Outstanding letters of credit

[Table of Contents](#i31241139a24240ee889881d54ce4b5f1_7)Diamondback Energy, Inc. and Subsidiaries Condensed Notes to Consolidated Financial Statements - (Continued)(Unaudited)7.    DEBT  
Long-term debt consisted of the following as of the dates indicated:  


|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  | June 30, |  | December 31, |
|  | 2022 |  | 2021 |
|  | (In millions) |
| 5.375% Senior Notes due 2022 | $ | 25  |  |  | $ | 25  |  |
| 7.320% Medium-term Notes, Series A, due 2022 | 20  |  |  | 20  |  |
| 5.250% Senior Notes due 2023 | 10  |  |  | 10  |  |
| 2.875% Senior Notes due 2024 | —  |  |  | 1,000  |  |
| 4.750% Senior Notes due 2025 | —  |  |  | 500  |  |
| 3.250% Senior Notes due 2026 | 780  |  |  | 800  |  |
| 5.625% Senior Notes due 2026 | 14  |  |  | 14  |  |
| 7.125% Medium-term Notes, Series B, due 2028 | 73  |  |  | 100  |  |
| 3.500% Senior Notes due 2029 | 1,021  |  |  | 1,200  |  |
| 3.125% Senior Notes due 2031 | 789  |  |  | 900  |  |
| 4.400% Senior Notes due 2051 | 650  |  |  | 650  |  |
| 4.250% Senior Notes due 2052 | 750  |  |  | —  |  |
| DrillCo Agreement(1) | 41  |  |  | 58  |  |
| Unamortized debt issuance costs | (32) |  |  | (31) |  |
| Unamortized discount costs | (22) |  |  | (28) |  |
| Unamortized premium costs | 5  |  |  | 8  |  |
| Unamortized basis adjustment of dedesignated interest rate swap agreements(2) | (113) |  |  | (18) |  |
| Revolving credit facility | 33  |  |  | —  |  |
| Viper revolving credit facility | 250  |  |  | 304  |  |
| Viper 5.375% Senior Notes due 2027 | 430  |  |  | 480  |  |
| Rattler revolving credit facility | 232  |  |  | 195  |  |
| Rattler 5.625% Senior Notes due 2025 | 500  |  |  | 500  |  |
| Total debt, net | 5,456  |  |  | 6,687  |  |
| Less: current maturities of long-term debt | (55) |  |  | (45) |  |
| Total long-term debt | $ | 5,401  |  |  | $ | 6,642  |  |

(1)    Represents amounts due under a participation and development agreement (the “DrillCo Agreement”), dated September 10, 2018, with Obsidian Resources, L.L.C. to fund oil and natural gas development.(2)     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](#i31241139a24240ee889881d54ce4b5f1_85).  
References in this section to the Company shall mean Diamondback Energy, Inc. and Diamondback E&P, collectively, unless otherwise specified.  
Credit Agreement  
As of June 30, 2022, Diamondback E&P, as borrower, and Diamondback Energy, Inc., as parent guarantor, have a credit agreement, as amended, which provides for a maximum credit amount of $1.6 billion. As of June 30, 2022, the Company had $33 million in outstanding borrowings under the credit agreement and $3 million in outstanding letters of credit, which reduce available borrowings under the credit agreement on a dollar for dollar basis. During both the three and six months ended June 30, 2022 the weighted average interest rate on borrowings under the credit agreement was 2.69%. During the three and six months ended June 30, 2021, the weighted average interest rates on borrowings under the credit agreement were 1.68% and 1.67%, respectively.15
