FULLTEXT DEL 4 AV 4
10-K – 2026-02-25 – fang-20251231.htm
Assets and Liabilities Measured at Fair Value on a Recurring Basis Certain assets and liabilities are reported at fair value on a recurring basis, including the Company’s commodity derivative instruments, interest rate swaps and investments in the common stock of other entities. The fair values of the Company’s commodity derivative contracts are measured internally using established commodity futures price strips for the underlying commodity provided by a reputable third party, the contracted notional volumes and time to maturity. The fair values of the Company’s interest rate swaps are determined based on inputs that are readily available in public markets, are determined based on inputs readily available in public markets, can be derived from information available in publicly quoted markets, or are provided by financial institutions that trade these contracts. These valuations are Level 2 inputs. The fair values of the Company’s commodity derivative instruments and interest rate swaps are recorded as assets or liabilities on the consolidated balance sheets. The net amounts of derivative instruments are classified as current or noncurrent based on their anticipated settlement dates. The Company has an immaterial investment in the Class A common stock of Verde Clean Fuels, Inc. The Company elected the fair value option for measuring the fair value of this equity investment. The investment is reported at fair value using observable, quoted stock prices and is included in “Other assets” on the Company’s consolidated balance sheets at December 31, 2025 and 2024. Viper LLC’s 2026 WTI Contingent Liability is reported at fair value using observable market data inputs and a Monte Carlo pricing model, which are considered Level 2 inputs within the fair value hierarchy. The 2026 WTI Contingent Liability was recorded in “Other accrued liabilities” on the Company’s consolidated balance sheet at December 31, 2025, and in “Other long-term liabilities” on the Company’s consolidated balance sheet at December 31, 2024. The change in fair value of the 2026 WTI Contingent Liability is recognized in “Gain (loss) on derivative instruments, net” on the Company’s consolidated statements of operations for the year ended December 31, 2025. The following tables provide (i) fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis, (ii) the gross amounts of recognized derivative assets and liabilities, (iii) the amounts offset under master netting arrangements with counterparties, and (iv) the resulting net amounts. The net amounts are presented under the captions (i) “Prepaid expenses and other current assets,” (ii) “Other assets,” (iii) “Derivative instruments,” and (iv) “Other long-term liabilities” in the Company’s consolidated balance sheets as of December 31, 2025 and December 31, 2024: As of December 31, 2025 Balance Sheet Classification Level 1 Level 2 Level 3 Total Gross Fair Value Gross Amounts Offset in Balance Sheet Net Fair Value Presented in Balance Sheet (In millions) Assets: Prepaid expenses and other current assets: Commodity derivative instruments $ — $ 335 $ — $ 335 $ ( 101 ) $ 234 Other assets: Commodity derivative instruments $ — $ 49 $ — $ 49 $ ( 42 ) $ 7 Investment $ 30 $ — $ — $ 30 $ — $ 30 Liabilities: Derivative instruments: Commodity derivative instruments $ — $ 109 $ — $ 109 $ ( 101 ) $ 8 Interest rate swaps $ — $ 7 $ — $ 7 $ — $ 7 Other accrued liabilities: 2026 WTI Contingent Liability $ — $ 20 $ — $ 20 $ — $ 20 Other long-term liabilities: Commodity derivative instruments $ — $ 77 $ — $ 77 $ ( 42 ) $ 35 Interest rate swaps $ — $ 20 $ — $ 20 $ — $ 20 108 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to Consolidated Financial Statements-(Continued) As of December 31, 2024 Balance Sheet Classification Level 1 Level 2 Level 3 Total Gross Fair Value Gross Amounts Offset in Balance Sheet Net Fair Value Presented in Balance Sheet (In millions) Assets: Prepaid expenses and other current assets: Commodity derivative instruments $ — $ 274 $ — $ 274 $ ( 106 ) $ 168 Other assets: Commodity derivative instruments $ — $ 19 $ — $ 19 $ ( 17 ) $ 2 Investment $ 8 $ — $ — $ 8 $ — $ 8 Liabilities: Derivative instruments: Commodity derivative instruments $ — $ 121 $ — $ 121 $ ( 106 ) $ 15 Interest rate swaps $ — $ 28 $ — $ 28 $ — $ 28 Other long-term liabilities: Commodity derivative instruments $ — $ 27 $ — $ 27 $ ( 17 ) $ 10 Interest rate swaps $ — $ 96 $ — $ 96 $ — $ 96 2026 WTI Contingent Liability $ — $ 30 $ — $ 30 $ — $ 30 Assets and Liabilities Not Recorded at Fair Value The following table provides the fair value of financial instruments that are not recorded at fair value in the consolidated balance sheets: December 31, 2025 December 31, 2024 Carrying Carrying Value Fair Value Value Fair Value (In millions) Debt $ 14,489 $ 14,497 $ 12,975 $ 12,564 The fair values of the Company’s borrowings under the Credit Agreement, the Viper Revolving Credit Facility, the 2025 Term Loan, Viper 2025 Term Loan and Tranche A Loans (prior to repayment and termination) approximate their carrying values based on borrowing rates available to the Company for bank loans with similar terms and maturities and are classified as Level 2 in the fair value hierarchy. The fair values of the outstanding notes were determined using the quoted market price at each period end, a Level 1 classification in the fair value hierarchy. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets and liabilities are measured at fair value on a nonrecurring basis in certain circumstances. These assets and liabilities can include those acquired in a business combination, inventory, proved and unproved oil and natural gas properties, equity method investments, asset retirement obligations and other long-lived assets that are written down to fair value when impaired or held for sale. Refer to Note 4— Acquisitions and Divestitur es and Note 5— Property and Equipment for additional discussion of nonrecurring fair value adjustments. Fair Value of Financial Assets The carrying amount of cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, funds held in escrow, accounts payable and other accrued liabilities approximate their fair value because of the short-term nature of the instruments. 109 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to Consolidated Financial Statements-(Continued) 14. SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS Year Ended December 31, 2025 2024 2023 (In millions) Supplemental disclosure of cash flow information: Interest paid, net of capitalized interest $ ( 155 ) $ ( 269 ) $ ( 146 ) Cash paid for income taxes, net of refunds: Federal $ ( 1,178 ) $ ( 575 ) $ ( 316 ) State: Texas $ ( 54 ) $ ( 31 ) $ ( 34 ) Other $ ( 2 ) $ 1 $ ( 2 ) Supplemental disclosure of non-cash transactions: Accrued capital expenditures included in accounts payable and accrued expenses $ 966 $ 787 $ 618 Capitalized stock-based compensation $ ( 33 ) $ ( 30 ) $ ( 26 ) Common shares issued for acquisitions $ ( 1,116 ) $ ( 20,110 ) $ ( 633 ) Viper common stock issued for acquisition $ ( 1,435 ) $ — $ ( 255 ) Viper LLC units issued for acquisition $ ( 1,445 ) $ ( 468 ) $ — Assets contributed in exchange for ownership interest in an equity method investment $ ( 34 ) $ — $ ( 126 ) Asset retirement obligations acquired $ ( 15 ) $ ( 278 ) $ ( 8 ) Non-cash investing activities for the year ended December 31, 2024 include additions of $ 1.0 billion as a result of the TRP Exchange. See Note 4— Acquisitions and Divestitures for further discussion of the TRP Exchange. 