FULLTEXT DEL 1 AV 2
10-Q – 2026-08-05 – fang-20260630.htm
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SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-35700 Diamondback Energy, Inc. (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 July 31, 2026, the registrant had 280,024,353 shares of common stock outstanding. DIAMONDBACK ENERGY, INC. FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2026 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 (Unaudited) 1 Condensed Consolidated Statements of Operations 1 Condensed Consolidated Balance Sheets 2 Condensed Consolidated Statements of Cash Flows 3 Condensed Consolidated Statements of Stockholders’ Equity 4 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 8 5. Property and Equipment 10 6. Asset Retirement Obligations 11 7. Related Party Transactions 11 8. Debt 13 9. Stockholders’ Equity and Earnings (Loss) Per Share 15 10. Equity-Based Compensation 17 11. Income Taxes 18 12. Derivatives 19 13. Fair Value Measurements 21 14. Supplemental Information To Statements of Cash Flows 23 15. Commitments and Contingencies 24 16. Subsequent Events 24 17. Segment Information 25 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3. Quantitative and Qualitative Disclosures About Market Risk 41 Item 4. Controls and Procedures 41 PART II. OTHER INFORMATION Item 1. Legal Proceedings 43 Item 1A. Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 5. Other Information 44 Item 6. Exhibits 45 Signatures 46 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 crude 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. Formation A layer of rock which has distinct characteristics that differ from nearby rock. 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. Henry Hub Natural gas gathering point that serves as a benchmark price for natural gas futures on the NYMEX. 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 within a specified interval. Horizontal wells Wells drilled directionally horizontal to allow for development of structures not reachable through traditional vertical drilling mechanisms. HSC Hub Natural gas gathering point that serves as a benchmark price for natural gas at the Houston Ship Channel area. MBbls One thousand barrels of crude oil and other liquid hydrocarbons. MBOE One thousand BOE, determined using a ratio of six Mcf of natural gas to one Bbl of crude oil, condensate or natural gas liquids. 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 or net wells The sum of the fractional working interest owned in gross acres. Net royalty acres Net mineral acres multiplied by the average lease royalty interest and other burdens. 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. Plugging and abandonment Refers to the sealing off of fluids in the reservoir penetrated by a well so that the fluids from one reservoir will not escape into another or to the surface. 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. ii Table of Contents Reserves Reserves are 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). 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: ASU Accounting Standards Update. Diamondback E&P Diamondback E&P LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company. 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. Free Cash Flow A non-GAAP financial measure calculated as cash flow from operating activities before changes in working capital in excess of cash capital expenditures. GAAP Accounting principles generally accepted in the United States. 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. Nasdaq The Nasdaq Global Select Market. NYMEX New York Mercantile Exchange. 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. SOFR The secured overnight financing rate. TSR Total stockholder return of the Company’s common stock. Viper (i) New Viper following the Sitio Acquisition, and (ii) Former Viper prior to the Sitio Acquisition, (each term as defined in Note 1—Description of the Business and Basis of Presentation in Part I. Item 1. Financial Statements of this report). Viper LLC Prior to December 23, 2025, Viper Energy Partners LLC, a Delaware limited liability company and a subsidiary of Viper Energy, Inc. and after December 23, 2025, VNOM Holding Company LLC, a Delaware limited liability company and a consolidated 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 Double Eagle Acquisition and Viper’s 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, 2025, 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: • geopolitics and market conditions, including changes in supply and demand levels for oil, natural gas and natural gas liquids and the resulting impact on the price for those commodities; • changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers and any resulting trade tensions; • actions taken by the members of OPEC and its non-OPEC allies (“OPEC+”) 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, inflation rates and 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, changing political and social perspectives on climate change and other environmental, social and governance factors, and risks from our publicly disclosed targets related to sustainability and emissions reduction initiatives; • challenges in developing our existing leasehold acreage and finding, developing or acquiring additional reserves; • restrictions on the use of water, including limits on the use of produced water and a moratorium on new produced water disposal 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; • conditions in the capital, financial and credit markets, including the availability and pricing of capital for acquisitions, exploration and development operations; • 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 electrical power, internet and telecommunication infrastructure, information and computer systems, 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; • inability to keep pace with technological developments in our industry; • failure to meet our obligations under our oil purchase contracts; • loss of one or more customers or their inability to meet their obligations; • geographical concentration of our primary operations; • risks from our return of capital commitment, and uncertainties over our future dividends and share repurchases; • difficulty in obtaining necessary approvals and permits; • severe weather conditions and natural disasters; • changes in the financial strength of counterparties to our credit facilities and hedging contracts; • our substantial indebtedness and restrictions to our operating and financial flexibility; • changes in our credit rating; • failure to identify, complete and successfully integrate acquisitions, including Viper’s Riverbend Acquisition and Sitio Acquisition; • the Endeavor equityholders’ ability to significantly influence our business and potential conflicts of interest; 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, 2025. 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 Statements of Operations (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In millions, except per share amounts, shares in thousands) Revenues: Oil sales $ 4,627 $ 2,852 $ 8,072 $ 5,891 Natural gas sales ( 276 ) 97 ( 255 ) 309 Natural gas liquid sales 435 367 794 773 Sales of purchased oil 739 335 1,124 709 Other operating income 37 27 67 44 Total revenues 5,562 3,678 9,802 7,726 Costs and expenses: Lease operating expenses 552 440 1,099 848 Production and ad valorem taxes 302 214 570 442 Gathering, processing and transportation 113 145 233 256 Purchased oil expense 730 331 1,123 713 Depreciation, depletion, amortization and accretion 1,272 1,266 2,565 2,363 Impairment of oil and natural gas properties — — 1,400 — General and administrative expenses 72 67 151 140 Other operating expenses, net 9 76 33 152 Total costs and expenses 3,050 2,539 7,174 4,914 Income (loss) from operations 2,512 1,139 2,628 2,812 Other income (expense): Interest expense, net ( 56 ) ( 56 ) ( 119 ) ( 96 ) Other income (expense), net ( 4 ) 2 3 37 Gain (loss) on derivative instruments, net 49 ( 197 ) 166 29 Gain (loss) on extinguishment of debt, net 134 55 133 55 Total other income (expense), net 123 ( 196 ) 183 25 Income (loss) before income taxes 2,635 943 2,811 2,837 Provision for (benefit from) income taxes 580 204 612 607 Net income (loss) 2,055 739 2,199 2,230 Net income (loss) attributable to non-controlling interest 173 40 292 126 Net income (loss) attributable to Diamondback Energy, Inc. $ 1,882 $ 699 $ 1,907 $ 2,104 Earnings (loss) per common share: Basic $ 6.65 $ 2.38 $ 6.72 $ 7.20 Diluted $ 6.65 $ 2.38 $ 6.72 $ 7.20 Weighted average common shares outstanding: Basic 281,202 292,135 281,993 290,880 Diluted 281,202 292,135 281,993 290,880 See accompanying notes to condensed consolidated financial statements. 1 Table of Contents Diamondback Energy, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) June 30, December 31, 2026 2025 (In millions, except par values and share data) Assets Current assets: Cash and cash equivalents ($ 77 million and $ 13 million related to Viper) $ 462 $ 104 Restricted cash 2 2 Accounts receivable: Joint interest and other, net 261 258 Oil and natural gas sales, net ($ 461 million and $ 262 million related to Viper) 1,669 1,128 Inventories 67 86 Prepaid expenses and other current assets 189 337 Total current assets 2,650 1,915 Property and equipment: Oil and natural gas properties: Proved properties ($ 9,608 million and $ 9,746 million related to Viper) 74,385 71,588 Unproved properties ($ 4,545 million and $ 4,910 million related to Viper) 23,193 23,941 Other property, equipment and land 899 874 Accumulated depletion, depreciation, amortization and impairment ($ 2,856 million and $ 2,455 million related to Viper) ( 31,705 ) ( 27,782 ) Property and equipment, net 66,772 68,621 Other assets 796 523 Total assets $ 70,218 $ 71,059 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable and accrued capital expenditures $ 1,264 $ 1,168 Current maturities of debt 1,548 763 Other accrued liabilities 883 1,108 Revenues and royalties payable 1,717 1,397 Derivative instruments 36 15 Income taxes payable 230 149 Total current liabilities 5,678 4,600 Long-term debt ($ 1,678 million and $ 2,186 million related to Viper) 11,066 13,726 Deferred income taxes 8,933 9,141 Other long-term liabilities 556 625 Total liabilities 26,233 28,092 Commitments and contingencies (Note 15) Stockholders’ equity: Common stock, $ 0.01 par value; 800,000,000 shares authorized; 280,567,508 and 284,594,908 shares issued and outstanding at June 30, 2026, and December 31, 2025, respectively 3 3 Additional paid-in capital 31,866 32,236 Retained earnings (accumulated deficit) 6,038 4,740 Accumulated other comprehensive income (loss) ( 7 ) ( 7 ) Total Diamondback Energy, Inc. stockholders’ equity 37,900 36,972 Non-controlling interest 6,085 5,995 Total equity 43,985 42,967 Total liabilities and stockholders’ equity $ 70,218 $ 71,059 See accompanying notes to condensed consolidated financial statements. 2 Table of Contents Diamondback Energy, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) Six Months Ended June 30, 2026 2025 (In millions) Cash flows from operating activities: Net income (loss) $ 2,199 $ 2,230 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Provision for (benefit from) deferred income taxes ( 206 ) ( 18 ) Depreciation, depletion, amortization and accretion 2,565 2,363 Impairment of oil and natural gas properties 1,400 — (Gain) loss on extinguishment of debt, net ( 133 ) ( 55 ) (Gain) loss on derivative instruments, net ( 166 ) ( 29 ) Cash received (paid) on settlement of derivative instruments 246 48 Other 59 54 Changes in operating assets and liabilities: Accounts receivable ( 563 ) 160 Accounts payable and accrued liabilities ( 204 ) ( 383 ) Income taxes payable — ( 309 ) Revenues and royalties payable 324 ( 30 ) Other ( 104 ) 1 Net cash provided by (used in) operating activities 5,417 4,032 Cash flows from investing activities: Additions to oil and natural gas properties ( 1,929 ) ( 1,806 ) Property acquisitions ( 752 ) ( 3,875 ) Proceeds from sale of assets 657 57 Other ( 29 ) ( 8 ) Net cash provided by (used in) investing activities ( 2,053 ) ( 5,632 ) Cash flows from financing activities: Proceeds from debt 6,290 8,622 Repayment of debt ( 8,047 ) ( 6,407 ) Repurchased shares under repurchase program ( 180 ) ( 973 ) Repurchased shares - related party ( 509 ) — Repurchased shares/units under Viper’s repurchase program ( 228 ) ( 10 ) Net proceeds from Viper’s issuance of common stock — 1,232 Proceeds from sale of Viper's common stock 589 — Dividends paid to stockholders ( 605 ) ( 581 ) Dividends to non-controlling interest ( 279 ) ( 177 ) Other ( 37 ) ( 49 ) Net cash provided by (used in) financing activities ( 3,006 ) 1,657 Net increase (decrease) in cash, cash equivalents and restricted cash 358 57 Cash, cash equivalents and restricted cash at beginning of period 106 164 Cash, cash equivalents and restricted cash at end of period $ 464 $ 221 See accompanying notes to condensed consolidated financial statements. 