Exhibit 99.1

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DIAMONDBACK ENERGY, INC. ANNOUNCES THIRD QUARTER 2026 FINANCIAL AND OPERATING RESULTS; INCREASES BASE DIVIDEND
Midland, TX (November 2, 2026) - Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback,” “we,” “our” or the “Company”) today announced financial and operating results for the third quarter ended September 30, 2026.

THIRD QUARTER 2026 HIGHLIGHTS
•Average oil production of 525 MBO/d (1,034 MBOE/d)
•Net cash provided by operating activities of $2.6 billion; Operating Cash Flow Before Working Capital Changes1 of $3.2 billion
•Cash capital expenditures of $1.0 billion
•Free Cash Flow1 and Adjusted Free Cash Flow1 of $2.1 billion and $2.2 billion, respectively
•Increased annual base dividend by 7.3% to $4.72 per share; marks an 18% year over year increase and a ~2.2% annualized yield2
•Repurchased 1.3 million shares of common stock for approximately $251 million
•Repurchased $106 million in aggregate principal amount of 2054 and 2064 Senior Notes at a weighted average price of 94.9% of par ($103 million, including accrued interest)
•Acquired a 7.5% equity interest in the Solitude Pipeline System, a Permian-to-Katy natural gas pipeline

UPDATED 2026 GUIDANCE HIGHLIGHTS
•Increasing annual oil production guidance to ~524 (from 522+) MBO/d with total BOE production of ~1,015 (from 1,000+) MBOE/d and full year cash capital expenditures to $3.95 - $4.00 billion (from ~$3.9 billion)
•Q4 2026 oil production guidance of 518 - 528 MBO/d (1,025 - 1,045 MBOE/d)
•Q4 2026 cash capital expenditures guidance of $1,000 - $1,050 million

1 NON-GAAP DISCLOSURES - For a definition of Operating Cash Flow Before Working Capital Changes, Free Cash Flow, Adjusted Free Cash Flow, Adjusted Net Income, Adjusted EBITDA, Adjusted Net Income per Diluted Share, Net Debt and reconciliations of such non-GAAP financial metrics to their respective most directly comparable GAAP metrics, please see “Non-GAAP Financial Measures” below.
2 Cash dividend payable on November 19, 2026; annualized yield based on October 30, 2026 closing share price of $212.08


RECENT HIGHLIGHTS
•Have repurchased 389,841 shares of common stock in Q4 2026 to date for approximately $73 million
•On October 1, redeemed all $698 million in aggregate principal amount of the Company’s 2026 Senior Notes at par
•Repurchased $195 million in aggregate principal amount of 2054 and 2064 Senior Notes at a weighted average price of 91.0% of par ($183 million, including accrued interest)

THIRD QUARTER 2026 OPERATIONS UPDATE

The following tables provide a summary of Diamondback’s key operational updates:

Wells Drilled and Completed:
Three Months Ended September 30, 2026
Nine Months Ended September 30, 2026
Drilled
Completed
Drilled
Completed
GrossNetGrossNetGrossNetGrossNet
Total105 100 135 133 320 300 450 427 

Gross Wells Drilled and Completed By Zone:
Three Months Ended September 30, 2026
Nine Months Ended September 30, 2026
Number of Wells DrilledNumber of Wells CompletedNumber of Wells DrilledNumber of Wells Completed
Midland Basin:
Upper Spraberry3 2 6 5 
Middle Spraberry5 6 18 26 
Jo Mill17 22 55 84 
Lower Spraberry15 24 55 87 
Dean3 2 5 13 
Wolfcamp A15 36 61 105 
Wolfcamp B24 33 69 104 
Wolfcamp D9 8 27 23 
Barnett14 2 24 3 
Midland Basin Total
105 135 320 450 
Average Completed Lateral Length (in feet)
13,584 12,251 



Realized Average Prices:

Three Months Ended
September 30, 2026June 30, 2026September 30, 2025
Oil ($ per Bbl)$87.30 $96.82 $64.60 
Natural gas ($ per Mcf)$1.12 $(2.15)$0.75 
Natural gas liquids ($ per Bbl)$20.02 $18.56 $17.28 
Combined price ($ per BOE)$51.03 $51.68 $39.73 
Oil, hedged ($ per Bbl)(1)
$85.89 $94.33 $63.70 
Natural gas, hedged ($ per Mcf)(1)
$0.90 $(0.34)$1.75 
Natural gas liquids, hedged ($ per Bbl)(1)
$20.02 $18.56 $17.28 
Combined price, hedged ($ per BOE)(1)
$50.01 $52.90 $40.58 
(1)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.

