Earnings

Results of Operations and Financial Condition. On May 4, 2026, Diamondback Energy, Inc. (the “Company”) issued a press release announcing financial and operating results for the first quarter ended March 31, 2026, including the first quarter 2026 base cash dividend and an increase in the annual base dividend and production guidance (the “earnings release”). A copy of the earnings release is furnished to the Securities and Exchange Commission (the “SEC”) as Exhibit 99.1 to this Current Report…

certain information for the quarter ended March 31, 2026 regarding its realized prices, derivative activity and weighted average basic and diluted shares outstanding. Realized Prices First quarter 2026 average unhedged realized prices were $73.47 per barrel of oil, $0.18 per Mcf of natural gas and $16.68 per barrel of natural gas liquids (“NGLs”). First quarter 2026 average realized hedged prices were $72.53 per barrel of oil, $1.90 per Mcf of natural gas and $16.68 per barrel of NGLs. Averag…

Results of Operations and Financial Condition. On February 23, 2026, Diamondback Energy, Inc. (the “Company”) issued a press release announcing financial and operating results for the fourth quarter and full year ended December 31, 2025, including the fourth quarter 2025 base cash dividend and an increase in the annual base dividend (the “earnings release”). A copy of the earnings release is furnished to the Securities and Exchange Commission (the “SEC”) as Exhibit 99.1 to this Current Report…

certain information for the quarter ended December 31, 2025 regarding its realized prices, derivative activity and weighted average basic and diluted shares outstanding. Realized Prices Fourth quarter 2025 average unhedged realized prices were $58.00 per barrel of oil, $0.03 per Mcf of natural gas and $13.51 per barrel of natural gas liquids (“NGLs”). Fourth quarter 2025 average realized hedged prices were $57.07 per barrel of oil, $1.03 per Mcf of natural gas and $13.51 per barrel of NGLs. A…

certain information for the quarter ended September 30, 2025 regarding its derivative activity, realized prices, and weighted average basic and diluted shares outstanding. Realized Prices Third quarter 2025 average unhedged realized prices were $64.60 per barrel of oil, $0.75 per Mcf of natural gas and $17.28 per barrel of natural gas liquids (“NGLs”). Third quarter 2025 average realized hedged prices were $63.70 per barrel of oil, $1.75 per Mcf of natural gas and $17.28 per barrel of NGLs. A…

certain information for the quarter ended June 30, 2025 regarding its derivative activity, realized prices, and weighted average basic and diluted shares outstanding. Realized Prices Second quarter 2025 average unhedged realized prices were $63.23 per barrel of oil, $0.88 per Mcf of natural gas and $18.13 per barrel of natural gas liquids (“NGLs”). Second quarter 2025 average realized hedged prices were $62.34 per barrel of oil, $1.45 per Mcf of natural gas and $18.13 per barrel of NGLs. Aver…

certain information for the quarter ended December 31, 2024 regarding its derivative activity, realized prices, and weighted average basic and diluted shares outstanding. Realized Prices Fourth quarter 2024 average unhedged realized prices were $69.48 per barrel of oil, $0.48 per Mcf of natural gas and $19.27 per barrel of natural gas liquids (“NGLs”). Fourth quarter 2024 average realized hedged prices were $68.72 per barrel of oil, $0.82 per Mcf of natural gas and $19.27 per barrel of NGLs.…

certain information for the quarter ended September 30, 2024 regarding its derivative activity, realized prices, and weighted average basic and diluted shares outstanding. Realized Prices Third quarter 2024 average unhedged realized prices were $73.13 per barrel of oil, $(0.26) per Mcf of natural gas and $17.70 per barrel of natural gas liquids (“NGLs”). Third quarter 2024 average realized hedged prices were $72.32 per barrel of oil, $0.60 per Mcf of natural gas and $17.70 per barrel of NGLs.…

certain information for the quarter ended June 30, 2024 regarding its derivative activity, realized prices, and weighted average basic and diluted shares outstanding. Realized Prices Second quarter 2024 average unhedged realized prices were $79.51 per barrel of oil, $0.10 per Mcf of natural gas and $17.97 per barrel of natural gas liquids (“NGLs”). Second quarter 2024 average realized hedged prices were $78.55 per barrel of oil, $1.03 per Mcf of natural gas and $17.97 per barrel of NGLs. Aver…

certain information for the quarter ended March 31, 2024 regarding its derivative activity, realized prices, and weighted average basic and diluted shares outstanding. Realized Prices First quarter 2024 average unhedged realized prices were $75.06 per barrel of oil, $0.99 per Mcf of natural gas and $21.26 per barrel of natural gas liquids (“NGLs”). First quarter 2024 average realized hedged prices were $74.13 per barrel of oil, $1.36 per Mcf of natural gas and $21.26 per barrel of NGLs. Avera…

certain information for the quarter ended December 31, 2023 regarding its derivative activity, realized prices, and weighted average basic and diluted shares outstanding. Realized Prices Fourth quarter 2023 average unhedged realized prices were $76.42 per barrel of oil, $1.29 per Mcf of natural gas and $19.96 per barrel of natural gas liquids (“NGLs”). Fourth quarter 2023 average realized hedged prices were $75.59 per barrel of oil, $1.31 per Mcf of natural gas and $19.96 per barrel of NGLs.…

certain information for the quarter ended September 30, 2023 regarding its derivative activity, realized prices, and weighted average basic and diluted shares outstanding. Realized Prices Third quarter 2023 average unhedged realized prices were $81.57 per barrel of oil, $1.62 per Mcf of natural gas and $21.02 per barrel of natural gas liquids (“NGLs”). Third quarter 2023 average realized hedged prices were $80.51 per barrel of oil, $1.62 per Mcf of natural gas and $21.02 per barrel of NGLs. A…

certain information for the quarter ended June 30, 2023 regarding its derivative activity, realized prices, and weighted average basic and diluted shares outstanding. Realized Prices Second quarter 2023 average unhedged realized prices were $71.33 per barrel of oil, $0.94 per Mcf of natural gas and $16.42 per barrel of natural gas liquids ("NGLs"), resulting in a total equivalent unhedged realized price of $46.31 per BOE. Second quarter 2023 average realized hedged prices were $70.41 per barr…

certain information for the quarter ended March 31, 2023 regarding its derivative activity, realized prices, and weighted average basic and diluted shares outstanding. Realized Prices First quarter 2023 average unhedged realized prices were $73.11 per barrel of oil, $1.46 per Mcf of natural gas and $23.16 per barrel of natural gas liquids ("NGLs"), resulting in a total equivalent unhedged realized price of $49.72 per BOE. First quarter 2023 average realized hedged prices were $72.05 per barre…

Results of Operations and Financial Condition. Derivative Activity During the first quarter of 2022, the Company paid $420 million in net cash settlements for its commodity derivative contracts which included $285 million in settlements for matured commodity derivatives contracts and $135 million related to the termination of certain commodity derivative positions prior to their contractual maturities. These estimates have been derived from the Company’s preliminary financial results which ar…