10-Q/APeriod: Q1 FY2014

Diamondback Energy, Inc. Quarterly Report (Amendment) for Q1 Ended Mar 31, 2014

Filed May 28, 2014For Securities:FANG

Summary

This filing is an amendment to Diamondback Energy, Inc.'s (FANG) quarterly report for the period ending March 30, 2014. The primary focus of this amendment is the "Exhibits" section, which details various agreements and corporate documents. Key among these are the Purchase and Sale Agreements related to acquisitions made in February 2014, indicating the company's proactive growth strategy through asset acquisition. The filing also lists the company's Amended and Restated Certificate of Incorporation and Bylaws, specimen stock certificates, and various debt-related indentures and registration rights agreements, reflecting its established corporate structure and financing arrangements. Furthermore, the amended employment agreements for key executives, including Travis D. Stice, Teresa Dick, Michael Hollis, Jeff White, and Russell Pantermuehl, are detailed. These agreements, some of which are amended and restated, highlight the company's focus on retaining and incentivizing its leadership team during a period of significant operational activity and potential expansion. For investors, this amendment underscores the ongoing development and strategic execution within Diamondback Energy.

Financial Highlights

38 data points
Beta

Net Income

$23.59M

EPS (Diluted)

$0.48

Total Assets

$1.94B

Cash & Equivalents

$25.31M

Free Cash Flow

$71.47M

Financial Statements
Beta
SG&A Expenses$4.26M
Operating Expenses$49.94M
Operating Income$48.06M
Interest Expense$6.50M
Net Income$23.59M
EPS (Basic)$0.49
EPS (Diluted)$0.48
Shares Outstanding (Basic)48.45M
Shares Outstanding (Diluted)48.87M

Key Highlights

  • 1Disclosure of Purchase and Sale Agreements dated February 14, 2014, indicating recent acquisitions by Diamondback E&P LLC.
  • 2Inclusion of Amended and Restated Employment Agreements for key executives, including Travis D. Stice (CEO), effective April 18, 2014, and others effective January 1, 2014.
  • 3References to the company's Amended and Restated Certificate of Incorporation and Bylaws, showing foundational corporate governance documents.
  • 4Details on debt financing through indentures, including the 7.625% Senior Notes due October 2021 and supplemental indentures, pointing to capital structure management.
  • 5Listing of Registration Rights Agreements, essential for understanding shareholder rights and potential future stock issuances or transfers.
  • 6Incorporation by reference of various documents filed previously on Form 8-K and other 10-Q filings, suggesting a history of significant corporate actions.
  • 7Inclusion of the 2014 Executive Annual Incentive Compensation Plan, signaling a framework for executive performance-based rewards.

Frequently Asked Questions

This filing is primarily an amendment to the Exhibits section of the 10-Q report. It does not present new financial statements or operational results. Instead, it details important legal and corporate documents, including significant asset purchase agreements and executive employment agreements, which provide context for the company's strategic direction and governance.

The Purchase and Sale Agreements dated February 14, 2014, indicate that Diamondback Energy, through its subsidiary Diamondback E&P LLC, has been actively engaged in acquiring assets. These agreements are crucial for investors to understand the company's growth strategy and potential expansion in its operational areas.

The amended employment agreements, particularly for key executives like the CEO, are important as they outline compensation, responsibilities, and terms of service. They reflect the company's commitment to its leadership team and can provide insights into executive incentives and retention strategies during periods of growth or operational change.

No, this document is an amendment to the Exhibits section and does not contain updated financial performance data. The actual financial statements and management's discussion and analysis for the quarter ending March 30, 2014, would be found in the original 10-Q filing that this document amends.