Average Cash Costs per BOE:

Three Months Ended
September 30, 2026June 30, 2026September 30, 2025
Lease operating expenses$5.97 $5.96 $5.65 
Production and ad valorem taxes3.02 3.26 2.44 
Gathering, processing and transportation expense1.32 1.22 1.41 
General and administrative - cash component0.60 0.52 0.55 
Total operating expense - cash$10.91 $10.96 $10.05 

FINANCIAL UPDATE

Earnings Attributable to Diamondback Energy, Inc.:
Three Months Ended September 30, 2026
(in millions, except per share amounts)
Net income (loss) attributable to Diamondback Energy, Inc.$1,603 
Earnings (loss) per common share attributable to Diamondback Energy, Inc. - Diluted(1)
$5.69 
Adjusted net income(1)
$1,649 
Adjusted net income per common share - Diluted(1)
$5.86 
(1)The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of common stock and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to Diamondback Energy, Inc., (ii) less the reallocation of $9 million in earnings attributable to participating securities, (iii) divided by diluted weighted average common shares outstanding for the respective periods.



Cash Capital Expenditures:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(in millions)
Operated drilling and completion additions to oil and natural gas properties$884 $632 $2,510 $2,203 
Non-operated additions to oil and natural gas properties and other
142 142 445 377 
Total$1,026 $774 $2,955 $2,580 

Adjusted EBITDA and Free Cash Flow - Non-GAAP:
Three Months Ended September 30, 2026Nine Months Ended September 30, 2026

(in millions)
Net income (loss) attributable to Diamondback Energy, Inc.$1,603 $3,510 
Consolidated Adjusted EBITDA$3,752 $10,693 
Adjusted EBITDA attributable to Diamondback Energy, Inc.$3,393 $9,646 
Net cash provided by operating activities$2,599 $8,016 
Free Cash Flow$2,148 $6,183 
Adjusted Free Cash Flow$2,150 $6,218 

Debt & Liquidity:
September 30, 2026
(in millions)
Standalone cash
$548 
Borrowings outstanding under the credit facility$— 
Remaining availability under the credit facility$3,000 
Total standalone liquidity
$3,548 
Consolidated total debt
$13,375 
Consolidated total net debt$12,817 

RETURN OF CAPITAL UPDATE

Diamondback announced today that the Company’s Board of Directors (the “Board”) approved a 7.3% increase to the Company's base cash dividend, raising it to $1.18 per common share for the third quarter of 2026, payable on November 19, 2026, to stockholders of record at the close of business on November 12, 2026.

During the third quarter, the Company repurchased 1,348,209 shares of common stock for approximately $251 million at a weighted average price of $185.94 per share (excluding excise tax). The Company expects to continue repurchases opportunistically using cash on hand, free cash flow and potential asset sale proceeds. The program has no time limit and may be suspended, modified or discontinued at the Board’s discretion. Repurchases may be executed in privately negotiated or open-market transactions, consistent with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and will be subject to market conditions, applicable regulatory and legal requirements and other factors. All shares repurchased will be retired.



The table below summarizes Diamondback’s return of capital program, including dividends and share repurchases, with future actions subject to Board approval.

Q3 2026
Q4 2026 to date
Cumulative
(in millions, except per share amounts, shares in thousands)
Base dividend$1.18 
Shares repurchased
1,348 390 44,183 
Weighted average repurchase price
$185.94 $186.69 $143.66 
Total repurchase cost$251 $73 $6,348 
Total return of capital
$582 



UPDATED 2026 GUIDANCE

Below is Diamondback's and Viper Energy, Inc.'s (“Viper”) updated guidance for the full year 2026, which includes fourth quarter production and capital guidance.

