — $ 10 3.250% Senior Notes due 2026 750 780 5.625% Senior Notes due 2026 14 14 7.125% Medium-term Notes, Series B, due 2028 73 73 3.500% Senior Notes due 2029 921 1,021 3.125% Senior Notes due 2031 789 789 6.250% Senior Notes due 2033 1,100 1,100 4.400% Senior Notes due 2051 650 650 4.250% Senior Notes due 2052 750 750 6.250% Senior Notes due 2053 650 650 Unamortized debt issuance costs (41) (43) Unamortized discount costs (23) (26) Unamortized premium costs 4 4 Unamortized basis adjustment of dedesignated interest rate swap agreements (1) (87) (106) Revolving credit facility — — Viper revolving credit facility 250 152 Viper 5.375% Senior Notes due 2027 430 430 Total debt, net 6,230 6,248 Less: current maturities of long-term debt — 10 Total long-term debt $ 6,230 $ 6,238 (1) Represents the unamortized basis adjustment related to two receive-fixed, pay variable interest rate swap agreements which were previously designated as fair value hedges of the Company’s $1.2 billion 3.500% fixed rate senior notes due 2029. These swaps were dedesignated in the second quarter of 2022 as discussed further in Note 11— Derivatives .

STOCKHOLDERS_ EQUITY AND EARN_2

STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In millions) Net income (loss) attributable to the Company $ 915 $ 1,184 $ 2,183 $ 3,379 Change in ownership of consolidated subsidiaries (3) (15) (27) (36) Change from net income (loss) attributable to the Company's stockholders and transfers to non-controlling interest $ 912 $ 1,169 $ 2,156 $ 3,343
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 ($ in millions, except per share amounts, shares in thousands) Net income (loss) attributable to common stock $ 915 $ 1,184 $ 2,183 $ 3,379 Less: distributed and undistributed earnings allocated to participating securities (1) 8 12 17 34 Net income (loss) attributable to common stockholders $ 907 $ 1,172 $ 2,166 $ 3,345 Weighted average common shares outstanding: Basic weighted average common shares outstanding 178,872 174,406 180,400 176,169 Effect of dilutive securities: Weighted-average potential common shares issuable — 2 — 2 Diluted weighted average common shares outstanding 178,872 174,408 180,400 176,171 Basic net income (loss) attributable to common stock $ 5.07 $ 6.72 $ 12.01 $ 18.99 Diluted net income (loss) attributable to common stock $ 5.07 $ 6.72 $ 12.01 $ 18.99 (1) Unvested restricted stock awards and performance stock awards that contain non-forfeitable distribution equivalent rights are considered participating securities and therefore are included in the earnings per share calculation pursuant to the two-class method.

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2023
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 equity compensation plans and related costs on the Company’s financial statements: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In millions) General and administrative expenses $ 13 $ 14 $ 40 $ 42 Equity-based compensation capitalized pursuant to full cost method of accounting for oil and natural gas properties $ 8 $ 6 $ 19 $ 16
Schedule of Restricted Stock Units	The following table presents the Company’s restricted stock unit activity during the nine months ended September 30, 2023 under the Equity Plan: Restricted Stock Weighted Average Grant-Date Unvested at December 31, 2022 918,902 $ 95.74 Granted 392,310 $ 143.69 Vested (161,878) $ 122.77 Forfeited (64,453) $ 104.66 Unvested at September 30, 2023 1,084,881 $ 108.34
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 nine months ended September 30, 2023: Performance Restricted Stock Units Weighted Average Grant-Date Fair Value Unvested at December 31, 2022 347,881 $ 168.48 Granted 128,205 $ 258.98 Forfeited (42,657) $ 144.48 Unvested at September 30, 2023 (1) 433,429 $ 197.61 (1) A maximum of 1,034,136 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 periods presented: March 2023 July 2023 Grant-date fair value $ 259.52 $ 222.09 Risk-free rate 4.64 % 4.70 % Company volatility 46.90 % 47.20 %

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The following table provides the Company’s provision for (benefit from) income taxes and the effective income tax rate for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In millions, except for tax rate) Provision for (benefit from) income taxes $ 276 $ 290 $ 648 $ 913 Effective income tax rate 21.7 % 18.6 % 21.8 % 20.5 %

DERIVATIVES (Tables)

