Diamondback Energy — May 4, 2026 release

FIRST QUARTER 2026 HIGHLIGHTS • Average oil production of 521.0 MBO/d (979.4 MBOE/d) • Net cash provided by operating activities of $1.8 billion; Operating Cash Flow Before Working Capital Changes 1 of $2.6 billion • Cash capital expenditures of $933 million • Free Cash Flow 1 of $1.7 billion; Adjusted Free Cash Flow 1 of $1.7 billion • Repurchased 3.3 million shares of common stock for approximately $548 million • Raised Q1 2026 base cash dividend to $1.10 per share; marks a 10% year-over-year increase and an implied 2.1% annualized yield 2 • Total return of capital of $859 million from stock repurchases and the declared Q1 2026 base dividend; represents ~50% of Adjusted Free Cash Flow UPDATED 2026 GUIDANCE HIGHLIGHTS • Increasing annual oil production guidance to 520+ (from 500 - 510) MBO/d and total BOE production to 972+ (from 926 - 962) MBOE/d; implying ~5% organic year-over-year growth • Raising full year cash capital expenditures to ~$3.90 billion (from ~$3.75 billion) • Q2 2026 oil production guidance of 515 - 525 MBO/d (950 - 990 MBOE/d) • Q2 2026 cash capital expenditures guidance of $925 - $1,025 million 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. 2 Cash dividend payable on May 21, 2026; annualized yield based on May 1, 2026 closing share price of $207.65 RECENT HIGHLIGHTS • Successfully completed a cash-funded tender offer, retiring approximately $777 million in principal of 2051 and 2052 Senior Notes for approximately $632 million including accrued interest (81.1% of par value) • Fully repaid the remaining $550 million outstanding on the Company's $1.5 billion term loan due 2027; pro forma gross debt of $12.7 billion at the end of April 2026 FIRST QUARTER 2026 OPERATIONS UPDATE The following tables provide a summary of Diamondback’s key operational updates: Wells Drilled and Completed: Three Months Ended March 31, 2026 Drilled Completed Area: Gross Net Gross Net Midland Basi