Diamondback Energy

During the second quarter of 2025, Diamondback spent $707 million on operated drilling and completions, $90 million on capital workovers, non-operated drilling and completions and science and $67 million on infrastructure, environmental and midstream, for total cash capital expenditures of $864 million.

SEC original ↗Diamondback Energy — Earnings release (8-K exhibit)EX-99Aug 4, 2025

For the first half of 2025, Diamondback spent $1.6 billion on operated drilling and completions, $111 million on capital workovers, non-operated drilling and completions and science and $124 million on infrastructure, environmental and midstream, for total cash capital expenditures of $1.8 billion.

SEC original ↗Diamondback Energy — Earnings release (8-K exhibit)EX-99Aug 4, 2025

As of June 30, 2025, Diamondback had $191 million in standalone cash and $595 million of borrowings outstanding under its revolving credit facility, with approximately $1.9 billion available for future borrowings under the facility and approximately $2.1 billion of total liquidity.

SEC original ↗Diamondback Energy — Earnings release (8-K exhibit)EX-99Aug 4, 2025

As of June 30, 2025, the Company had consolidated total debt of $15.3 billion and consolidated net debt (as defined and reconciled below) of $15.1 billion.

SEC original ↗Diamondback Energy — Earnings release (8-K exhibit)EX-99Aug 4, 2025

DIVIDEND DECLARATIONS Diamondback announced today that the Company's Board of Directors declared a base cash dividend of $1.00 per common share for the second quarter of 2025 payable on August 21, 2025 to stockholders of record at the close of business on August 14, 2025.

SEC original ↗Diamondback Energy — Earnings release (8-K exhibit)EX-99Aug 4, 2025

Future base and variable dividends remain subject to review and approval at the discretion of the Company's Board of Directors.

SEC original ↗Diamondback Energy — Earnings release (8-K exhibit)EX-99Aug 4, 2025

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.

SEC original ↗Diamondback Energy — Earnings release (8-K exhibit)EX-99Aug 4, 2025

, together with its subsidiaries (collectively referred to as Diamondback, the Company, we or our unless the context otherwise requires), is an independent oil and natural gas company currently focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas.

SEC original ↗Diamondback Energy — 10-Q Quarterly report10-QAug 5, 2026

Variable Interest Entity Viper is a publicly traded corporation formed by the Company in 2014 to provide an attractive return to its stockholders (the largest of which is Diamondback) by focusing on business results, maximizing dividends through organic growth and pursuing accretive growth opportunities through acquisitions of mineral, royalty, overriding royalty, net profits and similar interests from the Company and from third parties.

SEC original ↗Diamondback Energy — 10-Q Quarterly report10-QAug 5, 2026

The contingent cash payment is due to the Company should the capacity expansion of EPIC be formally sanctioned before year-end 2027.

SEC original ↗Diamondback Energy — 10-Q Quarterly report10-QAug 5, 2026

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.

SEC original ↗Diamondback Energy — Earnings release (8-K exhibit)EX-99Aug 4, 2025

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.

SEC original ↗Diamondback Energy — Earnings release (8-K exhibit)EX-99Aug 4, 2025

Legal Proceedings 43 Item 1A.

SEC original ↗Diamondback Energy — 10-Q Quarterly report10-QAug 5, 2026

iv Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Various statements contained in this report are 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.

SEC original ↗Diamondback Energy — 10-Q Quarterly report10-QAug 5, 2026

Although we believe that the expectations and assumptions reflected in our forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond our control.

SEC original ↗Diamondback Energy — 10-Q Quarterly report10-QAug 5, 2026