Diamondback Energy, Inc. Announces Fourth Quarter and Full Year 2025 Financial and Operating Results

About this update from Diamondback Energy, Inc.

MIDLAND - Diamondback Energy, Inc. (NASDAQ: FANG) ('Diamondback,' 'we,' 'our' or the 'Company') today announced financial and operating results for the fourth quarter and full year ended December 31, 2025 . FOURTH QUARTER 2025 HIGHLIGHTS Average oil production of 512.8 MBO/d (969.1 MBOE/d) Net cash provided by operating activities of $2.3 billion ; Operating Cash Flow Before Working Capital Changes1 of $1.9 billion Cash capital expenditures of $943 million Free Cash Flow1 of $1.0 billion ; Adjusted Free Cash Flow1 of $1.2 billion Repurchased 2.90 million shares of common stock for approximately $434 million at a weighted average price of $149.50 per share excluding excise tax; includes $305 million for the repurchase of 2.00 million shares from SGF FANG Holdings, LP ('SGF') Total return of capital of $734 million from stock repurchases and the declared Q4 2025 base dividend; represents 62% of Adjusted Free Cash Flow Increased annual base dividend by 5% to $4.20 per share; declared Q4 2025 base cash dividend of $1.05 per share payable on March 12, 2026 ; implies a 2.4% annualized yield based on February 20, 2026 closing share price of $176.01 Repurchased $203 million in senior notes due 2051 & 2052 at 82.3% of par ( $167 million ) Redeemed $950 million of principal on $1.5 billion term loan due 2027 ( $550 million currently outstanding) Consolidated total debt and net debt as of December 31, 2025 of $14.7 billion and $14.6 billion , down 11% and 8% quarter over quarter, respectively NON-GAAP DISCLOSURES FULL YEAR 2025 HIGHLIGHTS Average production of 497.2 MBO/d (921.0 MBOE/d) Net cash provided by operating activities of $8.8 billion ; Operating Cash Flow Before Working Capital Changes of $9.1 billion Cash capital expenditures of $3.5 billion Free Cash Flow of $5.5 billion ; Adjusted Free Cash Flow of $5.9 billion Repurchased 13.84 million shares of common stock for $2.0 billion , at a weighted average price of $145.26 per share excluding excise tax Total return of capital of $3.2 billion ; represents 54% of Adjusted Free Cash Flow Declared total base-plus-variable dividends of $4.05 per share Generated $1.7 billion in cash proceeds from non-core asset sales Proved reserves as of December 31, 2025 of 3,618 MMBOE (49% oil), up 2% year over year; proved developed producing ('PDP') reserves of 2,521 MMBOE (47% oil), up 6% year over year 2026 GUIDANCE HIGHLIGHTS Full year 2026 oil production guidance of 500 - 510 MBO/d (926 - 962 MBOE/d) Full year 2026 cash capital expenditures guidance of $3.6 - $3.9 billion . Includes approximately $100 - $150 million of capital for exploratory development in the Barnett / Woodford and multiple tests to increase oil recoveries from the existing asset base The Company expects to complete between 5.9 - 6.3 million net lateral feet in 2026 Q1 2026 oil production guidance of 502 - 512 MBO/d (930 - 966 MBOE/d) Q1 2026 cash capital expenditures guidance of $900 million - $975 million RECENT HIGHLIGHTS Have repurchased 2.27 million shares of common stock in Q1 2026 (to date) for $371 million at a weighted average price of $163.60 per share excluding excise tax, which includes the repurchase of 2.00 million shares from SGF Viper Energy, Inc. (the Company's publicly traded mineral and royalty subsidiary, 'Viper') closed its non-Permian divestiture in February, generating $617 million of net proceeds that were used to fully repay its term loan due 2027 and the outstanding balance on its revolving credit facility CONFERENCE CALL Diamondback will host a conference call and webcast for investors and analysts to discuss its results for the fourth quarter of 2025 on Tuesday, February 24, 2026 at 8:00 a.m. CT . Access to the webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Diamondback's website at www.diamondbackenergy.com under the 'Investor Relations' section of the site. Investors and others should note that Diamondback announces material financial and operational information to our investors using our investor relations website, press releases, SEC filings and public conference calls and webcasts. The information we post through our investor relations website may be deemed material. Accordingly, investors should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts. About Diamondback Energy, Inc. Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas . For more information, please visit www.diamondbackenergy.com. Forward-Looking Statements This news release 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, other than statements of historical fact, including statements regarding Diamondback's: future performance; business strategy; future operations (including drilling plans and capital plans); estimates and projections of revenues, losses, costs, expenses, returns, cash flow, and financial position; reserve estimates and its ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the Endeavor merger, the Double Eagle Acquisition, the 2025 drop down and the Sitio Acquisition recently completed by Viper and other acquisitions, divestitures or reorganizations) and plans and objectives of management (including plans for future cash flow from operations and for executing environmental strategies) are forward-looking statements. When used in