Diamondback Energy — Feb 23, 2026 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 December 31, Year Ended December 31, 2025 2024 2025 2024 Net cash provided by operating activities $ 2,343  $ 2,341  $ 8,758  $ 6,413  Less: Changes in cash due to changes in operating assets and liabilities: Accounts receivable 248  (103) 386  (42) Accounts payable and accrued liabilities 12  114  (343) (376) Income taxes payable 116  138  (399) 87  Revenues and royalties payable (13) 59  15  168  Other 35  (127) 27  67  Total working capital changes 398  81  (314) (96) Operating cash flow before working capital changes 1,945  2,260  9,072  6,509  Additions to oil and natural gas properties (943) (933) (3,523) (2,867) Total Ca