3 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 at December 31, 2025 284,595 $ 3 $ 32,236 $ 4,740 $ ( 7 ) $ 5,995 $ 42,967 Viper stock-based compensation — — — — — 2 2 Stock-based compensation — — 29 — — — 29 Cash paid for tax withholding on vested equity awards ( 150 ) — ( 27 ) — — — ( 27 ) Issuance of shares upon vesting of equity awards 134 — — — — — — Repurchased shares under repurchase program, including excise tax ( 267 ) — ( 39 ) — — — ( 39 ) Repurchased shares - related party, including excise tax ( 3,000 ) — ( 514 ) — — — ( 514 ) Repurchased shares under Viper’s repurchase program — — — — — ( 97 ) ( 97 ) Dividends to non-controlling interest — — — — — ( 120 ) ( 120 ) Dividends paid — — — ( 295 ) — — ( 295 ) Dividend equivalent rights payments — — — ( 3 ) — — ( 3 ) Proceeds from sale of Viper's common stock — — 219 — — 308 527 Change in ownership of consolidated subsidiaries, net — — 106 — — ( 40 ) 66 Net income (loss) — — — 25 — 119 144 Balance at March 31, 2026 281,312 $ 3 $ 32,010 $ 4,467 $ ( 7 ) $ 6,167 $ 42,640 Viper stock-based compensation — — — — — 3 3 Stock-based compensation — — 30 — — — 30 Cash paid for tax withholding on vested equity awards ( 1 ) — 1 — — ( 1 ) — Issuance of shares upon vesting of equity awards 13 — — — — — — Repurchased shares under repurchase program, including excise tax ( 756 ) — ( 142 ) — — — ( 142 ) Repurchased shares under Viper’s repurchase program — — — — — ( 131 ) ( 131 ) Dividends to non-controlling interest — — — — — ( 159 ) ( 159 ) Dividends paid — — — ( 310 ) — — ( 310 ) Dividend equivalent rights payments — — — ( 1 ) — — ( 1 ) Change in ownership of consolidated subsidiaries, net — — ( 33 ) — — 33 — Net income (loss) — — — 1,882 — 173 2,055 Balance at June 30, 2026 280,568 $ 3 $ 31,866 $ 6,038 $ ( 7 ) $ 6,085 $ 43,985 See accompanying notes to condensed consolidated financial statements. 4 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 at December 31, 2024 290,984 $ 3 $ 33,501 $ 4,238 $ ( 6 ) $ 2,126 $ 39,862 Viper stock-based compensation — — — — — 1 1 Stock-based compensation — — 22 — — — 22 Cash paid for tax withholding on vested equity awards ( 155 ) — ( 25 ) — — — ( 25 ) Issuance of shares upon vesting of equity awards 115 — — — — — — Repurchased shares under repurchase program, including excise tax ( 3,656 ) — ( 580 ) — — — ( 580 ) Dividends to non-controlling interest — — — — — ( 95 ) ( 95 ) Dividends paid — — — ( 290 ) — — ( 290 ) Dividend equivalent rights payments — — — ( 1 ) — — ( 1 ) Viper LLC’s units issued for acquisition — — — — — 119 119 Net proceeds from Viper’s issuance of common stock — — — — — 1,232 1,232 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 at March 31, 2025 287,288 $ 3 $ 33,125 $ 5,352 $ ( 7 ) $ 3,270 $ 41,743 Viper stock-based compensation — — — — — 2 2 Stock-based compensation — — 29 — — — 29 Cash paid for tax withholding on vested equity awards ( 1 ) — ( 1 ) — — — ( 1 ) Issuance of shares upon vesting of equity awards 17 — — — — — — Repurchased shares under repurchase program, including excise tax ( 2,992 ) — ( 393 ) — — — ( 393 ) Repurchased shares under Viper’s repurchase program — — — — — ( 10 ) ( 10 ) Dividends to non-controlling interest — — — — — ( 82 ) ( 82 ) Dividends paid — — — ( 291 ) — — ( 291 ) Dividend equivalent rights payments — — — ( 2 ) — — ( 2 ) Common shares issued for acquisition 6,843 — 1,101 — — — 1,101 Change in ownership of consolidated subsidiaries, net — — ( 734 ) — — 718 ( 16 ) Net income (loss) — — — 699 — 40 739 Balance at June 30, 2025 291,155 $ 3 $ 33,127 $ 5,758 $ ( 7 ) $ 3,938 $ 42,819 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 June 30, 2026, the wholly owned subsidiaries of Diamondback include 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, Diamondback RE Holdco LLC, a Delaware limited liability company 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. As of June 30, 2026, the Company is managed as one operating and reportable segment, the upstream segment, which is engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas and includes the activities of Viper as well as the Company’s remaining midstream operations. On August 19, 2025, upon completion of Viper’s Sitio Acquisition (as defined and discussed in Note 4— Acquisitions and Divestitures ), VNOM Sub, Inc., (formerly Viper Energy, Inc., “Former Viper”) became a wholly owned subsidiary of Viper Energy, Inc. (formerly New Cobra Pubco, Inc., “New Viper”). As of June 30, 2026, the Company owned approximately 39 % of Viper’s combined outstanding Class A common stock and Class B common stock on a fully diluted basis. This gives effect to an option for certain Viper LLC equity holders to purchase and exchange up to approximately 6.75 million of Class B common stock paired with an equivalent number of units representing limited liability company interests in Viper’s operating subsidiary (“Viper LLC Units”) into Viper Class A 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 June 30, 2026 as discussed further 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. 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, 2025, 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. Actual results could differ from those estimates. 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. Viper meets the definition of a VIE under ASC Topic 810, “Consolidation,” 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 Viper’s economic performance. 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 continues to consolidate the activity of Viper. On March 4, 2026, Viper completed a secondary public offering with the Company and certain other Viper stockholders, along with J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC as underwriters (the “Underwriters”) (the “Secondary Offering”). The Company exchanged approximately 12.39 million shares of Viper Class B common stock and an equivalent number of Viper LLC Units for an equivalent number of shares of Viper Class A common stock and subsequently sold such shares in the Secondary Offering. On March 19, 2026, the Underwriters exercised an option to purchase approximately 0.51 million additional shares of Viper Class A common stock from the Company, bringing the aggregate cash proceeds to approximately $ 589 million. The Company’s proceeds from the Secondary Offering were used for general corporate purposes and to accelerate debt reduction. The Secondary Offering was evaluated and determined not to be an event that would cause the Company to change its conclusion regarding Viper’s status as a VIE, and the Company continues to be the primary beneficiary. Viper maintains its own capital structure that is separate from the Company, and 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. Recent Accounting Pronouncements Recently Adopted Pronouncements No significant accounting pronouncements were adopted during the three and six months ended June 30, 2026. Accounting Pronouncements Not Yet Adopted 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. 7 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In millions) Oil sales $ 4,627 $ 2,852 $ 8,072 $ 5,891 Natural gas sales ( 276 ) 97 ( 255 ) 309 Natural gas liquid sales 435 367 794 773 Total oil, natural gas and natural gas liquid revenues 4,786 3,316 8,611 6,973 Sales of purchased oil 739 335 1,124 709 Other service revenues 21 15 34 30 Total revenue from contracts with customers $ 5,546 $ 3,666 $ 9,769 $ 7,712 The following tables present the Company’s revenue from oil, natural gas and natural gas liquids disaggregated by basin: Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Midland Basin Delaware Basin Other Total Midland Basin Delaware Basin Other Total (In millions) Oil sales $ 4,289 $ 337 $ 1 $ 4,627 $ 2,626 $ 206 $ 20 $ 2,852 Natural gas sales ( 267 ) ( 11 ) 2 ( 276 ) 89 8 — 97 Natural gas liquid sales 407 28 — 435 335 32 — 367 Total $ 4,429 $ 354 $ 3 $ 4,786 $ 3,050 $ 246 $ 20 $ 3,316 Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Midland Basin Delaware Basin Other Total Midland Basin Delaware Basin Other Total (In millions) Oil sales $ 7,472 $ 584 $ 16 $ 8,072 $ 5,427 $ 442 $ 22 $ 5,891 Natural gas sales ( 256 ) ( 4 ) 5 ( 255 ) 280 28 1 309 Natural gas liquid sales 731 61 2 794 709 63 1 773 Total $ 7,947 $ 641 $ 23 $ 8,611 $ 6,416 $ 533 $ 24 $ 6,973 4. ACQUISITIONS AND DIVESTITURES 2026 Activity Viper Divestiture of Non-Permian Assets On February 9, 2026, Viper divested all of its non-Permian assets, including those acquired from Sitio Royalties Corp. (“Sitio”), to an affiliate of GRP Energy Capital LLC and Warwick Capital Partners LLP for net cash proceeds of approximately $ 610 million, including transaction costs and customary post-closing adjustments (the “Viper Non-Permian Divestiture”). The divested properties consisted of approximately 9,400 net royalty acres in the Denver-Julesburg, Eagle Ford and Williston basins 8 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) with then-current production of approximately 4,750 BO/d. Proceeds from the Viper Non-Permian Divestiture were used to (i) repay the Viper 2025 Term Loan (as defined and discussed in Note 8— Debt ) of $ 500 million in full, (ii) repay outstanding borrowings under the Viper Revolving Credit Facility (as defined and discussed in Note 8— Debt ), and (iii) for general corporate purposes. 2025 Activity Diamondback Acquisitions and Divestitures EPIC Divestiture On October 31, 2025, the Company divested its 27.5 % equity interest in EPIC Crude Holdings, LP (“EPIC”) pursuant to a definitive purchase and sale agreement with Plains All American Pipeline, L.P. and Plains GP Holdings for approximately $ 504 million in cash and an additional $ 96 million in unrecognized potential contingent consideration (the “EPIC Divestiture”). The contingent cash payment is due to the Company should the capacity expansion of EPIC be formally sanctioned before year-end 2027. Divestiture of Water Assets to Deep Blue On October 1, 2025, the Company divested its subsidiary, Environmental Disposal Systems, LLC, to Deep Blue Midland Basin LLC (“Deep Blue”), in exchange for upfront net cash proceeds of $ 694 million, subject to transaction costs and customary post-closing adjustments, and approximately $ 34 million of additional equity interests issued by Deep Blue as non-cash consideration. Per the terms of the transaction, if certain annual completion thresholds are met in each of the years 2026 through 2028, the Company can potentially earn up to an additional $ 200 million in contingent consideration. Conversely, if those completion thresholds are not met, the Company could owe up to $ 150 million in contingent consideration to Deep Blue. The Company will recognize any contingent gains when realizable at the end of each annual measurement period, or will accrue a contingent loss if at any time a payable to Deep Blue becomes probable and reasonably estimable. The divestiture resulted in an aggregate gain of approximately $ 167 million, which includes a loss of approximately $ 1 million recognized during the six months ended June 30, 2026, as a result of customary post-closing adjustments. The gain (loss) is included in the caption “Other income (expense), net” in the condensed consolidated statements of operations. As part of the divestiture, the Company renewed its 15-year dedication to Deep Blue for its produced water and supply water within a 12 -county area of mutual interest in the Midland Basin. The Company’s equity ownership interest in Deep Blue remained at 30 % following the closing of the transaction. The cash proceeds from the divestiture were used to repay borrowings under the Revolving Credit Facility (as defined and discussed in Note 8— Debt ) and for general corporate purposes. 