FULLTEXT DEL 1 AV 2
10-Q – 2025-11-05 – fang-20250930.htm
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(Exact name of registrant as specified in its charter) DE 45-4502447 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 500 West Texas Ave., Suite 100 Midland , TX 79701 (Address of principal executive offices) (Zip Code) ( 432 ) 221-7400 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share FANG The Nasdaq Stock Market LLC (NASDAQ Global Select Market) Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ As of October 31, 2025, the registrant had 286,525,614 shares of common stock outstanding. DIAMONDBACK ENERGY, INC. FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2025 TABLE OF CONTENTS Page Glossary of Oil and Natural Gas Terms ii Glossary of Certain Other Terms iv Cautionary Statement Regarding Forward-Looking Statements v PART I. FINANCIAL INFORMATION Item 1. Financial Statements 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Stockholders’ Equity 3 Condensed Consolidated Statements of Cash Flows 5 Notes to the Condensed Consolidated Financial Statements 6 1. Description of the Business and Basis of Presentation 6 2. Summary of Significant Accounting Policies 7 3. Revenue from Contracts with Customers 8 4. Acquisitions and Divestitures 9 5. Endeavor Energy Resources, LP Acquisition 13 6. Property and Equipment 15 7. Asset Retirement Obligations 16 8. Related Party Transactions 16 9. Debt 18 10. Stockholders’ Equity and Earnings (Loss) Per Share 22 11. Equity-Based Compensation 24 12. Income Taxes 26 13. Derivatives 26 14. Fair Value Measurements 29 15. Supplemental Information To Statements of Cash Flows 31 16. Commitments and Contingencies 31 17. Subsequent Events 32 18. Segment Information 33 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 34 Item 3. Quantitative and Qualitative Disclosures About Market Risk 52 Item 4. Controls and Procedures 54 PART II. OTHER INFORMATION Item 1. Legal Proceedings 55 Item 1A. Risk Factors 55 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55 Item 5. Other Information 56 Item 6. Exhibits 56 Signatures 58 i Table of Contents GLOSSARY OF OIL AND NATURAL GAS TERMS The following is a glossary of certain oil and natural gas industry terms that are used in this Quarterly Report on Form 10-Q (this “report”) and our other periodic reports under the Exchange Act: Argus WTI Houston Grade of oil that serves as a benchmark price for oil at Houston, Texas. Argus WTI Midland Grade of oil that serves as a benchmark price for oil at Midland, Texas. Basin A large depression on the earth’s surface in which sediments accumulate. Bbl or barrel One stock tank barrel, or 42 U.S. gallons liquid volume, used in this report in reference to crude oil or other liquid hydrocarbons. BO/d One barrel of crude oil per day. BOE One barrel of oil equivalent, with six thousand cubic feet of natural gas being equivalent to one barrel of oil. BOE/d One BOE per day. Brent A major trading classification of light sweet oil that serves as a benchmark price for oil worldwide. Completion The process of treating a drilled well followed by the installation of permanent equipment for the production of natural gas or oil, or in the case of a dry hole, the reporting of abandonment to the appropriate agency. Crude oil Liquid hydrocarbons retrieved from geological structures underground to be refined into fuel sources. Development costs Capital costs incurred in the acquisition, exploitation and exploration of proved oil and natural gas reserves. Differential An adjustment to the price of oil or natural gas from an established spot market price to reflect differences in the quality and/or location of oil or natural gas. Exploitation A development or other project which may target proven or unproven reserves (such as probable or possible reserves), but which generally has a lower risk than that associated with exploration projects. Fracturing The process of creating and preserving a fracture or system of fractures in a reservoir rock typically by injecting a fluid under pressure through a wellbore and into the targeted formation. Horizontal drilling A drilling technique used in certain formations where a well is drilled vertically to a certain depth and then drilled at a right angle with a specified interval. Henry Hub Natural gas gathering point that serves as a benchmark price for natural gas futures on the NYMEX. HSC Hub Natural gas gathering point that serves as a benchmark price for natural gas at the Houston Ship Channel area. Horizontal wells Wells drilled directionally horizontal to allow for development of structures not reachable through traditional vertical drilling mechanisms. MBbls One thousand barrels of crude oil and other liquid hydrocarbons. MBO/d One thousand BO per day. MBOE One thousand BOE. MBOE/d One thousand BOE per day. Mcf One thousand cubic feet of natural gas. Mineral interests The interests in ownership of the resource and mineral rights, giving an owner the right to profit from the extracted resources. MMBtu One million British Thermal Units. MMcf Million cubic feet of natural gas. Net acres The sum of the fractional working interest owned in gross acres. Oil and natural gas properties Tracts of land consisting of properties to be developed for oil and natural gas resource extraction. Operator The individual or company responsible for the exploration and/or production of an oil or natural gas well or lease. Proved reserves The estimated quantities of oil, natural gas and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be commercially recoverable in future years from known reservoirs under existing economic and operating conditions. Reserves The estimated remaining quantities of oil and natural gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means of delivering oil and natural gas or related substances to the market and all permits and financing required to implement the project. Reserves should not be assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non-productive reservoir (i.e., absence of reservoir, structurally low reservoir or negative test results). Such areas may contain prospective resources (i.e., potentially recoverable resources from undiscovered accumulations). ii Table of Contents Reservoir A porous and permeable underground formation containing a natural accumulation of producible natural gas and/or crude oil that is confined by impermeable rock or water barriers and is separate from other reservoirs. Royalty interest An interest that gives an owner the right to receive a portion of the resources or revenues without having to carry any costs of development, which may be subject to expiration. Waha Hub Natural gas gathering point that serves as a benchmark price for natural gas at western Texas and New Mexico. Working interest An operating interest that gives the owner the right to drill, produce and conduct operating activities on the property and receive a share of production and requires the owner to pay a share of the costs of drilling and production operations. WTI West Texas Intermediate, a light sweet blend of oil produced from fields in western Texas and is a grade of oil that serves as a benchmark for oil on the NYMEX. WTI Cushing Grade of oil that serves as a benchmark price for oil at Cushing, Oklahoma. iii Table of Contents GLOSSARY OF CERTAIN OTHER TERMS The following is a glossary of certain other terms that are used in this report and our other periodic reports under the Exchange Act: April 2024 Notes The outstanding senior notes issued by Diamondback Energy, Inc. under indentures where Diamondback E&P is the sole guarantor, consisting of the 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. ASU Accounting Standards Update. Equity Plan The Company’s 2021 Amended and Restated Equity Incentive Plan. Exchange Act The Securities Exchange Act of 1934, as amended. FASB Financial Accounting Standards Board. GAAP Accounting principles generally accepted in the United States. Nasdaq The Nasdaq Global Select Market. OPEC Organization of the Petroleum Exporting Countries. SEC United States Securities and Exchange Commission. SEC Prices Unweighted arithmetic average of the first-day-of-the-month price for each month during the 12-month period prior to the ending date of the period covered by this report. Securities Act The Securities Act of 1933, as amended. Guaranteed Senior Notes The outstanding senior notes issued by Diamondback Energy, Inc. under indentures where Diamondback E&P is the sole guarantor, consisting of the 3.250% Senior Notes due 2026, 5.200% Senior Notes due 2027, 3.500% Senior Notes due 2029, 5.150% Senior Notes due 2030, 3.125% Senior Notes due 2031, 6.250% Senior Notes due 2033, 5.400% Senior Notes due 2034, 5.550% Senior Notes due 2035, 4.400% Senior Notes due 2051, 4.250% Senior Notes due 2052, 6.250% Senior Notes due 2053, 5.750% Senior Notes due 2054 and 5.900% Senior Notes due 2064. SOFR The secured overnight financing rate. TSR Total stockholder return of the Company’s common stock. Viper LLC Viper Energy Partners LLC, a Delaware limited liability company and a subsidiary of Viper Energy, Inc. Wells Fargo Wells Fargo Bank, National Association. iv Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Various statements contained in this report are “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties and assumptions. All statements, other than statements of historical fact, including statements regarding our: future performance; business strategy; future operations (including drilling plans and capital plans); estimates and projections of revenues, losses, costs, expenses, returns, cash flow and financial position; reserve estimates and our ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the Endeavor Acquisition, Double Eagle Acquisition, 2025 Drop Down and the recently completed Sitio Acquisition (in each case, as defined below) discussed in this report and other acquisitions or divestitures; and plans and objectives of management (including plans for future cash flow from operations and for executing environmental strategies) are forward-looking statements. When used in this report, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to the Company are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although we believe that the expectations and assumptions reflected in our forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond our control. In particular, the factors discussed in this report and detailed under Part II, Item 1A. Risk Factors in this report and our Annual Report on Form 10–K for the year ended December 31, 2024, could affect our actual results and cause our actual results to differ materially from expectations, estimates or assumptions expressed, forecasted or implied in such forward-looking statements. Unless the context requires otherwise, references to “we,” “us,” “our” or the “Company” are intended to mean the business and operations of the Company and its consolidated subsidiaries. Factors that could cause our outcomes to differ materially include (but are not limited to) the following: • changes in supply and demand levels for oil, natural gas and natural gas liquids and the resulting impact on the price for those commodities; • the impact of public health crises, including epidemic or pandemic diseases and any related company or government policies or actions; • actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments; • changes in general economic, business or industry conditions, including changes in foreign currency exchange rates, interest rates and inflation rates, instability in the financial sector; • regional supply and demand factors, including delays, curtailment delays or interruptions of production, or governmental orders, rules or regulations that impose production limits; • federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; • physical and transition risks relating to climate change; • restrictions on the use of water, including limits on the use of produced water and a moratorium on new produced water well permits recently imposed by the Texas Railroad Commission in an effort to control induced seismicity in the Permian Basin; • significant declines in prices for oil, natural gas, or natural gas liquids, which could require recognition of significant impairment charges; • changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers and any resulting trade tensions; • conditions in the capital, financial and credit markets, including the availability and pricing of capital for drilling and development operations and our environmental and social responsibility projects; • challenges with employee retention and an increasingly competitive labor market; • changes in availability or cost of rigs, equipment, raw materials, supplies and oilfield services; • changes in safety, health, environmental, tax and other regulations or requirements (including those addressing air emissions, water management, or the impact of global climate change); • security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, or from breaches of information technology systems of third parties with whom we transact business; v Table of Contents • lack of, or disruption in, access to adequate and reliable transportation, processing, storage and other facilities for our oil, natural gas and natural gas liquids; • failures or