Slide 1: Q4 2025 Investor Presentation
Q4 2025 Investor Presentation 1 February 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: Disciplined Capital Allocator with Differentiated Returns
Disciplined Capital Allocator Best-In-Class Execution Stable Cash Flow Creation with Differentiated Returns through the Cycle Development Strategy Maximizes High Quality, Durable Midland Investment Grade Resource and Returns Basin Inventory Balance Sheet 3
Slide 4: Disciplined Capital Allocator with Differentiated Returns
Disciplined Capital Allocator with Differentiated Returns Continued Free Cash Flow Generation: FANG Return of Capital Framework $1.0 billion of Free Cash Flow (“FCF”) in Q4 2025 ($3.51 / share)(1); $1.2 billion of Adjusted FCF ($4.14 / share)(2) Q4 2025 Return of Capital: $734 million ($2.57 / Sha
Slide 5: Fourth Quarter Highlights and Full Year 2025 Execution
Fourth Quarter Highlights and Full Year 2025 Execution Investment Framework and Q4 2025 Results Year over Year Execution FY 2024 FY 2025 Differential Value Creation Despite Lower Commodity Prices Average WTI Oil Price $75.76 $64.73 Grow Per Share Oil Production Oil Production per Share Oil product
Slide 6: Overview of 2026 Plan
Overview of 2026 Plan 2026 Plan and Implied Improvement vs 2025 Consolidated 2026E Free Cash Flow at Various WTI Prices(1) 2025A Current 2026 Overview Base Dividend Return of Capital Balance Sheet FCF Yield (EV) FCF Yield (Market Cap) $8,000 25% Oil Production $6,700+ Net Mbo/d 497.2 505.0 20% $6,00
Slide 7: Consistent Track Record of Execution
Consistent Track Record of Execution Year over Year Drilling Efficiency Completion Efficiency 2019 2020 2021 2022 2023 2024 2025 Avg. Ft. / Day Bbls / Day (1,000's) 24 20 Avg. Days to Total Depth ~4,500' 16 ~4,000' ~3,750' 12 ~3,000' 215 ~2,500' ~2,700' 173 193 8 130 140 ~1,500' 105 4 70 0 0 2 4 6 8
Slide 8: 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 9: 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 10: 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) 80% Reinvestment Rate Total Debt / Free Cash Flow 8x 70% 65% 66% 66% 7x 62% 63% 57% 59% Total Debt / 2026E FCF 60% 6x Reinvestment Rate 51% 4.6x 50% 44% 5x 3.6x 3.8x 3.8x
Slide 11: Return of Capital Framework
Return of Capital Framework Diamondback continues to return meaningful capital to its stockholders primarily through a sustainable and growing base dividend and opportunistic share repurchases Current $4.20 / share base dividend protected down to a ~$37 / Bbl WTI oil price with incremental downs
Slide 12: Barnett Overview
Barnett Overview Diamondback has amassed a nearly 200,000 net acre position in the core of the Midland Basin Barnett play, supporting an inventory of 878 gross (561 net) locations Expect to continue to grow position through leasing and strategic joint ventures, with Viper mineral ownership provi
Slide 13: Natural Gas Marketing Summary
Natural Gas Marketing Summary Gas Takeaway Overview: Diamondback’s Gas Pipeline Commitment Map(1) Today, Diamondback has ~350,000 gross MMBtu/d of Pipe: Hugh Brinson long-haul gas pipeline commitments with ~70% of Destination: Katy / HSC Pipe: Matterhorn Benchmark: HSC current gas volumes exposed
Slide 14: Investment Grade Balance Sheet
Investment Grade Balance Sheet Balance Sheet Summary and Recent Highlights: FANG’s Liquidity and Capitalization ($MM) Investment grade credit ratings: Baa2 (Moody’s), BBB (S&P) FANG's Consolidated Capitalization 12/31/2025 and BBB+ (Fitch) Cash and cash equivalents $104 FANG Debt $12,462 Standal
Slide 15: Full Year 2026 Guidance
Full Year 2026 Guidance Full year 2026 oil production guidance of 500 – 510 Full Year 2026 Diamondback Mbo/d (926 – 962 Mboe/d) 2026 Net production – Mboe/d 926 – 962 Full year 2026 CAPEX budget of $3.6 – $3.9 billion 2026 Oil production – Mbo/d 500 – 510 Expect to complete 5.9 – 6.3 million n
Slide 16: Appendix
2 BDIAMONOBACK ENERGY
Slide 17: Reserves Summary
Reserves Summary Year-end 2025 proved reserves increased 2% year Total Proved Reserve Growth (MMBoe) over year to 3,618 MMBoe (1,774 MMBo, 70% PDP) FANG Standalone VNOM 1P BOE / Share PDP reserves of 2,521 MMBoe; PDP oil reserves of 1,174 MMBo 3,557 3,618 24 350 0.0 Oil comprised 49% of total
Slide 18: Longstanding Track Record of Growing Per Share Metrics
Longstanding Track Record of Growing Per Share Metrics Diamondback Cash Flow / Adjusted Free Cash Flow Since IPO ($ / Share)(1) FCFPS +22.6x Cash Flow / Share growth since 2012 CFPS $36.96 $31.24 $30.48 $31.38 $22.02 $14.86 $17.74 $25.98 $20.38 $9.59 $12.79 $16.59 $18.76 $3.54 $6.97 $6.64 $4.63 $13.
Slide 19: Return of Capital History and Highlights
Return of Capital History and Highlights Declared Base Dividends Since 2018 ($ / Share) $8.0 Billion Authorized Stock Repurchase Program(1) +8.4x Base Dividend Growth 4x to initial authorization ~7.1% average quarterly CAGR ~40.7MM shares repurchased to date $8, 000 38.4 40.7 $8,000 50. 00 $4.05 $4.
Slide 20: Environmental Stewardship Summary
Environmental Stewardship Summary Diamondback is committed to successful execution on its environmental strategy and targets discussed in the 2025 Corporate Responsibility Report and highlighted below Diamondback received the Gold Standard for our first year reporting to the Oil & Gas Methane Pa
Slide 21: Governance Summary
Governance Summary Board Independence & Diversity: 10 of 13, or 77%, of Directors are independent Board Independence and Diversity 100% of Audit, Compensation and Nominating and Corporate Governance Committee Members are independent 5 of 13, or 38%, of Board members are diverse (gender or ethn
Slide 22: Current Hedge Summary: Oil
Current Hedge Summary: Oil Consolidated Crude Oil Hedges (Bbl / day; $ / Bbl) Crude Oil Hedges Q1 2026 Q2 2026 Q3 2026 Q4 2026 Long Puts - Brent 36,000 37,000 20,000 – Price / Premium $53.13 / -$1.73 $52.50 / -$1.70 $52.50 / -$1.60 – Long Puts - MEH 95,000 110,000 55,000 – Price / Premium (2) $51.13
Slide 23: Current Hedge Summary: Natural Gas
Current Hedge Summary: Natural Gas Consolidated Natural Gas Hedges (Mmbtu / day; $ / Mmbtu) Natural Gas Hedges Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2027 Costless Collars - Henry Hub 840,000 840,000 840,000 840,000 680,000 Floor / Ceiling $2.87 / $6.35 $2.87 / $6.35 $2.87 / $6.35 $2.87 / $6.35 $2.89 /
Slide 24: 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 ~86,6
Slide 25: 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 26: 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 Purchase a portion of power for internal
Slide 27: 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 28: 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 29: 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 30: 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