v3.26.1
DEBT
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
Long-term debt consisted of the following as of the dates indicated:

June 30,December 31,
20262025
(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 costs1 2 
Unamortized basis adjustment of dedesignated interest rate swap agreements
(52)(59)
Viper Revolving Credit Facility95 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, net12,614 14,489 
Less: current maturities of debt1,548 763 
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
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.