delays in achieving expected reserve or production levels from existing and future oil and natural gas developments, including due to operating hazards, drilling risks, or the inherent uncertainties in predicting reserve and reservoir performance; • difficulty in obtaining necessary approvals and permits; • severe weather conditions and natural disasters; • acts of war or terrorist acts and the governmental or military response thereto; • changes in the financial strength of counterparties to our credit facilities and hedging contracts; • changes in our credit rating; • risks related to the recently completed Endeavor Acquisition, Double Eagle Acquisition, 2025 Drop Down and Sitio Acquisition; and • other risks and factors disclosed or incorporated by reference under Part II, Item 1A. Risk Factors and our Annual Report on Form 10–K for the year ended December 31, 2024. In light of these factors, the events anticipated by our forward-looking statements may not occur at the time anticipated or at all. Moreover, we operate in a very competitive and rapidly changing environment and new risks emerge from time to time. We cannot predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements we may make. Accordingly, you should not place undue reliance on any forward-looking statements made in this report. All forward-looking statements speak only as of the date of this report or, if earlier, as of the date they were made. We do not intend to, and disclaim any obligation to, update or revise any forward-looking statements unless required by applicable law. vi Table of Contents PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS Diamondback Energy, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) September 30, December 31, 2025 2024 (In millions, except par values and share data) Assets Current assets: Cash and cash equivalents ($ 53 million and $ 27 million related to Viper) $ 159 $ 161 Restricted cash ($ 390 million and $ — million related to Viper) 393 3 Accounts receivable: Joint interest and other, net 345 198 Oil and natural gas sales, net ($ 290 million and $ 149 million related to Viper) 1,280 1,387 Inventories 86 116 Derivative instruments 174 168 Prepaid expenses and other current assets 144 77 Total current assets 2,581 2,110 Property and equipment: Oil and natural gas properties, full cost method of accounting ($ 24,498 million and $ 22,666 million excluded from amortization at September 30, 2025, and December 31, 2024, respectively) ($ 14,589 million and $ 5,713 million related to Viper and $ 5,275 million and $ 2,180 million excluded from amortization related to Viper) 94,309 82,240 Other property, equipment and land 1,019 1,440 Accumulated depletion, depreciation, amortization and impairment ($ 1,454 million and $ 1,081 million related to Viper) ( 22,795 ) ( 19,208 ) Property and equipment, net 72,533 64,472 Funds held in escrow 17 1 Equity method investments 362 375 Assets held for sale 505 — Derivative instruments 1 2 Deferred income taxes, net ($ — million and $ 185 million related to Viper) — 173 Other assets 214 159 Total assets $ 76,213 $ 67,292 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable - trade $ 426 $ 253 Accrued capital expenditures 846 690 Current maturities of debt ($ 380 million and $ — million related to Viper) 394 900 Other accrued liabilities 1,000 1,020 Revenues and royalties payable 1,433 1,491 Derivative instruments 10 43 Income taxes payable 33 414 Total current liabilities 4,142 4,811 Long-term debt ($ 2,241 million and $ 1,083 million related to Viper) 15,848 12,075 Derivative instruments 106 106 Asset retirement obligations 584 573 Deferred income taxes 9,877 9,826 Other long-term liabilities 22 39 Total liabilities 30,579 27,430 Commitments and contingencies (Note 16) Stockholders’ equity: Common stock, $ 0.01 par value; 800,000,000 shares authorized; 286,876,206 and 290,984,373 shares issued and outstanding at September 30, 2025, and December 31, 2024, respectively 3 3 Additional paid-in capital 32,606 33,501 Retained earnings (accumulated deficit) 6,486 4,238 Accumulated other comprehensive income (loss) ( 7 ) ( 6 ) Total Diamondback Energy, Inc. stockholders’ equity 39,088 37,736 Non-controlling interest 6,546 2,126 Total equity 45,634 39,862 Total liabilities and stockholders’ equity $ 76,213 $ 67,292 See accompanying notes to condensed consolidated financial statements. 1 Table of Contents Diamondback Energy, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (In millions, except per share amounts, shares in thousands) Revenues: Oil sales $ 2,994 $ 2,160 $ 8,885 $ 6,025 Natural gas sales 87 ( 17 ) 396 38 Natural gas liquid sales 366 211 1,139 566 Sales of purchased oil 459 282 1,168 698 Other operating income 18 9 62 28 Total revenues 3,924 2,645 11,650 7,355 Costs and expenses: Lease operating expenses 490 316 1,338 825 Production and ad valorem taxes 212 153 654 413 Gathering, processing and transportation 122 102 378 261 Purchased oil expense 455 280 1,168 696 Depreciation, depletion, amortization and accretion 1,286 742 3,649 1,694 General and administrative expenses 70 49 210 141 Merger and transaction expenses 17 258 94 273 Other operating expenses 36 35 111 68 Total costs and expenses 2,688 1,935 7,602 4,371 Income (loss) from operations 1,236 710 4,048 2,984 Other income (expense): Interest expense, net ( 70 ) ( 18 ) ( 166 ) ( 101 ) Other income (expense), net 108 89 133 87 Gain (loss) on derivative instruments, net 120 131 149 101 Gain (loss) on extinguishment of debt ( 32 ) — 23 2 Income (loss) from equity investments, net 8 6 20 23 Total other income (expense), net 134 208 159 112 Income (loss) before income taxes 1,370 918 4,207 3,096 Provision for (benefit from) income taxes 287 210 894 685 Net income (loss) 1,083 708 3,313 2,411 Net income (loss) attributable to non-controlling interest 65 49 191 147 Net income (loss) attributable to Diamondback Energy, Inc. $ 1,018 $ 659 $ 3,122 $ 2,264 Earnings (loss) per common share: Basic $ 3.51 $ 3.19 $ 10.71 $ 12.00 Diluted $ 3.51 $ 3.19 $ 10.71 $ 12.00 Weighted average common shares outstanding: Basic 288,826 204,730 290,188 187,253 Diluted 288,826 204,730 290,188 187,253 See accompanying notes to condensed consolidated financial statements. 2 Table of Contents Diamondback Energy, Inc. and Subsidiaries Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) Common Stock Additional Paid-in Capital Retained Earnings (Accumulated Deficit) Accumulated Other Comprehensive Income (Loss) Non-Controlling Interest Total Shares Amount ($ in millions, shares in thousands) Balance December 31, 2024 290,984 $ 3 $ 33,501 $ 4,238 $ ( 6 ) $ 2,126 $ 39,862 Viper equity-based compensation — — — — — 1 1 Distribution equivalent rights payments — — — ( 1 ) — — ( 1 ) Stock-based compensation — — 22 — — — 22 Cash paid for tax withholding on vested equity awards ( 155 ) — ( 25 ) — — — ( 25 ) Repurchased shares under buyback program ( 3,656 ) — ( 580 ) — — — ( 580 ) Viper LLC’s units issued for acquisition — — — — — 119 119 Net proceeds from Viper’s issuance of common stock — — — — — 1,232 1,232 Dividends to non-controlling interest — — — — — ( 95 ) ( 95 ) Dividends paid — — — ( 290 ) — — ( 290 ) Issuance of shares upon vesting of equity awards 115 — — — — — — Change in ownership of consolidated subsidiaries, net — — 206 — — ( 199 ) 7 Other comprehensive income (loss) — — 1 — ( 1 ) — — Net income (loss) — — — 1,405 — 86 1,491 Balance March 31, 2025 287,288 3 33,125 5,352 ( 7 ) 3,270 41,743 Viper equity-based compensation — — — — — 2 2 Distribution equivalent rights payments — — — ( 2 ) — — ( 2 ) Stock-based compensation — — 29 — — — 29 Cash paid for tax withholding on vested equity awards ( 1 ) — ( 1 ) — — — ( 1 ) Repurchased shares under buyback program ( 2,992 ) — ( 393 ) — — — ( 393 ) Repurchased shares under Viper’s buyback program — — — — — ( 10 ) ( 10 ) Common shares issued for acquisition 6,843 — 1,101 — — — 1,101 Dividends to non-controlling interest — — — — — ( 82 ) ( 82 ) Dividends paid — — — ( 291 ) — — ( 291 ) Issuance of shares upon vesting of equity awards 17 — — — — — — Change in ownership of consolidated subsidiaries, net — — ( 734 ) — — 718 ( 16 ) Net income (loss) — — — 699 — 40 739 Balance June 30, 2025 291,155 3 33,127 5,758 ( 7 ) 3,938 42,819 Viper equity-based compensation — — — — — 2 2 Distribution equivalent rights payments — — — ( 1 ) — ( 1 ) ( 2 ) Stock-based compensation — — 29 — — — 29 Cash paid for tax withholding on vested equity awards ( 4 ) — — — — — — Repurchased shares under buyback program ( 4,286 ) — ( 608 ) — — — ( 608 ) Repurchased shares under Viper’s buyback program — — — — — ( 90 ) ( 90 ) Common shares issued for acquisition — — — — — 1,435 1,435 Viper LLC’s units issued for acquisition — — — — — 1,326 1,326 Dividends to non-controlling interest — — — — — ( 78 ) ( 78 ) Dividends paid — — — ( 289 ) — — ( 289 ) Issuance of shares upon vesting of equity awards 11 — — — — — — Change in ownership of consolidated subsidiaries, net — — 58 — — ( 51 ) 7 Net income (loss) — — — 1,018 — 65 1,083 Balance September 30, 2025 286,876 $ 3 $ 32,606 $ 6,486 $ ( 7 ) $ 6,546 $ 45,634 See accompanying notes to condensed consolidated financial statements. 3 Table of Contents Diamondback Energy, Inc. and Subsidiaries Condensed Consolidated Statements of Stockholders’ Equity - (Continued) (Unaudited) Common Stock Additional Paid-in Capital Retained Earnings (Accumulated Deficit) Accumulated Other Comprehensive Income (Loss) Non-Controlling Interest Total Shares Amount ($ in millions, shares in thousands) Balance December 31, 2023 178,724 $ 2 $ 14,142 $ 2,489 $ ( 8 ) $ 805 $ 17,430 Distribution equivalent rights payments — — — ( 4 ) — — ( 4 ) Stock-based compensation — — 21 — — — 21 Cash paid for tax withholding on vested equity awards ( 187 ) — ( 34 ) — — — ( 34 ) Repurchased shares under buyback program ( 279 ) — ( 42 ) — — — ( 42 ) Proceeds from partial sale of investment in Viper Energy, Inc. — — 219 — — 197 416 Dividends to non-controlling interest — — — — — ( 44 ) ( 44 ) Dividends paid — — — ( 548 ) — — ( 548 ) Issuance of shares upon vesting of equity awards 82 — — — — — — Change in ownership of consolidated subsidiaries, net — — ( 55 ) — — 70 15 Net income (loss) — — — 768 — 41 809 Balance March 31, 2024 178,340 2 14,251 2,705 ( 8 ) 1,069 18,019 Viper equity-based compensation — — — — — 1 1 Distribution equivalent rights payments — — — ( 3 ) — — ( 3 ) Stock-based compensation — — 25 — — — 25 Cash paid for tax withholding on vested equity awards ( 16 ) — ( 3 ) — — — ( 3 ) Dividends to non-controlling interest — — — — — ( 54 ) ( 54 ) Dividends paid — — — ( 352 ) — — ( 352 ) Issuance of shares upon vesting of equity awards 70 — — — — — — Change in ownership of consolidated subsidiaries, net — — ( 6 ) — — 6 — Net income (loss) — — — 837 — 57 894 Balance June 30, 2024 178,394 2 14,267 3,187 ( 8 ) 1,079 18,527 Viper equity-based compensation — — — — — 1 1 Distribution equivalent rights payments — — — ( 3 ) — — ( 3 ) Stock-based compensation — — 23 — — — 23 Repurchased shares under buyback program ( 2,920 ) — ( 515 ) — — — ( 515 ) Common shares issued for acquisition 117,267 1 20,109 — — — 20,110 Net proceeds from Viper’s issuance of common stock — — — — — 476 476 Dividends to non-controlling interest — — — — — ( 59 ) ( 59 ) Dividends paid — — — ( 416 ) — — ( 416 ) Issuance of shares upon vesting of equity awards 2 — — — — — — Change in ownership of consolidated subsidiaries, net — — 123 — — ( 156 ) ( 33 ) Net income (loss) — — — 659 — 49 708 Balance September 30, 2024 292,743 $ 3 $ 34,007 $ 3,427 $ ( 8 ) $ 1,390 $ 38,819 See accompanying notes to condensed consolidated financial statements. 4 Table of Contents Diamondback Energy, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) Nine Months Ended September 30, 2025 2024 (In millions) Cash flows from operating activities: Net income (loss) $ 3,313 $ 2,411 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Provision for (benefit from) deferred income taxes 235 180 Depreciation, depletion, amortization and accretion 3,649 1,694 (Gain) loss on extinguishment of debt ( 23 ) ( 2 ) (Gain) loss on derivative instruments, net ( 149 ) ( 101 ) Cash received (paid) on settlement of derivative instruments 108 ( 36 ) (Income) loss from equity investment, net ( 20 ) ( 23 ) Equity-based compensation expense 61 49 Other ( 47 ) 77 Changes in operating assets and liabilities: Accounts receivable 138 61 Income tax receivable 3 12 Prepaid expenses and other current assets ( 65 ) 78 Accounts payable and accrued liabilities ( 355 ) ( 490 ) Income taxes payable ( 515 ) ( 51 ) Revenues and royalties payable 28 109 Other 54 104 Net cash provided by (used in) operating activities 6,415 4,072 Cash flows from investing activities: Additions to oil and natural gas properties ( 2,580 ) ( 1,934 ) Property acquisitions ( 5,411 ) ( 7,994 ) Proceeds from sale of assets 314 459 Other ( 14 ) 103 Net cash provided by (used in) investing activities ( 7,691 ) ( 9,366 ) Cash flows from financing activities: Proceeds under term loan agreements 2,000 1,000 Repayments under term loan agreements ( 900 ) — Proceeds from borrowings under credit facilities 8,222 1,185 Repayments under credit facilities ( 8,148 ) ( 1,333 ) Proceeds from senior notes 2,800 5,500 Repayment of senior notes ( 672 ) ( 25 ) Repurchased shares under buyback program ( 1,576 ) ( 557 ) Proceeds from partial sale of investment in Viper Energy, Inc. — 451 Net proceeds from Viper’s issuance of common stock 1,232 476 Dividends paid to stockholders ( 870 ) ( 1,316 ) Dividends to non-controlling interest ( 255 ) ( 157 ) Other ( 169 ) ( 142 ) Net cash provided by (used in) financing activities 1,664 5,082 Net increase (decrease) in cash, cash equivalents and restricted cash 388 ( 212 ) Cash, cash equivalents and restricted cash at beginning of period 164 585 Cash, cash equivalents and restricted cash at end of period $ 552 $ 373 See accompanying notes to condensed consolidated financial statements. 