Diamondback Energy — Feb 23, 2026 release

$ 2,021  $ 9,536  Net cash provided by operating activities $ 2,343  $ 8,758  Free Cash Flow $ 1,002  $ 5,549  Adjusted Free Cash Flow $ 1,183  $ 5,892  Debt & Liquidity: December 31, 2025 (in millions) Standalone cash $ 91  Borrowings outstanding under the credit facility $ —  Remaining availability under the credit facility $ 2,500  Total standalone liquidity $ 2,591  Consolidated total debt $ 14,667  Consolidated total net debt $ 14,563  RETURN OF CAPITAL UPDATE Diamondback announced today that the Company’s Board of Directors (the "Board") declared a base cash dividend of $1.05 per common share for the fourth quarter of 2025 payable on March 12, 2026, to stockholders of record at the close of business on March 5, 2026. Diamondback's share repurchase authorization totals $8.0 billion (excluding excise tax) , with $2.3 billion remaining as of February 20, 2026 . The Company expects to continue repurchases opportunistically using cash on hand, free cash flow and potential asset sale proceeds. The program has no time limit and may be suspended, modified or discontinued at the Board’s discretion. Repurchases may be executed in privately negotiated or open-market transactions, consistent with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and will be subject to market conditions, applicable regulatory and legal requirements and other factors . All shares repurchased will be retired. On November 28, 2025, Diamondback entered into a letter agreement with SGF under which SGF may (but is not obligated to) sell up to 3.0 million shares of Diamondback common stock to Diamondback per calendar quarter through December 31, 2026 at the most recent NASDAQ closing price prior to each transaction (subject to the agreement’s terms). The table below summarizes Diamondback’s return of capital program, including dividends and share repurchases, with future actions subject to Board approval. Q4 2025 Q1 2026 to date Cumulative (in millions, except per share amounts, shares in thousands) Base dividend $ 1.0