Diamondback Energy — Feb 24, 2025 release

This guidance gives effect to the estimated contribution related to the pending Double Eagle acquisition, which is expected to close on April 1, 2025, subject to the satisfaction of customary closing conditions and regulatory approval. 2025 Guidance 2025 Guidance Diamondback Energy, Inc. Viper Energy, Inc. 2025 Net production - MBOE/d 883 - 909 2025 Oil production - MBO/d 485 - 498 Q1 2025 Oil production - MBO/d (total - MBOE/d) 470 - 475 (860 - 875) 30.0 - 31.0 (54.0 - 56.0) Unit costs ($/BOE) Lease operating expenses, including workovers $5.90 - $6.30 G&A Cash G&A $0.60 - $0.75 Non-cash equity-based compensation $0.25 - $0.35 DD&A $14.00 - $15.00 Interest expense (net of interest income) $0.25 - $0.50 Gathering, processing and transportation $1.20 - $1.40 Production and ad valorem taxes (% of revenue) ~7% Corporate tax rate (% of pre-tax income) 23% Cash tax rate (% of pre-tax income) 17% - 20% Q1 2025 Cash taxes ($ - million) $280 - $340 Capital Budget ($ - million) Operated drilling and completion $3,130 - $3,440 Capital workovers, non-operated properties and science $280 - $320 Infrastructure, environmental and midstream (1) $390 - $440 2025 Total capital expenditures $3,800 - $4,200 Q1 2025 Capital expenditures $900 - $1,000 Gross horizontal wells drilled (net) 446 - 471 (406 - 428) Gross horizontal wells completed (net) 557 - 592 (526 - 560) Average lateral length (Ft.) ~11,500' FY 2025 Midland Basin well costs per lateral foot $555 - $605 FY 2025 Delaware Basin well costs per lateral foot $860 - $910 Midland Basin completed net lateral feet (%) ~95% Delaware Basin completed net lateral feet (%) ~5% (1) Includes approxi