2026 Guidance
2026 Guidance
Diamondback Energy, Inc.Viper Energy, Inc.
2026 Net production - MBOE/d
~1,015 (from 1,000+)
137.0 - 138.0
2026 Oil production - MBO/d
~524 (from 522+)
67.25 - 67.75
Q4 2026 Oil production - MBO/d (total - MBOE/d)
518 - 528 (1,025 - 1,045)70.0 - 71.0 (141.5 - 143.5)
Unit costs ($/BOE)
Lease operating expenses, including workovers
$5.95 - $6.20 (from $5.90 - $6.40)
G&A
Cash G&A$0.55 - $0.65$0.70 - $0.90
Non-cash equity-based compensation$0.20 - $0.30$0.10 - $0.20
DD&A$13.50 - $14.50$14.75 - $17.25
Interest expense (net of interest income)$0.50 - $0.70$1.90 - $2.40
Gathering, processing and transportation
$1.30 - $1.50 (from $1.40 - $1.60)
Production and ad valorem taxes (% of revenue)
~6.5% (from ~7%)
~7%
Corporate tax rate (% of pre-tax income)23%
Cash tax rate (% of pre-tax income)(1)
19% - 22%27% - 30%
Q4 2026 Cash taxes ($ - million)
$500 - $560
Cash Capital Budget ($ - million)
Operated drilling and completion
$3,350 - $3,400 (from ~$3,310)
2026 Total capital expenditures(2)
$3,950 - $4,000 (from ~$3,900)
Q4 2026 Capital expenditures
$1,000 - $1,050
Average lateral length (Ft.)
~12,900'
Net lateral footage completed (1,000's of Ft.)
6,200' - 6,600' (from 6,100' - 6,500')
(1)Pre-tax income attributable to the Company is a non-GAAP measure. We are not able to forecast the most directly comparable GAAP measure - Income (loss) before income taxes - due to high variability and difficulty in predicting certain items that affect Income (loss) before income taxes, such as future commodity prices, pace of and costs of developing, producing and operating our interests in oil and natural gas properties, future changes in interest rates and various other business factors impacting our financial results.
(2)Includes non-operated drilling and completion, capital workovers, science, infrastructure, midstream and environmental.


CONFERENCE CALL

Diamondback will host a conference call and webcast for investors and analysts to discuss its results for the third quarter of 2026 on Tuesday, November 3, 2026 at 8:00 a.m. CT. Access to the webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Diamondback’s website at www.diamondbackenergy.com under the “Investor Relations” section of the site. Investors and others should note that Diamondback announces material financial and operational information to our investors using our investor relations website, press releases, SEC filings and public conference calls and webcasts. The information we post through our investor relations website may be deemed material. Accordingly, investors should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts.

About Diamondback Energy, Inc.

Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

Forward-Looking Statements

This news release contains “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 Diamondback’s: 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 its ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the 2026 Drop Down, the Viper Riverbend acquisition, the Viper McElroy Ranch acquisition and Viper's Sitio acquisition and other acquisitions, divestitures or reorganizations); 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 news release, 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) are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Diamondback believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Diamondback’s control. Accordingly, forward-looking statements are not guarantees of future performance and Diamondback’s actual outcomes could differ materially from what Diamondback has expressed in its forward-looking statements.

Factors that could cause the 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


markets; regional supply and demand factors, including delays, curtailments 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; 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 activity, 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, Viper's McElroy Ranch acquisition and Viper’s Sitio acquisition; the Endeavor stockholders’ ability to significantly influence our business and potential conflicts of interest; and other risks described in Part I, Item 1A of Diamondback’s Annual Report on Form 10-K, filed with the SEC on February 25, 2026, and those risks disclosed in its subsequent filings on Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the SEC’s website at http://www.sec.gov and Diamondback’s website at www.diamondbackenergy.com/investors.

In light of these factors, the events anticipated by Diamondback’s forward-looking statements may not occur at the time anticipated or at all. Moreover, Diamondback operates in a very competitive and rapidly changing environment and new risks emerge from time to time. Diamondback cannot predict all risks, nor can it assess the impact of all factors on its 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 it may make. Accordingly, you should not place undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this release or, if earlier, as of the date they were made. Diamondback does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.