DERIVATIVES (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	As of September 30, 2023, 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 Floor Price Weighted Average Ceiling Price OIL Oct. - Dec. 2023 Basis Swap (1) 24,000 Argus WTI Midland $0.90 $— $— Jan. - Dec. 2024 Basis Swap (1) 6,000 Argus WTI Midland $1.23 $— $— Jan. - Jun. 2024 Costless Collar 6,000 WTI Cushing $— $65.00 $95.55 Jan. - Dec. 2024 Roll Swap 25,000 WTI $0.81 $— $— NATURAL GAS Oct. - Dec. 2023 Costless Collar 310,000 Henry Hub $— $3.18 $9.22 Jan. - Dec. 2024 Costless Collar 260,000 Henry Hub $— $2.87 $7.76 Oct. - Dec. 2023 Basis Swap (1) 330,000 Waha Hub $(1.24) $— $— Jan. - Dec. 2024 Basis Swap (1) 380,000 Waha Hub $(1.18) $— $— Jan. - Dec. 2025 Basis Swap (1) 160,000 Waha Hub $(0.72) $— $— (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 Deferred Premium OIL Oct. - Dec. 2023 Put 110,000 Brent $55.00 $1.59 Oct. - Dec. 2023 Put 28,000 Argus WTI Houston $55.00 $1.67 Oct. - Dec. 2023 Put 16,000 WTI Cushing $56.25 $1.70 Jan. - Mar. 2024 Put 110,000 Brent $55.00 $1.50 Jan. - Mar. 2024 Put 28,000 Argus WTI Houston $55.00 $1.60 Jan. - Mar. 2024 Put 14,000 WTI Cushing $58.57 $1.54 Apr. - Jun. 2024 Put 74,000 Brent $55.00 $1.48 Apr. - Jun. 2024 Put 18,000 Argus WTI Houston $55.00 $1.51 Apr. - Jun. 2024 Put 12,000 WTI Cushing $60.00 $1.50 Jul. - Sep. 2024 Put 34,000 Brent $55.00 $1.41 Jul. - Sep. 2024 Put 10,000 Argus WTI Houston $55.00 $1.45 Oct. - Dec. 2024 Put 12,000 Brent $55.00 $1.49
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In millions) Gain (loss) on derivative instruments, net: Commodity contracts $ (36) $ 39 $ (297) $ (615) Interest rate swaps (40) (63) (61) (62) Total $ (76) $ (24) $ (358) $ (677) Net cash received (paid) on settlements: Commodity contracts (1) $ (24) $ (96) $ (40) $ (822) Interest rate swaps — — (22) 6 Total $ (24) $ (96) $ (62) $ (816) (1) The three and nine months ended September 30, 2022 includes cash paid on commodity contracts terminated prior to their contractual maturity of $3 million and $138 million.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurement Information For Financial Instruments Measured on a Recurring Basis	The following table provides the fair value of financial instruments that are recorded at fair value in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022: As of September 30, 2023 Level 1 Level 2 Level 3 Total Gross Fair Value Gross Amounts Offset in Balance Sheet Net Fair Value Presented in Balance Sheet (In millions) Assets: Current assets- Derivative instruments: Commodity derivative instruments $ — $ 49 $ — $ 49 $ (48) $ 1 Non-current assets- Derivative instruments: Commodity derivative instruments $ — $ 13 $ — $ 13 $ (12) $ 1 Non-current assets- Other assets: Investment $ 8 $ — $ — $ 8 $ — $ 8 Liabilities: Current liabilities- Derivative instruments: Commodity derivative instruments $ — $ 134 $ — $ 134 $ (48) $ 86 Interest rate swaps $ — $ 53 $ — $ 53 $ — $ 53 Non-current liabilities- Derivative instruments: Commodity derivative instruments $ — $ 33 $ — $ 33 $ (12) $ 21 Interest rate swaps $ — $ 178 $ — $ 178 $ — $ 178 As of December 31, 2022 Level 1 Level 2 Level 3 Total Gross Fair Value Gross Amounts Offset in Balance Sheet Net Fair Value Presented in Balance Sheet (In millions) Assets: Current assets- Derivative instruments: Commodity derivative instruments $ — $ 197 $ — $ 197 $ (65) $ 132 Non-current assets- Derivative instruments: Commodity derivative instruments $ — $ 62 $ — $ 62 $ (39) $ 23 Liabilities: Current liabilities- Derivative instruments: Commodity derivative instruments $ — $ 67 $ — $ 67 $ (65) $ 2 Interest rate swaps $ — $ 45 $ — $ 45 $ — $ 45 Non-current liabilities- Derivative instruments: Commodity derivative instruments $ — $ 39 $ — $ 39 $ (39) $ — Interest rate swaps $ — $ 148 $ — $ 148 $ — $ 148
Schedule of Offsetting Assets	The following table provides the fair value of financial instruments that are recorded at fair value in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022: As of September 30, 2023 Level 1 Level 2 Level 3 Total Gross Fair Value Gross Amounts Offset in Balance Sheet Net Fair Value Presented in Balance Sheet (In millions) Assets: Current assets- Derivative instruments: Commodity derivative instruments $ — $ 49 $ — $ 49 $ (48) $ 1 Non-current assets- Derivative instruments: Commodity derivative instruments $ — $ 13 $ — $ 13 $ (12) $ 1 Non-current assets- Other assets: Investment $ 8 $ — $ — $ 8 $ — $ 8 Liabilities: Current liabilities- Derivative instruments: Commodity derivative instruments $ — $ 134 $ — $ 134 $ (48) $ 86 Interest rate swaps $ — $ 53 $ — $ 53 $ — $ 53 Non-current liabilities- Derivative instruments: Commodity derivative instruments $ — $ 33 $ — $ 33 $ (12) $ 21 Interest rate swaps $ — $ 178 $ — $ 178 $ — $ 178 As of December 31, 2022 Level 1 Level 2 Level 3 Total Gross Fair Value Gross Amounts Offset in Balance Sheet Net Fair Value Presented in Balance Sheet (In millions) Assets: Current assets- Derivative instruments: Commodity derivative instruments $ — $ 197 $ — $ 197 $ (65) $ 132 Non-current assets- Derivative instruments: Commodity derivative instruments $ — $ 62 $ — $ 62 $ (39) $ 23 Liabilities: Current liabilities- Derivative instruments: Commodity derivative instruments $ — $ 67 $ — $ 67 $ (65) $ 2 Interest rate swaps $ — $ 45 $ — $ 45 $ — $ 45 Non-current liabilities- Derivative instruments: Commodity derivative instruments $ — $ 39 $ — $ 39 $ (39) $ — Interest rate swaps $ — $ 148 $ — $ 148 $ — $ 148
Schedule of Offsetting Liabilities	The following table provides the fair value of financial instruments that are recorded at fair value in the condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022: As of September 30, 2023 Level 1 Level 2 Level 3 Total Gross Fair Value Gross Amounts Offset in Balance Sheet Net Fair Value Presented in Balance Sheet (In millions) Assets: Current assets- Derivative instruments: Commodity derivative instruments $ — $ 49 $ — $ 49 $ (48) $ 1 Non-current assets- Derivative instruments: Commodity derivative instruments $ — $ 13 $ — $ 13 $ (12) $ 1 Non-current assets- Other assets: Investment $ 8 $ — $ — $ 8 $ — $ 8 Liabilities: Current liabilities- Derivative instruments: Commodity derivative instruments $ — $ 134 $ — $ 134 $ (48) $ 86 Interest rate swaps $ — $ 53 $ — $ 53 $ — $ 53 Non-current liabilities- Derivative instruments: Commodity derivative instruments $ — $ 33 $ — $ 33 $ (12) $ 21 Interest rate swaps $ — $ 178 $ — $ 178 $ — $ 178 As of December 31, 2022 Level 1 Level 2 Level 3 Total Gross Fair Value Gross Amounts Offset in Balance Sheet Net Fair Value Presented in Balance Sheet (In millions) Assets: Current assets- Derivative instruments: Commodity derivative instruments $ — $ 197 $ — $ 197 $ (65) $ 132 Non-current assets- Derivative instruments: Commodity derivative instruments $ — $ 62 $ — $ 62 $ (39) $ 23 Liabilities: Current liabilities- Derivative instruments: Commodity derivative instruments $ — $ 67 $ — $ 67 $ (65) $ 2 Interest rate swaps $ — $ 45 $ — $ 45 $ — $ 45 Non-current liabilities- Derivative instruments: Commodity derivative instruments $ — $ 39 $ — $ 39 $ (39) $ — Interest rate swaps $ — $ 148 $ — $ 148 $ — $ 148
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: September 30, 2023 December 31, 2022 Carrying Carrying Value Fair Value Value Fair Value (In millions) Debt $ 6,230 $ 5,650 $ 6,248 $ 5,754

SUPPLEMENTAL INFORMATION TO S_2

SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS (Tables)	9 Months Ended
	Sep. 30, 2023
Supplemental Cash Flow Information Disclosure [Abstract]
Schedule of Supplemental Disclosures of Cash Flow Information	Nine Months Ended September 30, 2023 2022 (In millions) Supplemental disclosure of cash flow information: Cash paid (received) for income taxes $ 195 $ 560 Supplemental disclosure of non-cash transactions: Accrued capital expenditures included in accounts payable and accrued expenses $ 639 $ 431 Common stock issued for acquisitions $ 633 $ 595 Equity method investment received in exchange for contributed assets $ 126 $ —

