Diamondback Energy — Feb 23, 2026 release

FOURTH QUARTER 2025 HIGHLIGHTS • Average oil production of 512.8 MBO/d (969.1 MBOE/d) • Net cash provided by operating activities of $2.3 billion; Operating Cash Flow Before Working Capital Changes 1 of $1.9 billion • Cash capital expenditures of $943 million • Free Cash Flow 1 of $1.0 billion; Adjusted Free Cash Flow 1 of $1.2 billion • Repurchased 2.90 million shares of common stock for approximately $434 million at a weighted average price of $149.50 per share excluding excise tax; includes $305 million for the repurchase of 2.00 million shares from SGF FANG Holdings, LP ("SGF") • Total return of capital of $734 million from stock repurchases and the declared Q4 2025 base dividend; represents 62% of Adjusted Free Cash Flow • Increased annual base dividend by 5% to $4.20 per share; declared Q4 2025 base cash dividend of $1.05 per share payable on March 12, 2026; implies a 2.4% annualized yield based on February 20, 2026 closing share price of $176.01 • Repurchased $203 million in senior notes due 2051 & 2052 at 82.3% of par (~$167 million) • Redeemed $950 million of principal on $1.5 billion term loan due 2027 ($550 million currently outstanding) • Consolidated total debt and net debt as of December 31, 2025 of $14.7 billion and $14.6 billion, down 11% and 8% quarter over quarter, respectively 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. FULL YEAR 2025 HIGHLIGHTS • Average production of 497.2 MBO/d (921.0 MBOE/d) • Net cash provided by operating activities of $8.8 billion; Operating Cash Flow Before Working Capital Changes of $9.1 billion • Cash capital expenditures of $3.5 billion • Free Cash Flow of $5.5 billion; Adjusted