15. COMMITMENTS AND CONTINGENCIES The Company is a party to various routine legal proceedings, disputes and claims arising in the ordinary course of its business, including those that arise from interpretation of federal and state laws and regulations affecting the crude oil and natural gas industry, personal injury claims, title disputes, royalty disputes, contract claims, employment claims, claims alleging violations of antitrust laws, contamination claims relating to oil and natural gas exploration and development and environmental claims, including claims involving assets previously sold to third parties and no longer part of the Company’s current operations. While the ultimate outcome of the pending proceedings, disputes or claims and any resulting impact on the Company, cannot be predicted with certainty, the Company’s management believes that none of these matters, if ultimately decided adversely, will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. The Company’s assessment is based on information known about the pending matters and its experience in contesting, litigating and settling similar matters. Actual outcomes could differ materially from the Company’s assessment. The Company records accrued liabilities for contingencies related to outstanding legal proceedings, disputes or claims when information available indicates that a loss is probable and the amount of the loss can be reasonably estimated. 110 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to Consolidated Financial Statements-(Continued) Commitments The following is a schedule of minimum future payments with commitments that have initial or remaining noncancellable terms in excess of one year as of December 31, 2025: Year Ending December 31, Transportation Commitments (1)(2) Electrical Power Agreements (3) Other Operating Agreements (4) Electrical Fracturing Fleet (5) (In millions) 2026 $ 275 $ 125 $ 114 $ 50 2027 316 128 43 50 2028 313 98 14 24 2029 312 95 6 — 2030 312 21 6 — Thereafter 1,485 28 24 — Total $ 3,013 $ 495 $ 207 $ 124 (1) Total costs incurred under take-or-pay and throughput obligations were approximately $ 449 million, $ 337 million and $ 266 million in 2025, 2024 and 2023, respectively. (2) The Company has committed to transport gross quantities of crude oil and natural gas on various pipelines under a variety of contracts including throughput and take-or-pay agreements. The Company’s failure to purchase the minimum level of quantities would require it to pay shortfall fees up to the amount of the original monthly commitment amounts included in the table above. (3) The Company has fixed price contracts with various suppliers for the purchase of electrical power through 2032. (4) The Company is party to various operational agreements containing fixed or minimum payments, which include the rental of compressors, sand purchases, produced water disposal and miscellaneous other operating leases. The amounts in the table above represent our fixed or minimum payments under the aforementioned types of agreements. (5) The Company has commitments for the Company’s electric fracturing fleet and related power generating services. At December 31, 2025, the Company’s delivery commitments covered the following gross volumes of oil: Year Ending December 31, Oil Volume Commitments (Bbl/d) 2026 150,000 2027 150,000 2028 50,000 2029 50,000 2030 50,000 Thereafter 50,000 Total 500,000 The Company and Five Point currently anticipate collectively contributing $ 500 million in follow-on capital to fund future growth projects and acquisitions for Deep Blue. Environmental Matters The United States Department of the Interior, Bureau of Safety and Environmental Enforcement ordered several oil and gas operators, including a corporate predecessor of Energen Corporation, to perform decommissioning and reclamation activities related to a Louisiana offshore oil and gas production platform and related facilities. In response to the insolvency of the operator of record, the government ordered the former operators and/or alleged former lease record title owners to decommission the platform and related facilities. The Company has agreed to an arrangement with other operators to contribute to a trust to fund the decommissioning costs, however, the Company’s portion of such costs are not expected to be material. 111 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to Consolidated Financial Statements-(Continued) Several coastal Louisiana parishes and the State of Louisiana have filed numerous lawsuits under Louisiana’s State and Local Coastal Resources Management Act (“SLCRMA”) against numerous oil and gas producers seeking damages for coastal erosion in or near oil fields located within Louisiana’s coastal zone. The Company is a defendant in five of these cases. The Company has exercised contractual indemnification rights where applicable. Plaintiffs’ SLCRMA theories are unprecedented and there remains significant uncertainty about the claims (both as to scope and damages). Although the Company cannot predict the ultimate outcome of these matters, the Company believes the claims lack merit and intends to continue vigorously defending these lawsuits. 16. SUBSEQUENT EVENTS Fourth Quarter 2025 Dividend Declaration On February 19, 2026, the board of directors of the Company approved an increase in the Company’s annual base dividend to $ 4.20 per share of common stock and declared a base cash dividend for the fourth quarter of 2025 of $ 1.05 per share of common stock, payable on March 12, 2026 to its stockholders of record at the close of business on March 5, 2026. Future base and variable dividends are at the discretion of the Company’s board of directors. Viper Divestiture of Non-Permian Assets On February 9, 2026, Viper divested all of its non-Permian assets, including those acquired from Sitio, to an affiliate of GRP Energy Capital LLC and Warwick Capital Partners LLP for net cash proceeds of approximately $ 617 million, subject to customary post-closing adjustments. The divested properties consisted of approximately 9,400 net royalty acres in the Denver-Julesburg, Eagle Ford and Williston basins with current production of approximately 4,750 BO/d. Proceeds from the divestiture were used to repay (i) the Viper 2025 Term Loan of $ 500 million in full, (ii) repay the outstanding borrowings under the Viper Revolving Credit Facility, and (iii) for general corporate purposes. Interest Rate Swaps During the first quarter of 2026, the Company fully terminated and settled the remaining aggregate $ 300 million of notional interest rate swaps for approximately $ 27 million in cash. SGF Common Stock Repurchases Pursuant to a letter agreement executed with SGF in the fourth quarter of 2025, the Company repurchased 2.0 million shares from SGF for approximately $ 332 million, excluding excise tax, during the first quarter of 2026. For further details on the nature of transactions with SGF, see Note 7— Related Party Transactions . 17. SEGMENT INFORMATION The Company is managed on a consolidated basis as one operating segment and one reportable segment: the upstream segment, which is engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. This singular operating and reportable segment is comprised of (i) the Company and its wholly-owned subsidiaries, and (ii) Viper and its consolidated subsidiaries, which have been aggregated due to the similarity in their economic characteristics, products and services, processes, type of customers, method of distribution for their products and the regulatory environment in which they operate. The upstream segment derives its revenue from customers through the sale of oil and natural gas products as well as other immaterial service contracts. See Note 3— Revenue from Contracts with Customers for further discussion of the Company’s sources of revenue. The Company’s Chief Operating Decision Maker (“CODM”) is a senior executive committee that is comprised of the Chief Operating Officer, Chief Financial Officer, and Chief Executive Officer. The CODM uses the Company’s consolidated financial results to make key operating decisions, assess performance and to allocate resources. The measures of segment profit or loss and total assets utilized by the CODM are net income and total assets as reported on the consolidated statements of operations and the consolidated balance sheets, respectively. The significant expense categories, their amounts and other segment items that are regularly provided to the CODM are those that are reported in the Company’s consolidated statements of operations as well as interest income and interest expense in Note 8— Debt . 