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2023
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 All Other Eliminations Total (In millions) Three Months Ended September 30, 2023: Third-party revenues $ 2,327 $ 13 $ — $ 2,340 Intersegment revenues — 84 (84) — Total revenues $ 2,327 $ 97 $ (84) $ 2,340 Depreciation, depletion, amortization and accretion $ 435 $ 7 $ — $ 442 Income (loss) from operations $ 1,339 $ 19 $ (18) $ 1,340 Interest expense, net $ (42) $ 1 $ — $ (41) Other income (expense) $ (71) $ 45 $ (4) $ (30) Provision for (benefit from) income taxes $ 261 $ 15 $ — $ 276 Net income (loss) attributable to non-controlling interest $ 78 $ — $ — $ 78 Net income (loss) attributable to Diamondback Energy, Inc. $ 887 $ 50 $ (22) $ 915 As of September 30, 2023: Total assets $ 27,382 $ 1,263 $ (596) $ 28,049 Upstream All Other Eliminations Total (In millions) Three Months Ended September 30, 2022: Third-party revenues $ 2,419 $ 18 $ — $ 2,437 Intersegment revenues — 96 (96) — Total revenues $ 2,419 $ 114 $ (96) $ 2,437 Depreciation, depletion, amortization and accretion $ 323 $ 13 $ — $ 336 Income (loss) from operations $ 1,598 $ 41 $ (25) $ 1,614 Interest expense, net $ (33) $ (10) $ — $ (43) Other income (expense) $ (27) $ 20 $ (4) $ (11) Provision for (benefit from) income taxes $ 287 $ 3 $ — $ 290 Net income (loss) attributable to non-controlling interest $ 76 $ 10 $ — $ 86 Net income (loss) attributable to Diamondback Energy, Inc. $ 1,175 $ 38 $ (29) $ 1,184 As of December 31, 2022: Total assets $ 24,452 $ 2,213 $ (456) $ 26,209 Upstream All Other Eliminations Total (In millions) Nine Months Ended September 30, 2023: Third-party revenues $ 6,126 $ 58 $ — $ 6,184 Intersegment revenues — 286 (286) — Total revenues $ 6,126 $ 344 $ (286) $ 6,184 Depreciation, depletion, amortization and accretion $ 1,244 $ 33 $ — $ 1,277 Income (loss) from operations $ 3,320 $ 118 $ (73) $ 3,365 Interest expense, net $ (139) $ 1 $ — $ (138) Other income (expense) $ (370) $ 128 $ (12) $ (254) Provision for (benefit from) income taxes $ 626 $ 22 $ — $ 648 Net income (loss) attributable to non-controlling interest $ 142 $ — $ — $ 142 Net income (loss) attributable to Diamondback Energy, Inc. $ 2,043 $ 225 $ (85) $ 2,183 As of September 30, 2023: Total assets $ 27,382 $ 1,263 $ (596) $ 28,049 Upstream All Other Eliminations Total (In millions) Nine Months Ended September 30, 2022: Third-party revenues $ 7,563 $ 50 $ — $ 7,613 Intersegment revenues — 273 (273) — Total revenues $ 7,563 $ 323 $ (273) $ 7,613 Depreciation, depletion, amortization and accretion $ 929 $ 50 $ — $ 979 Income (loss) from operations $ 5,197 $ 119 $ (64) $ 5,252 Interest expense, net $ (94) $ (28) $ — $ (122) Other income (expense) $ (727) $ 57 $ (13) $ (683) Provision for (benefit from) income taxes $ 904 $ 9 $ — $ 913 Net income (loss) attributable to non-controlling interest $ 125 $ 30 $ — $ 155 Net income (loss) attributable to Diamondback Energy, Inc. $ 3,347 $ 109 $ (77) $ 3,379 As of December 31, 2022: Total assets $ 24,452 $ 2,213 $ (456) $ 26,209

DESCRIPTION OF THE BUSINESS A_2

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) shares in Thousands, $ in Thousands		3 Months Ended			9 Months Ended
	Aug. 24, 2022 USD ($) shares	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)
Business Acquisition [Line Items]
Common units for acquisitions			$ 633,000	$ 0
Merger and integration expenses		$ 1,000		$ 11,000	$ 11,000	$ 11,000
Number of business segments | segment					1
Common Stock
Business Acquisition [Line Items]
Common units issued for acquisitions (in Shares) | shares	4,350		4,330	4,352
Additional Paid-in Capital
Business Acquisition [Line Items]
Common units for acquisitions			$ 633,000	$ 344,000
Non-Controlling Interest
Business Acquisition [Line Items]
Common units for acquisitions				$ (344,000)
Rattler Midstream Partners, LP
Business Acquisition [Line Items]
Shares acquired (in shares) | shares	38,510
Noncash increases to common stock	$ 44
Merger and integration expenses	11,000
Rattler Midstream Partners, LP | Additional Paid-in Capital
Business Acquisition [Line Items]
Common units for acquisitions	344,000
Rattler Midstream Partners, LP | Non-Controlling Interest
Business Acquisition [Line Items]
Common units for acquisitions	$ 344,000
Viper Energy Partners LP
Business Acquisition [Line Items]
Ownership percentage		57%			57%

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Other operating income	$ 16	$ 20	$ 62	$ 55
Total revenues	2,340	2,437	6,184	7,613
Aggregate Revenues
Disaggregation of Revenue [Line Items]
Total revenues	2,337	2,435	6,178	7,607
Total oil, natural gas and natural gas liquid revenues
Disaggregation of Revenue [Line Items]
Revenue	2,265	2,417	6,063	7,558
Total oil, natural gas and natural gas liquid revenues | Midland Basin
Disaggregation of Revenue [Line Items]
Revenue	1,778	1,699	4,699	5,371
Total oil, natural gas and natural gas liquid revenues | Delaware Basin
Disaggregation of Revenue [Line Items]
Revenue	485	714	1,359	2,175
Total oil, natural gas and natural gas liquid revenues | Other
Disaggregation of Revenue [Line Items]
Revenue	2	4	5	12
Oil sales
Disaggregation of Revenue [Line Items]
Revenue	1,997	1,853	5,359	5,988
Oil sales | Midland Basin
Disaggregation of Revenue [Line Items]
Revenue	1,588	1,311	4,205	4,319
Oil sales | Delaware Basin
Disaggregation of Revenue [Line Items]
Revenue	407	539	1,149	1,661
Oil sales | Other
Disaggregation of Revenue [Line Items]
Revenue	2	3	5	8
Natural gas sales
Disaggregation of Revenue [Line Items]
Revenue	80	296	197	714
Natural gas sales | Midland Basin
Disaggregation of Revenue [Line Items]
Revenue	52	200	131	466
Natural gas sales | Delaware Basin
Disaggregation of Revenue [Line Items]
Revenue	28	95	66	246
Natural gas sales | Other
Disaggregation of Revenue [Line Items]
Revenue	0	1	0	2
Natural gas liquid sales
Disaggregation of Revenue [Line Items]
Revenue	188	268	507	856
Natural gas liquid sales | Midland Basin
Disaggregation of Revenue [Line Items]
Revenue	138	188	363	586
Natural gas liquid sales | Delaware Basin
Disaggregation of Revenue [Line Items]
Revenue	50	80	144	268
Natural gas liquid sales | Other
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	2
Sales of purchased oil
Disaggregation of Revenue [Line Items]
Revenue	59	0	59	0
Midstream and marketing services
Disaggregation of Revenue [Line Items]
Other operating income	$ 13	$ 18	$ 56	$ 49

ACQUISITIONS AND DIVESTITURES -

ACQUISITIONS AND DIVESTITURES - Narrative (Details) shares in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 01, 2023 USD ($) county

Jul. 28, 2023 USD ($)

Apr. 28, 2023 USD ($) a

Mar. 31, 2023 USD ($) a

Jan. 31, 2023 USD ($) a shares

Jan. 09, 2023 USD ($)

Nov. 30, 2022 USD ($) a well shares

Jan. 18, 2022 USD ($) a

Oct. 31, 2022 USD ($) a bbl / d Boe

Sep. 30, 2023 USD ($)

Mar. 31, 2023 USD ($) a

Sep. 30, 2023 USD ($)

Dec. 31, 2022 USD ($) a well

Asset Acquisitions And Divestitures [Line Items]

Equity method investments

$ 519,000,000

$ 519,000,000

$ 566,000,000

Number of counties | county

12

Funds held in escrow

$ 50,000,000

$ 50,000,000

$ 119,000,000

6.250% Senior Notes due 2053 | Senior Notes

Asset Acquisitions And Divestitures [Line Items]

Debt instrument stated interest rate

6.25%

6.25%

Deep Blue

Asset Acquisitions And Divestitures [Line Items]

Distribution

$ 516,000,000

Equity method interest investment ownership percentage

30%

Contingent consideration receivable

$ 43,000,000

$ 43,000,000

Equity method investments

126,000,000

126,000,000

Agreement term

15 years

Deep Blue | Diamondback Energy, Inc.