5 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements (Unaudited) 1. DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION Organization and Description of the Business Diamondback Energy, Inc., together with its subsidiaries (collectively referred to as “Diamondback,” the “Company,” “we” or “our” unless the context otherwise requires), is an independent oil and natural gas company currently focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. As of September 30, 2025, the wholly owned subsidiaries of Diamondback include Diamondback E&P LLC (“Diamondback E&P”), a Delaware limited liability company, Rattler Midstream GP LLC, a Delaware limited liability company, Rattler Midstream LP, a Delaware limited partnership, QEP Resources, Inc., a Delaware corporation and Eclipse Merger Sub II, LLC, a Delaware limited liability company. Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries, including its publicly-traded subsidiary, Viper Energy, Inc., after all significant intercompany balances and transactions have been eliminated upon consolidation. The Company has one reportable segment, the upstream segment. On August 19, 2025, upon completion of the Sitio Acquisition (as defined and discussed in Note 4— Acquisitions and Divestitures ), VNOM Sub, Inc., (formerly known as Viper Energy, Inc., “Former Viper”) became a wholly owned subsidiary of Viper Energy, Inc. (formerly known as New Cobra Pubco, Inc., “New Viper”), as a result of a merger contemplated by the documents governing the Sitio Acquisition (such merger, the “Viper PubCo Merger”). References to “Viper” refer to (i) New Viper following the Viper PubCo Merger, and (ii) Former Viper prior to the Viper PubCo Merger. As of September 30, 2025, the Company owned approximately 43 % of Viper’s combined outstanding Class A common stock and Class B common stock. The Company determined that it controls the activities of Viper in accordance with the guidance for variable interest entities in Accounting Standards Codification (“ASC”) Topic 810, “Consolidation,” and therefore continues to consolidate Viper in the Company’s financial statements at September 30, 2025. See further discussion of the Company’s determination that Viper is a variable interest entity (“VIE”) in Note 2— Summary of Significant Accounting Policies . The results of operations attributable to the non-controlling interest in Viper are presented within equity and net income and are shown separately from the equity and net income attributable to the Company. On March 5, 2024, the Company exercised certain of its demand rights, pursuant to a registration rights agreement amended and restated on November 10, 2023, and on March 8, 2024, the Company completed a public offering of approximately 13.23 million shares of Viper’s Class A common stock at a price of $ 35.00 per share for proceeds, net of underwriters’ discount, of approximately $ 451 million. After this offering, the Company owned less than 50 % of Viper’s combined outstanding Class A common stock and Class B common stock, resulting in Viper no longer being a controlled company under the Nasdaq rules. These condensed consolidated financial statements have been prepared by the Company without audit, pursuant to the rules and regulations of the SEC. They reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for interim periods, on a basis consistent with the annual audited financial statements. All such adjustments are of a normal recurring nature. Certain information, accounting policies and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to SEC rules and regulations, although the Company believes the disclosures are adequate to make the information presented not misleading. This Quarterly Report on Form 10–Q should be read in conjunction with the Company’s most recent Annual Report on Form 10–K for the fiscal year ended December 31, 2024, which contains a summary of the Company’s significant accounting policies and other disclosures. Reclassifications Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. These reclassifications had an immaterial effect on the previously reported total assets, total liabilities, stockholders’ equity, results of operations or cash flows. 6 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates Certain amounts included in or affecting the Company’s condensed consolidated financial statements and related disclosures must be estimated by management, requiring certain assumptions to be made with respect to values or conditions that cannot be known with certainty at the time the condensed consolidated financial statements are prepared. These estimates and assumptions affect the amounts the Company reports for assets and liabilities and the Company’s disclosure of contingent liabilities as of the date of the condensed consolidated financial statements. Actual results could differ from those estimates. Making accurate estimates and assumptions is particularly difficult in the oil and natural gas industry given the challenges resulting from volatility in oil and natural gas prices. For instance, conflicts in the Middle East and globally, higher interest rates, effects of tariffs, actions taken by OPEC and its non-OPEC allies, known collectively as OPEC+, global supply chain disruptions, measures to combat persistent inflation and instability in the financial sector have contributed to recent economic and pricing volatility. The financial results of companies in the oil and natural gas industry have been impacted materially as a result of these events and changing market conditions. Such circumstances generally increase uncertainty in the Company’s accounting estimates, particularly those involving financial forecasts. The Company evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Company considers reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from the Company’s estimates. Any effects on the Company’s business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Significant items subject to such estimates and assumptions include estimates of proved oil and natural gas reserves and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, fair value estimates of derivative instruments, the fair value determination of assets acquired and liabilities assumed and estimates of income taxes, including deferred tax valuation allowances. Variable Interest Entity Viper is a publicly traded corporation formed by the Company in 2014 to provide an attractive return to its stockholders (the largest of which is Diamondback) by focusing on business results, maximizing dividends through organic growth and pursuing accretive growth opportunities through acquisitions of mineral, royalty, overriding royalty, net profits and similar interests from the Company and from third parties. Viper has no employees and the Company provides management, operating and administrative services to Viper under a services and secondment agreement, including the services of the executive officers and other employees. In connection with the reduction of the Company’s ownership percentage in Viper to below 50 % in March 2024, the Company re-evaluated whether Viper should continue to be consolidated in the Company’s financial statements. Viper meets the definition of a VIE under ASC Topic 810 and the Company continues to be the primary beneficiary of the VIE through its ability, via existing contractual agreements, to direct the activities that most significantly affect the economic performance of Viper. The Company also has the obligation to absorb losses and the right to receive benefits that could be significant to Viper. As such, the Company will continue to consolidate the activity of Viper. The Viper 2024 Equity Offering, the Viper 2025 Equity Offering (each as defined and discussed in Note 10— Stockholders’ Equity and Earnings (Loss) Per Share ), the 2025 Drop Down and the Sitio Acquisition (each as defined and discussed in Note 4— Acquisitions and Divestitures ) were determined not to be events that would cause the Company to change its conclusion regarding Viper’s status as a VIE. Viper maintains its own capital structure that is separate from the Company. The Company is not under any obligation to provide additional financial support or investment to Viper. Viper’s assets cannot be used by the Company for general corporate purposes and the creditors of Viper’s liabilities do not have recourse to the Company’s assets. The assets and liabilities of Viper are included in the Company’s condensed consolidated balance sheets and disclosed parenthetically, if material. 7 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) Recent Accounting Pronouncements Recently Adopted Pronouncements There are no recently adopted pronouncements of significance. Accounting Pronouncements Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) – Improvements to Income Tax Disclosures,” which requires that certain information in a reporting entity’s tax rate reconciliation be disaggregated and provides additional requirements regarding income taxes paid. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted, and should be applied either prospectively or retrospectively. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures. Adoption of the update will not impact the Company’s financial position, results of operations or liquidity. In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) – Disaggregation of Income Statement Expenses,” which requires additional disclosure about specified categories of expenses included in relevant expense captions presented on the income statement. The amendments are effective for annual periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively or retrospectively. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures. Adoption of the update will not impact the Company’s financial position, results of operations or liquidity. The Company considers the applicability and impact of all ASUs. ASUs not listed above were assessed and determined to be either not applicable, previously disclosed, or not material upon adoption. 3. REVENUE FROM CONTRACTS WITH CUSTOMERS Revenue from Contracts with Customers The following tables present the Company’s revenue from contracts with customers: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (In millions) Oil sales $ 2,994 $ 2,160 $ 8,885 $ 6,025 Natural gas sales 87 ( 17 ) 396 38 Natural gas liquid sales 366 211 1,139 566 Total oil, natural gas and natural gas liquid revenues 3,447 2,354 10,420 6,629 Sales of purchased oil 459 282 1,168 698 Other service revenues 8 6 38 21 Total revenue from contracts with customers $ 3,914 $ 2,642 $ 11,626 $ 7,348 8 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) The following tables present the Company’s revenue from oil, natural gas and natural gas liquids disaggregated by basin: Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 Midland Basin Delaware Basin Other Total Midland Basin Delaware Basin Other Total (In millions) Oil sales $ 2,786 $ 206 $ 2 $ 2,994 $ 1,823 $ 336 $ 1 $ 2,160 Natural gas sales 80 7 — 87 ( 8 ) ( 9 ) — ( 17 ) Natural gas liquid sales 340 26 — 366 179 33 ( 1 ) 211 Total $ 3,206 $ 239 $ 2 $ 3,447 $ 1,994 $ 360 $ — $ 2,354 Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 Midland Basin Delaware Basin Other Total Midland Basin Delaware Basin Other Total (In millions) Oil sales $ 8,213 $ 648 $ 24 $ 8,885 $ 4,985 $ 1,034 $ 6 $ 6,025 Natural gas sales 360 35 1 396 28 9 1 38 Natural gas liquid sales 1,049 89 1 1,139 444 122 — 566 Total $ 9,622 $ 772 $ 26 $ 10,420 $ 5,457 $ 1,165 $ 7 $ 6,629 4. ACQUISITIONS AND DIVESTITURES 2025 Activity Diamondback Acquisitions and Divestitures 2025 Drop Down Transaction On May 1, 2025, the Company’s wholly owned subsidiary Endeavor Energy Resources, LP (“EER LP”) divested all of the issued and outstanding equity interests in 1979 Royalties, LP and 1979 Royalties GP, LLC (collectively, the “Endeavor Subsidiaries”), each of which was a subsidiary of the Company, pursuant to a definitive equity purchase agreement with Viper and Viper LLC in exchange for consideration consisting of (i) $ 873 million in cash, and (ii) the issuance of 69.63 million Viper LLC units and an equivalent number of shares of Viper’s Class B common stock, including certain customary post-closing adjustments (the “2025 Drop Down”). Viper funded the cash consideration for the 2025 Drop Down with a portion of the proceeds from the Viper 2025 Equity Offering (as defined and discussed in Note 10— Stockholders’ Equity and Earnings (Loss) Per Share ) and borrowings under the Viper LLC Revolving Credit Facility (as defined and discussed in Note 9— Debt ). The 2025 Drop Down was accounted for as a transaction between entities under common control. EER LP can exchange some or all of the Viper LLC units received together with an equal number of shares of Viper’s Class B common stock for an equal number of shares of Viper’s Class A common stock. The mineral and royalty interests held and divested by the Endeavor Subsidiaries at the closing of the 2025 Drop Down represented approximately 24,446 net royalty acres in the Permian Basin, 69 % of which were operated by the Company, have an average net royalty interest of approximately 2.2 % and had oil production as of the closing date of approximately 17,097 BO/d (the “Endeavor Mineral and Royalty Interests”). The Endeavor Mineral and Royalty Interests included interests in horizontal wells comprised of 5,574 gross proved developed production wells (of which approximately 32 % were operated by the Company), 116 gross completed wells and 394 gross drilled but uncompleted wells, all of which were principally concentrated in the Midland Basin, with the balance located primarily in the Delaware and Williston Basins. 