112 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to Consolidated Financial Statements-(Continued) The CODM uses consolidated net income as a measure of profitability to evaluate segment performance and to make capital allocation decisions such as reinvestment in the business or return of capital through the payment of base and variable dividends or repurchases under the share repurchase program. 18. SUPPLEMENTAL INFORMATION ON OIL AND NATURAL GAS OPERATIONS (UNAUDITED) The Company’s oil and natural gas reserves are attributable solely to properties within the United States. Capitalized Oil and Natural Gas Costs Aggregate capitalized costs related to oil and natural gas production activities with applicable accumulated depreciation, depletion, amortization and impairment are as follows: December 31, 2025 2024 (In millions) Oil and natural gas properties: Proved properties $ 71,588 $ 59,574 Unproved properties 23,941 22,666 Total oil and natural gas properties 95,529 82,240 Accumulated depletion ( 15,974 ) ( 11,083 ) Accumulated impairment ( 11,606 ) ( 7,954 ) Net oil and natural gas properties capitalized $ 67,949 $ 63,203 Costs Incurred in Oil and Natural Gas Activities Costs incurred in oil and natural gas property acquisition, exploration and development activities are as follows: Year Ended December 31, 2025 2024 2023 (In millions) Acquisition costs: Proved properties $ 4,608 $ 21,275 $ 1,314 Unproved properties 5,226 15,568 1,701 Development costs 3,613 2,992 1,962 Exploration costs 212 194 768 Total $ 13,659 $ 40,029 $ 5,745 113 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to Consolidated Financial Statements-(Continued) Results of Operations from Oil and Natural Gas Producing Activities The following schedule sets forth the revenues and expenses related to the production and sale of oil, natural gas and natural gas liquids. It does not include any interest costs or general and administrative costs. Income tax expense has been calculated by applying statutory income tax rates to oil, gas and natural gas liquids sales after deducting production costs, depreciation, depletion and amortization and accretion and impairment. Therefore, the following schedule is not necessarily indicative of the contribution to the net operating results of the Company’s oil, natural gas and natural gas liquids operations. Year Ended December 31, 2025 2024 2023 (In millions) Oil, natural gas and natural gas liquid sales $ 13,453 $ 10,100 $ 8,228 Production costs ( 3,231 ) ( 2,280 ) ( 1,684 ) Depreciation, depletion, amortization and accretion ( 4,943 ) ( 2,781 ) ( 1,684 ) Impairment ( 3,652 ) — — Income tax benefit (expense) ( 362 ) ( 1,025 ) ( 1,000 ) Results of operations $ 1,265 $ 4,014 $ 3,860 Oil and Natural Gas Reserves Proved oil and natural gas reserve estimates and their associated future net cash flows were prepared by the Company’s internal reservoir engineers and audited by Ryder Scott, independent petroleum engineers, as of December 31, 2025, 2024 and 2023. Proved reserves were estimated in accordance with guidelines established by the SEC, which require that reserve estimates be prepared under existing economic and operating conditions based upon SEC Prices for the periods ending December 31, 2025, 2024 and 2023, respectively. Reserve estimates do not include any value for probable or possible reserves that may exist, nor do they include any value for undeveloped acreage. The reserve estimates represent the net revenue interest in the Company’s properties, all of which are located within the continental United States. Although the Company believes these estimates are reasonable, actual future production, cash flows, taxes, development expenditures, operating expenses and quantities of recoverable oil and natural gas reserves may vary substantially from these estimates. There are numerous uncertainties inherent in estimating quantities of proved oil and natural gas reserves. Oil and natural gas reserve engineering is a subjective process of estimating underground accumulations of oil and natural gas that cannot be precisely measured and the accuracy of any reserve estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. Results of drilling, testing and production subsequent to the date of the estimate may justify revision of such estimate. Accordingly, reserve estimates are often different from the quantities of oil and natural gas that are ultimately recovered. 114 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to Consolidated Financial Statements-(Continued) The following table presents changes in the Company’s estimated proved reserves (including those attributable to Viper). As of December 31, 2025, none of the Company’s total proved reserves were classified as proved developed non-producing. Oil (MBbls) Natural Gas (MMcf) Natural Gas Liquids (MBbls) Total (MBOE) (1) Proved Developed and Undeveloped Reserves: As of December 31, 2022 1,069,508 2,868,861 485,319 2,032,971 Extensions and discoveries 206,562 424,881 78,498 355,874 Revisions of previous estimates ( 56,482 ) ( 47,697 ) 9,962 ( 54,470 ) Purchase of reserves in place 41,790 79,507 15,440 70,481 Divestitures ( 21,258 ) ( 130,013 ) ( 20,755 ) ( 63,682 ) Production ( 96,176 ) ( 198,117 ) ( 34,217 ) ( 163,413 ) As of December 31, 2023 1,143,944 2,997,422 534,247 2,177,761 Extensions and discoveries 168,375 310,421 58,696 278,808 Revisions of previous estimates ( 78,142 ) ( 158,468 ) ( 24,518 ) ( 129,071 ) Purchase of reserves in place 697,702 2,391,264 473,236 1,569,482 Divestitures ( 47,505 ) ( 240,044 ) ( 33,080 ) ( 120,592 ) Production ( 123,325 ) ( 275,680 ) ( 49,700 ) ( 218,972 ) As of December 31, 2024 1,761,049 5,024,915 958,881 3,557,416 Extensions and discoveries 306,431 765,623 144,884 578,919 Revisions of previous estimates ( 173,561 ) ( 253,282 ) ( 88,310 ) ( 304,085 ) Purchase of reserves in place 99,239 268,935 44,547 188,609 Divestitures ( 37,276 ) ( 84,515 ) ( 15,463 ) ( 66,825 ) Production ( 181,462 ) ( 447,855 ) ( 80,073 ) ( 336,178 ) As of December 31, 2025 1,774,420 5,273,821 964,466 3,617,856 Proved Developed Reserves: December 31, 2022 699,513 2,122,782 350,243 1,403,553 December 31, 2023 744,103 2,203,563 385,167 1,496,530 December 31, 2024 1,120,824 3,559,748 670,683 2,384,798 December 31, 2025 1,173,636 3,872,360 701,999 2,521,028 Proved Undeveloped Reserves: December 31, 2022 369,995 746,079 135,076 629,418 December 31, 2023 399,841 793,859 149,080 681,231 December 31, 2024 640,225 1,465,167 288,198 1,172,618 December 31, 2025 600,784 1,401,461 262,467 1,096,828 (1) Includes total proved reserves of 231,440 MBOE, 107,730 MBOE, 78,870 MBOE and 65,516 MBOE as of December 31, 2025, 2024, 2023 and 2022, respectively, attributable to the non-controlling interest in Viper. Revisions represent changes in previous reserves estimates, either upward or downward, resulting from new information normally obtained from development drilling and production history or resulting from a change in economic factors, such as commodity prices, operating costs or development costs. During the year ended December 31, 2025, the Company’s extensions and discoveries of 578,919 MBOE resulted primarily from the drilling of 1,571 new wells in which the Company has an interest, including 1,311 wells in which the Company owns only a mineral interest through Viper, and from 582 new proved undeveloped locations added. Viper royalty 115 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to Consolidated Financial Statements-(Continued) interests accounted for 11 % of the extension volumes. The Company’s downward revisions of previous estimates of 304,085 MBOE were primarily attributable to negative revisions of (i) 130,101 MBOE associated with lower commodity prices, (ii) 128,883 MBOE primarily due to downgrades related to changes in the corporate development plan, and (iii) 45,101 MBOE primarily