Asset Acquisitions And Divestitures [Line Items]

Equity method investment, aggregate cost

$ 681,000,000

Deep Blue | Five Point Energy LLC

Asset Acquisitions And Divestitures [Line Items]

Equity method investment, aggregate cost

$ 251,000,000

Equity method interest investment ownership percentage

70%

Deep Blue | Five Point Energy LLC

Asset Acquisitions And Divestitures [Line Items]

Contingent consideration

$ 47,000,000

OMOG JV LLC

Asset Acquisitions And Divestitures [Line Items]

Equity method investment, percentage sold

43%

Proceeds from the sale of equity method investments

$ 225,000,000

Gain on sale of investment

35,000,000

35,000,000

Gray Oak Pipeline, LLC

Asset Acquisitions And Divestitures [Line Items]

Equity method investment, percentage sold

10%

Proceeds from the sale of equity method investments

$ 172,000,000

Gain on sale of investment

$ 53,000,000

Water Assets | Disposed of by Sale

Asset Acquisitions And Divestitures [Line Items]

Loss on sale of assets

(2,000,000)

(2,000,000)

Glasscock County Disposition | Disposed of by Sale

Asset Acquisitions And Divestitures [Line Items]

Area of land, net | a

19,000

Consideration for divestiture

$ 269,000,000

Gain (loss) on disposal

$ 0

Ward and Winkler Counties Dispositions | Disposed of by Sale

Asset Acquisitions And Divestitures [Line Items]

Area of land, net | a

4,900

4,900

Consideration for divestiture

$ 78,000,000

$ 78,000,000

Gain (loss) on disposal

$ 0

Non-Core Delaware Basin | Disposed of by Sale

Asset Acquisitions And Divestitures [Line Items]

Area of land | a

3,272

Oil, net production per day | bbl / d

550

Oil equivalent, net production per day | Boe

800

Asset acquisition, price of acquisition, expected

$ 155,000,000

Deep Blue

Asset Acquisitions And Divestitures [Line Items]

Contractual obligation acquired

$ 500,000,000

Lario Acquisition

Asset Acquisitions And Divestitures [Line Items]

Area of land | a

25,000

Area of land, net | a

16,000

Number of shares issued (in shares) | shares

4,330

Cash consideration

$ 814,000,000

Funds held in escrow

113,000,000

Proved properties

924,000,000

Unproved properties

536,000,000

Revenues since acquisition date

134,000,000

345,000,000

Net income since acquisition date

53,000,000

140,000,000

Total consideration

$ 1,447,000,000

Acquisition related costs

1,000,000

8,000,000

Firebird Acquisition

Asset Acquisitions And Divestitures [Line Items]

Number of shares issued (in shares) | shares

5,921,000

Cash consideration

$ 787,000,000

Total consideration

$ 1,663,000,000

Acquisition related costs

$ 3,000,000

Firebird Acquisition | Midstream Assets

Asset Acquisitions And Divestitures [Line Items]

Asset acquisition, provisional information, adjustments

(36,000,000)

Firebird Acquisition | Oil and Natural Gas

Asset Acquisitions And Divestitures [Line Items]

Asset acquisition, provisional information, adjustments

$ 36,000,000

2022 Acquisition Delaware Basin

Asset Acquisitions And Divestitures [Line Items]

Area of land | a

6,200

Payments for asset acquisitions

$ 232,000,000

2022 Acquisition Permian Basin

Asset Acquisitions And Divestitures [Line Items]

Number of additional wells | well

200

Net royalty acres | a

4,000

Total consideration

$ 220,000,000

Midland Basin | Firebird Acquisition

Asset Acquisitions And Divestitures [Line Items]

Area of land | a

75,000

Area of land, net | a

68,000

Number of shares issued (in shares) | shares

5,920

Funds held in escrow

$ 125,000,000

Proved properties

648,000,000

Unproved properties

950,000,000

Consideration transferred

$ 787,000,000

Number of additional wells | well

854

ACQUISITIONS AND DIVESTITURES_2

ACQUISITIONS AND DIVESTITURES - Schedule of Acquisition Consideration Paid (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	Jan. 31, 2023	Nov. 30, 2022
Lario Acquisition
Asset Acquisition [Line Items]
Shares of Diamondback common stock issued at closing (shares)	4,330
Closing price per share of Diamondback common stock on the closing date (in USD per share)	$ 146.12
Fair value of Diamondback common stock issued	$ 633
Cash consideration	814
Total consideration (including fair value of Diamondback common stock issued)	$ 1,447
Firebird Acquisition
Asset Acquisition [Line Items]
Shares of Diamondback common stock issued at closing (shares)		5,921,000
Closing price per share of Diamondback common stock on the closing date (in USD per share)		$ 148.02
Fair value of Diamondback common stock issued		$ 876
Cash consideration		787
Total consideration (including fair value of Diamondback common stock issued)		$ 1,663

ACQUISITIONS AND DIVESTITURES_3

ACQUISITIONS AND DIVESTITURES - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Millions	Jan. 31, 2023	Nov. 30, 2022
Lario Acquisition
Asset Acquisition [Line Items]
Total consideration	$ 1,447
Fair value of liabilities assumed:
Other long-term liabilities	37
Fair value of assets acquired:
Oil and natural gas properties	1,460
Inventories	2
Other property, equipment and land	22
Amount attributable to assets acquired	1,484
Net assets acquired and liabilities assumed	$ 1,447
Firebird Acquisition
Asset Acquisition [Line Items]
Total consideration		$ 1,663
Fair value of liabilities assumed:
Other long-term liabilities		10
Fair value of assets acquired:
Oil and natural gas properties		1,598
Inventories		3
Other property, equipment and land		72
Amount attributable to assets acquired		1,673
Net assets acquired and liabilities assumed		$ 1,663

ACQUISITIONS AND DIVESTITURES_4

ACQUISITIONS AND DIVESTITURES - Business Acquisition, Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Acquisitions And Divestitures [Abstract]
Revenues	$ 2,340	$ 2,681	$ 6,229	$ 8,308
Income (loss) from operations	1,341	1,776	3,401	5,707
Net income (loss)	$ 916	$ 1,356	$ 2,214	$ 3,866
Basic earnings (loss) per common share (in USD per share)	$ 5.07	$ 7.34	$ 12.18	$ 20.74
Diluted earnings (loss) per common share (in USD per share)	$ 5.07	$ 7.36	$ 12.18	$ 20.79

