Diamondback Energy — Nov 3, 2025 release

These measures should not be considered as an alternative to, or more meaningful than, net cash provided by operating activities as an indicator of liquidity. The Company's computation of Free Cash Flow may not be comparable to other similarly titled measures of other companies. Currently, the Board has approved a return of capital commitment of at least 50% of Adjusted Free Cash Flow to the Company's stockholders through repurchases under the share repurchase program, base dividends and variable dividends. The following tables present a reconciliation of the GAAP financial measure of net cash provided by operating activities to the non-GAAP measure of operating cash flow before working capital changes and to the non-GAAP measures of Free Cash Flow and Adjusted Free Cash Flow: Diamondback Energy, Inc. Operating Cash Flow Before Working Capital Changes, Free Cash Flow and Adjusted Free Cash Flow (unaudited, in millions) Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 Net cash provided by operating activities $ 2,383  $ 6,415  Less: Changes in cash due to changes in operating assets and liabilities: Accounts receivable (22) 138  Income tax receivable —  3  Prepaid expenses and other current assets (49) (65) Accounts payable and accrued liabilities 28  (355) Income taxes payable (206) (515) Revenues and royalties payable 58  28  Other 40  54  Total working capital changes (151) (712) Operating cash flow before working capital changes 2,534  7,127  Additions to oil and natural gas properties (774) (2,580) Total Cash CAPEX (774) (2,580) Fr