attributable to performance revisions. Purchases of 188,609 MBOE consisted of 90,340 MBOE attributable largely to the Double Eagle Acquisition and 98,269 MBOE of Viper royalty purchases attributable largely to Viper’s Sitio Acquisition. Divestitures of 66,825 MBOE related primarily to non-core Delaware Basin assets. During the year ended December 31, 2024, the Company’s extensions and discoveries of 278,808 MBOE resulted primarily from the drilling of 1,172 new wells in which the Company has an interest, including 862 wells in which the Company owns only a mineral interest through Viper, and from 445 new proved undeveloped locations added. Viper royalty interests accounted for 9 % of the extension volumes. The Company’s downward revisions of previous estimates of 129,071 MBOE were primarily attributable to negative revisions of (i) 88,915 MBOE associated with lower commodity prices, (ii) 49,311 MBOE due to downgrades related to changes in the corporate development plan, and (iii) 16,586 MBOE due to a decline in performance. These were partially offset by positive revisions of 25,743 MBOE due to positive ownership and acquisition variance revisions. Purchases of 1,569,482 MBOE consisted of 1,554,541 MBOE attributable largely to the Endeavor Acquisition and 14,941 MBOE of Viper royalty purchases. Divestitures of 120,592 MBOE related primarily to non-core Midland Basin assets. During the year ended December 31, 2023, the Company’s extensions and discoveries of 355,874 MBOE resulted primarily from the drilling of 954 new wells in which the Company has an interest, including 826 wells in which the Company owns only a mineral interest through Viper, and from 344 new proved undeveloped locations added. Viper royalty interests accounted for 7 % of the extension volumes. The Company’s downward revisions of previous estimates of 54,470 MBOE were primarily attributable to negative revisions of (i) 62,370 MBOE associated with lower commodity prices, and (ii) 32,249 MBOE due to PUD downgrades related to changes in the corporate development plan. These were partially offset by positive revisions of 40,149 MBOE due to improved performance. Purchases of 70,481 MBOE consisted of 54,470 MBOE attributable largely to the Lario Acquisition and 16,011 MBOE of Viper royalty purchases. Divestitures of 63,682 MBOE related primarily to non-core Midland Basin assets. Proved Undeveloped Reserves (PUDs) At December 31, 2025, the Company’s estimated PUD reserves were approximately 1,096,828 MBOE, a 75,790 MBOE decrease over the reserve estimate at December 31, 2024 of 1,172,618 MBOE. The following table includes the changes in PUD reserves for 2025 (MBOE): Beginning proved undeveloped reserves at December 31, 2024 1,172,618 Undeveloped reserves transferred to developed ( 360,141 ) Revisions ( 170,400 ) Purchases 25,331 Divestitures ( 44,437 ) Extensions and discoveries 473,857 Ending proved undeveloped reserves at December 31, 2025 1,096,828 The decrease in proved undeveloped reserves was primarily attributable to (i) transfers of 360,141 MBOE from undeveloped to developed reserves as a result of drilling or participating in 408 gross ( 377 net) horizontal wells in which the Company has a working interest and 247 gross wells in which the Company also has a royalty interest or mineral interest through Viper, and (ii) downward revisions of 170,400 MBOE, which were primarily the result of negative revisions of 122,117 MBOE due to downgrades related to changes in the corporate development plan, and negative revisions of 48,283 MBOE primarily attributable to performance revisions. Divestitures of 44,437 MBOE related primarily to non-core Delaware Basin assets and trades in the Midland Basin. The decrease in proved undeveloped reserves was partially offset by extensions of 427,437 MBOE from 582 gross ( 537 net) wells in which the Company has a working interest and 46,420 MBOE from 1,071 gross wells in which Viper owns royalty interests. All gross working interest wells were in the Midland Basin. Purchases of 25,331 MBOE were primarily attributable to individually insignificant trades and asset acquisitions. 116 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to Consolidated Financial Statements-(Continued) During 2025, approximately $ 3.6 billion in capital expenditures went toward the development of proved undeveloped reserves, which includes drilling, completion and other facility costs associated with developing proved undeveloped wells. Estimated future development costs relating to the development of PUDs are projected to be approximately $ 2.3 billion in 2026, $ 2.6 billion in 2027, $ 1.8 billion in 2028, $ 839 million in 2029 and $ 175 million in 2030. Since our formation in 2011, our average drilling costs and drilling times have been reduced, and we believe we will continue to realize cost savings and experience lower relative drilling and completion costs as we convert PUDs into proved developed reserves in upcoming years. With our current development plan, we expect to continue our strong PUD conversion ratio in 2026 by converting an estimated 38 % of our PUDs to a proved developed category and developing approximately 89 % of the consolidated 2025 year-end PUD reserves by the end of 2028. As of December 31, 2025, all of our proved undeveloped reserves are scheduled to be developed within five years from the date they were initially recorded. Standardized Measure of Discounted Future Net Cash Flows The standardized measure of discounted future net cash flows is based on the unweighted arithmetic average, first-day-of-the-month price for the rolling 12-month period. The projections should not be viewed as realistic estimates of future cash flows, nor should the “standardized measure” be interpreted as representing current value to the Company. Material revisions to estimates of proved reserves may occur in the future; development and production of the reserves may not occur in the periods assumed; actual prices realized are expected to vary significantly from those used; and actual costs may vary. The following table sets forth the standardized measure of discounted future net cash flows attributable to the Company’s proved oil and natural gas reserves as of December 31, 2025, 2024 and 2023: December 31, 2025 2024 2023 (In millions) Future cash inflows $ 140,499 $ 157,944 $ 106,418 Future development costs (1) ( 9,425 ) ( 9,992 ) ( 6,400 ) Future production costs ( 40,789 ) ( 44,097 ) ( 25,656 ) Future production taxes ( 9,870 ) ( 10,975 ) ( 7,434 ) Future income tax expenses ( 12,129 ) ( 16,115 ) ( 11,067 ) Future net cash flows 68,286 76,765 55,861 10% discount to reflect timing of cash flows ( 31,376 ) ( 36,932 ) ( 28,803 ) Standardized measure of discounted future net cash flows (2) $ 36,910 $ 39,833 $ 27,058 (1) Includes approximately $ 1.1 billion, $ 1.3 billion and $ 685 million of undiscounted future asset retirement costs for the years ended December 31, 2025, 2024 and 2023, respectively, based on estimates made at the end of each of the respective years. (2) Includes $ 6.6 billion, $ 3.3 billion and $ 3.2 billion, for the years ended December 31, 2025, 2024 and 2023, respectively, attributable to the Company’s consolidated subsidiary, Viper, in which there is a 57 %, 55 % and 44 % non-controlling interest at December 31, 2025, 2024 and 2023, respectively. The table below presents the SEC Prices as adjusted for differentials and contractual arrangements utilized in the computation of future cash inflows: December 31, 2025 2024 2023 Oil (per Bbl) $ 64.99 $ 76.15 $ 77.62 Natural gas (per Mcf) $ 1.32 $ 0.54 $ 1.53 Natural gas liquids (per Bbl) $ 18.87 $ 22.02 $ 24.40 117 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to Consolidated Financial Statements-(Continued) Principal changes in the standardized measure of discounted future net cash flows attributable to the Company’s proved reserves are as follows: Year Ended December 31, 2025 2024 2023 (In millions) Standardized measure of discounted future net cash flows at the beginning of