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 1,327 million of Free Cash Flow (FCF) in Q4 2024 (4.55/ share)(1); 1,357 million of Adjusted FCF (4.65 /…
The Must-Own Permian Pure-Play Diamondback & Double Eagle IV Acreage Map Pro Forma Asset Overview Diamondback Double Eagle IV Oil Production 473 500 Net Mbo/d 273 4Q23 1Q25E Pro-Forma Midland Basin Acres (Net - 000s) 722 762…
Fourth Quarter Highlights and Full Year 2024 Execution Investment Framework and Q4 2024 Results Year over Year Execution FY 2023 FY 2024 Grow Per Share Oil Production Oil Production per Million Oil production of 475.9 Mbo/d (883.4…
Overview of 2025 Guidance 2025 Guidance and Implied Per Share Value vs 2024 2025 Oil Production and Activity Outlook Original 2025 2025 2024A Feb. 2024 Guidance FY 2025 Activity Q4 2024A 490 505 485 498 Oil Production 475.9 27…
Industry Leading Free Cash Flow Generation and Capital Efficiency 2024 Free Cash Flow Margin vs. Peers (FCF / E&P Revenue; FCF / Boe of Production)(1) FCF / Revenue FCF / Boe 40% 40% 36% 20 18.30 30% 30% 26% 25% 15 16.63 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 Peers Peer 1 an industry leader in capital…
Endeavor Merger Synergy Scorecard Synergy Overview of Expected Annual Savings Realized Progress to Date Lower combined well costs + FY 2025 Midland Basin D,C&E well cost guidance of 580 / ft., down 195 / ft. from Capital and…
Synergy Update: Midland Basin Well Costs Acquisition underwritten on applying FANGs Midland Realized Synergies (195 / Ft.) Basin capital costs to legacy Endeavor wells; 150 / foot Rig Rates / of implied D,C&E cost savings at the time…
Current Inventory Summary Midland Basin Gross (Net) Locations Economic at 50 / Bbl(1) Midland Basin Development by Zone (% of Net Lateral…
2025E Free Cash Flow Sensitivity Illustrative Consolidated 2025E Free Cash Flow at Various WTI Oil Prices (MM)(1) 2025 Assumptions(2) Base Dividend Return of Capital Balance Sheet FCF Yield (EV) FCF Yield (Market Cap) 485 498 Mbo/d…
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) FANG's Consolidated Capitalization 12/31/2024 Standalone liquidity of 2.6 billion(1) Cash and cash equivalents 161…
Full Year 2025 Guidance Full year 2025 oil production guidance of 485 498 Mbo/d Full Year 2025 Includes Double Eagle IV April 2025+ Diamondback (883 909 Mboe/d) 2025 Net production Mboe/d 883 909 Full year 2025 CAPEX budget of 3.8…
APPENDIX 17
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 25.8MM 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…
Environmental Performance Scorecard FANG Operated Flaring (% of Gross Gas Production) Non-freshwater Use (% of Consumed) 2025…
Governance Summary Board Independence & Diversity: Board Independence and Diversity 12 of 13, or 92%, of Board are independent 100% of Committee Members are independent 5 of 13, or 38%, of Board are diverse (gender or ethnic…
Current Hedge Summary: Natural Gas Consolidated Natural Gas Hedges (Mmbtu / day; / Mmbtu) Natural Gas Hedges Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2026 FY 2027 Costless Collars - Henry Hub 750,000 690,000 690,000 690,000 500,000…
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 BANGL Deep Blue Verde Produced Water & Long-Haul Crude Oil Long-Haul Y Grade Natural Gas to Project Type Sourced Water Pipeline NGL…
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 32
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