9 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) Double Eagle Acquisition On April 1, 2025, the Company completed its acquisition of all of the issued and outstanding interests of DE Permian, LLC, DE IV Combo, LLC and DE IV Operating, LLC, each of which were wholly owned subsidiaries of Double Eagle IV Midco, LLC (“Double Eagle”) (the “Double Eagle Acquisition”) for consideration of $ 3.1 billion in cash and approximately 6.84 million shares of the Company’s common stock, including transaction costs and subject to certain customary post-closing adjustments. The assets acquired in the Double Eagle Acquisition consisted of approximately 67,700 gross ( 40,000 net) acres, which are primarily located in the Midland Basin and approximately 407 gross ( 342 net) horizontal locations in primary development targets. The Company funded the cash portion of the Double Eagle Acquisition through a combination of proceeds from the 2035 Notes (as defined and discussed in Note 9— Debt ), proceeds from the 2025 Term Loan (as defined and discussed in Note 9— Debt ) and borrowings under the Company’s revolving credit facility. Viper Acquisition Sitio Acquisition On August 19, 2025, Viper completed a series of transactions in which New Viper acquired Sitio Royalties Corp. (“Sitio”), Sitio Royalties Operating Partnership, LP (“Sitio OpCo”) and their respective subsidiaries, pursuant to the Agreement and Plan of Merger, dated June 2, 2025, by and among Former Viper, Viper LLC, Sitio, Sitio OpCo, New Viper, Cobra Merger Sub, Inc. and Scorpion Merger Sub, Inc., in an all-equity transaction valued at approximately $ 4.0 billion, subject to further adjustments for transaction costs and certain customary post-closing adjustments, including the retirement of Sitio’s net debt of approximately $ 1.2 billion (the “Sitio Acquisition”). The mineral and royalty interests acquired in the Sitio Acquisition represent approximately 25,300 net royalty acres in the Permian Basin and approximately 9,000 net royalty acres in the Denver-Julesburg, Eagle Ford and Williston basins, for total acreage of approximately 34,300 net royalty acres. On October 30, 2025, Viper entered into an equity interest purchase agreement to divest all the non-Permian assets acquired from Sitio in the Sitio Acquisition. See Note 17— Subsequent Events for additional information on this divestiture. 2024 Activity Diamondback Acquisitions and Divestitures Endeavor Acquisition For details on the Endeavor Acquisition, which closed on September 10, 2024, see Note 5— Endeavor Energy Resources, LP Acquisition . TRP Exchange On December 20, 2024, the Company completed a transaction with TRP Energy, LLC (“TRP”), in which the Company exchanged certain assets including approximately 47,034 gross ( 35,673 net) acres located in the Delaware Basin and $ 312 million in cash, subject to customary post-closing adjustments, for certain of TRP’s assets consisting of approximately 21,582 gross ( 15,421 net) acres located in the Midland Basin with 55 operated locations (the “TRP Exchange”). The TRP Exchange expanded our operating footprint and enhanced our inventory of near-term drilling locations and was valued at approximately $ 1.3 billion. The Company funded the cash portion of the exchange with cash on hand and borrowings under its revolving credit facility. 10 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) The following table presents the acquisition consideration transferred in the TRP Exchange (in millions): Consideration: Oil and natural gas properties $ 989 Midstream assets 53 Suspense liabilities relieved ( 9 ) Cash consideration 312 Total consideration $ 1,345 Acquisition Date Fair Value of Consideration Transferred The acquisition date fair value of oil and natural gas properties transferred was determined using an income approach utilizing the discounted cash flow method, which takes into account production forecasts, projected commodity prices and pricing differentials, and estimates of future capital and operating costs which were then discounted utilizing an estimated weighted-average cost of capital for industry market participants. These inputs are not observable in the market and are considered level 3 inputs within the fair value hierarchy. The oil and natural gas properties transferred did not significantly impact the Company’s capitalized costs or proved reserves as of December 31, 2024. The acquisition date fair value of midstream assets transferred was determined based on the cost approach, which utilized asset listings and cost records with consideration for the age, condition, utilization and economic support of the assets. Allocation of Consideration Transferred The TRP Exchange has been accounted for under the acquisition method of accounting for business combinations in accordance with ASC Topic 805, “Business Combinations.” The following table represents the allocation of the total consideration transferred in the TRP Exchange to the identifiable assets acquired and the liabilities assumed based on the fair values at the acquisition date. Although the allocation of consideration transferred is substantially complete as of the date of this filing, title to properties exchanged remain subject to change as the details of the transaction are finalized subsequent to closing. As such, there may be further adjustments to the fair value of certain assets acquired and liabilities assumed. The allocation of consideration transferred will be finalized within twelve months of the closing date of the transaction. The following table sets forth the Company’s preliminary purchase price allocation (in millions): Total consideration $ 1,345 Fair value of liabilities assumed: Suspense liabilities ( 8 ) Fair value of assets acquired: Oil and natural gas properties 1,353 Net assets acquired and liabilities assumed $ 1,345 With the completion of the TRP Exchange, the Company acquired proved properties of $ 851 million and unproved properties of $ 502 million. The results of operations attributable to the TRP Exchange since the acquisition date have been included in the condensed consolidated statements of operations and include $ 68 million and $ 283 million of total revenue and $ 21 million and $ 133 million of net income for the three and nine months ended September 30, 2025. 11 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) WTG Midstream Transaction The Company owns a 25 % non-operating equity investment in Remuda Midstream Holdings LLC, referred to as the “WTG joint venture.” On July 15, 2024, the WTG joint venture sold its WTG Midstream LLC subsidiary (the “WTG Midstream Transaction”), for which the Company received as its portion of the consideration 10.1 million common units issued by Energy Transfer LP (NYSE: ET) and $ 190 million in cash, subject to customary post-closing adjustments. The common unit consideration is also subject to preferred distributions to incentive members of the WTG joint venture which reduce the proceeds attributable to the Company. At the closing of the WTG Midstream Transaction, the value attributable to the Company of the 10.1 million common units was approximately $ 135 million, of which approximately $ 81 million was received by the Company and $ 54 million was initially held in escrow pursuant to an escrow agreement entered into by the WTG joint venture in connection with the initial transaction. In the first nine months of 2025, the Company received approximately $ 15 million related to the settlement of working capital and the full $ 54 million of the escrow amount was released. The total value of distributions received by the Company of $ 336 million, including certain customary post-closing adjustments, exceeded the carrying value of the Company’s investment balance in the WTG joint venture, resulting in an aggregate gain of approximately $ 139 million, of which approximately $ 23 million and $ 65 million was recognized during the three and nine months ended September 30, 2025, respectively. The gain is included in the caption “Other income (expense), net” in the condensed consolidated statement of operations. Viper Acquisitions Viper Tumbleweed Acquisitions In September and October of 2024, Viper completed a series of related acquisitions including the Viper TWR Acquisition, the Viper Q Acquisition and the Viper M Acquisition (collectively, the “Viper Tumbleweed Acquisitions”), each as defined and discussed below. On October 1, 2024, Viper acquired all of the issued and outstanding equity interests in TWR IV, LLC and TWR IV SellCo, LLC from Tumbleweed Royalty IV, LLC (“TWR IV”) and TWR IV SellCo Parent, LLC (the “Viper TWR Acquisition”), pursuant to a definitive purchase and sale agreement for consideration consisting of approximately (i) $ 464 million in cash, including transaction costs and certain customary post-closing adjustments, (ii) 10.09 million Viper LLC units to TWR IV, (iii) an option for TWR IV to acquire up to 10.09 million shares of Viper’s Class B common stock (the “TWR Class B Option”), and (iv) contingent cash consideration of up to $ 41 million, payable in January of 2026, based on the average price of WTI sweet crude oil prompt month futures contracts for the calendar year 2025 (the “WTI 2025 Average”). TWR IV can exchange some or all of its Viper LLC units for an equal number of shares of Viper’s Class A common stock. The mineral and royalty interests acquired in the Viper TWR Acquisition represent approximately 3,067 net royalty acres located primarily in the Permian Basin. Viper funded the cash consideration through a combination of cash on hand, borrowings under Viper’s then revolving credit facility and proceeds from the Viper 2024 Equity Offering (as defined and discussed in Note 10— Stockholders’ Equity and Earnings (Loss) Per Share ). On September 3, 2024, Viper acquired all of the issued and outstanding equity interests in Tumbleweed-Q Royalties, LLC (the “Viper Q Acquisition”), pursuant to a definitive purchase and sale agreement for consideration consisting of (i) approximately $ 114 million in cash, including transaction costs and certain customary post-closing adjustments, and (ii) contingent cash consideration of up to $ 5 million, payable in January of 2026, based on the WTI 2025 Average. Additionally, on September 3, 2024, Viper acquired all of the issued and outstanding equity interests in MC TWR Royalties, LP and MC TWR Intermediate, LLC (the “Viper M Acquisition” and together with the Viper Q Acquisition, the “Viper Q & M Acquisitions”), pursuant to a definitive purchase and sale agreement for consideration consisting of (i) approximately $ 76 million in cash, including transaction costs and certain customary post-closing adjustments, and (ii) contingent cash consideration of up to $ 4 million, payable in January of 2026, based on the WTI 2025 Average. The mineral and royalty interests acquired in the Viper Q & M Acquisitions represent approximately 406 and 267 net royalty acres located primarily in the Permian Basin, respectively. Viper funded the cash consideration for the Viper Q & M Acquisitions through a combination of cash on hand and borrowings under Viper’s then revolving credit facility. See Note 14— Fair Value Measurements for further discussion of the fair value of the contingent consideration liabilities for each of the Viper Tumbleweed Acquisitions discussed above (collectively, the “2026 WTI Contingent Liability”). 