the period $ 39,833 $ 27,058 $ 35,699 Sales of oil and natural gas, net of production costs ( 10,222 ) ( 7,820 ) ( 6,544 ) Acquisitions of reserves 3,630 21,639 1,854 Divestitures of reserves ( 632 ) ( 1,318 ) ( 938 ) Extensions and discoveries, net of future development costs 7,496 4,124 5,771 Previously estimated development costs incurred during the period 1,920 1,447 1,180 Net changes in prices and production costs ( 8,117 ) ( 4,969 ) ( 17,276 ) Changes in estimated future development costs 1,084 1,066 518 Revisions of previous quantity estimates ( 4,191 ) ( 2,035 ) ( 1,268 ) Accretion of discount 4,849 3,921 4,533 Net change in income taxes 1,702 ( 3,156 ) 2,506 Net changes in timing of production and other ( 442 ) ( 124 ) 1,023 Standardized measure of discounted future net cash flows at the end of the period $ 36,910 $ 39,833 $ 27,058 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None. ITEM 9A. CONTROLS AND PROCEDURES Evaluation of Disclosure Controls and Procedures. Under the direction of our Chief Executive Officer and Chief Financial Officer, we have established disclosure controls and procedures, as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. The disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs. As of December 31, 2025, an evaluation was performed under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15(b) under the Exchange Act. Based upon our evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of December 31, 2025, our disclosure controls and procedures are effective at the reasonable assurance level. Changes in Internal Control over Financial Reporting . Viper is in the process of integrating the entities acquired in the Sitio Acquisition. As a result of these integration activities, certain controls will be evaluated and may be changed. Except as noted above, there have not been any changes in our internal control over financial reporting that occurred during the quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 118 Table of Contents MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting. The Company’s internal control over financial reporting is a process designed under the supervision of the Company’s Chief Executive Officer and Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company’s financial statements for external purposes in accordance with generally accepted accounting principles. Management conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting based on the framework in the 2013 Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on its evaluation under the framework in the 2013 Internal Control-Integrated Framework, management did not identify any material weaknesses in the Company’s internal control over financial reporting and determined that the Company maintained effective internal control over financial reporting as of December 31, 2025. Under guidelines established by the SEC, companies are permitted to exclude acquisitions from their assessment of internal control over financial reporting during the first year of an acquisition while integrating the acquired company. Management’s assessment of, and conclusion on, the effectiveness of internal control over financial reporting did not include the internal controls of the entities acquired in Viper’s Sitio Acquisition on August 19, 2025. The total assets of Sitio represent approximately 6% of our consolidated total assets as of December 31, 2025, and the revenues of Sitio represent 1% of our consolidated revenues for the year ended December 31, 2025. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Grant Thornton LLP, the independent registered public accounting firm that audited the consolidated financial statements of the Company included in this Annual Report on Form 10-K, has issued their report on the effectiveness of the Company’s internal control over financial reporting at December 31, 2025. The report, which expresses an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting at December 31, 2025, is included in this Item under the heading “Report of Independent Registered Public Accounting Firm.” 119 Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Board of Directors and Stockholders Diamondback Energy, Inc. Opinion on internal control over financial reporting We have audited the internal control over financial reporting of Diamondback Energy, Inc. (a Delaware corporation) and subsidiaries (the “Company”) as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in the 2013 Internal Control—Integrated Framework issued by COSO. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated financial statements of the Company as of and for the year ended December 31, 2025, and our report dated February 25, 2026 expressed an unqualified opinion on those financial statements. Basis for opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting (“Management’s Report”). Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Our audit of, and opinion on, the Company’s internal control over financial reporting does not include the internal control over financial reporting of the entities acquired in the Sitio Acquisition, whose financial statements reflect total assets and revenues constituting 6 and 1 percent, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2025. As indicated in Management’s Report, the entities acquired in the Sitio Acquisition were acquired during 2025. Management’s assertion on the effectiveness of the Company’s internal control over financial reporting excluded internal control over financial reporting of the entities acquired in the Sitio Acquisition. Definition and limitations of internal control over financial reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ GRANT THORNTON LLP Oklahoma City, Oklahoma February 25, 2026 120 Table of Contents ITEM 9B. OTHER INFORMATION None of our directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company’s fiscal quarter ended December 31, 2025. ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS None. PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE Information as to Item 10 will be set forth in our definitive proxy statement, which is to be filed pursuant to Regulation 14A with the SEC within 120 days after the close of the year ended December 31, 2025. We have adopted a Code of Business Conduct and Ethics that applies to our Chief Executive Officer, Chief Financial Officer, principal accounting officer and controller and persons performing similar functions. Any amendments to or waivers from the code of business conduct and ethics will be disclosed on our website. We have also made the Code of Business Conduct and Ethics available on our website under the “Investors—Corporate Governance” section at https://www.diamondbackenergy.com. We intend to satisfy the disclosure requirements under Item 5.05 of Form 8-K regarding an amendment to, or waiver from, a provision of the Code of Business Conduct and Ethics by posting such information on our website at the address specified above. ITEM 11. EXECUTIVE COMPENSATION Information as to Item 11 will be set forth in our definitive proxy statement, which is to be filed pursuant to Regulation 14A with the SEC within 120 days after the close of the year ended December 31, 2025. ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS Information as to Item 12 will be set forth in our definitive proxy statement, which is to be filed pursuant to Regulation 14A with the SEC within 120 days after the close of the year ended December 31, 2025. ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE Information as to Item 13 will be set forth in our definitive proxy statement, which is to be filed pursuant to Regulation 14A with the SEC within 120 days after the close of the year ended December 31, 2025. ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES Information as to Item 14 will be set forth in our definitive proxy statement, which is to be filed pursuant to Regulation 14A with the SEC within 120 days after the close of the year ended December 31, 2025. PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (a) Documents filed as a part of this Form 10-K 1 and 2. Financial Statements and Financial Statement Schedules The financial statements filed as part of this Annual Report on Form 10-K are listed in the accompanying index to financial statements and schedules under Part II, Item 8. Financial Statements and Supplementary Data. Financial statement schedules have been omitted because they are either not required, not applicable or the information required to be presented is included in the Company’s consolidated financial statements and related notes. 121 Table of Contents 3. Exhibits Exhibit Number Description 2.1# Agreement and Plan of Merger, dated as of May 15, 2022, by and among Diamondback Energy, Inc., Rattler Midstream GP LLC, Bacchus Merger Sub Company and Rattler Midstream LP (incorporated by reference to Exhibit 2.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on May 16, 2022). 2.2# Agreement and Plan of Merger, dated as of February 11, 2024, by and among the Company, Endeavor, Merger Sub I, Merger Sub II and the Company Representative (for purposes of certain sections set forth therein) (incorporated by reference to Exhibit 2.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on February 12, 2024). 2.3 Letter Agreement, amending the Merger Agreement, by and among the Company, Endeavor, Merger Sub I, Merger Sub II and the Company Representative, dated March 18, 2024 (incorporated by reference to Exhibit 2.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on March 18, 2024). 3.1 Second Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on June 14, 2023). 3.2 Certificate of Amendment No. 1 to Second Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on September 10, 2024). 3.3 Sixth Amended and Restated Bylaws of the Company, adopted as of October 31 , 202 5 (incorporated by reference to Exhibit 3. 3 to the Form 10-Q , File No. 001-35700, filed by the Company with the SEC on November 5 , 202 5 ). 4.1 Description of the Company’s Securities, (incorporated by reference to Exhibit 4.1 to the Form 10-K, File No. 000-35700, filed by the Company with the SEC on February 26, 2025). 4.2 Specimen certificate for shares of common stock, par value $0.01 per share, of the Company (incorporated by reference to Exhibit 4.1 to Amendment No. 4 to the Registration Statement on Form S-1, File No. 333-179502, filed by the Company with the SEC on August 20, 2012). 4.3 Indenture, dated as of December 5, 2019, between Diamondback Energy, Inc. and Computershare Trust Company, National Association, as successor trustee to Wells Fargo Bank, National Association (incorporated by reference to Exhibit 4.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on December 5, 2019). 4.4 First Supplemental Indenture, dated as of December 5, 2019, among Diamondback Energy, Inc., Diamondback E&P LLC, as successor by merger to Diamondback O&G LLC, and Computershare Trust Company, National Association, as successor trustee to Wells Fargo Bank, National Association (including the forms of 3.250% Senior Notes due 2026 and 3.500% Senior Notes due 2029) (incorporated by reference to Exhibit 4.2 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on December 5, 2019). 4.5 Third Supplemental Indenture, dated as of March 24, 2021, among Diamondback Energy, Inc., Diamondback E&P LLC, as successor by merger to Diamondback O&G LLC, and Computershare Trust Company, National Association, as successor trustee to Wells Fargo Bank, National Association (including the forms of 3.125% Senior Notes due 2031 and 4.400% Senior Notes due 2051) (incorporated by reference to Exhibit 4.2 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on March 24, 2021). 4.6 Fourth Supplemental Indenture, dated as of June 30, 2021, among Diamondback Energy, Inc., Diamondback E&P LLC and Computershare Trust Company, National Association, as successor trustee to Wells Fargo Bank, National Association (incorporated by reference to Exhibit 10.3 to the Form 10-Q, File No. 001-35700, filed by the Company with the SEC on August 5, 2021). 4.7 Fifth Supplemental Indenture, dated as of March 17, 2022, among Diamondback Energy, Inc., Diamondback E&P LLC and Computershare Trust Company, National Association, as trustee (including the form of 4.250% Senior Notes due 2052) (incorporated by reference to Exhibit 4.2 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on March 17, 2022). 4.8 Sixth Supplemental Indenture, dated as of October 28, 2022, among Diamondback Energy, Inc., Diamondback E&P LLC and Computershare Trust Company, National Association (including the form of 6.250% Senior Notes due 2033) (incorporated by reference to Exhibit 4.2 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on October 28, 2022). 4.9 Amended and Restated Officers’ Certificate, dated as of February 27, 1998, between Energen Corporation and The Bank of New York as trustee, relating to the Medium-Term Notes, Series B, due 2028 (incorporated by reference to Exhibit 4(d)(iii) to the Form 10-K, File No. 001-7810, filed by Energen Corporation with the SEC on February 28, 2018). 122 Table of Contents Exhibit Number Description 4.10 Indenture, dated as of March 1, 2012, between QEP Resources, Inc. and Wells Fargo Bank, National Association as trustee (incorporated by reference to Exhibit 4.1 to the Form 8-K, File No. 001-34778, filed by QEP Resources, Inc. with the SEC on March 1, 2012). 4.11 First Supplemental Indenture, dated as of March 23, 2021, among QEP Resources, Inc. and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.3 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on March 24, 2021). 4.12 Indenture, dated as of December 13, 2022, between Diamondback Energy, Inc. and Computershare Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on December 13, 2022). 4.13 First Supplemental Indenture, dated as of December 13, 2022, among Diamondback Energy, Inc., Diamondback E&P LLC and Computershare Trust Company, National Association, as trustee (including the form of 6.250% Senior Notes due 2053) (incorporated by reference to Exhibit 4.2 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on December 13, 2022). 4.14 Second Supplemental Indenture, dated as of April 18, 2024, by and among Diamondback Energy, Inc., Diamondback E&P LLC and Computershare Trust Company, National Association, as Trustee (including forms of 5.200% Senior Notes due 2027, 5.150% Senior Notes due 2030, 5.400% Senior Notes due 2034, 5.750% Senior Notes due 2054 and 5.900% Senior Notes due 2064) (incorporated by reference to Exhibit 4.2 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on April 18, 2024). 4.15 Third Supplemental Indenture, dated as of March 20, 2025, between Diamondback Energy, Inc., Diamondback E&P LLC and Computershare Trust Company, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on March 20, 2025). 4.16 Indenture, dated as of July 23, 2025, between Viper Energy Partners LLC and Computershare Trust Company, National Association, as Trustee (incorporated by reference to Exhibit 4.1 to the Form 8-K, File No. 001-36505, filed by Former Viper with the SEC on July 23, 2025). 4.17 First Supplemental Indenture, dated as of July 23, 2025, by and among Viper Energy Partners LLC, Former Viper and Computershare Trust Company, National Association, as Trustee (including the form of the Notes) (incorporated by reference to Exhibit 4.2 to the Form 8-K, File No. 001-36505, filed by Former Viper with the SEC on July 23, 2025). 4.18 Second Supplemental Indenture, dated as of August 19, 2025, by and among Viper Energy Partners LLC, New Viper and Computershare Trust Company, National Association (incorporated by reference to Exhibit 4.8 to the Form 8-K12B, File No. 001-42807, filed by New Viper with the SEC on August 19, 2025). 4.19 Stockholders Agreement, by and among the Company and the initial stockholders named therein, dated September 10, 2024 (incorporated by reference to Exhibit 10.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on September 10, 2024). 