Diamondback Energy — Nov 3, 2025 release

2025 Net production - MBOE/d 910 - 920 (from 890 - 910) 92.8 - 93.5 2025 Oil production - MBO/d 495 - 498 (from 485 - 492) 48.8 - 49.0 Q4 2025 Oil production - MBO/d (total - MBOE/d) 505 - 515 (927 - 963) 65.0 - 67.0 (124.0 - 128.0) Unit costs ($/BOE) Lease operating expenses, including workovers $5.40 - $5.70 (from $5.30 - $5.70) 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 $16.75 - $17.25 Interest expense (net of interest income) $0.60 - $0.80 $2.50 - $3.00 Gathering, processing and transportation $1.45 - $1.60 (from $1.60 - $1.75) Production and ad valorem taxes (% of revenue) ~7% ~7% Corporate tax rate (% of pre-tax income) 23% Cash tax rate (% of pre-tax income) (1) 15% - 18% 21% - 23% Q4 2025 Cash taxes ($ - million) (2) (3) $270 - $350 $13 - $18 Capital Budget ($ - million) Operated drilling and completion $2,925 - $2,950 (from $2,850 - $2,950) Capital workovers, non-operated properties and science $300 - $350 (from $250 - $300) Infrastructure, environmental and midstream $225 - $250 (from $300 - $350) 2025 Total capital expenditures $3,450 - $3,550 (from $3,400 - $3,600) Q4 2025 Capital expenditures $875 - $975 Gross horizontal wells drilled (net) 445 - 465 (412 - 430) (from 425 - 450 (395 - 418)) Gross horizontal wells completed (net) 510 - 520 (471 - 481) (from 490 - 515 (458 - 482)) Average lateral length (Ft.) ~11,500' FY 2025 Midland Basin well costs per lateral foot $550 - $580 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) 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 approximately $175 million tax impact from asset divestitures in the fourth quarter. (3) Includes estimated favorable impact on the year-to-date period of tax legislation e