Diamondback Energy — Aug 3, 2026 release

Underscoring confidence in the Company's long-term outlook and commitment to shareholder returns, the Board of Directors on July 30, 2026 doubled Diamondback's share repurchase authorization to $16.0 billion (excluding excise tax), with approximately $9.9 billion remaining as of July 31, 2026. During the second quarter, the Company repurchased 756,385 shares of common stock for approximately $141 million at a weighted average price of $186.63 per share (excluding excise tax). 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. The table below summarizes Diamondback’s return of capital program, including dividends and share repurchases, with future actions subject to Board approval. Q2 2026 Q3 2026 to date Cumulative (in millions, except per share amounts, shares in thousands) Base dividend $ 1.10  Shares repurchased 756  548  42,992  Weighted average repurchase price $ 186.63  $ 182.32  $ 142.44  Total repurchase cost $ 141  $ 100  $ 6,124  Total return