Diamondback Energy — Aug 3, 2026 release

SECOND QUARTER 2026 HIGHLIGHTS • Average oil production of 525 MBO/d • Production of 1,018 MBOE/d, surpassing the 1.0 million barrels of oil equivalent per day milestone • Net cash provided by operating activities of $3.6 billion; Operating Cash Flow Before Working Capital Changes 1 of $3.3 billion • Cash capital expenditures of $996 million • Free Cash Flow 1 and Adjusted Free Cash Flow 1 of $2.3 billion • Repurchased 756,385 shares of common stock for approximately $141 million • Declared base cash dividend of $1.10 per share 2 • Reduced total debt by ~$1.3 billion quarter over quarter to $12.8 billion and net debt 1 by ~$1.6 billion quarter over quarter to $12.3 billion UPDATED 2026 GUIDANCE HIGHLIGHTS • Increasing annual oil production guidance to 522+ (from 520+) MBO/d and total BOE production to 1,000+ (from 972+) MBOE/d with full year cash capital expenditures unchanged at ~$3.9 billion • Q3 2026 oil production guidance of 517 - 527 MBO/d (995 - 1,015 MBOE/d) • Q3 2026 cash capital expenditures guidance of $950 - $1,050 million RECENT HIGHLIGHTS • Repurch ased 547,716 sh ares of common stock in Q3 2026 (to date) for approximately $100 million • In July, the Board of Directors (the “Board”) doubled the Company's share repurchase authorization to $16.0 billion from $8.0 billion previously. Approximately $9.9 billion remains available for future repurchases under the program 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 Implies a 2.2% annualized yield. Cash dividend payable on August 20, 2026; annualized yield based on July 31, 2026 closing share price of $202.95. SECOND QUARTER 2026 OPERATIONS UPDATE The following tables provide a summary of Diamondback’s key operational updates: Wells Drilled and Completed: Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 Drilled Completed Drilled Compl