12 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) 5. ENDEAVOR ENERGY RESOURCES, LP ACQUISITION On September 10, 2024, the Company completed its acquisition of Endeavor Parent, LLC (“Endeavor”) (the “Endeavor Acquisition”) for consideration consisting of (i) $ 7.1 billion in cash paid to the Endeavor equityholders, (ii) $ 238 million for the repayment of Endeavor’s net debt, which included the $ 219 million net debt position and the associated $ 19 million make-whole premium paid upon redemption of the senior notes and costs incurred to terminate Endeavor’s revolving credit facility, and (iii) approximately 117.27 million shares of the Company’s common stock. The Endeavor Acquisition included approximately 500,849 gross ( 361,927 net) acres, which are primarily located in the Permian Basin. Following the Endeavor Acquisition, the Company believes its inventory has industry-leading depth and quality that will be converted into cash flow with the industry’s lowest cost structure, creating a differentiated value proposition for Diamondback stockholders. The cash consideration for the Endeavor Acquisition was funded through a combination of cash on hand, the net proceeds from the Company’s April 2024 Notes offering and borrowings under the Tranche A Loans (as defined and discussed in Note 9— Debt ). Immediately following the close of the Endeavor Acquisition, Endeavor equityholders held approximately 39.8 % of Diamondback’s common stock. As of September 30, 2025, Endeavor’s equityholders held approximately 36.2 % of the Company’s common stock. Following the closing of the Endeavor Acquisition, the Company filed with the SEC a shelf registration statement, which became immediately effective upon filing, registering for resale the shares of common stock issued in the Endeavor Acquisition, as required by the terms of the related registration rights agreement. The following table presents the acquisition consideration paid to Endeavor equityholders in the Endeavor Acquisition (in millions, except per share data, shares in thousands): Consideration: Shares of Diamondback common stock issued at closing 117,267 Closing price per share of Diamondback common stock on the closing date $ 171.49 Fair value of Diamondback common stock issued $ 20,110 Base cash amount $ 8,000 Preliminary closing adjustments ( 928 ) Cash consideration to Endeavor equityholders 7,072 Cash payment of net debt position and make-whole amount 238 Total cash consideration 7,310 Total consideration (including fair value of Diamondback common stock issued) $ 27,420 Purchase Price Allocation The Endeavor Acquisition has been accounted for under the acquisition method of accounting for business combinations in accordance with ASC Topic 805, “Business Combinations.” The following table represents the allocation of the total purchase price for the acquisition of Endeavor to the identifiable assets acquired and the liabilities assumed based on the fair values at the acquisition date. The purchase price allocation was completed in September 2025. 13 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) The following table sets forth the Company’s purchase price allocation (in millions): Total consideration $ 27,420 Fair value of liabilities assumed: Accounts payable - trade $ 18 Accrued capital expenditures 225 Other accrued liabilities 524 Revenues and royalties payable 567 Derivative instruments 5 Income taxes payable 223 Other current liabilities 25 Asset retirement obligations 267 Deferred income taxes 7,249 Other long-term liabilities 5 Amount attributable to liabilities acquired $ 9,108 Fair value of assets acquired: Accounts receivable - joint interest and other, net $ 63 Accounts receivable - oil and natural gas sales, net 659 Inventories 77 Derivative instruments 25 Prepaid expenses and other current assets 20 Oil and natural gas properties 34,805 Other property, equipment and land 849 Other assets 30 Amount attributable to assets acquired $ 36,528 Net assets acquired and liabilities assumed $ 27,420 The purchase price allocation above is based on the fair values of the assets and liabilities of Endeavor as of the closing date of the Endeavor Acquisition. The majority of the value of assets acquired and liabilities assumed was measured based on inputs that are not observable in the market and are therefore considered Level 3 inputs. The fair value of acquired property and equipment is based on the cost approach, which utilized asset listings and cost records with consideration for the reported age, condition, utilization and economic support of the assets. Oil and natural gas properties were valued using an income approach utilizing the discounted cash flow method, which takes into account production and mineral interest forecasts, projected commodity prices and pricing differentials, and estimates of future capital and operating costs which were then discounted utilizing an estimated weighted-average cost of capital for industry market participants. The value of derivative instruments was based on observable inputs including forward commodity-price curves which are considered Level 2 inputs. Deferred income taxes represent the tax effects of differences in the tax basis and acquisition-date fair values of assets acquired and liabilities assumed. The fair values of asset retirement obligations and inventories were calculated in accordance with the Company’s internal policies as described in Note 2 — Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The fair values of various current assets and liabilities including accounts receivable and accounts payable approximate their carrying values on the closing date of the Endeavor Acquisition because of the short-term nature of the instruments. With the completion of the Endeavor Acquisition, the Company acquired proved properties of $ 20.6 billion and unproved properties of $ 14.2 billion, primarily in the Midland Basin. The results of operations attributable to the Endeavor Acquisition since the acquisition date have been included in the condensed consolidated statements of operations and include $ 1.2 billion and $ 3.7 billion of total revenue and $ 271 million and $ 1.0 billion of net income for the three and nine months ended September 30, 2025, respectively. 14 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) Pro Forma Financial Information The following unaudited summary pro forma financial information for the three and nine months ended September 30, 2024, has been prepared to give effect to the Endeavor Acquisition as if it had occurred on January 1, 2023. The unaudited pro forma financial information does not purport to be indicative of what the combined company’s results of operations would have been if the transaction had occurred on the dates indicated, nor is it indicative of the future financial position or results of operations of the combined company. The below information reflects pro forma adjustments for the issuance of the Company’s common stock as consideration for the Endeavor Acquisition, as well as pro forma adjustments based on available information and certain assumptions that the Company believes are reasonable, including adjustments to depreciation, depletion and amortization based on the full cost method of accounting. Additionally, pro forma earnings for the three and nine months ended September 30, 2024, include historical acquisition-related costs incurred by Endeavor of $ 412 million and $ 415 million, respectively, which consist primarily of incentive compensation, investment banking and legal costs. The Company incurred acquisition related costs of $ 1 million and $ 38 million for the three and nine months ended September 30, 2025, which consist primarily of severance and accelerated incentive compensation payments to former Endeavor employees. The pro forma results of operations do not include any cost savings or other synergies that may result from the Endeavor Acquisition or any estimated costs that have been or will be incurred by the Company to integrate the acquired assets. The pro forma financial data does not include the results of operations for any other acquisitions made during the periods presented, as they were primarily acreage acquisitions, and their results were not deemed material. Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 (In millions, except per share amounts) Revenues $ 3,877 $ 11,800 Income (loss) from operations $ 983 $ 4,797 Net income (loss) attributable to Diamondback Energy, Inc. $ 853 $ 2,020 Basic earnings (loss) per common share $ 2.87 $ 6.79 Diluted earnings (loss) per common share $ 2.87 $ 6.79 6. PROPERTY AND EQUIPMENT Property and equipment includes the following as of the dates indicated: September 30, December 31, 2025 2024 (In millions) Oil and natural gas properties: Subject to depletion $ 69,811 $ 59,574 Not subject to depletion 24,498 22,666 Gross oil and natural gas properties 94,309 82,240 Accumulated depletion ( 14,613 ) ( 11,083 ) Accumulated impairment ( 7,954 ) ( 7,954 ) Oil and natural gas properties, net 71,742 63,203 Other property, equipment and land 1,019 1,440 Accumulated depreciation, amortization, accretion and impairment ( 228 ) ( 171 ) Total property and equipment, net $ 72,533 $ 64,472 15 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) Under the full cost method of accounting, the Company is required to perform a ceiling test each quarter which determines a limit, or ceiling, on the book value of proved oil and natural gas properties. No impairment expense was recorded for the three and nine months ended September 30, 2025, or 2024 based on the results of the respective quarterly ceiling tests. In addition to commodity prices, the Company’s production rates, levels of proved reserves, future development costs, transfers of unevaluated properties and other factors will determine its actual ceiling test calculation and impairment analysis in future periods. If the future trailing 12 -month commodity prices decline as compared to the commodity prices used in prior quarters, the Company may have material write downs in subsequent quarters. It is possible that circumstances requiring additional impairment testing will occur in future interim periods, which could result in potentially material impairment charges being recorded. Assets Held for Sale During the third quarter of 2025, the Company commenced plans to sell certain assets consisting of midstream water assets and inventory with a carrying value of $ 505 million. As of September 30, 2025, the Company had ceased depreciating these assets and classified them as held for sale on the Company’s condensed consolidated balance sheet. At December 31, 2024, the midstream water assets and inventory were included in the Company’s consolidated balance sheet under the caption “Other property, equipment and land” and “Inventories,” respectively. At the time these assets were transferred to held for sale, their carrying values approximated or were less than their respective fair values less costs to sell based on observable exit prices obtained from third party bids. As such, no impairment loss was recorded on these assets upon their transfer to held for sale. The Company completed the sale of these assets in the fourth quarter of 2025. For further discussion on the sale of these assets, see Note 17— Subsequent Events . 7. ASSET RETIREMENT OBLIGATIONS The following table describes the changes to the Company’s asset retirement obligations liability for the following periods: Nine Months Ended September 30, 2025 2024 (In millions) Asset retirement obligations, beginning of period $ 592 $ 245 Additional liabilities incurred 31 5 Liabilities acquired 13 191 Liabilities settled and divested ( 62 ) ( 21 ) Accretion expense 27 13 Revisions in estimated liabilities 3 75 Asset retirement obligations, end of period 604 508 Less current portion (1) 20 15 Asset retirement obligations - long-term $ 584 $ 493 (1) The current portion of the asset retirement obligation is included in the caption “Other accrued liabilities” in the Company’s condensed consolidated balance sheets. 8. RELATED PARTY TRANSACTIONS Deep Blue As of September 30, 2025, the Company and Five Point Energy LLC had a joint venture, Deep Blue Midland Basin LLC (“Deep Blue”), in which the Company owned a 30 % equity ownership interest. Additionally, the Company has other significant related party transactions with Deep Blue, which result in (i) certain accounts receivable due from Deep Blue, (ii) accrued capital expenditures and other accrued payables related to a commitment to fund certain capital expenditures on projects that were in process at the time of the Deep Blue transaction, and (iii) lease operating expenses and capitalized expenses related to fees paid to Deep Blue under a 15-year dedication for its produced water and supply water within a 12 -county area of mutual interest in the Midland Basin. 16 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) For further discussion on additional transactions with Deep Blue, see Note 17— Subsequent Events . The following table presents the significant related party balances included in the condensed consolidated balance sheets at September 30, 2025, and December 31, 2024: September 30, December 31, 2025 2024 (In millions) Current assets - Accounts receivable $ 15 $ 5 Long-term assets - Equity method investments $ 152 $ 137 Current liabilities - Accrued capital expenditures $ ( 22 ) $ ( 31 ) Current liabilities - Other accrued liabilities $ ( 51 ) $ ( 22 ) During the three and nine months ended September 30, 2025, and 2024, the Company recorded approximately $ 23 million, $ 95 million, $ 30 million and $ 90 million, respectively, for water services provided by Deep Blue during the completion phase of wells. These costs were capitalized and are included in the caption “Oil and natural gas properties” on the condensed consolidated balance sheets. The following table presents the significant related party transactions included in the condensed consolidated statements of operations for the three and nine months ended September 30, 2025, and 2024: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (In millions) Lease operating expenses $ 39 $ 29 $ 111 $ 83 Viper For discussion on related party transactions with Viper, see Note 4— Acquisitions and Divestitures - 2025 Drop Down Transaction. 