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Oil and natural gas properties:
Not subject to depletion	$ 8,239	$ 8,355
Gross oil and natural gas properties	40,647	37,122
Accumulated depreciation, amortization, accretion and impairment	(15,988)	(14,844)
Other property, equipment and land	706	1,481
Property and equipment, net	25,365	23,759
Oil and Natural Gas
Oil and natural gas properties:
Subject to depletion	32,408	28,767
Not subject to depletion	8,239	8,355
Gross oil and natural gas properties	40,647	37,122
Accumulated depreciation, amortization, accretion and impairment	(7,884)	(6,671)
Accumulated impairment	(7,954)	(7,954)
Oil and natural gas properties, net	24,809	22,497
Other Property and Equipment, Net
Oil and natural gas properties:
Accumulated depreciation, amortization, accretion and impairment	(150)	(219)
Other property, equipment and land	$ 706	$ 1,481

PROPERTY AND EQUIPMENT - Narrat

PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Impairment of oil and natural gas properties	$ 0	$ 0	$ 0	$ 0
Long-Lived Assets Held-for-Sale [Line Items]
Assets held for sale	$ 0		$ 0			$ 158,000,000
Midstream Water Asset
Long-Lived Assets Held-for-Sale [Line Items]
Assets held for sale					$ 667,000,000
Oil Gathering Assets
Long-Lived Assets Held-for-Sale [Line Items]
Assets held for sale					$ 75,000,000

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations, beginning of period	$ 347	$ 171
Additional liabilities incurred	5	31
Liabilities acquired	7	3
Liabilities settled and divested	(83)	(12)
Accretion expense	12	10
Revisions in estimated liabilities	(42)	133
Asset retirement obligations, end of period	246	336
Less current portion	6	11
Asset retirement obligations - long-term	$ 240	$ 325	$ 336

DEBT - Long-term Debt (Details)

DEBT - Long-term Debt (Details) $ in Millions	Sep. 30, 2023 USD ($) derivative	Jun. 30, 2023	Dec. 31, 2022 USD ($)	Jun. 30, 2021 instrument
Debt Instrument [Line Items]
Long-term debt, gross	$ 6,230		$ 6,248
Unamortized debt issuance costs	(41)		(43)
Unamortized discount costs	(23)		(26)
Unamortized premium costs	4		4
Unamortized basis adjustment of dedesignated interest rate swap agreements	(87)		(106)
Current maturities of long-term debt	0		10
Total long-term debt	$ 6,230		6,238
Number of agreements | instrument				2
Fair value of interest rate swap agreements
Debt Instrument [Line Items]
Number of agreements | derivative	2
5.250% Senior Notes due 2023
Debt Instrument [Line Items]
Debt instrument stated interest rate	5.25%
5.250% Senior Notes due 2023 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 0		10
3.250% Senior Notes due 2026 | Medium-term Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate		3.25%
3.250% Senior Notes due 2026 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 750		780
5.625% Senior Notes due 2026
Debt Instrument [Line Items]
Debt instrument stated interest rate	5.625%
5.625% Senior Notes due 2026 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 14		14
7.125% Medium-term Notes, Series B, due 2028
Debt Instrument [Line Items]
Debt instrument stated interest rate	7.125%
7.125% Medium-term Notes, Series B, due 2028 | Medium-term Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 73		73
3.500% Senior Notes due 2029 | Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate		3.50%
Long-term debt, gross	$ 921		1,021
3.125% Senior Notes due 2031
Debt Instrument [Line Items]
Debt instrument stated interest rate	3.125%
3.125% Senior Notes due 2031 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 789		789
6.250% Senior Notes due 2033 | Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate	6.25%
Long-term debt, gross	$ 1,100		1,100
4.400% Senior Notes due 2051
Debt Instrument [Line Items]
Debt instrument stated interest rate	4.40%
4.400% Senior Notes due 2051 | Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 650		650
4.250% Senior Notes due 2052 | Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate	4.25%
Long-term debt, gross	$ 750		750
6.250% Senior Notes due 2053 | Senior Notes
Debt Instrument [Line Items]
Debt instrument stated interest rate	6.25%
Long-term debt, gross	$ 650		650
Revolving credit facility | 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	$ 250		152
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	$ 430		$ 430

DEBT - Credit Agreement (Detail

DEBT - Credit Agreement (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Line of Credit Facility [Line Items]
Outstanding borrowings	$ 6,230,000,000		$ 6,230,000,000		$ 6,248,000,000
Credit agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity	1,600,000,000		1,600,000,000
Remaining borrowing capacity	$ 1,600,000,000		$ 1,600,000,000
Weighted average rate	6.59%	3.92%	6.31%	3.50%
Credit agreement | Revolving Credit Facility
Line of Credit Facility [Line Items]
Outstanding borrowings	$ 0		$ 0		$ 0

DEBT - Repurchases of Notes (De

DEBT - Repurchases of Notes (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Repurchase of debt		$ 134	$ 1,910
Senior Notes
Debt Instrument [Line Items]
Repurchase of debt	$ 124
3.250% Senior Notes due 2026 | Medium-term Notes
Debt Instrument [Line Items]
Redemption, amount	$ 30
Debt instrument stated interest rate	3.25%
3.500% Senior Notes due 2029 | Senior Notes
Debt Instrument [Line Items]
Redemption, amount	$ 100
Debt instrument stated interest rate	3.50%

DEBT - Viper_s Credit Agreement

DEBT - Viper’s Credit Agreement (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 22, 2023	Sep. 21, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Outstanding borrowings	$ 6,230,000,000		$ 6,230,000,000				$ 6,248,000,000
Viper revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 2,000,000,000
Elected commitment amount					850,000,000	$ 750,000,000
Viper revolving credit facility | Viper Energy Partners LP
Line of Credit Facility [Line Items]
Current borrowing capacity					$ 1,300,000,000	$ 1,000,000,000
Outstanding borrowings	250,000,000		250,000,000				$ 152,000,000
Remaining borrowing capacity	$ 600,000,000		$ 600,000,000
Weighted average rate	7.58%	4.75%	7.37%	3.53%

STOCKHOLDERS_ EQUITY AND EARN_3

STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Stock repurchase program authorized amount	$ 4,000,000,000		$ 4,000,000,000
Shares repurchased during period	56,000,000	$ 472,000,000	709,000,000	$ 782,000,000
Stock repurchase remaining authorized amount	$ 1,800,000,000		$ 1,800,000,000

STOCKHOLDERS_ EQUITY AND EARN_4

STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE - Change in Ownership of Consolidated Subsidiaries (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income (loss) attributable to the Company	$ 915			$ 1,184			$ 2,183	$ 3,379
Change in ownership of consolidated subsidiaries	0	$ 2	$ 2	5	$ 3	$ 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	915			1,184			2,183	3,379
Change in ownership of consolidated subsidiaries	(3)			(15)			(27)	(36)
Change from net income (loss) attributable to the Company's stockholders and transfers to non-controlling interest	$ 912			$ 1,169			$ 2,156	$ 3,343