this news release, the words 'aim,' 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'forecast,' 'future,' 'guidance,' 'intend,' 'may,' 'model,' 'outlook,' 'plan,' 'positioned,' 'potential,' 'predict,' 'project,' 'seek,' 'should,' 'target,' 'will,' 'would,' and similar expressions (including the negative of such terms) are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Diamondback believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Diamondback's control. Accordingly, forward-looking statements are not guarantees of future performance and Diamondback's actual outcomes could differ materially from what Diamondback has expressed in its forward-looking statements. Factors that could cause the outcomes to differ materially include (but are not limited to) the following: geopolitics and market conditions, including changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers and any resulting trade tensions; actions taken by the members of OPEC and its non- OPEC allies (OPEC+) affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments; changes in general economic, business or industry conditions, including changes in foreign currency exchange rates, interest rates, inflation rates, and instability in the financial markets; regional supply and demand factors, including delays, curtailment delays or interruptions of production, or governmental orders, rules or regulations that impose production limits; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change, changing political and social perspectives on climate change and other environmental, social and governance factors, and risks from our publicly disclosed targets related to sustainability and emissions reduction initiatives; challenges in developing our existing leasehold acreage and finding, developing or acquiring additional reserves; restrictions on the use of water, including limits on the use of produced water and a moratorium on new produced water disposal well permits recently imposed by the Texas Railroad Commission in an effort to control induced seismicity in the Permian Basin ; significant declines in prices for oil, natural gas, or natural gas liquids, which could require recognition of significant impairment charges; conditions in the capital, financial and credit markets, including the availability and pricing of capital for acquisitions, exploration and development operations; challenges with employee retention and an increasingly competitive labor market; changes in availability or cost of rigs, equipment, raw materials, supplies and oilfield services; changes in safety, health, environmental, tax and other regulations or requirements (including those addressing air emissions, water management, or the impact of global climate change); security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, or from breaches of information technology systems of third parties with whom we transact business; lack of, or disruption in, access to adequate and reliable electrical power, internet and telecommunication infrastructure, information and computer systems, transportation, processing, storage and other facilities for our oil, natural gas and natural gas liquids; failures or delays in achieving expected reserve or production levels from existing and future oil and natural gas developments, including due to operating hazards, drilling risks, or the inherent uncertainties in predicting reserve and reservoir performance; inability to keep pace with technological developments in our industry; failure to meet our obligations under our oil purchase contracts; loss of one or more customers or their inability to meet their obligations; geographical concentration of our primary operations; risks from our return of capital commitment, and uncertainties over our future dividends and share repurchases; difficulty in obtaining necessary approvals and permits; severe weather conditions and natural disasters; changes in the financial strength of counterparties to our credit facilities and hedging contracts; our substantial indebtedness and restrictions to our operating and financial flexibility; changes in our credit rating; failure to identify, complete and successfully integrate acquisitions, including the recently completed Double Eagle Acquisition and Viper's Sitio Acquisition; the Endeavor stockholders' ability to significantly influence our business and potential conflicts of interest and other risks described in Item 1A of Diamondback's Annual Report on Form 10-K, filed with the SEC on February 26, 2025 , and those risks disclosed in its subsequent filings on Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the SEC's website at http://www.sec.gov and Diamondback's website at www.diamondbackenergy.com/investors. In light of these factors, the events anticipated by Diamondback's forward-looking statements may not occur at the time anticipated or at all. Moreover, Diamondback operates in a very competitive and rapidly changing environment and new risks emerge from time to time. Diamondback cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this release or, if earlier, as of the date they were made. Diamondback does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law. Contact: Adam Lawlis Tel: 1 432.221.7467 Email: [email protected] (C) 2026 Electronic News Publishing, source ENP Newswire

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