Diamondback Energy — Nov 3, 2025 release

THIRD QUARTER 2025 HIGHLIGHTS • Average oil production of 503.8 MBO/d (942.9 MBOE/d) • Net cash provided by operating activities of $2.4 billion; Operating Cash Flow Before Working Capital Changes 1 of $2.5 billion • Cash capital expenditures of $774 million • Free Cash Flow 1 of $1.8 billion; Adjusted Free Cash Flow 1 of $1.8 billion • Declared Q3 2025 base cash dividend of $1.00 per share payable on November 20, 2025; implies a 2.8% annualized yield based on October 31, 2025 closing share price of $143.19 • Repurchased 4,286,080 shares of common stock for approximately $603 million (at a weighted average price of $140.70 per share excluding excise tax) • Total return of capital of $892 million; represents 50% of Adjusted Free Cash Flow from stock repurchases and the declared Q3 2025 base dividend • As previously announced, Viper Energy, Inc. ("Viper"), a subsidiary of Diamondback, closed the acquisition of Sitio Royalties Corp. ("Sitio") on August 19th RECENT HIGHLIGHTS • On October 1st, closed the previously announced divestiture of Environmental Disposal Systems, LLC to Deep Blue Midland Basin LLC (“Deep Blue”); Diamondback retained its 30% equity ownership in Deep Blue and received $694 million upfront cash proceeds; additionally, Diamondback has the potential to earn up to $200 million in contingent consideration based on the achievement of certain completion thresholds for the years 2026 through 2028 • On October 31st, closed the previously announced divestiture of the Company's 27.5% equity interest in EPIC Crude Holdings, LP ("EPIC Crude") and received $504