2025 Drop Down On May 1, 2025, the Company’s wholly owned subsidiary Endeavor Energy Resources, LP divested all of the issued and outstanding equity interests in 1979 Royalties, LP and 1979 Royalties GP, LLC, 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, including customary post-closing adjustments, and (ii) the issuance of 69.63 million Viper LLC Units and an equivalent number of shares of Viper’s Class B common stock (the “2025 Drop Down”). The 2025 Drop Down was accounted for as a transaction between entities under common control. 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 (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 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 issuance of the $ 1.2 billion aggregate principal amount of 5.550 % Senior Notes due 2035 (the “2035 Notes”), proceeds from the 2025 Term Loan (as defined and discussed in Note 8— Debt ) and borrowings under the Revolving Credit Facility. The Double Eagle Acquisition was accounted for as an asset acquisition in accordance with ASC Topic 805, “Business Combinations.” 9 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) Viper Acquisition Sitio Acquisition On August 19, 2025, Viper completed a series of transactions in which New Viper acquired 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. (the “Sitio Acquisition”). The Sitio Acquisition was an all-equity transaction valued at approximately $ 4.0 billion, including transaction costs and customary post-closing adjustments and the retirement of Sitio’s net debt of approximately $ 1.2 billion. 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. See “ — Viper Divestiture of Non-Permian Assets ” above for discussion of the divestiture of Viper’s non-Permian acreage in the first quarter of 2026. The Sitio Acquisition was accounted for as an asset acquisition in accordance with ASC Topic 805, “Business Combinations.” 5. PROPERTY AND EQUIPMENT Property and equipment includes the following as of the dates indicated: June 30, December 31, 2026 2025 (In millions) Oil and natural gas properties: Proved properties $ 74,385 $ 71,588 Unproved properties (1) 23,193 23,941 Gross oil and natural gas properties 97,578 95,529 Accumulated depletion ( 18,475 ) ( 15,974 ) Accumulated impairment ( 13,007 ) ( 11,606 ) Oil and natural gas properties, net 66,096 67,949 Other property, equipment and land 899 874 Accumulated depreciation, amortization, accretion and impairment ( 223 ) ( 202 ) Total property and equipment, net $ 66,772 $ 68,621 (1) Unevaluated properties not subject to depletion under full cost accounting. 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 ceiling test impairment was recorded for the three months ended June 30, 2026. However, the Company recorded an impairment of approximately $ 1.4 billion during the six months ended June 30, 2026, which is included in the caption “Accumulated depletion, depreciation, amortization and impairment” on the condensed consolidated balance sheet. No impairment expense was recorded for the three and six months ended June 30, 2025. 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. 10 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) 6. ASSET RETIREMENT OBLIGATIONS The following table describes the changes to the Company’s asset retirement obligations liability for the following periods: Six Months Ended June 30, 2026 2025 (In millions) Asset retirement obligations, beginning of period $ 542 $ 592 Additional liabilities incurred 8 28 Liabilities acquired 1 12 Liabilities settled and divested ( 20 ) ( 31 ) Accretion expense 15 17 Revisions in estimated liabilities 1 20 Asset retirement obligations, end of period 547 638 Less current portion (1) 39 22 Asset retirement obligations - long-term (2) $ 508 $ 616 (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. (2) The long-term portion of the asset retirement obligation is included in the caption “Other long-term liabilities” in the Company’s condensed consolidated balance sheets. The Company’s asset retirement obligations primarily relate to the future plugging and abandonment of wells and related facilities. The Company estimates the future plugging and abandonment costs of wells, the ultimate productive life of the properties, a risk-adjusted discount rate and an inflation factor in order to determine the current present value of this obligation. To the extent future revisions to these assumptions impact the present value of the existing asset retirement obligation liability, a corresponding adjustment is made to the oil and natural gas property balance. 7. RELATED PARTY TRANSACTIONS Deep Blue The Company and Five Point Energy LLC have a joint venture, Deep Blue, in which the Company owned a 30 % equity ownership interest as of June 30, 2026. The equity ownership interest is included in the caption “Other assets” on the Company’s condensed consolidated balance sheets. Additionally, the Company has other related party transactions with Deep Blue in the ordinary course of business, which result in (i) certain accounts receivable 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. For further discussion on the additional transaction with Deep Blue, see Note 4— Acquisitions and Divestitures . The following table presents related party balances that pertain to Deep Blue which are included in the condensed consolidated balance sheets as of the dates indicated: June 30, December 31, 2026 2025 (In millions) Assets: Accounts receivable $ — $ 1 Other assets $ 229 $ 197 Liabilities: Accounts payable and accrued capital expenditures $ 85 $ 71 Other accrued liabilities $ 63 $ 82 11 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) The Company incurred costs for water services provided by Deep Blue of approximately $ 66 million and $ 25 million during the three months ended June 30, 2026 and 2025, respectively, and $ 133 million and $ 72 million during the six months ended June 30, 2026 and 2025, respectively, which were capitalized and are included in the caption “Proved 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 periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In millions) Lease operating expenses $ 84 $ 35 $ 159 $ 72 Viper For discussion on related party transactions with Viper, see Note 1— Description of the Business and Basis of Presentation and Note 4— Acquisitions and Divestitures - 2025 Drop Down. SGF Common Stock Repurchases and Secondary Offering In 2024, the Company completed the acquisition of 100 % of the equity interests of Endeavor Parent, LLC (“Endeavor”) (the “Endeavor Acquisition”). As partial consideration for the Endeavor Acquisition, the Company issued 117.27 million shares, or 39.8 % of its then-outstanding common stock to the former owners of Endeavor (the “Endeavor equityholders”), the majority of which are currently held by SGF FANG Holdings, LP (“SGF”). Additionally, pursuant to a stockholders agreement executed with the Endeavor equityholders, the Endeavor equityholders have the right to propose for nomination between one and four directors for election to the Company’s board of directors as long as certain established ownership thresholds are maintained. As a result, SGF is considered a related party of the Company under ASC Topic 850 “Related Party Disclosures.” On November 28, 2025, the Company entered into a letter agreement with SGF, which provides SGF with the right, but not the obligation, to sell up to 3.0 million shares of the Company’s common stock to the Company per quarter through December 31, 2026 at the most recent Nasdaq closing price of such transaction. The Company did no t repurchase any shares from SGF during the three months ended June 30, 2026. During the six months ended June 30, 2026, the Company repurchased 3.0 million shares from SGF for approximately $ 509 million, excluding excise taxes. Repurchases under the letter agreement are pursuant to the Company’s existing share repurchase program, and have been approved by the audit committee of the Company’s board of directors. For details on the Company’s existing share repurchase program, see Note 9— Stockholders’ Equity and Earnings (Loss) Per Share . On March 12, 2026, SGF completed a secondary public offering with Evercore Group L.L.C., Citigroup Global Markets Inc., and J.P. Morgan Securities LLC, as representatives of the several underwriters named therein (the “SGF Underwriters”), providing for the sale of 12.65 million shares of the Company’s common stock to the SGF Underwriters at $ 170.18875 per share. Giving effect to the repurchases and secondary offering discussed above, as well as SGF’s sales of Company common stock to third-parties, as of June 30, 2026, the Endeavor equityholders held approximately 26.7 % of the Company’s outstanding common stock. 12 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) 8. DEBT Long-term debt consisted of the following as of the dates indicated: June 30, December 31, 2026 2025 (In millions) 3.250 % Senior Notes due 2026 $ 698 $ 749 5.625 % Senior Notes due 2026 — 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 740 740 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 1,200 4.400 % Senior Notes due 2051 104 386 4.250 % Senior Notes due 2052 111 605 6.250 % Senior Notes due 2053 650 650 5.750 % Senior Notes due 2054 1,480 1,480 5.900 % Senior Notes due 2064 1,000 1,000 2025 Term Loan — 550 Unamortized debt issuance costs ( 82 ) ( 99 ) Unamortized discount costs ( 19 ) ( 22 ) Unamortized premium costs 1 2 Unamortized basis adjustment of dedesignated interest rate swap agreements ( 52 ) ( 59 ) Viper Revolving Credit Facility 95 105 Viper 4.900 % Senior Notes due 2030 500 500 Viper 5.700 % Senior Notes due 2035 1,100 1,100 Viper 2025 Term Loan — 500 Total debt, net 12,614 14,489 Less: current maturities of debt 1,548 763 Total long-term debt $ 11,066 $ 13,726 References in this section to the Company shall mean Diamondback Energy, Inc. and Diamondback E&P, collectively, unless otherwise specified. Credit Agreement On June 12, 2026, Diamondback E&P, as borrower, and Diamondback Energy, Inc., as parent guarantor, entered into a seventeenth amendment to the existing credit agreement (as amended, the “Credit Agreement”) with Wells Fargo, as the administrative agent, and the lenders party thereto, which, among other things, (i) extended the maturity date by one year to June 12, 2031, (ii) increased the total commitments provided by the credit facility under the Credit Agreement (such facility, the “Revolving Credit Facility”) from $ 2.5 billion to $ 3.0 billion, and (iii) decreased the interest rate applicable to loans and certain fees payable under the Credit Agreement. After giving effect to the amendment, outstanding borrowings under the Revolving Credit Facility bear interest at a per annum rate elected by Diamondback E&P that is equal to (i) term SOFR or (ii) 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 0.625 % per annum in the case of the alternate base rate and from 1.000 % to 1.625 % per annum in the case of term SOFR, in each case based on the pricing level. The pricing level depends on the Company’s long-term senior unsecured debt ratings. As 13 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) of June 30, 2026, the Company had no outstanding borrowings under the Revolving Credit Facility and approximately $ 3.0 billion available for future borrowings. The weighted average interest rates on borrowings under the Revolving Credit Facility during the three months ended June 30, 2026 and 2025, were 4.90 % and 5.65 %, respectively, and were 4.94 % and 5.70 % during the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the Company was in compliance with all financial maintenance covenants under the Credit Agreement. Viper’s Revolving Credit Agreement On June 12, 2026, Viper Energy, Inc. as the parent guarantor, Former Viper, as guarantor, Viper Energy Partners LP, as borrower, Wells Fargo, as the administrative agent, and the lenders and other guarantors named therein, entered into the first amendment to Viper’s credit agreement, (as amended, the “Viper Revolving Credit Agreement”), which, among other things, (i) increased the total commitments provided by the credit facility under the Viper Revolving Credit Agreement (such facility, the “Viper Revolving Credit Facility”) from $ 1.5 billion to $ 2.0 billion, and (ii) extended the maturity date by one year to June 12, 2031. As of June 30, 2026, there were $ 95 million in outstanding borrowings and approximately $ 1.9 billion available for future borrowings under the Viper Revolving