Diamondback Energy, Inc.
Condensed Consolidated Statements of Operations
(unaudited, in millions, except per share amounts, shares in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Revenues:
Oil, natural gas and natural gas liquid sales$4,854 $3,447 $13,465 $10,420 
Sales of purchased oil536 459 1,660 1,168 
Other operating income41 18 108 62 
Total revenues5,431 3,924 15,233 11,650 
Costs and expenses:
Lease operating expenses568 490 1,667 1,338 
Production and ad valorem taxes287 212 857 654 
Gathering, processing and transportation126 122 359 378 
Purchased oil expense540 455 1,663 1,168 
Depreciation, depletion, amortization and accretion1,320 1,286 3,885 3,649 
Impairment of oil and natural gas properties— — 1,400 — 
General and administrative expenses83 70 234 210 
Other operating expenses, net7 53 40 205 
Total costs and expenses2,931 2,688 10,105 7,602 
Income (loss) from operations2,500 1,236 5,128 4,048 
Other income (expense):
Interest expense, net(55)(70)(174)(166)
Other income (expense), net5 116 8 153 
Gain (loss) on derivative instruments, net(182)120 (16)149 
Gain (loss) on extinguishment of debt, net4 (32)137 23 
Total other income (expense), net(228)134 (45)159 
Income (loss) before income taxes2,272 1,370 5,083 4,207 
Provision for (benefit from) income taxes501 287 1,113 894 
Net income (loss)
1,771 1,083 3,970 3,313 
Net income (loss) attributable to non-controlling interest168 65 460 191 
Net income (loss) attributable to Diamondback Energy, Inc.$1,603 $1,018 $3,510 $3,122 
Earnings (loss) per common share:
Basic$5.69 $3.51 $12.41 $10.71 
Diluted$5.69 $3.51 $12.41 $10.71 
Weighted average common shares outstanding:
Basic279,959288,826281,307290,188
Diluted279,959288,826281,307290,188


Diamondback Energy, Inc.
Condensed Consolidated Balance Sheets
(unaudited, in millions, except share amounts)
September 30,December 31,
20262025
Assets
Current assets:
Cash and cash equivalents ($10 million and $13 million related to Viper)
$558 $104 
Restricted cash2 2 
Accounts receivable:
Joint interest and other, net247 258 
Oil and natural gas sales, net ($496 million and $262 million related to Viper)
2,118 1,128 
Inventories64 86 
Prepaid expenses and other current assets158 337 
Total current assets3,147 1,915 
Property and equipment:
Oil and natural gas properties:
Proved properties ($10,102 million and $9,746 million related to Viper)
77,090 71,588 
Unproved properties ($5,213 million and $4,910 million related to Viper)
22,990 23,941 
Other property, equipment and land932 874 
Accumulated depletion, depreciation, amortization and impairment ($3,062 million and $2,455 million related to Viper)
(33,000)(27,782)
Property and equipment, net68,012 68,621 
Other assets951 523 
Total assets$72,110 $71,059 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued capital expenditures1,374 1,168 
Current maturities of debt1,548 763 
Other accrued liabilities1,033 1,108 
Revenues and royalties payable1,645 1,397 
Derivative instruments47 15 
Income taxes payable92 149 
Total current liabilities5,739 4,600 
Long-term debt ($2,394 million and $2,186 million related to Viper)
11,682 13,726 
Deferred income taxes8,936 9,141 
Other long-term liabilities620 625 
Total liabilities26,977 28,092 
Stockholders’ equity:
Common stock, $0.01 par value; 800,000,000 shares authorized; 279,241,756 and 284,594,908 shares issued and outstanding at September 30, 2026, and December 31, 2025, respectively
3 3 
Additional paid-in capital31,638 32,236 
Retained earnings (accumulated deficit)7,332 4,740 
Accumulated other comprehensive income (loss)(7)(7)
Total Diamondback Energy, Inc. stockholders’ equity38,966 36,972 
Non-controlling interest6,167 5,995 
Total equity45,133 42,967 
Total liabilities and stockholders’ equity$72,110 $71,059 



Diamondback Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited, in millions)
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Cash flows from operating activities:
Net income (loss)$1,771 $1,083 $3,970 $3,313 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for (benefit from) deferred income taxes(7)253 (213)235 
Depreciation, depletion, amortization and accretion1,320 1,286 3,885 3,649 
Impairment of oil and natural gas properties— — 1,400 — 
(Gain) loss on extinguishment of debt, net(4)32 (137)(23)
(Gain) loss on derivative instruments, net182 (120)16 (149)
Cash received (paid) on settlement of derivative instruments(97)60 149 108 
Other9 (60)68 (6)
Changes in operating assets and liabilities:
Accounts receivable(476)(22)(1,039)138 
Accounts payable and accrued liabilities71 28 (133)(355)
Income taxes payable(138)(206)(138)(515)
Revenues and royalties payable(54)58 270 28 
Other22 (9)(82)(8)
Net cash provided by (used in) operating activities2,599 2,383 8,016 6,415 
Cash flows from investing activities:
Additions to oil and natural gas properties(1,026)(774)(2,955)(2,580)
Property acquisitions(1,157)(1,536)(1,909)(5,411)
Proceeds from sale of assets66 257 723 314 
Other(193)(6)(222)(14)
Net cash provided by (used in) investing activities(2,310)(2,059)(4,363)(7,691)
Cash flows from financing activities:
Proceeds from debt3,115 4,400 9,405 13,022 
Repayment of debt(2,500)(3,313)(10,547)(9,720)
Repurchased shares under repurchase program(251)(603)(431)(1,576)
Repurchased shares - related party— — (509)— 
Repurchased shares/units under Viper’s repurchase program(90)(90)(318)(100)
Net proceeds from Viper’s issuance of common stock— — — 1,232 
Proceeds from sale of Viper's common stock— — 589 — 
Payments for dividends and dividend equivalents
(309)(290)(918)(874)
Dividends to non-controlling interest(158)(79)(437)(256)
Other— (18)(33)(64)
Net cash provided by (used in) financing activities(193)7 (3,199)1,664 
Net increase (decrease) in cash, cash equivalents and restricted cash96 331 454 388 
Cash, cash equivalents and restricted cash at beginning of period464 221 106 164 
Cash, cash equivalents and restricted cash at end of period$560 $552 $560 $552 