10.1+ 2021 Amended and Restated Diamondback Energy, Inc. Equity Incentive Plan (incorporated by reference to Appendix B to Schedule DEF 14A, File No. 001-35700, filed by the Company with the SEC on April 23, 2021). 10.2+ Amendment No. 1 to 2021 Amended and Restated Diamondback Energy, Inc. Equity Incentive Plan, adopted effective as of February 11, 2024 (incorporated by reference to Exhibit 10.2 to the Form 10-K, File No. 001-35700, filed by the Company with the SEC on February 22, 2024). 10.3+ 2023 Form of Time-based Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.8 to the Form 10-K, File No. 001-35700, filed by the Company with the SEC on February 23, 2023). 10.4+ 2023 Form of Performance-based Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.9 to the Form 10-K, File No. 001-35700, filed by the Company with the SEC on February 23, 2023). 10.5+ 2024 Form of Time-based Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.9 to the Form 10-K, File No. 001-35700, filed by the Company with the SEC on February 22, 2024). 10.6+ 2024 Form of Performance-based Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.10 to the Form 10-K, File No. 001-35700, filed by the Company with the SEC on February 22, 2024). 10.7+ 2025 Form of Time-based Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.11 to the Form 10-K, File No. 001-35700, filed by the Company with the SEC on February 26, 2025). 10.8+ 2025 Form of Performance-based Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.12 to the Form 10-K, File No. 001-35700, filed by the Company with the SEC on February 26, 2025). 10.9+*# 2026 Form of Time-based Restricted Stock Unit Award Agreement. 10.10+*# 2 026 Form of Performance- based Restricted Stock Unit Agreement. 123 Table of Contents Exhibit Number Description 10.11+ Form of Director and Officer Indemnification Agreement (incorporated by reference to Exhibit 10.15 to Amendment No. 4 to the Registration Statement on Form S-1, File No. 333-179502, filed by the Company with the SEC on August 20, 2012). 10.12+ Diamondback Energy, Inc. Amended and Restated Senior Management Severance Plan, adopted effective as of April 6, 2025 (including a form of participation agreement attached thereto as Schedule C) (incorporated by reference to Exhibit 10.1 to the Form 10-Q, File No. 001-35700, filed by the Company with the SEC on May 7, 2025). 10.13+ Form of Participation Agreement (incorporated by reference from Schedule C to Diamondback Energy, Inc. Senior Management Severance Plan filed as Exhibit 10.1 to the Form 10-Q, File No. 001-35700, filed by the Company with the SEC on May 7, 2025). 10.14+ Executive Annual Incentive Compensation Plan adopted in February 2021 (incorporated by reference to Exhibit 10.11 to the Form 10-K, File No. 001-35700, filed by the Company with the SEC on February 25, 2021). 10.15+ Letter Agreement, by and between the Company and Travis D. Stice, dated February 20, 2025 (incorporated by reference to Exhibit 10.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on February 20, 2025). 10.16 Second Amended and Restated Credit Agreement, dated as of November 1, 2013, among Diamondback Energy, Inc., as parent guarantor, Diamondback O&G LLC, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.3 to the Form 10-Q, File No. 001-35700, filed by the Company with the SEC on November 5, 2013). 10.17 First Amendment, dated June 9, 2014, to the Second Amended and Restated Credit Agreement, originally dated November 1, 2013, by and among the Company, as parent guarantor, Diamondback O&G LLC, as borrower, each of the guarantors party thereto, each of the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent (incorporated by reference to Exhibit 10.4 to the Form 10-Q, File No. 001-35700, filed by the Company with the SEC on August 7, 2014). 10.18 Second Amendment to the Second Amended and Restated Credit Agreement, dated as of November 13, 2014, among Diamondback Energy, Inc., as parent guarantor, Diamondback O&G LLC, as borrower, the guarantors, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.2 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on November 18, 2014). 10.19 Third Amendment, dated as of June 21, 2016, to the Second Amended and Restated Credit Agreement, dated as of November 1, 2013, by and among Diamondback Energy, Inc., as parent guarantor, Diamondback O&G LLC, as borrower, certain other subsidiaries of Diamondback Energy, Inc., as guarantors, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on June 27, 2016). 10.20 Fourth Amendment, dated as of December 15, 2016, to the Second Amended and Restated Credit Agreement, dated as of November 1, 2013, by and among Diamondback Energy, Inc., as parent guarantor, Diamondback O&G LLC, as borrower, certain other subsidiaries of Diamondback Energy, Inc., as guarantors, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.2 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on December 20, 2016). 10.21 Fifth Amendment to the Second Amended and Restated Credit Agreement, dated as of November 28, 2017, by and among Diamondback Energy, Inc., as parent guarantor, Diamondback O&G LLC, as borrower, certain other subsidiaries of Diamondback Energy, Inc., as guarantors, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on December 4, 2017). 10.22 S ixth Amendment to the Second Amended and Restated Credit Agreement and Third Amend men t to Amended and Restated Guaranty and Collateral Agreement , dated as of May 25, 2018, by and amon g Di amondback Energy, Inc ., as parent guar antor, Diamondback O&G LLC, as borrower, certain other subsidiaries of Diamondback Energy, Inc ., as guarantors , Wells Fargo Bank , Natio nal A ssociation, as administrative agent, and the lenders party thereto (incorporated by reference to Ex hibit 10.1 to the Form 8-K, File No. 001-35700 , filed by the Company wi th the SEC on June 1, 2018). 10.23 Seventh Amendment to the Second Amended and Restated Credit Agreement, dated as of August 31, 2018, by and among Diamondback Energy, Inc., as parent guarantor, Diamondback O&G LLC, as borrower, certain other subsidiaries of Diamondback Energy, Inc., as guarantors, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on September 7, 2018). 124 Table of Contents Exhibit Number Description 10.24 Eighth Amendment to the Second Amended and Restated Credit Agreement, dated as of October 26, 2018, by and among Diamondback Energy, Inc., as parent guarantor, Diamondback O&G LLC, as borrower, certain other subsidiaries of Diamondback Energy, Inc., as guarantors, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on November 1, 2018). 10.25 Ninth Amendment to Second Amended and Restated Credit Agreement and Fourth Amendment to Amended and Restated Guaranty and Collateral Agreement, dated as of November 29, 2018, by and among Diamondback Energy, Inc., as parent guarantor, Diamondback O&G LLC, as borrower, certain other subsidiaries of Diamondback Energy, Inc., as guarantors, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on December 6, 2018). 10.26 Tenth Amendment to Second Amended and Restated Credit Agreement, dated as of March 25, 2019, between Diamondback, as parent guarantor, Diamondback O&G LLC, as borrower, certain other subsidiaries of Diamondback Energy, Inc. as guarantors, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on March 29, 2019). 10.27 Eleventh Amendment to Second Amended and Restated Credit Agreement, dated as of June 28, 2019, between Diamondback Energy, Inc., as parent guarantor, Diamondback O&G LLC, as borrower, certain other subsidiaries of Diamondback Energy, Inc. as guarantors, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on July 3, 2019). 10.28 Twelfth Amendment to Second Amended and Restated Credit Agreement and First Amendment to Second Amended and Restated Guaranty Agreement, dated as of June 2, 2021, between Diamondback Energy, Inc., as parent guarantor, Diamondback O&G LLC, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on June 8, 2021). 