Diamondback Energy — Nov 3, 2025 release

("Sitio") on August 19th RECENT HIGHLIGHTS • On October 1st, closed the previously announced divestiture of Environmental Disposal Systems, LLC to Deep Blue Midland Basin LLC (“Deep Blue”); Diamondback retained its 30% equity ownership in Deep Blue and received $694 million upfront cash proceeds; additionally, Diamondback has the potential to earn up to $200 million in contingent consideration based on the achievement of certain completion thresholds for the years 2026 through 2028 • On October 31st, closed the previously announced divestiture of the Company's 27.5% equity interest in EPIC Crude Holdings, LP ("EPIC Crude") and received $504 million upfront cash proceeds; additionally, Diamondback has the potential to earn $96 million in contingent consideration should a capacity expansion of EPIC Crude be formally sanctioned before year-end 2027 • Repurchased 610,996 shares of common stock in Q4 2025 (to date) for $87 million (at a weighted average price of $143.21 per share excluding excise tax ) 1 NON-GAAP DISCLOSURES For a definition of Operating Cash Flow Before Working Capital Changes, Free Cash Flow, Adjusted Free Cash Flow, Adjusted Net Income, Adjusted EBITDA, Adjusted Net Income per Diluted Share, Net Debt and reconciliations of such non-GAAP financial metrics to their respective most directly comparable GAAP metrics, please see “Non-GAAP Financial Measures” below. • Repurchased $203 million in senior notes due 2051 & 2052 at 82.3% of par (~$167 million) in Q4 2025 (to date) UPDATED 2025 GUIDANCE HIGHLIGHTS • Increasing full year oil production guidance to 495 - 498 MBO/d and increasing annual BOE guidance to 910 - 920 MBOE/d • Narrowing full year cash capital expenditures to $3.45 - $3.55 billion; unchanged at the midpoint from August update • The Company expects to drill 445 - 465 gross (412 - 430 net) wells and complete between 510 - 520 gross (471 - 481 net) wells with an average lateral length of approximately 11,500 feet in 2025 • Q4 2025 oil production guidance of 505 - 515 MBO/d (927 - 963 MBOE/d) • Q4 2025 cash capital expenditures guidance of $875 - $975 million OPERATIONS UPDATE The following tables provide a summary of Diamondback’s key operational updates for the quarter: Wells Drilled and Completed: Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 Drilled Completed Drilled Completed Area: Gross Net Gross Net Gross Net Gross Net Midland Basin 107  97  137  127  352  326  361  342  Delaware Basin 1  1  —  —  4  4  15  13  Total 108  98  137  127  356  330  376  355  Gross Wells Drilled and Completed By Zone: Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 Number of Wells Drilled Number of Wells Completed Number of Wells Drilled Number of Wells Completed Midland Basin: Upper Spraberry