STOCKHOLDERS_ EQUITY AND EARN_5

STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Net income (loss) attributable to Diamondback Energy, Inc.	$ 915	$ 1,184	$ 2,183	$ 3,379
Less: net income (loss) allocated to participating securities	8	12	17	34
Net income (loss) attributable to common stockholders	$ 907	$ 1,172	$ 2,166	$ 3,345
Weighted average common shares outstanding:
Basic weighted average common units outstanding (in shares)	178,872	174,406	180,400	176,169
Effect of dilutive securities:
Weighted-average potential common shares issuable (in shares)	0	2	0	2
Diluted weighted average common shares outstanding (in shares)	178,872	174,408	180,400	176,171
Basic net income (loss) attributable to common stock (in USD per share)	$ 5.07	$ 6.72	$ 12.01	$ 18.99
Diluted net income (loss) attributable to common stock (in USD per share)	$ 5.07	$ 6.72	$ 12.01	$ 18.99

STOCKHOLDERS_ EQUITY AND EARN_6

STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE - Capital Stock (Details) - USD ($)	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Equity [Abstract]
Stock repurchase program authorized amount	$ 4,000,000,000
Stock repurchase program amount repurchased	56,000,000	$ 321,000,000	$ 332,000,000	$ 472,000,000	$ 303,000,000	$ 7,000,000
Stock repurchase remaining authorized amount	$ 1,800,000,000

EQUITY-BASED COMPENSATION - (Na

EQUITY-BASED COMPENSATION - (Narratives) (Details) - Equity Plan - shares shares in Millions	Sep. 30, 2023	Dec. 31, 2021
Restricted Stock Awards & Units
Shares authorized for issuance (in shares)		11.8
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
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	$ 8	$ 6	$ 19	$ 16
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
General and administrative expenses	$ 13	$ 14	$ 40	$ 42

EQUITY-BASED COMPENSATION - Res

EQUITY-BASED COMPENSATION - Restricted Stock Units (Details) - Equity Plan - Restricted Stock Units (RSUs)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Restricted Stock Units
Unvested, beginning balance (in shares) | shares	918,902
Granted (in shares) | shares	392,310
Vested (in shares) | shares	(161,878)
Forfeited (in shares) | shares	(64,453)
Unvested, ending balance (in shares) | shares	1,084,881
Weighted Average Grant-Date Fair Value
Unvested, beginning balance (in USD per share) | $ / shares	$ 95.74
Granted (in USD per share) | $ / shares	143.69
Vested (in USD per share) | $ / shares	122.77
Forfeited (in USD per share) | $ / shares	104.66
Unvested, ending balance (in USD per share) | $ / shares	$ 108.34

EQUITY-BASED COMPENSATION - R_2

EQUITY-BASED COMPENSATION - Restricted Stock Units (Narratives) (Details) - Restricted Stock Units (RSUs) - Equity Plan $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregated fair value of restricted stock	$ 20
Share based award not recognized	$ 78
Share based payment not recognized	1 year 7 months 6 days
Granted (in shares) | shares	392,310
Granted (in USD per share) | $ / shares	$ 143.69

EQUITY-BASED COMPENSATION - Per

EQUITY-BASED COMPENSATION - Performance Restricted Stock Activity (Details) - Equity Plan - Performance Shares - $ / shares	1 Months Ended		9 Months Ended
	Jul. 31, 2023	Mar. 31, 2023	Sep. 30, 2023
Performance Restricted Stock Units
Unvested, beginning balance (in shares)			347,881
Granted (in shares)	1,858	126,347	128,205
Forfeited (in shares)			(42,657)
Unvested, ending balance (in shares)			433,429
Weighted Average Grant-Date Fair Value
Unvested, beginning balance (in USD per share)			$ 168.48
Granted (in USD per share)	$ 222.09	$ 259.52	258.98
Forfeited (in USD per share)			144.48
Unvested, ending balance (in USD per share)			$ 197.61
Share based compensation arrangement by share based payment maximum award potential (in shares)			1,034,136

EQUITY-BASED COMPENSATION - P_2

EQUITY-BASED COMPENSATION - Performance Based Restricted Stock Units (Narratives) (Details) - Performance Shares - Equity Plan - USD ($) $ in Millions	1 Months Ended		9 Months Ended
	Jul. 31, 2023	Mar. 31, 2023	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based award not recognized			$ 42
Share based payment not recognized			1 year 6 months
Granted (in shares)	1,858	126,347	128,205
Number of shares authorized percent of shares granted		250%
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%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized percent of shares granted		200%

EQUITY-BASED COMPENSATION - Val

EQUITY-BASED COMPENSATION - Valuation Assumptions (Details) - Equity Plan - Performance Shares - $ / shares	1 Months Ended		9 Months Ended
	Jul. 31, 2023	Mar. 31, 2023	Sep. 30, 2023
Restricted Stock Awards & Units
Granted (in USD per share)	$ 222.09	$ 259.52	$ 258.98
Risk-free rate	4.70%	4.64%
Company volatility	47.20%	46.90%

INCOME TAXES - Schedule Tax Pro

INCOME TAXES - Schedule Tax Provision (Benefit) and Effective Income Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Provision for (benefit from) income taxes	$ 276	$ 290	$ 648	$ 913
Effective income tax rate	21.70%	18.60%	21.80%	20.50%

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Valuation allowance decrease	$ 50	$ 50