Diamondback Energy, Inc.
Selected Operating Data
(unaudited)
Three Months Ended
September 30, 2026June 30, 2026September 30, 2025
Production Data:
Oil (MBbls)48,295 47,791 46,345 
Natural gas (MMcf)135,002 128,279 115,353 
Natural gas liquids (MBbls)24,330 23,436 21,180 
Combined volumes (MBOE)(1)
95,125 92,607 86,751 
Daily oil volumes (BO/d)524,946 525,176 503,750 
Daily combined volumes (BOE/d)1,033,967 1,017,659 942,946 
Average Prices:
Oil ($ per Bbl)$87.30 $96.82 $64.60 
Natural gas ($ per Mcf)$1.12 $(2.15)$0.75 
Natural gas liquids ($ per Bbl)$20.02 $18.56 $17.28 
Combined price ($ per BOE)$51.03 $51.68 $39.73 
Oil, hedged ($ per Bbl)(2)
$85.89 $94.33 $63.70 
Natural gas, hedged ($ per Mcf)(2)
$0.90 $(0.34)$1.75 
Natural gas liquids, hedged ($ per Bbl)(2)
$20.02 $18.56 $17.28 
Combined price, hedged ($ per BOE)(2)
$50.01 $52.90 $40.58 
Average Cash Costs ($/BOE):
Lease operating expenses$5.97 $5.96 $5.65 
Production and ad valorem taxes3.02 3.26 2.44 
Gathering, processing and transportation expense1.32 1.22 1.41 
General and administrative - cash component0.60 0.52 0.55 
Total operating expense - cash$10.91 $10.96 $10.05 
General and administrative - non-cash component$0.27 $0.26 $0.25 
Depreciation, depletion, amortization and accretion$13.88 $13.74 $14.82 
Interest expense, net$0.58 $0.60 $0.81 
(1)Bbl equivalents are calculated using a conversion rate of six Mcf per one 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.



NON-GAAP FINANCIAL MEASURES

ADJUSTED EBITDA

Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines Adjusted EBITDA as net income (loss) attributable to Diamondback Energy, Inc., plus net income (loss) attributable to non-controlling interest ("net income (loss)") before non-cash (gain) loss on derivative instruments, net, interest expense, net, depreciation, depletion, amortization and accretion, depreciation and interest expense related to equity method investments, (gain) loss on extinguishment of debt, impairment of oil and natural gas properties, non-cash equity-based compensation expense, capitalized equity-based compensation expense, other non-cash transactions and provision for (benefit from) income taxes. Adjusted EBITDA is not a measure of net income as determined by United States generally accepted accounting principles ("GAAP"). Management believes Adjusted EBITDA is useful because the measure allows it to evaluate the Company’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. The Company excludes the items listed above from net income (loss) to determine Adjusted EBITDA because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Further, the Company excludes the effects of significant transactions that may affect earnings but are unpredictable in nature, timing and amount, although they may recur in different reporting periods. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of the Company’s operating performance. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets. The Company’s computation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts.