Credit Facility. The weighted average interest rates on the Viper Revolving Credit Facility were 5.12 % and 6.33 % during the three months ended June 30, 2026 and 2025, respectively, and were 5.16 % and 6.42 % during the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, Viper was in compliance with all financial maintenance covenants under the Viper Revolving Credit Agreement. Term Loan Agreements Diamondback Term Loan Agreement In connection with the Double Eagle Acquisition, Diamondback Energy, Inc., as guarantor, entered into a $ 1.5 billion term loan credit agreement with Diamondback E&P, as borrower, and Bank of America, N.A., as administrative agent (the “2025 Term Loan”) on March 21, 2025. On April 1, 2025, the date of closing of the Double Eagle Acquisition, the 2025 Term Loan was fully drawn in a single borrowing. On October 31, 2025 and December 31, 2025, the Company partially repaid the principal borrowings under the 2025 Term Loan by $ 500 million and $ 450 million, respectively. On April 22, 2026, the Company paid in full the remaining $ 550 million outstanding principal and terminated the 2025 Term Loan. Viper Term Loan Agreement On July 23, 2025, in connection with the Sitio Acquisition, Former Viper, as guarantor, entered into a $ 500 million term loan credit agreement with Viper LLC, as borrower, and Goldman Sachs Bank USA, as administrative agent (the “Viper 2025 Term Loan”). On August 19, 2025, the Viper 2025 Term Loan was fully drawn and New Viper became a co-guarantor of the Viper 2025 Term Loan. On February 13, 2026, Viper used the cash proceeds received from the Viper Non-Permian Divestiture to repay in full the $ 500 million remaining outstanding borrowings and terminate the Viper 2025 Term Loan. Retirement of Notes In May 2026, the Company opportunistically repurchased an aggregate principal amount of approximately $ 51 million of its 3.250 % Senior Notes due 2026 for total cash consideration of $ 52 million, including accrued interest, at an average of 99.7 % of par value. These repurchases resulted in an immaterial gain on extinguishment of debt during the three and six months ended June 30, 2026. In April 2026, the Company completed a tender offer to repurchase an aggregate principal amount of $ 777 million of its senior notes, which consisted of $ 283 million of the 4.400 % Senior Notes due 2051 and $ 494 million of the 4.250 % Senior Notes due 2052 for total cash consideration, including accrued interest, of approximately $ 632 million, at an average of 81.1 % of par value. These repurchases resulted in a gain on extinguishment of debt of approximately $ 135 million during the three and six months ended June 30, 2026. In March 2026, the Company retired $ 14 million of its 5.625 % Senior Notes due 2026 at maturity. 14 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) 9. STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE Common Stock Repurchase Program As of June 30, 2026, the Company’s board of directors approved a common stock repurchase program to acquire up 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 and may be suspended from time to time, modified, extended or discontinued by the board of directors at any time. During the three months ended June 30, 2026, the Company repurchased approximately $ 141 million of common stock, excluding excise tax. During the six months ended June 30, 2026, the Company repurchased approximately $ 689 million, which included approximately $ 509 million for the repurchases from SGF, in each case, excluding excise tax. During the three and six months ended June 30, 2025, the Company repurchased approximately $ 398 million and $ 973 million of common stock under the repurchase program, respectively, excluding excise tax. For further discussion on the repurchases from SGF, see Note 7— Related Party Transactions . As of June 30, 2026, approximately $ 2.0 billion remained available for future repurchases under the Company’s common stock repurchase program, excluding excise tax. See discussion of subsequent changes to the Company’s common stock repurchase program in Note 16 — Subseq u ent Events —Increase in Stock Repurchase Program Authorization . Change in Ownership of Consolidated Subsidiaries Non-controlling interests in the accompanying condensed consolidated financial statements represent ownership interests in Viper, which are held by parties other than the Company 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. The following table summarizes changes in the ownership interest in consolidated subsidiaries during the respective periods presented: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In millions) Net income (loss) attributable to the Company $ 1,882 $ 699 $ 1,907 $ 2,104 Transfers (to) from the non-controlling interests: Increase in additional paid-in-capital due to proceeds from the sale of Viper's common stock, net — — 219 — Other transfers (to) from the non-controlling interests ( 33 ) ( 734 ) 73 ( 528 ) Change from net income (loss) attributable to the Company’s stockholders and transfers with non-controlling interest $ 1,849 $ ( 35 ) $ 2,199 $ 1,576 15 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) Dividends The following table presents dividends and dividend equivalent rights paid on the Company’s common stock during the respective periods : Dividend Per Share Total (In millions, except per share amounts) 2026 First quarter $ 1.05 $ 298 Second quarter 1.10 311 Total year-to-date $ 2.15 $ 609 2025 First quarter $ 1.00 $ 291 Second quarter 1.00 293 Total year-to-date $ 2.00 $ 584 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 shares outstanding for the period, if any. 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. A reconciliation of the components of basic and diluted earnings (loss) per common share is presented below: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In millions, except per share amounts, shares in thousands) Net income (loss) attributable to common shares $ 1,882 $ 699 $ 1,907 $ 2,104 Less: distributed and undistributed earnings allocated to participating securities (1) 11 4 11 10 Net income (loss) attributable to common stockholders $ 1,871 $ 695 $ 1,896 $ 2,094 Weighted average common shares outstanding: Basic weighted average common shares outstanding 281,202 292,135 281,993 290,880 Effect of dilutive securities: Weighted-average potential common shares issuable — — — — Diluted weighted average common shares outstanding 281,202 292,135 281,993 290,880 Basic net income (loss) attributable to common shares $ 6.65 $ 2.38 $ 6.72 $ 7.20 Diluted net income (loss) attributable to common shares $ 6.65 $ 2.38 $ 6.72 $ 7.20 (1) Unvested restricted stock units and performance-based restricted stock unit awards that contain non-forfeitable dividend equivalent rights are considered participating securities and therefore are included in the earnings per share calculation pursuant to the two-class method. 16 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) 10. 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 (“RSUs”), performance-based restricted stock units (“PSUs”) and stock appreciation rights to eligible employees. At June 30, 2026, the Company had outstanding RSUs and PSUs and approximately 3.0 million shares of common stock remain available for future grants under the Equity Plan. The Company classifies its RSUs and PSUs as equity-based awards and estimates their fair values based on 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In millions) General and administrative expenses $ 24 $ 21 $ 46 $ 39 Equity-based compensation capitalized pursuant to full cost method of accounting for oil and natural gas properties $ 9 $ 10 $ 18 $ 15 Restricted Stock Units The following table presents the Company’s RSU activity during the six months ended June 30, 2026, under the Equity Plan: Restricted Stock Units Weighted Average Grant-Date Fair Value Unvested at December 31, 2025 890,062 $ 153.87 Granted 554,510 $ 178.74 Vested ( 136,547 ) $ 162.63 Forfeited ( 40,909 ) $ 162.54 Unvested at June 30, 2026 1,267,116 $ 163.53 The aggregate grant date fair value of restricted stock units that vested during the six months ended June 30, 2026, was $ 22 million. As of June 30, 2026, the Company’s unrecognized compensation cost related to unvested restricted stock units was $ 157 million, which is expected to be recognized over a weighted-average period of 2.2 years. 17 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) Performance-Based Restricted Stock Units The following table presents the Company’s PSU activity under the Equity Plan for the six months ended June 30, 2026: Performance-Based Restricted Stock Units Weighted Average Grant-Date Fair Value Unvested at December 31, 2025 327,931 $ 254.50 Granted 170,279 $ 235.63 Vested ( 16,072 ) $ 206.97 Forfeited ( 7,191 ) $ 258.56 Unvested at June 30, 2026 (1) 474,947 $ 249.28 (1) A maximum of 1,160,668 units could be awarded based upon the Company’s final TSR ranking. As of June 30, 2026, the Company’s unrecognized compensation cost related to unvested PSUs was $ 63 million, which is expected to be recognized over a weighted-average period of 1.7 years. In March 2026, eligible employees received PSU awards totaling 170,279 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, 2026, to December 31, 2028, and cliff vest at December 31, 2028, subject to continued employment. The initial payout of the March 2026 awards will be further adjusted by a TSR modifier that may reduce the payout or increase the payout up to a maximum of 250 %. The fair value of each PSU 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 PSUs granted and the related assumptions for the awards granted during the period presented: March 2026 Grant-date fair value $ 235.63 Risk-free rate 3.4 % Company volatility 32.0 % 11. 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In millions, except for tax rate) Provision for (benefit from) income taxes $ 580 $ 204 $ 612 $ 607 Effective income tax rate 22.0 % 21.6 % 21.8 % 21.4 % Total income tax expense from continuing operations for the three and six months ended June 30, 2026, 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) changes in Viper’s estimated deferred taxes recognized in connection with the closing of the Sitio Acquisition, and (iv) other permanent differences between book and taxable income. For the three and six months ended June 30, 2025, 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 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. 18 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) In connection with the Secondary Offering, the Company recognized an $ 88 million increase in income taxes payable and a $ 26 million decrease in its liability for deferred income taxes through additional paid-in capital, as well as a $ 61 million increase in Viper’s deferred tax asset through non-controlling interest on the Company’s condensed consolidated balance sheet as of June 30, 2026. 12. DERIVATIVES At June 30, 2026, the Company only had commodity derivative contracts outstanding, which are recorded at fair value in the condensed consolidated balance sheet. 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.” 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 June 30, 2026, 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 Jul. - Dec. 2026 Basis Swap (1) 85,000 Argus WTI Midland $ 1.09 $— $— Jul. - Dec. 2026 Roll Swap 150,000 WTI Cushing $ 2.89 $— $— Jan.-Jun. 2027 Basis Swap (1) 10,000 Argus WTI Midland $ 2.00 $— $— NATURAL GAS Jul. - Sep. 2026 Basis Swap (1) 650,000 Waha Hub $( 1.87 ) $— $— Jul. - Dec. 2026 Two-Way Collar 840,000 Henry Hub $— $ 2.87 $ 6.35 Jul. - Dec. 2026 Basis Swap (1) 100,000 HSC Hub $( 0.35 ) $— $— Oct. - Dec. 2026 Basis Swap (1) 650,000 Waha Hub $( 1.75 ) $— $— Jan. - Dec. 2027 Two-Way Collar 720,000 Henry Hub $— $ 2.88 $ 6.37 Jan. - Dec. 2027 Basis Swap (1) 360,000 Waha Hub $( 1.26 ) $— $— Jan. - Dec. 2027 Basis Swap (1) 300,000 HSC Hub $( 0.31 ) $— $— Jan. - Dec. 2028 Basis Swap (1) 60,000 HSC Hub $( 0.37 ) $— $— (1) The Company’s crude oil basis swaps fix the differential between the Argus WTI Midland price and the WTI Cushing price for the notional volumes covered by the contracts. The Company’s natural gas basis swaps fix the differential between the applicable Waha Hub or HSC Hub price and the Henry Hub price for the notional volumes covered by the contracts. 