DERIVATIVES - Derivative Positi

DERIVATIVES - Derivative Positions (Details) bbl in Thousands, MMBTU in Thousands	9 Months Ended
	Sep. 30, 2023 MMBTU $ / bbl $ / MMBTU bbl
2023 | Oct. - Dec. | OIL | Argus WTI Midland | Basis Swap
Derivative [Line Items]
Volume (BBls) | bbl	24
Weighted average differential (per Bbl/MMBtu)	0.90
Weighted Average Floor Price (per Bbl/MMBtu)	0
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	0
2023 | Oct. - Dec. | OIL | Brent | Put
Derivative [Line Items]
Volume (BBls) | bbl	110
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	1.59
Strike Price (USD per Bbl/MMBtu)	55
2023 | Oct. - Dec. | OIL | Argus WTI Houston | Put
Derivative [Line Items]
Volume (BBls) | bbl	28
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	1.67
Strike Price (USD per Bbl/MMBtu)	55
2023 | Oct. - Dec. | OIL | WTI Cushing | Put
Derivative [Line Items]
Volume (BBls) | bbl	16
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	1.70
Strike Price (USD per Bbl/MMBtu)	56.25
2023 | Oct. - Dec. | NATURAL GAS | Henry Hub | Costless Collar
Derivative [Line Items]
Volume, energy measure (MMBtu) | MMBTU	310
Weighted average differential (per Bbl/MMBtu) | $ / MMBTU	0
Weighted Average Floor Price (per Bbl/MMBtu) | $ / MMBTU	3.18
Weighted Average Ceiling Price (USD per Bbl/MMBtu) | $ / MMBTU	9.22
2023 | Oct. - Dec. | NATURAL GAS | Waha Hub | Basis Swap
Derivative [Line Items]
Volume, energy measure (MMBtu) | MMBTU	330
Weighted average differential (per Bbl/MMBtu) | $ / MMBTU	(1.24)
Weighted Average Floor Price (per Bbl/MMBtu) | $ / MMBTU	0
Weighted Average Ceiling Price (USD per Bbl/MMBtu) | $ / MMBTU	0
2023 | Jan. - Jun. | OIL | Argus WTI Midland | Basis Swap
Derivative [Line Items]
Volume (BBls) | bbl	6
Weighted average differential (per Bbl/MMBtu)	0
Weighted Average Floor Price (per Bbl/MMBtu)	65
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	95.55
2024 | Oct. - Dec. | OIL | Brent | Put
Derivative [Line Items]
Volume (BBls) | bbl	12
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	1.49
Strike Price (USD per Bbl/MMBtu)	55
2024 | Jan. - Dec. | OIL | Argus WTI Midland | Basis Swap
Derivative [Line Items]
Volume (BBls) | bbl	6
Weighted average differential (per Bbl/MMBtu)	1.23
Weighted Average Floor Price (per Bbl/MMBtu)	0
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	0
2024 | Jan. - Dec. | OIL | WTI | Roll Swap
Derivative [Line Items]
Volume (BBls) | bbl	25
Weighted average differential (per Bbl/MMBtu)	0.81
Weighted Average Floor Price (per Bbl/MMBtu)	0
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	0
2024 | Jan. - Dec. | NATURAL GAS | Henry Hub | Costless Collar
Derivative [Line Items]
Volume, energy measure (MMBtu) | MMBTU	260
Weighted average differential (per Bbl/MMBtu) | $ / MMBTU	0
Weighted Average Floor Price (per Bbl/MMBtu) | $ / MMBTU	2.87
Weighted Average Ceiling Price (USD per Bbl/MMBtu) | $ / MMBTU	7.76
2024 | Jan. - Dec. | NATURAL GAS | Waha Hub | Basis Swap
Derivative [Line Items]
Volume, energy measure (MMBtu) | MMBTU	380
Weighted average differential (per Bbl/MMBtu) | $ / MMBTU	(1.18)
Weighted Average Floor Price (per Bbl/MMBtu) | $ / MMBTU	0
Weighted Average Ceiling Price (USD per Bbl/MMBtu) | $ / MMBTU	0
2024 | Jan. - Mar. | OIL | Brent | Put
Derivative [Line Items]
Volume (BBls) | bbl	110
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	1.50
Strike Price (USD per Bbl/MMBtu)	55
2024 | Jan. - Mar. | OIL | Argus WTI Houston | Put
Derivative [Line Items]
Volume (BBls) | bbl	28
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	1.60
Strike Price (USD per Bbl/MMBtu)	55
2024 | Jan. - Mar. | OIL | WTI Cushing | Put
Derivative [Line Items]
Volume (BBls) | bbl	14
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	1.54
Strike Price (USD per Bbl/MMBtu)	58.57
2024 | Apr. - Jun. | OIL | Brent | Put
Derivative [Line Items]
Volume (BBls) | bbl	74
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	1.48
Strike Price (USD per Bbl/MMBtu)	55
2024 | Apr. - Jun. | OIL | Argus WTI Houston | Put
Derivative [Line Items]
Volume (BBls) | bbl	18
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	1.51
Strike Price (USD per Bbl/MMBtu)	55
2024 | Apr. - Jun. | OIL | WTI Cushing | Put
Derivative [Line Items]
Volume (BBls) | bbl	12
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	1.50
Strike Price (USD per Bbl/MMBtu)	60
2024 | Jul. - Sep. | OIL | Brent | Put
Derivative [Line Items]
Volume (BBls) | bbl	34
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	1.41
Strike Price (USD per Bbl/MMBtu)	55
2024 | Jul. - Sep. | OIL | Argus WTI Houston | Put
Derivative [Line Items]
Volume (BBls) | bbl	10
Weighted Average Ceiling Price (USD per Bbl/MMBtu)	1.45
Strike Price (USD per Bbl/MMBtu)	55
2025 | Jan. - Dec. | NATURAL GAS | Waha Hub | Basis Swap
Derivative [Line Items]
Volume, energy measure (MMBtu) | MMBTU	160
Weighted average differential (per Bbl/MMBtu) | $ / MMBTU	(0.72)
Weighted Average Floor Price (per Bbl/MMBtu) | $ / MMBTU	0
Weighted Average Ceiling Price (USD per Bbl/MMBtu) | $ / MMBTU	0

DERIVATIVES - Interest Rate Swa

DERIVATIVES - Interest Rate Swaps (Details)	Sep. 30, 2023 derivative	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($) instrument
Derivative [Line Items]
Number of instruments held | instrument			2
Interest rate swaps
Derivative [Line Items]
Number of instruments held | derivative	2
Derivative, notional amount			$ 600,000,000
Interest rate swaps | Designated as Hedging Instrument | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Derivative [Line Items]
Derivative, average variable interest rate			2.1865%
Interest rate swaps | Senior Notes Due 2029 | Designated as Hedging Instrument
Derivative [Line Items]
Fair value hedges			$ 1,200,000,000
Derivative, fixed interest rate			3.50%
Cumulative basis adjustments on discontinuation of hedge		$ 135,000,000

DERIVATIVES - Gains and Losses

DERIVATIVES - Gains and Losses on Derivative Instruments Included in Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net:	$ (76)	$ (24)	$ (358)	$ (677)
Net cash received (paid) on settlements:	(24)	(96)	(62)	(816)
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net:	(36)	39	(297)	(615)
Net cash received (paid) on settlements:	(24)	(96)	(40)	(822)
Cash paid on contract		3		138
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net:	(40)	(63)	(61)	(62)
Net cash received (paid) on settlements:	$ 0	$ 0	$ (22)	$ 6

FAIR VALUE MEASUREMENTS - Recur

FAIR VALUE MEASUREMENTS - Recurring Measurements (Details) - Fair Value, Recurring - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Noncurrent Assets
Assets:
Gross Amounts Offset in Balance Sheet	$ 0
Investment	8
Commodity derivative instruments | Current Assets
Assets:
Total Gross Fair Value	49	$ 197
Gross Amounts Offset in Balance Sheet	(48)	(65)
Net Fair Value Presented in Balance Sheet	1	132
Commodity derivative instruments | Noncurrent Assets
Assets:
Total Gross Fair Value	13	62
Gross Amounts Offset in Balance Sheet	(12)	(39)
Net Fair Value Presented in Balance Sheet	1	23
Commodity derivative instruments | Current Liabilities
Liabilities:
Total Gross Fair Value	134	67
Gross Amounts Offset in Balance Sheet	(48)	(65)
Net Fair Value Presented in Balance Sheet	86	2
Commodity derivative instruments | Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	33	39
Gross Amounts Offset in Balance Sheet	(12)	(39)
Net Fair Value Presented in Balance Sheet	21	0
Interest rate swaps | Current Liabilities
Liabilities:
Total Gross Fair Value	53	45
Gross Amounts Offset in Balance Sheet	0	0
Net Fair Value Presented in Balance Sheet	53	45
Interest rate swaps | Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	178	148
Gross Amounts Offset in Balance Sheet	0	0
Net Fair Value Presented in Balance Sheet	178	148
Level 1 | Noncurrent Assets
Assets:
Investment	8
Level 1 | Commodity derivative instruments | Current Assets
Assets:
Total Gross Fair Value	0	0
Level 1 | Commodity derivative instruments | Noncurrent Assets
Assets:
Total Gross Fair Value	0	0
Level 1 | Commodity derivative instruments | Current Liabilities
Liabilities:
Total Gross Fair Value	0	0
Level 1 | Commodity derivative instruments | Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	0	0
Level 1 | Interest rate swaps | Current Liabilities
Liabilities:
Total Gross Fair Value	0	0
Level 1 | Interest rate swaps | Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	0	0
Level 2 | Noncurrent Assets
Assets:
Investment	0
Level 2 | Commodity derivative instruments | Current Assets
Assets:
Total Gross Fair Value	49	197
Level 2 | Commodity derivative instruments | Noncurrent Assets
Assets:
Total Gross Fair Value	13	62
Level 2 | Commodity derivative instruments | Current Liabilities
Liabilities:
Total Gross Fair Value	134	67
Level 2 | Commodity derivative instruments | Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	33	39
Level 2 | Interest rate swaps | Current Liabilities
Liabilities:
Total Gross Fair Value	53	45
Level 2 | Interest rate swaps | Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	178	148
Level 3 | Noncurrent Assets
Assets:
Investment	0
Level 3 | Commodity derivative instruments | Current Assets
Assets:
Total Gross Fair Value	0	0
Level 3 | Commodity derivative instruments | Noncurrent Assets
Assets:
Total Gross Fair Value	0	0
Level 3 | Commodity derivative instruments | Current Liabilities
Liabilities:
Total Gross Fair Value	0	0
Level 3 | Commodity derivative instruments | Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	0	0
Level 3 | Interest rate swaps | Current Liabilities
Liabilities:
Total Gross Fair Value	0	0
Level 3 | Interest rate swaps | Noncurrent Liabilities
Liabilities:
Total Gross Fair Value	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Asset and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Carrying Value
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Debt	$ 6,230	$ 6,248
Fair Value | Nonrecurring
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Debt	$ 5,650	$ 5,754