17 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) 9. DEBT Long-term debt consisted of the following as of the dates indicated: September 30, December 31, 2025 2024 (In millions) 3.250 % Senior Notes due 2026 $ 750 $ 750 5.625 % Senior Notes due 2026 14 14 5.200 % Senior Notes due 2027 850 850 7.125 % Medium-term Notes, Series B, due 2028 73 73 3.500 % Senior Notes due 2029 915 915 5.150 % Senior Notes due 2030 850 850 3.125 % Senior Notes due 2031 740 767 6.250 % Senior Notes due 2033 1,100 1,100 5.400 % Senior Notes due 2034 1,300 1,300 5.550 % Senior Notes due 2035 1,200 — 4.400 % Senior Notes due 2051 539 650 4.250 % Senior Notes due 2052 656 750 6.250 % Senior Notes due 2053 650 650 5.750 % Senior Notes due 2054 1,480 1,500 5.900 % Senior Notes due 2064 1,000 1,000 Tranche A Loans — 900 2025 Term Loan 1,500 — Unamortized debt issuance costs ( 105 ) ( 91 ) Unamortized discount costs ( 25 ) ( 25 ) Unamortized premium costs 2 3 Unamortized basis adjustment of dedesignated interest rate swap agreements (1) ( 62 ) ( 72 ) Revolving credit facility 175 — Viper revolving credit facility 160 261 Viper 5.375 % Senior Notes due 2027 380 430 Viper 4.900 % Senior Notes due 2030 500 — Viper 7.375 % Senior Notes due 2031 — 400 Viper 5.700 % Senior Notes due 2035 1,100 — Viper Term Loan 500 — Total debt, net 16,242 12,975 Less: current maturities of debt 394 900 Total long-term debt $ 15,848 $ 12,075 (1) Represents the unamortized basis adjustment related to two receive-fixed, pay-variable interest rate swap agreements which were previously designated as fair value hedges of the Company’s 3.500 % fixed rate senior notes due 2029. This basis adjustment is being amortized to interest expense over the remaining term of the 2029 Notes utilizing the effective interest method. References in this section to the Company shall mean Diamondback Energy, Inc. and Diamondback E&P, collectively, unless otherwise specified. 18 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) Credit Agreement On June 12, 2025, Diamondback E&P, as borrower and Diamondback Energy, Inc., as parent guarantor, entered into a sixteenth amendment to the existing credit agreement (the “Credit Agreement”), which among other things (i) extended the maturity date to June 12, 2030, and (ii) decreased the interest rate, such that outstanding borrowings under the Credit Agreement bear interest at a per annum rate elected by Diamondback E&P that is equal to (x) term SOFR or (y) an alternate base rate (which is equal to the greatest of the prime rate, the Federal Funds effective rate plus 0.50 % and 1-month term SOFR plus 1.0 %, subject to a 1.0 % floor), in each case plus the applicable margin. The applicable margin ranges from 0.000 % to 0.750 % per annum in the case of the alternate base rate and from 1.000 % to 1.750 % per annum in the case of term SOFR, in each case based on the pricing level, and the commitment fee ranges from 0.100 % to 0.250 % per annum on the average daily unused portion of the commitments, based on the pricing level. The pricing level depends on the Company’s long-term senior unsecured debt ratings. The Credit Agreement provides for a maximum credit amount of $ 2.5 billion. As of September 30, 2025, the Company had $ 175 million in outstanding borrowings under the Credit Agreement and approximately $ 2.3 billion available for future borrowings. During the three and nine months ended September 30, 2025, the weighted average interest rate on borrowings under the Credit Agreement was 5.55 % and 5.66 %, respectively. During the three and nine months ended September 30, 2024, the weighted average interest rate on borrowings under the Credit Agreement was 6.64 %. As of September 30, 2025, the Company was in compliance with all financial maintenance covenants under the Credit Agreement. Viper LLC Revolving Credit Facility On June 12, 2025, Former Viper, as guarantor, entered into a credit agreement with Viper LLC, as borrower, and Wells Fargo, as the administrative agent (the “Viper LLC Revolving Credit Facility”), which among other things, provides Viper LLC with a senior unsecured revolving credit facility with a commitment of $ 1.5 billion. The Viper LLC Revolving Credit Facility has a maturity date of June 12, 2030, with the ability to request three extensions of the maturity date by one year . The Viper LLC Revolving Credit Facility was previously guaranteed by certain subsidiaries of Viper LLC, and upon completion of the Sitio Acquisition, those subsidiary guarantees were released and New Viper and Former Viper became co-guarantors. The Viper LLC Revolving Credit Facility replaced Viper LLC’s previous revolving credit facility, dated July 20, 2018, among Viper, Viper LLC and Wells Fargo as amended, restated, amended and restated, supplemented or otherwise modified prior to June 12, 2025. As of September 30, 2025, Viper LLC had $ 160 million in outstanding borrowings and $ 1.3 billion available for future borrowings under the Viper LLC Revolving Credit Facility. The weighted average interest rates on borrowings under Viper LLC’s respective revolving credit facilities were 5.83 % and 6.21 % for the three and nine months ended September 30, 2025, respectively, and 7.51 % and 7.52 % for the three and nine months ended September 30, 2024, respectively. Borrowings under the Viper LLC Revolving Credit Facility bear interest at a per annum rate elected by Viper LLC that is equal to term SOFR or an alternate base rate (which is equal to the greatest of the prime rate, the Federal Funds effective rate plus 0.50 % and one month term SOFR plus 1.0 %, subject to a 1.0 % floor), in each case plus the applicable margin. The applicable margin ranges from 0.125 % to 1.000 % per annum in the case of the alternate base rate loans and from 1.125 % to 2.000 % per annum in the case of term SOFR loans, in each case based on the pricing level. Further, the commitment fee ranges from 0.125 % to 0.325 % per annum on the average daily unused portion of the commitment, again based on the pricing level. The pricing level depends on the rating of Viper’s long-term senior unsecured debt by certain ratings agencies. The Viper LLC Revolving Credit Facility contains a financial covenant that requires Viper to maintain a Total Net Debt to Capitalization Ratio (as defined in the Viper LLC Revolving Credit Facility) of no more than 65 %. As of September 30, 2025, Viper LLC was in compliance with all financial maintenance covenants under the Viper LLC Revolving Credit Facility. 19 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) Term Loan Agreements Diamondback Term Loan Agreements 2025 Term Loan In connection with the Double Eagle Acquisition, Diamondback Energy, Inc., as guarantor, entered into a term loan credit agreement with Diamondback E&P LLC, as borrower, and Bank of America, N.A., as administrative agent (the “2025 Term Loan”) on March 21, 2025. The 2025 Term Loan provided the Company with the ability to borrow up to $ 1.5 billion on an unsecured basis to fund a portion of the cash consideration for the Double Eagle Acquisition and costs and expenses related to the acquisition. On the date of closing of the Double Eagle Acquisition, the 2025 Term Loan was fully drawn in a single borrowing. Any then-outstanding amounts will mature and be payable in full on the second anniversary of the initial funding date. During the three and nine months ended September 30, 2025, the weighted average interest rate on borrowings under the 2025 Term Loan was 5.66 % and 5.67 %, respectively. Outstanding borrowings under the 2025 Term Loan bear interest at a per annum rate elected by the Company that is equal to (i) term SOFR plus 0.10 % (“Adjusted Term SOFR”) or (ii) an alternate base rate (which is equal to the greatest of (a) the Federal Funds effective rate plus 0.50 %, (b) the prime rate (c) Adjusted Term SOFR plus 1.0 %, and (d) 1.0 %), in each case plus the applicable margin. The applicable margin ranges from 0.125 % to 1.000 % per annum in the case of the alternate base rate and from 1.125 % to 2.000 % per annum in the case of Adjusted Term SOFR, in each case based on the pricing level, and the commitment fee is equal to 0.125 % per annum on the aggregate principal amount of the commitments. The pricing level depends on the Company’s long-term senior unsecured debt ratings. Tranche A Loans On February 29, 2024, Diamondback Energy, Inc., as guarantor, entered into a term loan credit agreement with Diamondback E&P LLC, as borrower, and Citibank, N.A., as administrative agent, which is comprised of $ 1.0 billion of Tranche A Loans (the “Tranche A Loans”). The Tranche A Loans were fully drawn to fund a portion of the cash consideration for the Endeavor Acquisition. On May 5, 2025, the Company used the cash proceeds received from the 2025 Drop Down to repay in full and terminate the $ 900 million remaining outstanding Tranche A Loans. During the nine months ended September 30, 2025, the weighted average interest rate on borrowings under the Tranche A Loans was 5.87 %. During the three and nine months ended September 30, 2024, the weighted average interest rate on borrowings under the Tranche A Loans was 6.46 %. Viper Term Loan On July 23, 2025, in connection with the Sitio Acquisition, Viper, as guarantor, entered into a term loan credit agreement with Viper LLC, as borrower, and Goldman Sachs Bank USA, as administrative agent, (the “Viper Term Loan”). The Viper Term Loan provided Viper with the ability to borrow up to $ 500 million on a senior unsecured basis to fund a portion of the retirement of Sitio’s debt, in connection with the Sitio Acquisition. On the date of closing of the Sitio Acquisition, the Viper Term Loan was fully drawn in a single borrowing. Any then-outstanding amounts will mature and be payable in full on the second anniversary of the initial funding date. In connection with the Sitio Acquisition, New Viper became a co-guarantor of the Viper Term Loan. Borrowings under the Viper Term Loan bear interest at a per annum rate elected by Viper LLC that is equal to term SOFR or an alternate base rate (which is equal to the greatest of the prime rate, the federal funds effective rate plus 0.50 % and 1-month term SOFR plus 1.0 %, subject to a 1.0 % floor), in each case plus the applicable margin. The applicable margin ranges from 0.250 % to 1.125 % per annum in the case of the alternate base rate loans and from 1.250 % to 2.125 % per annum in the case of term SOFR loans, in each case based on the pricing level. The pricing level depends on the rating of Viper’s long-term senior unsecured debt by certain ratings agencies. In addition, the fee on undrawn commitments is equal to 0.20 % per annum on the aggregate principal amount of such commitments. During the three and nine months ended September 30, 2025, the weighted average interest rate on borrowings under the Viper Term Loan was 5.92 %. 20 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) Issuance of Notes Diamondback Notes On March 20, 2025, the Company issued $ 1.2 billion aggregate principal amount of 5.550 % Senior Notes due April 1, 2035 (the “2035 Notes”). The Company received net proceeds of $ 1.2 billion, after underwriters’ discounts and transaction costs. Interest on the 2035 Notes is payable semi-annually on April 1 and October 1 of each year, commencing on October 1, 2025. The Company used the net proceeds to fund a portion of the cash consideration for the Double Eagle Acquisition. The 2035 Notes are included in the Guaranteed Senior Notes, which are senior unsecured obligations and are fully and unconditionally guaranteed by Diamondback E&P, are senior in right of payment to any of the Company’s future subordinated indebtedness and rank equal in right of payment with all of the Company’s existing and future senior indebtedness. Viper Notes On July 23, 2025, Viper LLC, as borrower, and Former Viper as guarantor, issued $ 1.6 billion in aggregate principal amount of Viper LLC’s senior notes consisting of (i) $ 500 million aggregate principal amount of 4.900 % Senior Notes due August 1, 2030 (the “Viper 2030 Notes”), and (ii) $ 1.1 billion aggregate principal amount of 5.700 % Senior Notes due August 1, 2035 (the “Viper 2035 Notes” and together with the Viper 2030 Notes, the “Viper 2025 Notes”). Viper received net proceeds of approximately $ 1.58 billion, after underwriters’ discounts and transaction costs. Interest on the Viper 2025 Notes is payable semi-annually in February and August of each year, beginning on February 1, 2026. Concurrently, Viper used a portion of the proceeds to redeem or satisfy and discharge, as discussed below, approximately $ 780 million in aggregate principal amounts of Viper’s outstanding senior notes. Following the closing of the Sitio Acquisition, Viper used the remaining proceeds from the issuance of the Viper 2025 Notes to (i) retire Sitio’s 7.875 % senior notes due 2028, (ii) repay borrowings under Sitio’s revolving credit facility, (iii) pay fees, costs and expenses related to the redemption or repayment of such debt, and (iv) for general corporate purposes. The Viper 2025 Notes are senior unsecured obligations and are fully and unconditionally guaranteed by Former Viper, and, following the closing of the Sitio Acquisition, also by New Viper. The Viper 2025 Notes have been registered under the Securities