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) (from 385 - 435 (349 - 395)) Gross horizontal wells completed (net) 490 - 515 (458 - 482) (from 475 - 550 (444 - 514)) Average lateral length (Ft.) ~11,500' FY 2025 Midland Basin well costs per lateral foot $550 - $580 ( from $550 - $590) 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 approximately $20-25 million from gains on sales of assets expected to close in the third quarter. (2) Includes estimated favorable impact on the year-to-date period of tax legislation enacted in the third quarter. (3) Includes approximately $60 million in estimated midstream capital expenditures for the full year 2025. CONFERENCE CALL Diamondback will host a conference call and webcast for investors and analysts to discuss its results for the second quarter of 2025 on Tuesday, August 5, 2025 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. 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.diamondbacken

later in the release …

the item shown at left

other guidance in this release

Text is the filed exhibit, verbatim.