SUPPLEMENTAL INFORMATION TO S_3

SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Supplemental disclosure of cash flow information:
Cash paid (received) for income taxes	$ 195	$ 560
Supplemental disclosure of non-cash transactions:
Accrued capital expenditures included in accounts payable and accrued expenses	639	431
Common stock issued for business combinations	633	595
Equity method investment received in exchange for contributed assets	$ 126	$ 0

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Environmental Matters	129 Months Ended
	Sep. 30, 2023 lawsuit
Loss Contingencies [Line Items]
Number of lawsuits	43
Number of lawsuits company is defendant	3

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, shares in Thousands, $ in Millions					3 Months Ended		9 Months Ended
	Nov. 02, 2023 $ / shares	Nov. 01, 2023 USD ($) a shares	Oct. 31, 2023 USD ($) $ / shares shares	Oct. 19, 2023 USD ($)	Sep. 30, 2023 $ / shares	Sep. 30, 2022 $ / shares	Sep. 30, 2023 USD ($) $ / shares	Sep. 30, 2022 USD ($) $ / shares
Subsequent Event [Line Items]
Proceeds from senior notes | $							$ 0	$ 750
Dividends declared per share (in USD per share) | $ / shares					$ 3.37	$ 2.26	$ 5.04	$ 8.36
Subsequent Event
Subsequent Event [Line Items]
Number of shares issued (in shares) | shares			7,220
Sale of stock price (usd per share) | $ / shares			$ 27.72
Proceeds from sale of stock | $			$ 200
Subsequent Event | Viper Notes
Subsequent Event [Line Items]
Debt instrument stated interest rate				7.375%
Proceeds from senior notes | $				$ 394
Subsequent Event | Viper Notes | Viper Energy Partners LP
Subsequent Event [Line Items]
Aggregate principal amount | $				$ 400
Subsequent Event | Viper Energy Partners LP
Subsequent Event [Line Items]
Ownership percentage by noncontrolling owners		56%
Subsequent Event | Viper Acquisition
Subsequent Event [Line Items]
Equity transferred (in shares) | shares		9,020
Total consideration | $		$ 750
Subsequent Event | 2023 Permian Basin Acquisition
Subsequent Event [Line Items]
Net royalty acres | a		4,600
Subsequent Event | 2023 Other Major Basin Acquisitions
Subsequent Event [Line Items]
Net royalty acres | a		2,700
Subsequent Event | Common Stock | Fixed Dividend
Subsequent Event [Line Items]
Dividends payable (usd per share) | $ / shares	$ 0.84
Subsequent Event | Common Stock | Variable Dividend
Subsequent Event [Line Items]
Dividends payable (usd per share) | $ / shares	2.53
Subsequent Event | Cash Distribution
Subsequent Event [Line Items]
Dividends declared per share (in USD per share) | $ / shares	$ 3.37

SEGMENT INFORMATION- Additional

SEGMENT INFORMATION- Additional Information (Details)	9 Months Ended
	Sep. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	1

SEGMENT INFORMATION - Summary o

SEGMENT INFORMATION - Summary of Business Segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 2,340	$ 2,437	$ 6,184	$ 7,613
Depreciation, depletion, amortization and accretion	442	336	1,277	979
Income (loss) from operations	1,340	1,614	3,365	5,252
Interest expense, net	(41)	(43)	(138)	(122)
Other income (expense)	(30)	(11)	(254)	(683)
Provision for (benefit from) income taxes	276	290	648	913
Net income (loss) attributable to non-controlling interest	78	86	142	155
Net income (loss) attributable to Diamondback Energy, Inc.	915	1,184	2,183	3,379
Total assets	28,049		28,049		$ 26,209
All Other
Segment Reporting Information [Line Items]
Revenues	97	114	344	323
Operating Segments | Upstream
Segment Reporting Information [Line Items]
Revenues	2,327	2,419	6,126	7,563
Depreciation, depletion, amortization and accretion	435	323	1,244	929
Income (loss) from operations	1,339	1,598	3,320	5,197
Interest expense, net	(42)	(33)	(139)	(94)
Other income (expense)	(71)	(27)	(370)	(727)
Provision for (benefit from) income taxes	261	287	626	904
Net income (loss) attributable to non-controlling interest	78	76	142	125
Net income (loss) attributable to Diamondback Energy, Inc.	887	1,175	2,043	3,347
Total assets	27,382		27,382		24,452
Operating Segments | All Other
Segment Reporting Information [Line Items]
Revenues	13	18	58	50
Depreciation, depletion, amortization and accretion	7	13	33	50
Income (loss) from operations	19	41	118	119
Interest expense, net	1	(10)	1	(28)
Other income (expense)	45	20	128	57
Provision for (benefit from) income taxes	15	3	22	9
Net income (loss) attributable to non-controlling interest	0	10	0	30
Net income (loss) attributable to Diamondback Energy, Inc.	50	38	225	109
Total assets	1,263		1,263		2,213
Eliminations
Segment Reporting Information [Line Items]
Revenues	(84)	(96)	(286)	(273)
Depreciation, depletion, amortization and accretion	0	0	0	0
Income (loss) from operations	(18)	(25)	(73)	(64)
Interest expense, net	0	0	0	0
Other income (expense)	(4)	(4)	(12)	(13)
Provision for (benefit from) income taxes	0	0	0	0
Net income (loss) attributable to non-controlling interest	0	0	0	0
Net income (loss) attributable to Diamondback Energy, Inc.	(22)	$ (29)	(85)	$ (77)
Total assets	$ (596)		$ (596)		$ (456)