Act. Retirement of Notes Diamondback Retirement of Notes In the second quarter of 2025, the Company opportunistically repurchased an aggregate principal amount of approximately $ 252 million of its senior notes, which consisted of $ 27 million of the 3.125 % Senior Notes due 2031, $ 111 million of the 4.400 % Senior Notes due 2051, $ 94 million of the 4.250 % Senior Notes due 2052 and $ 20 million of the 5.750 % Senior Notes due 2054, all in open market transactions for total cash consideration, including accrued interest paid, of approximately $ 196 million, at an average of 76.8 % of par value. These repurchases resulted in a gain on extinguishment of debt of approximately $ 55 million during the nine months ended September 30, 2025. Viper Retirement of Notes In the second quarter of 2025, Viper opportunistically repurchased principal amounts of $ 50 million of Viper’s 5.375 % Senior Notes due 2027 (the “Viper 2027 Notes”) in open market transactions for total cash consideration of $ 50 million, at an average of 99.7 % of par value. Viper’s repurchases resulted in an immaterial gain on extinguishment of debt during the nine months ended September 30, 2025. On July 23, 2025, using proceeds from the issuance of the Viper 2025 Notes, Viper (i) redeemed all of Viper’s outstanding 7.375 % Senior Notes due 2031 (the “Viper 2031 Notes”) for total cash consideration of approximately $ 434 million including the applicable redemption premium of 106.767 % of par and accrued and unpaid interest up to, but not including, the redemption date, and (ii) issued and delivered a notice of redemption to redeem all of Viper’s outstanding Viper 2027 Notes on November 1, 2025, for total cash consideration, including payment of interest due to, but not including, the redemption date at a redemption price equal to 100 % of the principal amount of the Viper 2027 Notes. The redemption of the Viper 2031 Notes resulted in a loss on extinguishment of debt of $ 32 million. Concurrent with the notice of redemption for the Viper 2027 Notes, Viper irrevocably deposited with Computershare Trust Company, National Association, the trustee under the 21 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) indenture governing the Viper 2027 Notes, approximately $ 390 million, the redemption amount of the Viper 2027 Notes, which is reflected in the caption “Restricted cash” on the condensed consolidated balance sheet as of September 30, 2025. The indenture governing the Viper 2027 Notes was satisfied and discharged at that time in accordance with its terms and ceased to be of further effect as to the Viper 2027 Notes issued thereunder, except those provisions of the indenture that, by their terms, survived the satisfaction and discharge. The satisfaction and discharge of the Viper 2027 Notes did not represent a legal defeasance or release, and, as such, the Viper 2027 Notes were reflected as a short-term obligation until subsequently redeemed on November 1, 2025. 10. STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE Stock Repurchase Program On July 31, 2025, the Company’s board of directors approved an increase in the Company’s common stock repurchase program from $ 6.0 billion to $ 8.0 billion of the Company’s outstanding common stock, excluding excise tax. Purchases under the repurchase program may be made from time to time in open market or privately negotiated transactions and are subject to market conditions, applicable regulatory and legal requirements, contractual obligations and other factors. The repurchase program does not require the Company to acquire any specific number of shares. This repurchase program may be suspended from time to time, modified, extended or discontinued by the board of directors at any time. During the three and nine months ended September 30, 2025, and 2024, the Company repurchased approximately $ 603 million, $ 1.6 billion, $ 515 million and $ 557 million of common stock under this repurchase program, respectively, in each case excluding excise tax. As of September 30, 2025, approximately $ 3.1 billion remained available for future repurchases under the Company’s common stock repurchase program, excluding excise tax. Viper 2025 Equity Offering On February 3, 2025, Viper completed an underwritten public offering of approximately 28.34 million shares of Viper’s Class A common stock, which included 3.70 million shares issued pursuant to an option to purchase additional shares of Viper’s Class A common stock granted to the underwriters, at a price to the public of $ 44.50 per share for total net proceeds of approximately $ 1.2 billion, after the underwriters’ discount and transaction costs (the “Viper 2025 Equity Offering”). The net proceeds were used (i) to fund a portion of Viper’s cash consideration for the 2025 Drop Down , (ii) to fund cash consideration for other acquisitions, and (iii) for general corporate purposes. Viper 2024 Equity Offering On September 13, 2024, Viper completed an underwritten public offering of approximately 11.5 million shares of its Class A common stock, which included 1.5 million shares issued pursuant to an option to purchase additional shares of Class A common stock granted to the underwriters, at a price to the public of $ 42.50 per share for total net proceeds to Viper of approximately $ 476 million, after underwriters’ discounts and transaction costs (the “Viper 2024 Equity Offering”). The net proceeds were used to fund a portion of the cash consideration for the Viper TWR Acquisition. Change in Ownership of Consolidated Subsidiaries Non-controlling interests in the accompanying condensed consolidated financial statements represent minority interest ownership in Viper and are presented as a component of equity. When the Company’s relative ownership interests in Viper change, adjustments to non-controlling interest and additional paid-in-capital, tax effected, will occur. 22 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) The following table summarizes changes in the ownership interest in consolidated subsidiaries during the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (In millions) Net income (loss) attributable to the Company $ 1,018 $ 659 $ 3,122 $ 2,264 Change in ownership of consolidated subsidiaries 58 123 ( 470 ) 62 Change from net income (loss) attributable to the Company’s stockholders and transfers with non-controlling interest $ 1,076 $ 782 $ 2,652 $ 2,326 Dividends The following table presents dividends and distribution equivalent rights paid on the Company’s common stock during the respective periods : Base Variable Total Per Share Total (In millions, except per share amounts) 2025 First quarter $ 1.00 $ — $ 1.00 $ 291 Second quarter 1.00 — 1.00 293 Third quarter 1.00 — 1.00 291 Total year-to-date $ 3.00 $ — $ 3.00 $ 875 2024 First quarter $ 0.90 $ 2.18 $ 3.08 $ 552 Second quarter 0.90 1.07 1.97 355 Third quarter 0.90 1.44 2.34 419 Total year-to-date $ 2.70 $ 4.69 $ 7.39 $ 1,326 Earnings (Loss) Per Share The Company’s earnings (loss) per share amounts have been computed using the two-class method. The two-class method is an earnings allocation proportional to the respective ownership among holders of common stock and participating securities. Basic earnings (loss) per share amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share include the effect of potentially dilutive non-participating securities outstanding for the period. Additionally, the per share earnings of Viper are included in the consolidated earnings per share computation based on the consolidated group’s holdings of the subsidiaries. 23 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) A reconciliation of the components of basic and diluted earnings per common share is presented below: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (In millions, except per share amounts, shares in thousands) Net income (loss) attributable to common shares $ 1,018 $ 659 $ 3,122 $ 2,264 Less: distributed and undistributed earnings allocated to participating securities (1) 4 6 14 17 Net income (loss) attributable to common stockholders $ 1,014 $ 653 $ 3,108 $ 2,247 Weighted average common shares outstanding: Basic weighted average common shares outstanding 288,826 204,730 290,188 187,253 Effect of dilutive securities: Weighted-average potential common shares issuable — — — — Diluted weighted average common shares outstanding 288,826 204,730 290,188 187,253 Basic net income (loss) attributable to common shares $ 3.51 $ 3.19 $ 10.71 $ 12.00 Diluted net income (loss) attributable to common shares $ 3.51 $ 3.19 $ 10.71 $ 12.00 (1) Unvested restricted stock awards and performance stock awards that contain non-forfeitable distribution equivalent rights are considered participating securities and therefore are included in the earnings per share calculation pursuant to the two-class method. 11. EQUITY-BASED COMPENSATION Under the Equity Plan approved by the board of directors, the Company is authorized to issue up to 11.8 million shares of incentive and non-statutory stock options, restricted stock awards and restricted stock units, performance awards and stock appreciation rights to eligible employees. The Company currently has outstanding restricted stock units and performance-based restricted stock units under the Equity Plan. At September 30, 2025, approximately 3.7 million shares of common stock remain available for future grants under the Equity Plan. The Company classifies its restricted stock units and performance-based restricted stock units as equity-based awards and estimates the fair values of restricted stock awards and units as the closing price of the Company’s common stock on the grant date of the award, which is expensed over the applicable vesting period. In addition to the Equity Plan, Viper maintains its own long-term incentive plan, which is not significant to the Company. The following table presents the financial statement impacts of equity compensation plans and related costs on the Company’s financial statements: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (In millions) General and administrative expenses $ 22 $ 16 $ 61 $ 49 Equity-based compensation capitalized pursuant to full cost method of accounting for oil and natural gas properties $ 9 $ 8 $ 24 $ 22 24 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) Restricted Stock Units The following table presents the Company’s restricted stock unit activity during the nine months ended September 30, 2025, under the Equity Plan: Restricted Stock Units Weighted Average Grant-Date Fair Value Unvested at December 31, 2024 645,408 $ 159.84 Granted 675,821 $ 149.23 Vested ( 135,930 ) $ 160.73 Forfeited ( 49,150 ) $ 153.37 Unvested at September 30, 2025 1,136,149 $ 153.70 The aggregate grant date fair value of restricted stock units that vested during the nine months ended September 30, 2025, was $ 22 million. As of September 30, 2025, the Company’s unrecognized compensation cost related to unvested restricted stock units was $ 119 million, which is expected to be recognized over a weighted-average period of 2.0 years. Performance Based Restricted Stock Units The following table presents the Company’s performance restricted stock units activity under the Equity Plan for the nine months ended September 30, 2025: Performance Restricted Stock Units Weighted Average Grant-Date Fair Value Unvested at December 31, 2024 278,902 $ 278.72 Granted 186,519 $ 217.98 Vested ( 6,590 ) $ 158.96 Unvested at September 30, 2025 (1) 458,831 $ 256.13 (1) A maximum of 1,107,526 units could be awarded based upon the Company’s final TSR ranking. As of September 30, 2025, the Company’s unrecognized compensation cost related to unvested performance based restricted stock units was $ 54 million, which is expected to be recognized over a weighted-average period of 1.5 years. In March 2025, eligible employees received performance restricted stock unit awards totaling 171,638 units from which a minimum of 0 % and a maximum of 200 % of the units could be awarded based upon the measurement of TSR of the Company’s common stock as compared to a designated peer group during the three-year performance period of January 1, 2025, to December 31, 2027, and cliff vest at December 31, 2027, subject to continued employment. The initial payout of the March 2025 awards will be further adjusted by a TSR modifier that may reduce the payout or increase the payout up to a maximum of 250 %. Additionally, in May 2025 the Company granted 14,881 performance restricted stock units under substantially the same terms as the March 2025 performance restricted stock unit awards. The fair value of each performance restricted stock unit issuance is estimated at the date of grant using a Monte Carlo simulation, which results in an expected percentage of units to be earned during the performance period. The following table presents a summary of the grant-date fair values of performance restricted stock units granted and the related assumptions for the awards granted during the periods presented: March 2025 May 2025 Grant-date fair value $ 222.34 $ 167.75 Risk-free rate 3.99 % 4.00 % Company volatility 34.60 % 33.30 % 25 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) 12. INCOME TAXES The following table provides the Company’s provision for (benefit from) income taxes and the effective income tax rate for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (In