Diamondback Energy — May 4, 2026 release

2026 Net production - MBOE/d 972+ ( from 926 - 962) 126.0 - 130.0 2026 Oil production - MBO/d 520+ (from 500 - 510) 64.5 - 66.5 Q2 2026 Oil production - MBO/d (total - MBOE/d) 515 - 525 (950 - 990) 64.0 - 65.0 (124.0 - 126.0) Unit costs ($/BOE) Lease operating expenses, including workovers $5.90 - $6.40 G&A Cash G&A $0.55 - $0.70 $0.70 - $0.90 Non-cash equity-based compensation $0.20 - $0.30 $0.10 - $0.20 DD&A $14.00 - $15.00 (from $14.50- $15.50) $16.25 - $18.25 Interest expense (net of interest income) $0.50 - $0.70 (from $0.70- $0.90) $1.90 - $2.40 Gathering, processing and transportation $1.50 - $1.70 Production and ad valorem taxes (% of revenue) ~7% ~7% Corporate tax rate (% of pre-tax income) 23% Cash tax rate (% of pre-tax income) (1) 18% - 21% 27% - 30% Q2 2026 Cash taxes ($ - million) $440 - $500 $40.0 - $48.0 Cash Capital Budget ($ - million) Operated drilling and completion ~$3,310 (from ~$3,160 ) 2026 Total capital expenditures (2) ~$3,900 (from ~$3,750) Q2 2026 Capital expenditures $925 - $1,025 Average lateral length (Ft.) ~12,900' Net lateral footage completed (1,000's of Ft.) 6,100' - 6,500' (from 5,900' - 6,300') (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 non-operated drilling and completion, capital workovers, science, infrastructure, midstream and environmental. CONFERENCE CALL Diamondback will host a conference call and webcast for investors and analysts to discuss its results for the first quarter of 2026 on Tuesda