19 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) Put Spread Settlement Month Settlement Year Type of Contract Bbls Per Day Index Strike Price Deferred Premium Floor Price Short Put Price OIL Jul. - Sep. 2026 Put 20,000 Brent $ 52.50 $ 1.60 $— $— Jul. - Sep. 2026 Basis Put 290,000 WTI - Brent $( 42.76 ) $ 1.52 $— $— Jul. - Sep. 2026 Put 95,000 Argus WTI Houston $ 50.53 $ 1.43 $— $— Jul. - Sep. 2026 Put 190,000 WTI Cushing $ 52.57 $ 1.30 $— $— Jul. - Sep. 2026 Put Spread 15,000 WTI Cushing $— $— $ 50.00 $ 55.00 Oct. - Dec. 2026 Put 10,000 Brent $ 55.00 $ 1.33 $— $— Oct. - Dec. 2026 Basis Put 290,000 WTI - Brent $( 41.03 ) $ 1.44 $— $— Oct. - Dec. 2026 Put 60,000 Argus WTI Houston $ 50.83 $ 1.33 $— $— Oct. - Dec. 2026 Put 170,000 WTI Cushing $ 50.59 $ 1.28 $— $— Jan. - Mar. 2027 Put 5,000 Brent $ 55.00 $ 1.40 $— $— Jan. - Mar. 2027 Put 35,000 Argus WTI Houston $ 50.00 $ 1.29 $— $— Jan. - Mar. 2027 Put 90,000 WTI Cushing $ 50.00 $ 1.34 $— $— Apr. - Jun. 2027 Put 20,000 Argus WTI Houston $ 50.00 $ 1.33 $— $— Apr. - Jun. 2027 Put 60,000 WTI Cushing $ 50.00 $ 1.33 $— $— Jul. - Sep. 2027 Put 20,000 WTI Cushing $ 50.00 $ 1.39 $— $— Interest Rate Swaps The Company had two receive-fixed, pay-variable interest rate swap agreements for notional amounts of $ 150 million each, which were considered economic hedges of the Company’s 3.500 % fixed rate senior notes due 2029. During the first quarter of 2026, the Company fully terminated and settled the remaining aggregate $ 300 million notional amount of interest rate swaps for cash payments of approximately $ 27 million. The loss on the termination of interest rate swaps is recognized in the caption “Gain (loss) on derivative instruments, net” on the condensed consolidated statement of operations for the six months ended June 30, 2026. 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 13— Fair Value Measurements for further details. 20 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) 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 June 30, Six Months Ended June 30, 2026 2025 2026 2025 (In millions) Gain (loss) on derivative instruments, net: Commodity contracts (1) $ 49 $ ( 203 ) $ 166 $ 11 Interest rate swaps — 7 — 18 2026 WTI Contingent Liability — ( 1 ) — 1 Treasury locks — — — ( 1 ) Total $ 49 $ ( 197 ) $ 166 $ 29 Net cash received (paid) on settlements: Commodity contracts (1) $ 113 $ 23 $ 273 $ 109 Interest rate swaps — ( 60 ) ( 27 ) ( 60 ) Treasury locks — — — ( 1 ) Total $ 113 $ ( 37 ) $ 246 $ 48 (1) The three and six months ended June 30, 2026 include cash received on commodity contracts terminated prior to their contractual maturity of $ 1 million. 13. FAIR VALUE MEASUREMENTS Assets and Liabilities Measured at Fair Value on a Recurring Basis As discussed in Note 13—Fair Value Measurements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, certain financial instruments of the Company are reported at fair value in the Company’s condensed consolidated balance sheets in the captions indicated in the table below . The net amounts of derivative instruments, including prior outstanding interest rate swaps, are classified as current or noncurrent based on their anticipated settlement dates. Additionally, the Company has an immaterial investment in the Class A common stock of Verde Clean Fuels, Inc., which 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 June 30, 2026, and December 31, 2025. Viper LLC completed multiple acquisitions during 2024 with Tumbleweed Royalty IV, LLC, TWR IV SellCo Parent, LLC, Tumbleweed-Q Royalties, LLC, MC TWR Royalties, LP and MC TWR Intermediate, LLC. The terms of these acquisitions included provisions for contingent cash consideration based on the average price of WTI sweet crude oil prompt month futures contracts for the calendar year 2025 (the “2026 WTI Contingent Liability”), which resulted in an aggregate payment of $ 20 million in January 2026. The 2026 WTI Contingent Liability was reported at fair value in the condensed consolidated balance sheet at December 31, 2025 in the caption “Other accrued liabilities” using observable market data inputs and a Monte Carlo pricing model, which are considered Level 2 inputs within the fair value hierarchy. 21 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) The following table provides the fair value of financial instruments recorded in the condensed consolidated balance sheets as of June 30, 2026, and December 31, 2025: As of June 30, 2026 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- Prepaid expenses and other assets: Commodity derivative instruments $ — $ 228 $ — $ 228 $ ( 160 ) $ 68 Other assets: Commodity derivative instruments $ — $ 79 $ — $ 79 $ ( 20 ) $ 59 Non-current assets- Other assets: Investment $ 15 $ — $ — $ 15 $ — $ 15 Liabilities: Derivative instruments: Commodity derivative instruments $ — $ 196 $ — $ 196 $ ( 160 ) $ 36 Other long-term liabilities: Commodity derivative instruments $ — $ 20 $ — $ 20 $ ( 20 ) $ — As of December 31, 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: Prepaid expenses and other current assets: Commodity derivative instruments $ — $ 335 $ — $ 335 $ ( 101 ) $ 234 Other assets: Commodity derivative instruments $ — $ 49 $ — $ 49 $ ( 42 ) $ 7 Investment $ 30 $ — $ — $ 30 $ — $ 30 Liabilities: Derivative instruments: Commodity derivative instruments $ — $ 109 $ — $ 109 $ ( 101 ) $ 8 Interest rate swaps $ — $ 7 $ — $ 7 $ — $ 7 Other accrued liabilities: 2026 WTI Contingent Liability $ — $ 20 $ — $ 20 $ — $ 20 Other long-term liabilities: Commodity derivative instruments $ — $ 77 $ — $ 77 $ ( 42 ) $ 35 Interest rate swaps $ — $ 20 $ — $ 20 $ — $ 20 22 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) 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: June 30, 2026 December 31, 2025 Carrying Value Fair Value Carrying Value Fair Value (In millions) Debt $ 12,614 $ 12,746 $ 14,489 $ 14,497 The fair values of the Company’s borrowings under the Revolving Credit Facility, the Viper Revolving Credit Facility, the 2025 Term Loan (prior to repayment and termination) and Viper 2025 Term Loan (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 and Note 5— Property and Equipment for additional discussion of nonrecurring fair value adjustments. Fair Value of Financial Assets The carrying amount of cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued capital expenditures and other accrued liabilities approximate their fair value because of the short-term nature of the instruments. 14. SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2026 2025 (In millions) Supplemental disclosure of cash flow information: Interest paid (1) $ ( 141 ) $ ( 107 ) Cash (paid) received for income taxes, net of refunds: Federal $ ( 799 ) $ ( 871 ) State: Texas $ ( 25 ) $ ( 54 ) Other $ ( 2 ) $ 1 Supplemental disclosure of non-cash transactions: Accrued capital expenditures included in accounts payable and accrued expenses $ 1,022 $ 850 Common shares issued for acquisitions $ — $ ( 1,101 ) Viper LLC Units issued for acquisition $ — $ ( 119 ) (1) Net of capitalized interest of $ 258 million and $ 290 million for the six months ended June 30, 2026 and 2025, respectively. 23 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) 15. COMMITMENTS AND CONTINGENCIES The Company is a party to various routine legal proceedings, disputes and claims arising in the ordinary course of its business, including those that arise from interpretation of federal and state laws and regulations affecting the crude oil and natural gas industry, personal injury claims, title disputes, royalty disputes, contract claims, employment claims, claims alleging violations of antitrust laws, contamination claims relating to oil and natural gas exploration and development and environmental claims, including claims involving assets previously sold to third parties and no longer part of the Company’s current operations. While the ultimate outcome of the pending proceedings, disputes or claims and any resulting impact on the Company, cannot be predicted with certainty, the Company’s management believes that none of these matters, if ultimately decided adversely, will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. The Company’s assessment is based on information known about the pending matters and its experience in contesting, litigating and settling similar matters. Actual outcomes could differ materially from the Company’s assessment. The Company records accrued liabilities for contingencies related to outstanding legal proceedings, disputes or claims when information available indicates that a loss is probable and the amount of the loss can be reasonably estimated. Commitments The Company entered into a fixed price contract for the purchase of electrical power from 2028 through 2034 during the three and six months ended June 30, 2026. As a result, we expect to incur additional future electrical power costs of approximately $ 28 million in 2028, $ 132 million cumulatively in the years from 2029 through 2030, and $ 359 million cumulatively in the years between 2031 and 2034. Environmental Matters The United States Department of the Interior, Bureau of Safety and Environmental Enforcement, ordered several oil and gas operators, including a corporate predecessor of Energen Corporation, to perform decommissioning and reclamation activities related to a Louisiana offshore oil and gas production platform and related facilities. In response to the insolvency of the operator of record, the government ordered the former operators and/or alleged former lease record title owners to decommission the platform and related facilities. The Company has agreed to an arrangement with other operators to contribute to a trust to fund the decommissioning costs, however, the Company’s portion of such costs are not expected to be material. Several coastal Louisiana parishes and the State of Louisiana have filed numerous lawsuits under Louisiana’s State and Local Coastal Resources Management Act (“SLCRMA”) against numerous oil and gas producers seeking damages for coastal erosion in or near oil fields located within Louisiana’s coastal zone. The Company is a defendant in five of these cases. The Company has exercised contractual indemnification rights where applicable. Plaintiffs’ SLCRMA theories are unprecedented and there remains significant uncertainty about the claims (both as to scope and damages). Although the Company cannot predict the ultimate outcome of these matters, the Company believes the claims lack merit and intends to continue vigorously defending these lawsuits. 16. SUBSEQUENT EVENTS Pending 2026 Drop Down On August 3, 2026, the Company and related subsidiaries entered into a definitive purchase agreement with Viper Energy Partners LP to divest certain mineral and royalty interests in exchange for 3.65 million Viper LLC Units and an equivalent number of shares of Viper’s Class B common stock (the pending “2026 Drop Down”), subject to transaction costs and certain customary post-closing adjustments. The pending 2026 Drop Down will be accounted for as a transaction between entities under common control with the acquired properties recorded at Diamondback’s historical carrying value in the Company’s condensed consolidated balance sheet. Second Quarter 2026 Dividend Declaration On July 30, 2026, the board of directors of the Company declared a base cash dividend for the second quarter of 2026 of $ 1.10 per share of common stock, payable on August 20, 2026, to its stockholders of record at the close of business on August 13, 2026. Future dividends are at the discretion of the Company’s board of directors. 24 Table of Contents Diamondback Energy, Inc. and Subsidiaries Notes to the Condensed Consolidated Financial Statements - (Continued) (Unaudited) Increase in Stock Repurchase Program Authorization On July 30, 2026, the board of directors of the Company approved an increase in the stock repurchase authorization under the Company’s existing stock repurchase program from $ 8.0 billion to $ 16.0 billion, excluding excise tax. As of July 31, 2026, approximately $ 9.9 billion remains available for future repurchases under such stock repurchase program, excluding excise tax. The stock repurchase program has no time limit and may be suspended, modified, or discontinued by the board of directors at any time. Viper Riverbend Acquisition On July 1, 2026, Viper and Viper Energy Partners LP acquired all of the equity interests of Riverbend Oil & Gas IX, L.L.C., an entity owning certain mineral and royalty interests, from Riverbend Oil & Gas IX (AIV), L.L.C. and ROG IX, L.L.C. (collectively, “Riverbend”) for consideration consisting of approximately (i) $ 339 million in cash, including the release of funds held in escrow of approximately $ 25 million, which was reflected in the caption “Other assets” on the Company’s condensed consolidated balance sheet at June 30, 2026, and (ii) 3.69 million shares of Viper’s Class A common stock, in each case, subject to customary post-closing adjustments (the “Viper Riverbend Acquisition”). 