Diamondback Energy, Inc. · NASDAQ:FANG
Diamondback Energy — Q2 2026 Earnings Presentation
26 slides from Diamondback Energy's earnings presentation, Aug 4, 2026
Slide 1: Q2 2026 Investor Presentation
Q2 2026 Investor Presentation 1 August 2026
Slide 2: Forward-Looking Statements & Non-GAAP Financial Measures
Forward-Looking Statements & Non-GAAP Financial Measures Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements
Slide 3: Stable Cash Flow Creation Through the Cycles, Best-In-Class Execution
Stable Cash Flow Creation Best-In-Class Execution Disciplined Capital Allocator Through the Cycles with Differentiated Returns Development Strategy High-Quality, Durable Midland Investment Grade Maximizes Resource and Basin Inventory Balance Sheet Returns 3
Slide 4: The Premier Permian Pure-Play Operator
The Premier Permian Pure-Play Operator Diamondback Value Creation Diamondback Acreage Map and Recent Highlights Stable Cash Flow Through the Cycles Expect to generate ~$7.8 billion of Free Cash Flow (“FCF”) in 2026 at current commodity prices(1)(2) Current production levels and base dividend pro
Slide 5: Overview of the 2026 Plan
Overview of the 2026 Plan 2026 Plan and Implied Improvement vs 2025 Consolidated 2026E Free Cash Flow at Various WTI Prices(3) Original Current Base Dividend Excess FCF FCF Yield (EV) FCF Yield (Market Cap) 2025A Δ YoY 2026 Plan 2026 Plan 505 522+ 497.2 Oil Production +5% $8,300+ Net Mbo/d $7,600+ $
Slide 6: Diamondback's Prudent History of Return of Capital
Diamondback’s Prudent History of Return of Capital Return of Capital Since the Inaugural Base Dividend Normalized Dividend Growth versus Peers (% of Q1 2018 Base DPS)(3) Base Dividends ($MM) Variable Dividend ($MM) 900% Stock Repurchases ($MM) DPS - Paid 880% 800% $13,776 $14,186 $1,293 700% 150 00
Slide 7: Capital Discipline and Return on Capital Through the Cycles
Capital Discipline and Return on Capital Through the Cycles Cash Return on Capital Invested (CROCI)(1) vs. Weighted Average Cost of Capital (WACC) Accretive Per-Share Compounding 20% Growth over the last decade has been accretive CROCI - WACC Spread CROCI WACC • A share held since 2016 would claim 4
Slide 8: Industry Leading Reinvestment Rate and Capital Efficiency
Industry Leading Reinvestment Rate and Capital Efficiency 2026E Reinvestment Rate and Total Debt / Free Cash Flow vs. Peers(1)(2) Reinvestment Rate Total Debt / Free Cash Flow 80% 8x 70% 7x 60% 6x 49% 50% 44% 44% 44% 45% 42% 50% 5x 38% 40% 33% 34% 4x 2.0x 1.9x 30% 3x 1.7x 1.7x 1.5x 1.1x 1.4x 1.3x 1.
Slide 9: Consistent Track Record of Execution
Consistent Track Record of Execution Year over Year Drilling Efficiency Completion Efficiency 2019 2020 2021 2022 2023 2024 2025 2026 Avg. Ft. / Day Bbls / Day (1,000's) 24 20 ~4,600' ~3,750' ~4,000' 16 221 Avg. Days ~3,000' 193 12 ~2,500' ~2,700' 173 130 140 8 ~1,500' 105 70 4 0 0 2 4 6 8 10 12 14
Slide 10: Development Strategy Maximizes Resource and Returns
Development Strategy Maximizes Resource and Returns Successful multi-zone co-development execution enables maximum resource extraction, generates consistent well results and minimizes potential child well performance degradation Diamondback’s average well performance consistently ranks among the
Slide 11: Long Duration, High Quality Inventory
Long Duration, High Quality Inventory Midland Basin Gross (Net) Locations Economic at $50 / Bbl(1) Midland Basin Development by Zone (% of Net Lateral Ft.) Loc ations Avg. Lateral Barnett WCD WCB WCA LS MS / JM US US 4 7 2 (3 8 9 ) 11,000' MS / JM 1 ,4 5 3 (1 ,1 5 8 ) 10,800' 4% Shallower Depth 1% L
Slide 12: Investment Grade Balance Sheet
Investment Grade Balance Sheet Balance Sheet Summary and Recent Highlights: FANG’s Liquidity and Capitalization ($MM) Investment grade credit ratings: Baa2 (Moody’s), BBB FANG's Consolidated Capitalization 6/30/2026 Cash and cash equivalents $462 (S&P) and BBB+ (Fitch) FANG Debt $11,071 Standalo
Slide 13: Full Year 2026 Guidance