millions, except for tax rate) Provision for (benefit from) income taxes $ 287 $ 210 $ 894 $ 685 Effective income tax rate 20.9 % 22.9 % 21.3 % 22.1 % Total income tax expense from continuing operations for the three and nine months ended September 30, 2025, differed from amounts computed by applying the U.S. federal statutory tax rate to pre-tax income primarily due to (i) state income taxes, net of federal benefit, (ii) the effect of research and development tax credits, (iii) limitations on the deduction of certain permanent items, and (iv) other permanent differences between book and taxable income. For the three and nine months ended September 30, 2024, total income tax expense from continuing operations differed from amounts computed by applying the U.S. federal statutory tax rate to pre-tax income primarily due to (i) state income taxes, net of federal benefit, (ii) the impact of permanently nondeductible transaction costs, and (iii) other differences between book and taxable income. On July 4, 2025, H.R. 1, commonly known as the One Big Beautiful Bill Act (the “Act”), was enacted. The Act included multiple provisions applicable to U.S. income taxes for businesses, including immediate expensing of research or experimental expenses, bonus depreciation for qualified tangible property, deductible intangible drilling costs for purposes of the corporate alternative minimum tax, and enhancements to limits on business interest expense deductions. The Company accounted for the Act in the period of enactment and materially reduced its estimate of current tax expense for 2025, primarily offset by an increase in estimated deferred tax expense for 2025, with no material net impact on the effective tax rate for the quarter. In connection with the Sitio Acquisition, Viper acquired prepaid income tax balances of approximately $ 14 million and deferred tax assets of $ 5 million related to loss carryforwards. Viper also recognized a deferred tax liability of approximately $ 122 million. In connection with the 2025 Drop Down in May 2025, the Company recorded a $ 170 million increase in tax payable and a $ 164 million decrease in deferred tax liability through paid in capital. Due to the resulting increase in the Company’s ownership of Viper LLC, the Company recorded a $ 202 million decrease to deferred tax liability, and a $ 212 million decrease in the deferred tax asset through non-controlling interest on the Company’s condensed consolidated balance sheet. In connection with the closing of the Endeavor Acquisition, the Company recognized a $ 7.2 billion deferred tax liability. Based on application of the Inflation Reduction Act of 2022 guidance, the Company’s income tax expense for the three and nine months ended September 30, 2025, was not impacted by the corporate alternative minimum tax. 13. DERIVATIVES At September 30, 2025, the Company has commodity derivative contracts and interest rate swaps outstanding. All derivative financial instruments are recorded at fair value. Commodity Contracts The Company has entered into multiple crude oil and natural gas derivatives, indexed to the respective indices as noted in the table below, to reduce price volatility associated with certain of its oil and natural gas sales. The Company has not designated its commodity derivative instruments as hedges for accounting purposes and, as a result, marks its commodity derivative instruments to fair value and recognizes the cash and non-cash changes in fair value in the condensed consolidated statements of operations under the caption “Gain (loss) on derivative instruments, net.” 26 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) By using derivative instruments to economically hedge exposure to changes in commodity prices, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk. The Company has entered into commodity derivative instruments only with counterparties that are also lenders under its credit facility and have been deemed an acceptable credit risk. As such, collateral is not required from either the counterparties or the Company on its outstanding commodity derivative contracts. As of September 30, 2025, the Company had the following outstanding commodity derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed. Swaps Collars Settlement Month Settlement Year Type of Contract Bbls/MMBtu Per Day Index Weighted Average Differential Weighted Average Floor Price Weighted Average Ceiling Price OIL Oct. - Dec. 2025 Roll Swap 65,000 WTI Cushing $ 1.07 $ — $ — Oct. - Dec. 2025 Basis Swap (1) 76,000 Argus WTI Midland $ 1.05 $ — $ — Jan. - Jun. 2026 Basis Swap (1) 25,000 Argus WTI Midland $ 0.96 $ — $ — Jul. - Dec. 2026 Basis Swap (1) 20,000 Argus WTI Midland $ 0.95 $ — $ — NATURAL GAS Oct. - Dec. 2025 Costless Collar 690,000 Henry Hub $ — $ 2.49 $ 5.28 Jan. - Dec. 2026 Costless Collar 800,000 Henry Hub $ — $ 2.88 $ 6.34 Jan. - Dec. 2027 Costless Collar 520,000 Henry Hub $ — $ 2.92 $ 6.37 Oct. - Dec. 2025 Basis Swap (1) 610,000 Waha Hub $( 0.98 ) $ — $ — Oct. - Dec. 2025 Basis Swap (1) 20,000 HSC Hub $( 0.49 ) $ — $ — Jan. - Dec. 2026 Basis Swap (1) 610,000 Waha Hub $( 1.67 ) $ — $ — Jan. - Dec. 2026 Basis Swap (1) 100,000 HSC Hub $( 0.35 ) $ — $ — Jan. - Dec. 2027 Basis Swap (1) 300,000 Waha Hub $( 1.35 ) $ — $ — Jan. - Dec. 2027 Basis Swap (1) 100,000 HSC Hub $( 0.26 ) $ — $ — (1) The Company has fixed price basis swaps for the spread between the Cushing crude oil price and the Midland WTI crude oil price as well as the spread between the Henry Hub natural gas price, the Waha Hub and the HSC Hub natural gas price. The weighted average differential represents the amount of reduction to the Cushing, Oklahoma oil price and the Waha Hub and HSC Hub natural gas price for the notional volumes covered by the basis swap contracts. Settlement Month Settlement Year Type of Contract Bbls Per Day Index Strike Price Deferred Premium OIL Oct. - Dec. 2025 Put 46,000 Brent $ 53.91 $ 1.64 Oct. - Dec. 2025 Put 100,000 Argus WTI Houston $ 53.00 $ 1.68 Oct. - Dec. 2025 Put 176,000 WTI Cushing $ 53.79 $ 1.64 Jan. - Mar. 2026 Put 36,000 Brent $ 53.13 $ 1.73 Jan. - Mar. 2026 Put 85,000 Argus WTI Houston $ 51.26 $ 1.65 Jan. - Mar. 2026 Put 160,000 WTI Cushing $ 52.23 $ 1.66 Apr. - Jun. 2026 Put 17,000 Brent $ 52.50 $ 1.74 Apr. - Jun. 2026 Put 50,000 Argus WTI Houston $ 50.00 $ 1.64 Apr. - Jun. 2026 Put 65,000 WTI Cushing $ 50.00 $ 1.75 Jul. - Sep. 2026 Put 5,000 Brent $ 52.50 $ 1.63 Jul. - Sep. 2026 Put 5,000 Argus WTI Houston $ 50.00 $ 1.70 Jul. - Sep. 2026 Put 10,000 WTI Cushing $ 50.00 $ 1.83 27 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) Interest Rate Swaps and Treasury Locks Interest Rate Swaps As of September 30, 2025, the Company has two receive-fixed, pay-variable interest rate swap agreements for notional amounts of $ 150 million, which are considered economic hedges of the Company’s 3.50 % fixed rate senior notes due 2029 (the “2029 Notes”). During the three and nine months ended September 30, 2025, the Company terminated and settled an aggregate $ 150 million and $ 600 million, respectively, of the previous $ 900 million notional amount of interest rate swaps for an aggregate loss of $ 15 million and $ 67 million, respectively. The losses on the partial termination of interest rate swaps are recognized in the caption “Gain (loss) on derivative instruments, net” on the condensed consolidated statements of operations for the three and nine months ended September 30, 2025. The Company receives a fixed 3.50 % rate of interest on these swaps and pays the variable rate of SOFR plus 2.1865 %. The interest rate swaps are not treated as hedges for accounting purposes and, as a result, changes in fair value are recorded in earnings under the caption “Gain (loss) on derivative instruments, net” in the condensed consolidated statements of operations. The interest rate swaps were designated as fair value hedges at inception, but the Company subsequently elected to discontinue hedge accounting. The cumulative fair value basis adjustment recorded at the time of dedesignation is being amortized to interest expense over the remaining term of the 2029 Notes utilizing the effective interest method. See Note 9— Debt for further details. Treasury Locks From time to time the Company enters into certain treasury lock contracts to reduce the forecasted interest rate risk associated with the issuance of senior unsecured notes. Changes in the value and settlement of treasury locks are recognized under the caption “Gain (loss) on derivative instruments, net” on the condensed consolidated statements of operations. Balance Sheet Offsetting of Derivative Assets and Liabilities The fair value of derivative instruments is generally determined using established index prices and other sources which are based upon, among other things, futures prices and time to maturity. These fair values are recorded by netting asset and liability positions, including any deferred premiums, that are with the same counterparty and are subject to contractual terms which provide for net settlement. See Note 14— Fair Value Measurements for further details. Gains and Losses on Derivative Instruments The following table summarizes the gains and losses on derivative instruments included in the condensed consolidated statements of operations: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (In millions) Gain (loss) on derivative instruments, net: Commodity contracts $ 115 $ 99 $ 126 $ 137 Interest rate swaps (1) — 32 18 ( 11 ) 2026 WTI Contingent Liability 2 — 3 — Treasury locks 3 — 2 ( 25 ) Total $ 120 $ 131 $ 149 $ 101 Net cash received (paid) on settlements: Commodity contracts $ 72 $ 33 $ 181 $ 53 Interest rate swaps (1) ( 15 ) ( 37 ) ( 75 ) ( 64 ) Treasury locks 3 — 2 ( 25 ) Total $ 60 $ ( 4 ) $ 108 $ ( 36 ) 28 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) (1) The three and nine months ended September 30, 2025, includes cash paid on interest rate swaps terminated prior to their contractual maturity of $ 15 million and $ 67 million, respectively. The three and nine months ended September 30, 2024, includes cash paid on interest rate swaps terminated prior to their contractual maturity of $ 37 million. 14. FAIR VALUE MEASUREMENTS Assets and Liabilities Measured at Fair Value on a Recurring Basis As discussed in Note 14—Fair Value Measurements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, certain financial instruments of the Company are reported at fair value on the Company’s condensed 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 that is reported at fair value using observable, quoted stock prices and is included in “Other assets” on the Company’s condensed consolidated balance sheets at September 30, 2025, and December 31, 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 condensed consolidated balance sheet at September 30, 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 condensed consolidated statements of operations for the three and nine months ended September 30, 2025. The following table provides the fair value of financial instruments that are recorded at fair value in the condensed consolidated balance sheets as of September 30, 2025, and December 31, 2024: As of September 30, 2025 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: Current assets- Derivative instruments: Commodity derivative instruments $ — $ 327 $ — $ 327 $ ( 153 ) $ 174 Non-current assets- Derivative instruments: Commodity derivative instruments $ — $ 66 $ — $ 66 $ ( 65 ) $ 1 Non-current assets- Other assets: Investment $ 44 $ — $ — $ 44 $ — $ 44 Liabilities: Current liabilities- Derivative instruments: Commodity derivative instruments $ — $ 154 $ — $ 154 $ ( 153 ) $ 1 Interest rate swaps $ — $ 9 $ — $ 9 $ — $ 9 Current liabilities- Other accrued liabilities: 2026 WTI Contingent Liability $ — $ 27 $ — $ 27 $ — $ 27 Non-current liabilities- Derivative instruments: Commodity derivative instruments $ — $ 149 $ — $ 149 $ ( 65 ) $ 84 Interest rate swaps $ — $ 22 $ — $ 22 $ — $ 22 29 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) As of December 31, 2024 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: Current assets- Derivative instruments: Commodity derivative instruments $ — $ 274 $ — $ 274 $ ( 106 ) $ 168 Non-current assets- Derivative instruments: Commodity derivative instruments $ — $ 19 $ — $ 19 $ ( 17 ) $ 2 Non-current assets- Other assets: Investment $ 8 $ — $ — $ 8 $ — $ 8 Liabilities: Current liabilities- Derivative instruments: Commodity derivative instruments $ — $ 121 $ — $ 121 $ ( 106 ) $ 15 Interest rate swaps $ — $ 28 $ — $ 28 $ — $ 28 Non-current liabilities- Derivative instruments: Commodity derivative instruments $ — $ 27 $ — $ 27 $ ( 17 ) $ 10 Interest rate swaps $ — $ 96 $ — $ 96 $ — $ 96 Non-current liabilities- Other long-term liabilities: 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 condensed consolidated balance sheets: September 30, 2025 December 31, 2024 Carrying Value Fair Value Carrying Value Fair Value (In millions) Debt $ 16,242 $ 16,239 $ 12,975 $ 12,564 The fair values of the Company’s borrowings under the Credit Agreement, the Viper LLC Revolving Credit Facility, the 2025 Term Loan, Viper 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 Divestitures , Note 5— Endeavor Energy Resources, LP Acquisition and Note 6— 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. 30