17. SEGMENT INFORMATION The Company is managed on a consolidated basis as one operating segment and one reportable segment, the upstream segment, which is engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. This singular operating and reportable segment is comprised of (i) the Company and its wholly owned subsidiaries, and (ii) Viper and its consolidated subsidiaries, which have been aggregated due to the similarity in their economic characteristics, products and services, processes, type of customers, method of distribution for their products and the regulatory environment in which they operate. The upstream segment derives its revenue from customers through the sale of oil and natural gas products as well as other immaterial service contracts. See Note 3— Revenue from Contracts with Customers for further discussion of the Company’s sources of revenue. The Chief Operating Decision Maker (“CODM”), a senior executive committee that is comprised of the Company’s Chief Executive Officer, Chief Financial Officer and Chief Operating Officer, uses the Company’s condensed consolidated financial results to make key operating decisions, assess performance and to allocate resources. The measures of segment profit or loss and total assets utilized by the CODM are net income and total assets as reported on the condensed consolidated statements of operations and the condensed consolidated balance sheets, respectively. The significant expense categories, their amounts and other segment items that are regularly provided to the CODM are those that are reported in the Company’s condensed consolidated statements of operations. The CODM uses consolidated net income as a measure of profitability to evaluate segment performance and to make capital allocation decisions such as reinvestment in the business or return of capital through the payment of dividends under the dividend policy or repurchases under the share repurchase program. 25 Table of Contents ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements and notes thereto presented in this report as well as our audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025. The following discussion contains “forward-looking statements” that reflect our future plans, estimates, beliefs and expected performance. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors. See Part II. Item 1A. Risk Factors , Part I. Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2025 and Cautionary Statement Regarding Forward-Looking Statements . Overview We are an independent oil and natural gas company currently focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. As discussed in Note 1— Description of the Business and Basis of Presentation and Note 17— Segment Information of the notes to the condensed consolidated financial statements, as of June 30, 2026, we have one reportable segment, the upstream segment. Second Quarter 2026 Financial and Operating Highlights • Recorded net income of $1.9 billion. • Our cash operating costs were $10.96 per BOE, including lease operating expenses of $5.96 per BOE, cash general and administrative expenses of $0.52 per BOE, production and ad valorem taxes of $3.26 per BOE and gathering, processing and transportation expenses of $1.22 per BOE. • Incurred cash capital expenditures, excluding acquisitions, of $996 million. • Paid dividends to stockholders, including dividend equivalent rights, of $311 million, or $1.10 per share, during the second quarter of 2026 and declared a base cash dividend payable in the third quarter of 2026 of $1.10 per share of common stock. • Repurchased $141 million of our common stock, excluding excise taxes. • Retired approximately $828 million in aggregate principal of our senior notes and $550 million in outstanding borrowings on our 2025 Term Loan, which was terminated upon repayment. • Our average production was 1,017.7 MBOE/d, surpassing the 1.0 million BOE/d milestone. • Drilled 97 gross horizontal wells in the Midland Basin and turned 168 gross operated horizontal wells in the Midland Basin to production. Transactions and Recent Developments Pending 2026 Drop Down On August 3, 2026, we entered into a definitive purchase agreement with Viper Energy Partners LP to divest certain mineral and royalty interests in exchange for 3.65 million Viper LLC Units and an equivalent number of shares of Viper’s Class B common stock (the pending “2026 Drop Down”), subject to transaction costs and certain customary post-closing adjustments. The pending 2026 Drop Down will be accounted for as a transaction between entities under common control with the acquired properties recorded at Diamondback’s historical carrying value in the Company’s condensed consolidated balance sheet. Increase in Stock Repurchase Program Authorization On July 30, 2026, our board of directors approved an increase in stock repurchase authorization under the Company’s existing stock repurchase program from $8.0 billion to $16.0 billion, excluding excise tax. 26 Table of Contents Viper Riverbend Acquisition On July 1, 2026, Viper and Viper Energy Partners LP acquired all of the equity interests of Riverbend for consideration consisting of approximately (i) $339 million in cash and (ii) 3.69 million shares of Viper’s Class A common stock, in each case, subject to customary post-closing adjustments. Commodity Prices Prices for oil, natural gas and natural gas liquids are determined primarily by prevailing market conditions. Geopolitical global conflicts, tariffs or other trade barriers and any resulting trade tensions, regional and worldwide economic activity, changes in trade or other government policies or regulations, including with respect to U.S. energy and monetary policies, extreme weather conditions, changes in OPEC+ production levels and other substantially variable factors influence market conditions for these products. For example, as a result of the ongoing conflict in the Middle East, in 2026 the global crude oil market shifted from a supply-demand surplus to a deficit, materially reducing crude oil and refined products from the markets, and increasing benchmark crude oil prices. These factors are beyond our control and are difficult to predict. During the six months ended June 30, 2026 and 2025, WTI prices averaged $83.00 and $70.81 per Bbl, respectively, and Henry Hub prices averaged $3.20 and $3.69 per MMBtu, respectively. During the three and six months ended June 30, 2026, natural gas price realizations were adversely affected by widening basis differentials between natural gas prices at Waha Hub and prices at Henry Hub. The unfavorable differentials were primarily driven by regional natural gas takeaway constraints in the Permian Basin, which resulted in periods of negative pricing at Waha Hub. The Company expects the impact of these constraints to be reduced later in 2026 as its secured takeaway capacity is meaningfully increased through the execution of new contracts and expanded infrastructure build out in the region. However, realized prices are expected to continue to be influenced by, and subject to, future supply, demand, transportation availability and other market factors. Upstream Operations Our activities are primarily directed at the horizontal development of the Wolfcamp, Spraberry and Barnett formations in the Midland Basin and the Wolfcamp and Bone Spring formations in the Delaware Basin within the Permian Basin. Additionally, our publicly-traded subsidiary, Viper, is focused on owning and acquiring mineral interests and royalty interests in oil and natural gas properties primarily in the Permian Basin and derives royalty income and lease bonus income from such interests. As of June 30, 2026, we had approximately 902,005 net acres in the Permian Basin, which included approximately 808,401 net acres in the Midland Basin and 93,604 net acres in the Delaware Basin. The following table sets forth the total number of operated horizontal wells drilled and completed during the periods indicated: Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 Drilled Completed (1) Drilled Completed (2) Area: Gross Net Gross Net Gross Net Gross Net Midland Basin 97 89 168 157 215 200 315 294 Total 97 89 168 157 215 200 315 294 (1) The average lateral length for the wells completed during the second quarter of 2026 was 11,983 feet. Operated completions during the second quarter of 2026 consisted of 41 Wolfcamp B wells, 38 Wolfcamp A wells, 31 Jo Mill wells, 31 Lower Spraberry wells, 13 Middle Spraberry wells, seven Wolfcamp D wells, five Dean wells, one Barnett well and one Upper Spraberry well. (2) The average lateral length for the wells completed during the six months ended June 30, 2026 was 11,679 feet. Operated completions during the six months ended June 30, 2026 consisted of 71 Wolfcamp B wells, 69 Wolfcamp A wells, 63 Lower Spraberry wells, 62 Jo Mill wells, 20 Middle Spraberry wells, 15 Wolfcamp D wells, 11 Dean wells, three Upper Spraberry wells and one Barnett well. 27 Table of Contents As of June 30, 2026, we operated the following wells: As of June 30, 2026 Vertical Wells Horizontal Wells Total Area: Gross Net Gross Net Gross Net Midland Basin 4,368 4,154 5,179 4,867 9,547 9,021 Delaware Basin 36 30 457 427 493 457 Total 4,404 4,184 5,636 5,294 10,040 9,478 As of June 30, 2026, we and Viper held interests in 44,314 gross (9,810 net) wells, including 1,909 gross (331 net) wells in which we have a non-operated working interest. Outlook We have increased our annual production guidance by 3% to approximately 1,000 MBOE/d based on our assessment of current market fundamentals, including global oil supply constraints that began in the first quarter of 2026 and their continuing impact on crude oil inventory levels. We expect to achieve this increase in part by continuing to convert portions of our drilled but uncompleted well balance and building upon our improved operational efficiencies. Results of Operations Comparison of the Three Months Ended June 30, 2026, and March 31, 2026 As noted in “ — Commodity Prices , ” the markets for oil and natural gas are highly volatile and are influenced by a number of factors, which can lead to significant changes in our results of operations and management’s operational strategy on a quarterly basis. Accordingly, our results of operations discussion focuses on a comparison of the current quarter’s results of operations with those of the immediately preceding quarter. We believe our discussion provides investors with a more meaningful analysis of material operational and financial changes which occurred during the quarter based on current market and operational trends. 