10.29 Thirteenth Amendment to Second Amended and Restated Credit Agreement, dated as of June 2, 2022, between Diamondback Energy, Inc., as parent guarantor, Diamondback E&P LLC, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on June 7, 2022). 10.30 Fourteenth Amendment to Second Amended and Restated Credit Agreement, dated as of March 6, 2024, by and among the Company, as borrower, the lenders and other parties party thereto, and Wells Fargo Bank, National Association, as administrative agent (incorporated by reference to Exhibit 10.2 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on March 6, 2024). 10.31 Fifteenth Amendment to Second Amended and Restated Credit Agreement, dated as of March 21, 2025, by and among the Company, as borrower, the lenders and other parties party thereto, and Wells Fargo Bank, National Association, as administrative agent (incorporated by reference to Exhibit 10.2 to the Form 8-K, File No 001-35700, filed by the Company with the SEC on March 21, 2025). 10.32 Sixteenth Amendment to Second Amended and Restated Credit Agreement, dated as of June 12, 2025, by and among the Company, as borrower, the lenders and other parties party thereto, and Wells Fargo Bank, National Association, as administrative agent (incorporated by reference to Exhibit 10.1 to the Form 8-K, File No 001-35700, filed by the Company with the SEC on June 12, 2025). 10.33 Credit Agreement, dated as of June 12, 2025, by and among Former Viper, the Borrower, the lenders and guarantors party thereto, and Wells Fargo Bank, National Association, as Administrative Agent (incorporated by reference to Exhibit 10.1 to the Form 8-K, File No. 001-36505, filed by Former Viper with the SEC on June 12, 2025). 10.34 Term Loan Credit Agreement, dated as of February 29, 2024, by and among the Company, as borrower, the lenders party thereto, and Citibank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on March 6, 2024). 10.35 Term Loan Credit Agreement, dated as of March 21, 2025, by and among the Company, as borrower, the lenders party thereto, and Bank of America, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to the Form 8-K, File No 001-35700, filed by the Company with the SEC on March 21, 2025). 10.36 Term Loan Credit Agreement, dated as of July 23, 2025, by and among Viper Energy Partners LLC, Former Viper, the lenders party thereto and Goldman Sachs Bank USA, as administrative agent (incorporated by reference to Exhibit 4.3 to the Form 8-K, File No. 001-36505, filed by Former Viper with the SEC on July 23, 2025). 125 Table of Contents Exhibit Number Description 10.37 Consent Letter dated August 28, 2019, between Diamondback Energy, Inc., as parent guarantor, Diamondback O&G LLC, as borrower, certain other subsidiaries of Diamondback Energy, Inc. as guarantors, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto. (incorporated by reference to Exhibit 10.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on September 4, 2019). 10.38 Letter Agreement, dated November 28, 2025, by and between Diamondback Energy, Inc., a Delaware corporation, and SGF FANG Holdings, LP, a Delaware limited partnership (incorporated by reference to Exhibit 99.1 to the Form Schedule 13D/A, File No. 005-87028, filed by SGF FANG Holdings, LP with the SEC on December 2, 2025). 19.1 Insider Trading Policy (incorporated by reference to Exhibit 19.1 to the Form 10-K, File No. 001-35700, filed by the Company with the SEC on February 26, 2025). 19.2 Sixth Amended and Restated Supplemental Policy Concerning Trading in Securities of the Company and its Subsidiaries by Certain Designated Persons (incorporated by reference to Exhibit 19.2 to the Form 10-K, File No. 001-35700, filed by the Company with the SEC on February 26, 2025). 21.1* List of Subsidiaries of Diamondback Energy, Inc. 22.1 List of Issuers and Guarantor Subsidiaries (incorporated by reference to Exhibit 22.1 to the Form 10-Q, File No. 001-35700, filed by the Company with the SEC on August 5, 2021). 23.1* Consent of Grant Thornton LLP. 23.2* Consent of Ryder Scott Company, L.P. with respect to the audit of Diamondback Energy, Inc. estimated reserves. 23.3* Consent of Ryder Scott Company, L.P. with respect to the audit of Viper Energy, Inc. estimated reserves. 31.1* Certification of Chief Executive Officer of the Registrant pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended. 31.2* Certification of Chief Financial Officer of the Registrant pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended. 32.1** Certification of Chief Executive Officer of the Registrant pursuant to Rule 13a-14(b) promulgated under the Securities Exchange Act of 1934, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code. 32.2** Certification of Chief Financial Officer of the Registrant pursuant to Rule 13a-14(b) promulgated under the Securities Exchange Act of 1934, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code. 97.1* Diamondback Energy, Inc. Clawback Policy . 99.1* Audit Report of Ryder Scott Company, L.P., dated January 13, 202 6 , with respect to an audit of the proved reserves, future production and income attributable to certain leasehold interests of Diamondback Energy, Inc. as of December 31, 202 5 . 99.2* Audit Report of Ryder Scott Company, L.P., dated January 1 3 , 202 6 , with respect to an audit of the proved reserves, future production and income attributable to certain royalty interests of Viper Energy, Inc., a subsidiary of Diamondback Energy, Inc., as of December 31, 202 5 . 101 The following financial information from the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, formatted in Inline XBRL: (i) Consolidated Statements of Operations, (ii) Consolidated Balance Sheets, (iii) Consolidated Statements of Cash Flows, (iv) Consolidated Statement of Changes in Stockholders’ Equity, and (v) Notes to Consolidated Financial Statements. 104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). _______________ * Filed herewith. ** The certifications attached as Exhibit 32.1 and Exhibit 32.2 accompany this Annual Report on Form 10-K pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and shall not be deemed “filed” by the Registrant for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. + Management contract, compensatory plan or arrangement. # The schedules (or similar attachments) referenced in this agreement have been omitted in accordance with Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule (or similar attachment) will be furnished supplementally to the Securities and Exchange Commission upon request. ITEM 16. FORM 10-K SUMMARY None. 126 Table of Contents SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. DIAMONDBACK ENERGY, INC. Date: February 25, 2026 /s/ Kaes Van’t Hof Kaes Van’t Hof Chief Executive Officer (Principal Executive Officer) Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Signature Title Date /s/ Kaes Van’t Hof Chief Executive Officer and Director February 25, 2026 Kaes Van’t Hof (Principal Executive Officer) /s/ Vincent K. Brooks Director February 25, 2026 Vincent K. Brooks /s/ Darin G. Holderness Director February 25, 2026 Darin G. Holderness /s/ Rebecca A. Klein Director February 25, 2026 Rebecca A. Klein /s/ Stephanie K. Mains Director February 25, 2026 Stephanie K. Mains /s/ Charles A. Meloy Director February 25, 2026 Charles A. Meloy /s/ Mark L. Plaumann Director February 25, 2026 Mark L. Plaumann /s/ Robert K. Reeves Director February 25, 2026 Robert K. Reeves /s/ Lance W. Robertson Director February 25, 2026 Lance W. Robertson /s/ Travis D. Stice Executive Chairman of the Board and Director February 25, 2026 Travis D. Stice /s/ Melanie M. Trent Director February 25, 2026 Melanie M. Trent /s/ Frank D. Tsuru Director February 25, 2026 Frank D. Tsuru /s/ Steven E. West Director February 25, 2026 Steven E. West /s/ Jere W. Thompson III Chief Financial Officer, Executive Vice President February 25, 2026 Jere W. Thompson III (Principal Financial Officer) /s/ Teresa L. Dick Chief Accounting Officer, Executive Vice President and Assistant Secretary February 25, 2026 Teresa L. Dick (Principal Accounting Officer) 127