Disciplined Capital Allocator with Differentiated Returns The Must-Own Permian Pure-Play Best-In-Class Execution High Quality, Durable Midland Basin Inventory Stable Cash Flow Creation through the Cycle Investment Grade…
Disciplined Capital Allocator with Differentiated Returns Continued Free Cash Flow Generation: FANG Return of Capital Framework(5) 1,545 million of Free Cash Flow (FCF) in Q1 2025 (5.33/ share)(1); 1,583 million of Adjusted FCF (5.47 /…
The Must-Own Permian Pure-Play Diamondback Acreage Map Asset Overview Oil Production 493 Net Mbo/d 264 476 FY23 1Q25 2Q25E Midland Basin Acres (Net - 000s) 738 778 350 YE23 1Q25 Today Total Permian Basin Acres 859 900…
First Quarter Highlights and Execution Investment Framework and Q1 2025 Results Q1 2025 Execution Q4 2024 Q1 2025 Grow Per Share Oil Production Oil Production Oil production of 475.9 Mbo/d (850.7 Mboe/d) +1% per Million Shares…
Overview of Updated 2025 Guidance 2025 Guidance and Implied Per Share Value vs 2024 2025 Oil Production and Activity Outlook Original 2025 Current 2025 2024A Guidance Guidance Revised 2025 Activity 480 495 vs. Original Guidance…
Industry Leading Free Cash Flow Generation and Capital Efficiency 2024 Free Cash Flow Margin vs. Peers (FCF / E&P Revenue; FCF / Boe of Production) FCF / Revenue FCF / Boe 40% 40% 36% 20 31% 18.30 27% 26% 15 30% 16.63 13.89 FCF…
Consistent Leader in Capital Efficiency and Low-Cost Operations Diamondbacks strong, oil-weighted asset base and MBO per MM CAPEX efficient cost structure enable it to consistently be FANG Peer 8 Peers an industry leader in capital…
2025 Free Cash Flow Sensitivity Illustrative Consolidated 2025E Adj. Free Cash Flow at Various WTI Oil Prices (MM)(1)(2) 2025 Assumptions Base Dividend Return of Capital Balance Sheet FCF Yield (EV) FCF Yield (Market Cap) 480 495…
Return of Capital Framework Diamondbacks return of capital strategy is underpinned by a sustainable and growing base dividend, as well as additional return of capital from a combination of share repurchases and/or variable dividends…
Investment Grade Balance Sheet Recent Highlights and Balance Sheet Summary: FANGs Liquidity and Capitalization (MM) Standalone liquidity of 3.8 billion(1) FANG's Consolidated Capitalization 3/31/2025 Consolidated net debt of 12.3…
Updated Full Year 2025 Guidance Full year 2025 oil production guidance of 480 495 Mbo/d Full Year 2025 Diamondback (857 900 Mboe/d) 2025 Net production Mboe/d 857 900 (from 883 909) Full year 2025 CAPEX budget of 3.4 3.8 billion 480…
APPENDIX 14
Current Inventory Summary Midland Basin Gross (Net) Locations Economic at 50 / Bbl(1) Midland Basin Development by Zone (% of Net Lateral…
Return of Capital History and Highlights Declared Base Dividends Since 2018 ( / Share) 6.0 Billion Authorized Stock Repurchase Program(1) +8.0x Base Dividend Growth 3x to initial authorization 8% average quarterly CAGR 30.2MM shares…
Longstanding Track Record of Capital Efficiency and Growing Per Share Metrics Diamondback Cash Flow / Free Cash Flow Since IPO ( / Share)(1) FCFPS +22.9x Cash Flow / Share growth since 2012 CFPS 36.96 31.24 30.48 22.02 14.86…
Reserves Summary Year-end 2024 proved reserves increased 63% y/y to 3,557 Total Proved Reserve Growth (MMBoe) MMBoe (1,761 MMBo, 67% PDP) FANG Standalone VNOM 1P BOE / Share PDP reserves of 2,385 MMBoe; PDP oil reserves of 1,121 MMBo…
Peer Leading ESG Profile Diamondback is committed to successful execution on its environmental strategy and targets discussed in the 2024 Corporate Responsibility Report and highlighted below Diamondback received the Gold Standard for…
Governance Summary Board Independence & Diversity: 10 of 13, or 77%, of Director Nominees at 2025 Annual Meeting of Stockholders Board Independence and Diversity are independent 100% of Audit, Compensation and Nominating and…
Current Hedge Summary: Natural Gas Consolidated Natural Gas Hedges (Mmbtu / day; / Mmbtu) Natural Gas Hedges Q2 2025 Q3 2025 Q4 2025 FY 2026 FY 2027 Costless Collars - Henry Hub 690,000 690,000 690,000 620,000 40,000 Floor /…
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…
Overview of Equity Method Joint Ventures Current Investments Realized Investments EPIC Crude Deep Blue Verde BANGL Produced Water & Natural Gas to Long-Haul Crude Oil Long-Haul Y Grade Project Type Sourced Water Gasoline Pipeline…
Surface Acreage and Potential Uses: Power Generation Diamondback Surface Acreage(1) Diamondback is the Premier Partner Diamondback Surface Acres: 65k 1 Provides site for power plant and data center construction 2 Supplies natural…
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,…
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…
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 fair value hedges) less cash and cash equivalents. Net debt…
Diamondback Energy Corporate Headquarters Adam Lawlis, Vice President, Investor Relations 500 West Texas Ave., Suite 100 (432) 221-7400 Midland, TX 79701 irdiamondbackenergy.com www.diamondbackenergy.com 29
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