Full Year 2026 Guidance Full Year 2026 Diamondback Full year 2026 oil production guidance of 522+ Mbo/d 2026 Net production – Mboe/d 1,000+ (1,000+ Mboe/d) (from 972+) 522+ Full year 2026 CAPEX budget of ~$3.9 billion 2026 Oil production – Mbo/d (from 520+) Expect to complete 6.1 – 6.5 million
Slide 14: Appendix
2 BDIAMONOBACK ENERGY
Slide 15: Reserves Summary
Reserves Summary Year-end 2025 proved reserves increased 2% year Total Proved Reserve Growth (MMBoe) over year to 3,618 MMBoe (1,774 MMBo, 70% PDP) FANG Standalone VNOM 1P BOE / Share PDP reserves of 2,521 MMBoe; PDP oil reserves of 1,174 MMBo 3,557 3,618 24 350 0.0 Oil comprised 49% of total
Slide 16: Barnett Overview
Barnett Overview Diamondback has amassed a nearly 200,000 net acre position in the core of the Midland Basin Barnett play, supporting an inventory of 878 gross (561 net) locations Expect to continue to grow position through leasing and strategic joint ventures, with Viper mineral ownership provi
Slide 17: Viper Summary
Viper Summary Viper Energy, Inc.: Viper Mineral and Royalty Assets Publicly traded mineral and royalty subsidiary (NASDAQ: VNOM) created by Diamondback ◊ Focused on owning and acquiring minerals and royalty interests in the Permian Basin, with a primary focus on Diamondback-operated acreage ~90,
Slide 18: Equity Method Joint Venture Highlight: Deep Blue
Equity Method Joint Venture Highlight: Deep Blue Deep Blue Overview Deep Blue Asset Overview Deep Blue is the largest water infrastructure operator in the Midland Basin Established in a joint venture formed in September 2023 between Five Point (70%) and Diamondback (30%) Has approximately 790,
Slide 19: Surface Acreage and Potential Uses: Power Generation
Surface Acreage and Potential Uses: Power Generation Diamondback Surface Acreage(1) Diamondback is the Premier Partner Diamondback Surface Acres: 65,000 1 Provides site for power plant and data center construction 2 Supplies natural gas for power generation 3 Purchases a portion of power for interna
Slide 20: Current Hedge Summary: Oil
Current Hedge Summary: Oil Consolidated Crude Oil Hedges (Bbl / day; $ / Bbl) Crude Oil Hedges Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Long Puts - Brent 20,000 10,000 5,000 – – – Price / Premium $52.50 / -$1.60 $55.00 / -$1.33 $55.00 / -$1.40 – – – Long Puts - MEH 95,000 70,000 50,000 35,000
Slide 21: Current Hedge Summary: Natural Gas
Current Hedge Summary: Natural Gas Consolidated Natural Gas Hedges (Mmbtu / day; $ / Mmbtu) Natural Gas Hedges Q3 2026 Q4 2026 FY 2027 FY 2028 Costless Collars - Henry Hub 840,000 840,000 720,000 50,000 Floor / Ceiling $2.87 / $6.35 $2.87 / $6.35 $2.88 / $6.37 $2.60 / $5.78 650,000 650,000 370,000 –
Slide 22: Non-GAAP Definitions and Reconciliations
Non-GAAP Definitions and Reconciliations Adjusted EBITDA: Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines Adjusted EBITDA a
Slide 23: Non-GAAP Definitions and Reconciliations
Non-GAAP Definitions and Reconciliations Operating Cash Flow before Working Capital Changes and Free Cash Flow: Operating cash flow before working capital changes, which is a non-GAAP financial measure, represents net cash provided by operating activities as determined under GAAP without regard to
Slide 24: Non-GAAP Definitions and Reconciliations
Non-GAAP Definitions and Reconciliations Net Debt: The Company defines the non-GAAP measure of net debt as total debt (excluding debt issuance costs, discounts, premiums and unamortized basis adjustments) less cash and cash equivalents and restricted cash that has been irrevocably deposited for th
Slide 25: Non-GAAP Definitions and Reconciliations
Non-GAAP Definitions and Reconciliations Cash Return on Capital Invested: Cash Return on Capital Invested, which is a non-GAAP measure, is calculated as debt-adjusted cash flow from operations before working capital changes divided by capital invested. Capital invested is calculated as total asset
Slide 26: Investor Contact
INVESTOR CONTACT Adam Lawiis, Vice President, Investor Relations 432.221.7400 | ir@diamondbackenergy.com wv. DIAMONDOBACK ENERGY 500 West Texas Avenue, Suite 100, Midland, TX 79701 | www.diamondbackenergy.com