28 Table of Contents The following table sets forth selected operating data for the periods indicated: Three Months Ended June 30, 2026 March 31, 2026 Revenues (In millions): Oil sales $ 4,627 $ 3,445 Natural gas sales (276) 21 Natural gas liquid sales 435 359 Total oil, natural gas and natural gas liquid revenues $ 4,786 $ 3,825 Production Data: Oil (MBbls) 47,791 46,889 Natural gas (MMcf) 128,279 118,402 Natural gas liquids (MBbls) 23,436 21,519 Combined volumes (MBOE) (1) 92,607 88,142 Daily oil volumes (BO/d) 525,176 520,989 Daily combined volumes (BOE/d) 1,017,659 979,356 Average Prices: Oil ($ per Bbl) $ 96.82 $ 73.47 Natural gas ($ per Mcf) $ (2.15) $ 0.18 Natural gas liquids ($ per Bbl) $ 18.56 $ 16.68 Combined ($ per BOE) $ 51.68 $ 43.40 Oil, hedged ($ per Bbl) (2) $ 94.33 $ 72.53 Natural gas, hedged ($ per Mcf) (2) $ (0.34) $ 1.90 Natural gas liquids, hedged ($ per Bbl) (2) $ 18.56 $ 16.68 Average price, hedged ($ per BOE) (2) $ 52.90 $ 45.21 (1) Bbl equivalents are calculated using a conversion rate of six Mcf per Bbl. (2) Hedged prices reflect the effect of our commodity derivative transactions on our average sales prices and include gains and losses on cash settlements for matured commodity derivatives, which we do not designate for hedge accounting. Hedged prices exclude gains or losses resulting from the early settlement of commodity derivative contracts. Production Data. Substantially all of our revenues are generated through the sale of oil, natural gas and natural gas liquids production. The following tables provide information on the mix of our production for the periods indicated: Three Months Ended June 30, 2026 March 31, 2026 Oil (MBbls) 52 % 53 % Natural gas (MMcf) 23 22 Natural gas liquids (MBbls) 25 25 100 % 100 % Three Months Ended June 30, 2026 Three Months Ended March 31, 2026 Midland Basin Delaware Basin Other Total Midland Basin Delaware Basin Other Total Production Data: Oil (MBbls) 44,209 3,565 17 47,791 42,907 3,721 261 46,889 Natural gas (MMcf) 115,656 12,242 381 128,279 104,171 12,878 1,353 118,402 Natural gas liquids (MBbls) 21,662 1,760 14 23,436 19,591 1,804 124 21,519 Total (MBOE) 85,147 7,365 95 92,607 79,860 7,671 611 88,142 29 Table of Contents Oil, Natural Gas and Natural Gas Liquids Revenues. Our revenues are a function of oil, natural gas and natural gas liquids production volumes sold and average sales prices received for those volumes. Our oil, natural gas and natural gas liquids revenues for the second quarter of 2026 increased by $961 million to $4.8 billion compared to the first quarter of 2026. The increase consisted of an additional $861 million attributable largely to higher average prices received for our oil production and an additional $100 million attributable to higher oil and natural gas production volumes during the second quarter of 2026. Net Sales of Purchased Oil . We enter into purchase transactions and separate sales transactions with third parties to satisfy certain of our unused oil pipeline capacity commitments. The following table presents the net sales of purchased oil from third parties for the periods indicated: Three Months Ended (In millions) June 30, 2026 March 31, 2026 Sales of purchased oil $ 739 $ 385 Purchased oil expense 730 393 Net purchased oil sales (expense) $ 9 $ (8) Other Revenues. The following table presents other insignificant revenue for the periods indicated: Three Months Ended (In millions) June 30, 2026 March 31, 2026 Other operating income $ 37 $ 30 Lease Operating Expenses. The following table shows lease operating expenses for the periods indicated: Three Months Ended June 30, 2026 March 31, 2026 (In millions, except per BOE amounts) Amount Per BOE Amount Per BOE Lease operating expenses $ 552 $ 5.96 $ 547 $ 6.21 Lease operating expenses increased for the second quarter of 2026 compared to the first quarter of 2026 primarily due to higher production volumes, which was largely offset by the benefit of the Company’s cost discipline initiatives and other individually insignificant activity. Production and Ad Valorem Tax Expense. The following table shows production and ad valorem tax expense for the periods indicated: Three Months Ended June 30, 2026 March 31, 2026 (In millions, except per BOE amounts) Amount Per BOE Percentage of oil, natural gas and natural gas liquids revenue Amount Per BOE Percentage of oil, natural gas and natural gas liquids revenue Production taxes $ 241 $ 2.60 5.0 % $ 186 $ 2.11 4.9 % Ad valorem taxes 61 0.66 1.3 82 0.93 2.1 Total production and ad valorem expense $ 302 $ 3.26 6.3 % $ 268 $ 3.04 7.0 % In general, production taxes are directly related to production revenues and are based upon current year commodity prices. Production taxes as a percentage of oil, natural gas and natural gas liquids revenue remained consistent from the first quarter of 2026 to the second quarter of 2026. Ad valorem taxes are based, among other factors, on property values driven by prior year commodity prices. Ad valorem taxes as a percentage of oil, natural gas and natural gas liquids revenue decreased in the second quarter of 2026 due primarily to current valuations reflecting lower 2025 commodity prices. 30 Table of Contents Gathering, Processing and Transportation Expense. The following table shows gathering, processing and transportation expenses for the periods indicated: Three Months Ended June 30, 2026 March 31, 2026 (In millions, except per BOE amounts) Amount Per BOE Amount Per BOE Gathering, processing and transportation $ 113 $ 1.22 $ 120 $ 1.36 Depreciation, Depletion, Amortization and Accretion. The following table provides the components of our depreciation, depletion, amortization and accretion expense for the periods indicated: Three Months Ended (In millions, except BOE amounts) June 30, 2026 March 31, 2026 Depletion of proved oil and natural gas properties $ 1,242 $ 1,267 Depreciation and amortization of other property and equipment 19 16 Other amortization 3 2 Asset retirement obligation accretion 8 8 Depreciation, depletion, amortization and accretion $ 1,272 $ 1,293 Oil and natural gas properties depletion rate per BOE $ 13.41 $ 14.37 Depreciation, depletion, amortization and accretion per BOE $ 13.74 $ 14.67 The decrease in depletion of proved oil and natural gas properties of $25 million for the second quarter of 2026 as compared to the first quarter of 2026 consists of an $89 million reduction attributable to the decline in depletion rate following the ceiling test impairment recorded in the first quarter of 2026, partially offset by a $64 million increase due to higher quarterly production volumes. Impairment of Oil and Natural Gas Properties. The following table shows impairment of oil and natural gas properties for the periods indicated: Three Months Ended (In millions) June 30, 2026 March 31, 2026 Impairment of oil and natural gas properties $ — $ 1,400 The non-cash ceiling test impairment charge in the first quarter of 2026 primarily resulted from a decline in SEC Prices applicable to the period. Impairment charges affect our results of operations but do not reduce our cash flow. In addition to commodity prices, our production rates, levels of proved reserves, future development costs, transfers of unevaluated properties, income tax rate assumptions and other factors will determine our actual ceiling test calculation and impairment analysis in future periods. If the trailing 12-month commodity prices fall as compared to the commodity prices used in the current quarter, we may have material write-downs in subsequent quarters. Currently, we do not expect to record additional impairment of our assets in the third quarter of 2026. General and Administrative Expenses. The following table shows the cash and non-cash general and administrative expenses incurred in the periods indicated: Three Months Ended June 30, 2026 March 31, 2026 (In millions, except per BOE amounts) Amount Per BOE Amount Per BOE General and administrative expenses $ 48 $ 0.52 $ 57 $ 0.65 Non-cash stock-based compensation 24 0.26 22 0.25 Total general and administrative expenses $ 72 $ 0.78 $ 79 $ 0.90 31 Table of Contents Other Operating Expenses, Net. The following table shows other insignificant operating expenses for the periods indicated: Three Months Ended (In millions) June 30, 2026 March 31, 2026 Other operating expenses, net $ 9 $ 24 Derivative Instruments. The following table shows the net gain (loss) on derivative instruments and the net cash receipts (payments) on settlements of derivative instruments for the periods indicated: Three Months Ended (In millions) June 30, 2026 March 31, 2026 Gain (loss) on derivative instruments, net (1) $ 49 $ 117 Net cash received (paid) on settlements (1) $ 113 $ 133 (1) The three months ended June 30, 2026 includes cash received to terminate commodity contracts prior to their contractual maturity of $1 million, and the three months ended March 31, 2026 includes cash paid on interest rate swaps terminated prior to their contractual maturity of $27 million. The decrease in gain on derivative instruments for the second quarter of 2026 compared to the first quarter of 2026 primarily reflects (i) a net loss of $262 million attributable to our natural gas contracts, which was comprised of a $290 million decrease in the value of our unsettled natural gas contracts largely due to unfavorable basis differentials on our natural gas basis swap contracts, partially offset by a $28 million increase in cash received for the settlement of contracts, (ii) a net gain of $194 million attributable to our oil contracts, which was comprised of a $270 million increase in the value of our unsettled positions as market prices declined compared to our contract prices at June 30, 2026 compared to March 31, 2026, and a $76 million decrease in cash received for the settlement of contracts, and (iii) other insignificant activity. See Note 12— Derivatives of the notes to the condensed consolidated financial statements for further details regarding our derivative instruments. Other Income (Expense). The following table shows other income and expenses for the periods indicated: Three Months Ended (In millions) June 30, 2026 March 31, 2026 Interest expense, net $ (56) $ (63) Other income (expense), net $ (4) $ 7 Gain (loss) on extinguishment of debt, net $ 134 $ (1) The gain on extinguishment of debt, net for the second quarter of 2026 primarily relates to the tender offer in which we repurchased $777 million of aggregate principal value on our senior notes at an average of 81.1% of par value. See Note 8— Debt of the notes to the condensed consolidated financial statements for details regarding outstanding borrowings and retirements of senior notes. Provision for (Benefit from) Income Taxes. The following table shows the provision for (benefit from) income taxes for the periods indicated: Three Months Ended (In millions) June 30, 2026 March 31, 2026 Provision for (benefit from) income taxes $ 580 $ 32 The increase in our provision for income taxes for the second quarter of 2026 compared to the first quarter of 2026 was primarily due to the increase in pre-tax income between periods, which resulted largely from the first quarter of 2026 including a non-cash ceiling test impairment charge and an increase in our oil, natural gas and natural gas liquids revenues in the second quarter of 2026 as discussed above. See Note 11— Income Taxes of the notes to the condensed consolidated financial statements for further discussion of our income tax expense. 32 Table of Contents Comparison of the Six Months Ended June 30, 2026, and 2025 The following table sets forth selected operating data for the periods indicated: Six Months Ended June 30, 2026 2025 Revenues (In millions): Oil sales $ 8,072 $ 5,891 Natural gas sales (255) 309 Natural gas liquid sales 794 773 Total oil, natural gas and natural gas liquid revenues $ 8,611 $ 6,973 Production Data: Oil (MBbls) 94,680 87,943 Natural gas (MMcf) 246,681 210,697 Natural gas liquids (MBbls) 44,955 37,209 Combined volumes (MBOE) (1) 180,749 160,268 Daily oil volumes (BO/d) 523,094 485,873 Daily combined volumes (BOE/d) 998,613 885,459 Average Prices: Oil ($ per Bbl) $ 85.26 $ 66.99 Natural gas ($ per Mcf) $ (1.03) $ 1.47 Natural gas liquids ($ per Bbl) $ 17.66 $ 20.77 Combined ($ per BOE) $ 47.64 $ 43.51 Oil, hedged ($ per Bbl) (2) $ 83.53 $ 66.10 Natural gas, hedged ($ per Mcf) (2) $ 0.73 $ 2.35 Natural gas liquids, hedged ($ per Bbl) (2) $ 17.66 $ 20.77 Average price, hedged ($ per BOE) (2) $ 49.15 $ 44.19 (1) Bbl equivalents are calculated using a conversion rate of six Mcf per Bbl. (2) Hedged prices reflect the effect of our commodity derivative transactions on our average sales prices and include gains and losses on cash settlements for matured commodity derivatives, which we do not designate for hedge accounting. Hedged prices exclude gains or losses resulting from the early settlement of commodity derivative contracts. Production Data. Substantially all of our revenues are generated through the sale of oil, natural gas and natural gas liquids production. The following tables set forth the mix of our production data by product and basin for the periods indicated: Six Months Ended June 30, 2026 2025 Oil (MBbls) 52 % 55 % Natural gas (MMcf) 23 22 Natural gas liquids (MBbls) 25 23 100 % 100 % 33 Table of Contents Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Midland Basin Delaware Basin Other Total Midland Basin Delaware Basin Other Total Production Data: Oil (MBbls) 87,116 7,286 278 94,680 80,980 6,877 86 87,943 Natural gas (MMcf) 219,827 25,120 1,734 246,681 191,322 18,746 629 210,697 Natural gas liquids (MBbls) 41,253 3,564 138 44,955 34,615 2,545 49 37,209 Total (MBOE) 165,007 15,037 705 