10-K/APeriod: FY2018

Diamondback Energy, Inc. Annual Report (Amendment), Year Ended Dec 31, 2018

Filed March 12, 2019For Securities:FANG

Summary

Diamondback Energy, Inc.'s (FANG) 2018 10-K/A filing primarily serves to amend the original report by including the independent reserve report for Energen Corporation, acquired in November 2018. This amendment is crucial for investors to understand the full scope of the company's proved reserves as of year-end 2018, post-acquisition. The filing does not alter the original financial statements or operational data, but it provides essential third-party validation of the acquired Energen reserves, a key asset for Diamondback's future production and cash flow generation. Investors should note that this amendment is a supplementary filing and does not reflect any events or financial changes since the original February 25, 2019, filing. The focus remains on the validated proved reserves of Energen, which are integral to assessing the company's asset base and long-term value proposition. The inclusion of the Ryder Scott report offers transparency and confidence in the reported reserve quantities.

Financial Highlights

46 data points
Beta

Revenue

$2.18B

Net Income

$846.00M

38.9% Net Margin

EPS (Diluted)

$8.06

Total Assets

$21.60B

Cash & Equivalents

$215.00M

Free Cash Flow

$1.56B

Financial Statements
Beta
Revenue$2.18B
SG&A Expenses$65.00M
Operating Expenses$1.17B
Operating Income$1.01B
Interest Expense$87.00M
Net Income$846.00M
EPS (Basic)$8.09
EPS (Diluted)$8.06
Shares Outstanding (Basic)104.62M
Shares Outstanding (Diluted)104.93M

Key Highlights

  • 1Amendment primarily includes the independent reserve report for the acquired Energen Corporation, as of December 31, 2018.
  • 2Ryder Scott Company, L.P. provided the independent estimates of proved reserves for Energen.
  • 3This filing is an amendment (10-K/A) and does not change the original financial statements or operational data from the February 25, 2019 filing.
  • 4The Energen acquisition, completed on November 29, 2018, is now fully represented in the company's reserve disclosures.
  • 5This amendment provides third-party validation of the acquired reserves, important for investor confidence in asset valuation.
  • 6New Section 302 certifications under Sarbanes-Oxley are included, with specific omissions noted for items not amended.

Frequently Asked Questions

The primary purpose of this Amendment No. 1 to the Form 10-K is to include the independent oil and gas reserve report from Ryder Scott Company, L.P. for Energen Corporation, which Diamondback acquired in November 2018. This report was inadvertently omitted from the original filing.

No, this amendment explicitly states that it does not modify, amend, or update any of the financial or other information contained in the original Form 10-K filing. The financial statements and core disclosures remain unchanged; only the Energen reserve report is being added.

The Energen reserve report is important because it provides an independent, third-party assessment of the proved oil and gas reserves acquired in the merger. This validation is crucial for investors to understand the quantity and value of the company's core assets, which underpin future production and cash flows.

No, this filing is solely for the purpose of adding the Energen reserve report. It does not contain new operational details, strategic initiatives, or reflect any events that have occurred subsequent to the original filing date of February 25, 2019.