Press Release: Diamondback Energy, Inc. Announces -2-

Adjusted EBITDA and Free Cash Flow - Non-GAAP:

Three Months Ended Six Months Ended June 30, 2026 June 30, 2026 -------------------- ------------------ (in millions) Net income (loss) attributable to Diamondback Energy, Inc. $ 1,882 $ 1,907 Consolidated Adjusted EBITDA $ 3,940 $ 6,941 Adjusted EBITDA attributable to Diamondback Energy, Inc. $ 3,549 $ 6,253 Net cash provided by operating activities $ 3,589 $ 5,417 Free Cash Flow $ 2,330 $ 4,035 Adjusted Free Cash Flow $ 2,331 $ 4,068

Debt & Liquidity:

June 30, 2026 --------------- (in millions) Standalone cash $ 385 Borrowings outstanding under the credit facility $ -- Remaining availability under the credit facility(1) $ 3,000 Total standalone liquidity $ 3,385 Consolidated total debt $ 12,766 Consolidated total net debt $ 12,304

(1) On June 12, 2026, the Company, as parent guarantor, entered into an amendment to its credit agreement, which increased total commitments from $2.5 billion to $3.0 billion, extended the maturity date from June 12, 2030 to June 12, 2031, and reduced applicable interest rates and certain fees.

RETURN OF CAPITAL UPDATE

Diamondback announced today that the Board declared a base cash dividend of $1.10 per common share for the second quarter of 2026, payable on August 20, 2026, to stockholders of record at the close of business on August 13, 2026.

Underscoring confidence in the Company's long-term outlook and commitment to shareholder returns, the Board of Directors on July 30, 2026 doubled Diamondback's share repurchase authorization to $16.0 billion (excluding excise tax), with approximately $9.9 billion remaining as of July 31, 2026. During the second quarter, the Company repurchased 756,385 shares of common stock for approximately $141 million at a weighted average price of $186.63 per share (excluding excise tax). The Company expects to continue repurchases opportunistically using cash on hand, free cash flow and potential asset sale proceeds. The program has no time limit and may be suspended, modified or discontinued at the Board's discretion. Repurchases may be executed in privately negotiated or open-market transactions, consistent with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and will be subject to market conditions, applicable regulatory and legal requirements and other factors. All shares repurchased will be retired.

The table below summarizes Diamondback's return of capital program, including dividends and share repurchases, with future actions subject to Board approval.

Q2 2026 Q3 2026 to date Cumulative ------------------ ------------------ ------------------ (in millions, except per share amounts, shares in thousands) Base dividend $ 1.10 Shares repurchased 756 548 42,992 Weighted average repurchase price $ 186.63 $ 182.32 $ 142.44 Total repurchase cost $ 141 $ 100 $ 6,124

Total return of capital $ 452

UPDATED 2026 GUIDANCE

Below is Diamondback's and Viper Energy, Inc.'s ("Viper") updated guidance for the full year 2026, which includes third quarter production and capital guidance.

2026 Guidance 2026 Guidance Diamondback Energy, Inc. Viper Energy, Inc. ------------------------ ------------------------ ------------------------

2026 Net production - MBOE/d 1,000+ (from 972+) 132.5 - 135.0 2026 Oil production - MBO/d 522+ (from 520+) 66.0 - 67.25 Q3 2026 Oil production - 67.5 - 68.5 (133.5 - MBO/d (total - MBOE/d) 517 - 527 (995 - 1,015) 135.5)

Unit costs ($/BOE) ------------------------ Lease operating expenses, including workovers $5.90 - $6.40 G&A $0.55 - $0.65 (from Cash G&A $0.55 - $0.70) $0.70 - $0.90 Non-cash equity-based compensation $0.20 - $0.30 $0.10 - $0.20 $13.50 - $14.50 (from DD&A $14.00 - $15.00) $14.75 - $17.25 Interest expense (net of interest income) $0.50 - $0.70 $1.90 - $2.40 Gathering, processing $1.40 - $1.60 (from and transportation $1.50 - $1.70)

Production and ad valorem taxes (% of revenue) 7% 7% Corporate tax rate (% of pre-tax income) 23% Cash tax rate (% of 19% - 22% (from 18% - pre-tax income)(1) 21%) 27% - 30% Q3 2026 Cash taxes ($ - million) $400 - $460

Cash Capital Budget ($ - million) ------------------------ Operated drilling and completion $3,310 2026 Total capital expenditures(2) $3,900 Q3 2026 Capital expenditures $950 - $1,050

Average lateral length 12,900' (Ft.) Net lateral footage 6,100' - 6,500' completed (1,000's of Ft.)

(1) Pre-tax income attributable to the Company is a non-GAAP measure. We are not able to forecast the most directly comparable GAAP measure - Income (loss) before income taxes - due to high variability and difficulty in predicting certain items that affect Income (loss) before income taxes, such as future commodity prices, pace of and costs of developing, producing and operating our interests in oil and natural gas properties, future changes in interest rates and various other business factors impacting our financial results.

(2) Includes non-operated drilling and completion, capital workovers, science, infrastructure, midstream and environmental.

CONFERENCE CALL

Diamondback will host a conference call and webcast for investors and analysts to discuss its results for the second quarter of 2026 on Tuesday, August 4, 2026 at 8:00 a.m. CT. Access to the webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Diamondback's website at www.diamondbackenergy.com under the "Investor Relations" section of the site. Investors and others should note that Diamondback announces material financial and operational information to our investors using our investor relations website, press releases, SEC filings and public conference calls and webcasts. The information we post through our investor relations website may be deemed material. Accordingly, investors should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts.

About Diamondback Energy, Inc.

Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Diamondback's: future performance; business strategy; future operations (including drilling plans and capital plans); estimates and projections of revenues, losses, costs, expenses, returns, cash flow, and financial position; reserve estimates and its ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the Double Eagle acquisition, and the Sitio acquisition completed by Viper and other acquisitions, divestitures or reorganizations); and plans and objectives of management (including plans for future cash flow from operations and for executing environmental strategies) are forward-looking statements. When used in this news release, the words "aim," "anticipate," "believe, " "continue," "could," "estimate," "expect," "forecast," "future," "guidance," "intend," "may," "model," "outlook," "plan," "positioned," "potential," "predict," "project," "seek," "should," "target," "will," "would," and similar expressions (including the negative of such terms) are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Diamondback believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Diamondback's control. Accordingly, forward-looking statements are not guarantees of future performance and Diamondback's actual outcomes could differ materially from what Diamondback has expressed in its forward-looking statements.

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August 03, 2026 16:01 ET (20:01 GMT)