180,749 147,482 12,546 240 160,268 Oil, Natural Gas and Natural Gas Liquids Revenues. Our revenues are a function of oil, natural gas and natural gas liquids production volumes sold and average sales prices received for those volumes. Our oil, natural gas and natural gas liquids revenues for the six months ended June 30, 2026, increased by $1.6 billion, or 23%, to $8.6 billion from the same period in 2025. This net increase consisted of an additional $973 million from higher average prices received for our oil production, offset partially by lower natural gas and natural gas liquids prices received in 2026 and an additional $665 million from the 13% growth in our combined production volumes. Approximately 33% of the increase in our combined production volumes was attributable to Viper’s Sitio Acquisition and 16% was attributable to the Double Eagle Acquisition. The remainder of production growth is largely attributable to new wells added between periods. Net Sales of Purchased Oil . We enter into purchase transactions and separate sales transactions with third parties to satisfy certain of our unused oil pipeline capacity commitments. The following table presents the net sales of purchased oil from third parties for the periods indicated: Six Months Ended June 30, (In millions) 2026 2025 Sales of purchased oil $ 1,124 $ 709 Purchased oil expense 1,123 713 Net purchased oil sales (expense) $ 1 $ (4) Other Revenues. The following table shows other revenues for the periods indicated: Six Months Ended June 30, (In millions) 2026 2025 Other operating income $ 67 $ 44 Other operating income increased for the six months ended June 30, 2026, compared to the same period in 2025, primarily due to a $13 million increase in lease bonus income recorded by Viper following its Sitio Acquisition and the 2025 Drop Down, as well as other individually insignificant activity. Lease Operating Expenses. The following table shows lease operating expenses for the periods indicated: Six Months Ended June 30, 2026 2025 (In millions, except per BOE amounts) Amount Per BOE Amount Per BOE Lease operating expenses $ 1,099 $ 6.08 $ 848 $ 5.29 Lease operating expenses increased for the six months ended June 30, 2026, compared to the same period in 2025, primarily due to (i) a $54 million increase in water disposal costs following the divestiture of the Company’s Environmental Disposal Systems, LLC subsidiary in the fourth quarter of 2025, (ii) recording a $43 million reduction in estimated prior period water related costs during the six months ended June 30, 2025, (iii) a $36 million increase to operate wells acquired in the Double Eagle Acquisition, (iv) a $35 million increase in workover and maintenance costs and (v) a $34 million increase attributable to higher production volumes during the six months ended June 30, 2026, (vi) a downward adjustment to initial cost estimates related to producing properties acquired in connection with the Endeavor Acquisition during the six months ended June 30, 2025, and (vii) other individually insignificant activity. 34 Table of Contents Production and Ad Valorem Tax Expense. The following table shows production and ad valorem tax expense for the periods indicated: Six Months Ended June 30, 2026 2025 (In millions, except per BOE amounts) Amount Per BOE Percentage of oil, natural gas and natural gas liquids revenue Amount Per BOE Percentage of oil, natural gas and natural gas liquids revenue Production taxes $ 427 $ 2.36 4.9 % $ 327 $ 2.04 4.7 % Ad valorem taxes 143 0.79 1.7 115 0.72 1.6 Total production and ad valorem expense $ 570 $ 3.15 6.6 % $ 442 $ 2.76 6.3 % In general, production taxes are directly related to production revenues and are based upon current year commodity prices. Production taxes as a percentage of revenue from sales of oil, natural gas and natural gas liquids remained consistent in the first half of 2026 compared to the first half of 2025. Ad valorem taxes are based, among other factors, on property values driven by prior year commodity prices. Ad valorem taxes remained relatively consistent per BOE and as a percentage of revenue from sales of oil, natural gas and natural gas liquids for the six months ended June 30, 2026, compared to the same period in 2025. Gathering, Processing and Transportation Expense. The following table shows gathering, processing and transportation expenses for the periods indicated: Six Months Ended June 30, 2026 2025 (In millions, except per BOE amounts) Amount Per BOE Amount Per BOE Gathering, processing and transportation $ 233 $ 1.29 $ 256 $ 1.60 The decrease in gathering, processing and transportation expense for the six months ended June 30, 2026, compared to the same period in 2025 primarily relates to higher utilization of arrangements that require net presentation within related revenues in the second quarter of 2026, partially offset by an increase due to increased production volumes for the six months ended June 30, 2026. Depreciation, Depletion, Amortization and Accretion. The following table provides the components of our depreciation, depletion, amortization and accretion expense for the periods indicated: Six Months Ended June 30, (In millions, except BOE amounts) 2026 2025 Depletion of proved oil and natural gas properties $ 2,509 $ 2,295 Depreciation and amortization of other property and equipment 35 46 Other amortization 5 4 Asset retirement obligation accretion 16 18 Depreciation, depletion, amortization and accretion $ 2,565 $ 2,363 Oil and natural gas properties depletion rate per BOE $ 13.88 $ 14.32 Depreciation, depletion, amortization and accretion per BOE $ 14.19 $ 14.74 The increase in depletion of proved oil and natural gas properties of $214 million for the six months ended June 30, 2026, compared to the same period in 2025 consists of $293 million from growth in production volumes, which was partially offset by a $79 million reduction attributable to a decrease in the depletion rate. The depletion rate declined due to a reduction in the depletable asset base, which was caused by the ceiling test impairment recorded in the fourth quarter of 2025 and the first quarter of 2026 as discussed below. This reduction was partially offset by the addition of higher value leasehold costs and proved reserves to the depletable base from the Double Eagle Acquisition and, to a lesser extent, Viper’s Sitio Acquisition. 35 Table of Contents Impairment of Oil and Natural Gas Properties. The following table shows impairment of oil and natural gas properties for the periods indicated: Six Months Ended June 30, (In millions) 2026 2025 Impairment of oil and natural gas properties $ 1,400 $ — The non-cash ceiling test impairment charge of $1.4 billion for the six months ended June 30, 2026 primarily resulted from the decline in SEC Prices during the preceding twelve months. General and Administrative Expenses. The following table shows the cash and non-cash general and administrative expenses incurred in the periods indicated: Six Months Ended June 30, 2026 2025 (In millions, except per BOE amounts) Amount Per BOE Amount Per BOE General and administrative expenses $ 105 $ 0.58 $ 101 $ 0.63 Non-cash stock-based compensation 46 0.25 39 0.24 Total general and administrative expenses $ 151 $ 0.83 $ 140 $ 0.87 Other Operating Expenses, Net. The following table shows the other operating expenses for the periods indicated: Six Months Ended June 30, (In millions) 2026 2025 Other operating expenses, net $ 33 $ 152 The decrease in other operating expenses for the six months ended June 30, 2026, compared to the same period in 2025 primarily resulted from (i) a $72 million reduction in merger and transaction costs due to the 2025 period, including costs incurred for the Endeavor Acquisition, the 2025 Drop Down and other individually insignificant transactions, and (ii) a $45 million decrease in midstream service expense following the divestiture of the Company’s Environmental Disposal Systems, LLC subsidiary in the fourth quarter of 2025. Derivative Instruments. The following table shows the net gain (loss) on derivative instruments and the net cash receipts (payments) on settlements of derivative instruments for the periods indicated: Six Months Ended June 30, (In millions) 2026 2025 Gain (loss) on derivative instruments, net (1) $ 166 $ 29 Net cash received (paid) on settlements (1) $ 246 $ 48 (1) The six months ended June 30, 2026, includes cash paid on interest rate swaps terminated prior to their contractual maturity of $27 million and cash received for the early termination of commodity contracts of $1 million. The increase in gain on derivative instruments for the six months ended June 30, 2026, compared to the same period in 2025 primarily reflects (i) a $278 million gain attributable to our natural gas contracts, which was comprised of a $249 million increase in cash received upon settlement of contracts and a $29 million increase in the value of our unsettled natural gas costless collars and basis swaps, and (ii) other insignificant changes due to the termination of our interest rate swaps. These gains were partially offset by an additional loss of $124 million attributable to our oil contracts, which was comprised of (i) a $103 million decrease in the value of our unsettled contracts due primarily to basis puts and puts added between periods being in a liability position, (ii) an $85 million decrease in cash received for the settlement of contracts and (iii) a $64 million increase in the value of our unsettled roll swaps and basis swaps. See Note 12— Derivatives of the notes to the condensed consolidated financial statements for further details regarding our derivative instruments. 36 Table of Contents Other Income (Expense). The following table shows other income and expenses for the periods indicated: Six Months Ended June 30, (In millions) 2026 2025 Interest expense, net $ (119) $ (96) Other income (expense), net $ 3 $ 37 Gain (loss) on extinguishment of debt, net $ 133 $ 55 Interest expense, net increased by $23 million for the six months ended June 30, 2026, compared to the same period in 2025. This increase primarily consisted of (i) a $32 million decrease in capitalized interest costs, which increased interest expense, (ii) a net increase of $18 million related to the issuance of Viper’s 4.900% Senior Notes due 2030 and 5.700% Senior Notes due 2035 and the redemption of its 5.375% Senior Notes due 2027 and 7.375% Senior Notes due 2031 in the third quarter of 2025, and (iii) a $15 million increase attributable to the 2035 Notes issued in April 2025. These increases were partially offset by a $50 million reduction in interest expense due to retirements of the Company’s debt during 2026 and 2025 and other individually insignificant activity. See Note 8— Debt of the notes to the condensed consolidated financial statements for further details regarding outstanding borrowings. Other income (expense), net for the six months ended June 30, 2026, decreased compared to the same period in 2025, primarily due to receiving a $42 million distribution from an equity method investee during the six months ended June 30, 2025, partially offset by a $10 million increase in income from equity method investees and other individually insignificant items. Provision for (Benefit from) Income Taxes. The following table shows the provision for (benefit from) income taxes for the periods indicated: Six Months Ended June 30, (In millions) 2026 2025 Provision for (benefit from) income taxes $ 612 $ 607 See Note 11— Income Taxes of the notes to the condensed consolidated financial statements for further discussion of our income tax expense. Liquidity and Capital Resources Overview of Sources and Uses of Cash Historically, our primary sources of liquidity have included cash flows from operations, proceeds from our public equity offerings, borrowings under the Revolving Credit Facility and term loan agreements, proceeds from the issuance of senior notes and sales of non-core assets. Our primary uses of capital have been for the acquisition, development and exploration of oil and natural gas properties, repayment of debt and returning capital to stockholders. At June 30, 2026, we had approximately $3.4 billion of liquidity consisting of $385 million in standalone cash and cash equivalents and $3.0 billion available under our credit facility. At June 30, 2026, we had approximately $1.5 billion of senior notes maturing in the next 12 months.