Diamondback Energy — Aug 4, 2025 release

(the “Sitio Acquisition”), which is expected to close in the third quarter of 2025 pending stockholder approval and the satisfaction or waiver of other customary closing conditions. 2025 Guidance 2025 Guidance Diamondback Energy, Inc. Viper Energy, Inc. 2025 Net production - MBOE/d 890 - 910 (from 857 - 900) 76.5 - 81.5 2025 Oil production - MBO/d 485 - 492 (from 480 - 495) 41.0 - 43.5 Q3 2025 Oil production - MBO/d (total - MBOE/d) 485 - 495 (890 - 920) 46.0 - 49.0 (86.0 - 92.0) Unit costs ($/BOE) Lease operating expenses, including workovers $5.30 - $5.70 (from $5.65 - $6.05) G&A Cash G&A $0.60 - $0.75 $0.80 - $1.00 Non-cash equity-based compensation $0.25 - $0.35 $0.10 - $0.20 DD&A $14.50 - $15.50 (from $14.00 - $15.00) $16.50 - $17.50 Interest expense (net of interest income) $0.60 - $0.80 (from $0.40 - $0.65) $2.00 - $2.50 Gathering, processing and transportation $1.60 - $1.75 (from $1.40 - $1.60) Production and ad valorem taxes (% of revenue) ~7% ~7% Corporate tax rate (% of pre-tax income) 23% Cash tax rate (% of pre-tax income) 15% - 18% (from 19% - 22%) 21% - 23% Q3 2025 Cash taxes ($ - million) (1) (2) $50 - $110 $13 - $18 Capital Budget ($ - million) Operated drilling and completion $2,850 - $2,950 (from $2,780 - $3,090) Capital workovers, non-operated properties and science $250 - $300 (from $280 - $320) Infrastructure, environmental and midstream (3) $300 - $350 (from $340 - $390) 2025 Total capital expenditures $3,400 - $3,600 (from $3,400 - $3,800) Q3 2025 Capital expenditures $750 - $850 Gross horizontal wells drilled (net) 425 - 450 (395 - 418)