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) 1,242 million of Free Cash Flow (FCF) in Q2 2025 (4.25/ share)(1); 1,334 million of Adjusted FCF (4.57 /…
The Must-Own Permian Pure-Play Diamondback Acreage Map Asset Overview Oil Production 490 Net Mbo/d 273 YE23 3Q25E Midland Basin Acres 743 (Net - 000s) 350 YE23 Today Total Permian Basin Acres 494 859 (Net - 000s) YE23…
Second Quarter Highlights and Year-to-Date Execution Investment Framework and Q2 2025 Results 2025 Year-to-Date Execution 1H 2024 1H 2025 Grow Per Share Oil Production Oil Production Oil production of 495.7 Mbo/d (919.9 Mboe/d) per…
Overview of Updated 2025 Guidance 2025 Guidance and Implied Per Share Value vs 2024 2025 Capital Guidance Original 2025 Current 2025 2024A Guidance Guidance Revised 2025 Activity 4,000 vs. Original Guidance 170 3,500 Oil…
Track Record of Cost Control and Consistent Execution Midland Basin Avg. Drilling Days to Total Depth by Year Midland Basin Completion Efficiency 2019 2020 2021 2022 2023 2024 2025 Avg. Ft. / Day Avg. Proppant / Day (1,000's) 24 20…
Development Strategy Maximizes Resource and Returns Successful multi-zone co-development execution enables maximum resource extraction, generates consistent well results and removes potential child well performance degradation…
Consistent Leader in Capital Efficiency Diamondbacks strong, oil-weighted asset base and MBO per MM CAPEX efficient cost structure enable it to consistently be FANG Peers Peer 7 an industry leader in capital efficiency 2019 Shift…
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…
2025 Free Cash Flow Sensitivity Illustrative Consolidated 2025E Adj. Free Cash Flow at Various WTI Oil Prices (MM)(1)(2) 2025 Assumptions YTD Adj. FCF Base Dividend Return of Capital Remaining FCF FCF Yield (EV) FCF Yield (Market…
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 Balance Sheet Summary and Recent Highlights: FANGs Liquidity and Capitalization (MM) Standalone liquidity of 2.1 billion(1) FANG's Consolidated Capitalization 6/30/2025 Consolidated net debt of 15.1…
Updated Full Year 2025 Guidance Full year 2025 oil production guidance of 485 492 Mbo/d Full Year 2025 Diamondback (890 910 Mboe/d) 2025 Net production Mboe/d 890 910 (from 857 900) Full year 2025 CAPEX budget of 3.4 3.6 billion 485…
APPENDIX 16
Current Inventory Summary Midland Basin Gross (Net) Locations Economic at 50 / Bbl(1) Midland Basin Development by Zone (% of Net Lateral…
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…
Return of Capital History and Highlights Declared Base Dividends Since 2018 ( / Share) 8.0 Billion Authorized Stock Repurchase Program(1) +8.0x Base Dividend Growth 4x to initial authorization 7.4% average quarterly CAGR 32.9MM shares…
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 Directors are independent Board Independence and Diversity 100% of Audit, Compensation and Nominating and Corporate Governance Committee Members are independent…
Current Hedge Summary: Natural Gas Consolidated Natural Gas Hedges (Mmbtu / day; / Mmbtu) Natural Gas Hedges Q3 2025 Q4 2025 FY 2026 FY 2027 Costless Collars - Henry Hub 690,000 690,000 800,000 320,000 Floor / Ceiling 2.49 / 5.28…
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 EPIC Crude Deep Blue Verde BANGL Produced Water & Long-Haul Crude Oil Natural Gas to Gasoline Long-Haul Y Grade Project Type Sourced Water Pipeline Conversion NGL Pipeline Logistics…
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 30
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