The following tables present a reconciliation of the GAAP financial measure of net income (loss) attributable to Diamondback Energy, Inc. to the non-GAAP financial measure of Adjusted EBITDA:
Diamondback Energy, Inc.
Reconciliation of Net Income (Loss) to Adjusted EBITDA
(unaudited, in millions)
Three Months Ended September 30, 2026Nine Months Ended September 30, 2026
Net income (loss) attributable to Diamondback Energy, Inc.$1,603 $3,510 
Net income (loss) attributable to non-controlling interest168 460 
Net income (loss)1,771 3,970 
Non-cash (gain) loss on derivative instruments, net85 165 
Interest expense, net55 174 
Depreciation, depletion, amortization and accretion1,320 3,885 
Depreciation and interest expense related to equity method investments13 39 
(Gain) loss on extinguishment of debt(4)(137)
Impairment of oil and natural gas properties— 1,400 
Non-cash equity-based compensation expense37 101 
Capitalized equity-based compensation expense(11)(29)
Other non-cash transactions(15)12 
Provision for (benefit from) income taxes501 1,113 
Consolidated Adjusted EBITDA3,752 10,693 
Less: Adjustment for non-controlling interest359 1,047 
Adjusted EBITDA attributable to Diamondback Energy, Inc.$3,393 $9,646 



ADJUSTED NET INCOME
Adjusted net income is a non-GAAP financial measure equal to net income (loss) attributable to Diamondback Energy, Inc. plus net income (loss) attributable to non-controlling interest ("net income (loss)") adjusted for non-cash (gain) loss on derivative instruments, net, (gain) loss on extinguishment of debt, other non-cash transactions and related income tax adjustments. The Company’s computation of adjusted net income may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts. Management believes adjusted net income helps investors in the oil and natural gas industry to measure and compare the Company's performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors. Further, in order to allow investors to compare the Company's performance across periods, the Company excludes the effects of significant transactions that may affect earnings but are unpredictable in nature, timing and amount, although they may recur in different reporting periods.
The following table presents a reconciliation of the GAAP financial measure of net income (loss) attributable to Diamondback Energy, Inc. to the non-GAAP measure of adjusted net income:

Diamondback Energy, Inc.
Adjusted Net Income
(unaudited, in millions, except per share amounts, shares in thousands)
Three Months Ended
September 30, 2026
AmountsAmounts Per Diluted Share
Net income (loss) attributable to Diamondback Energy, Inc.(1)
$1,603 $5.69 
Net income (loss) attributable to non-controlling interest168 0.60 
Net income (loss)(1)
1,771 6.29 
Non-cash (gain) loss on derivative instruments, net85 0.30 
(Gain) loss on extinguishment of debt(4)(0.01)
Other non-cash transactions(15)(0.05)
Adjusted net income excluding above items(1)
1,837 6.53 
Income tax adjustment for above items(15)(0.05)
Adjusted net income(1)
1,822 6.48 
Less: Adjusted net income attributable to non-controlling interest173 0.62 
Adjusted net income attributable to Diamondback Energy, Inc.(1)
$1,649 $5.86 
Weighted average common shares outstanding:
Basic279,959 
Diluted279,959 
(1)The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of common stock and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to Diamondback Energy, Inc., (ii) less the reallocation of $9 million in earnings attributable to participating securities, (iii) divided by diluted weighted average common shares outstanding for the respective periods.



OPERATING CASH FLOW BEFORE WORKING CAPITAL CHANGES, FREE CASH FLOW AND ADJUSTED FREE CASH FLOW

Operating cash flow before working capital changes, which is a non-GAAP financial measure, represents net cash provided by operating activities as determined under GAAP without regard to changes in working capital. The Company believes operating cash flow before working capital changes is a useful measure of an oil and natural gas company’s ability to generate cash used to fund exploration, development and acquisition activities and service debt or pay dividends. The Company also uses this measure because changes in working capital relate to the timing of cash receipts and disbursements that the Company may not control and may not relate to the period in which the operating activities occurred. This allows the Company to compare its operating performance with that of other companies without regard to financing methods and capital structure.

The Company defines Free Cash Flow, which is a non-GAAP financial measure, as cash flow from operating activities before changes in working capital in excess of cash capital expenditures. The Company defines Adjusted Free Cash Flow, which is a non-GAAP financial measure, as Free Cash Flow before the tax impact from divestitures (if any), merger and transaction expenses, costs of early termination of derivatives and settlements of any treasury locks (if any). The Company believes that Free Cash Flow and Adjusted Free Cash Flow are useful to investors as they provide a measure to compare both cash flow from operating activities and additions to oil and natural gas properties across periods on a consistent basis, adjusted, as applicable, for non-recurring impacts from divestitures, merger and transaction expenses, the early termination of derivative contracts and settlements of treasury locks. These measures should not be considered as an alternative to, or more meaningful than, net cash provided by operating activities as an indicator of liquidity. The Company's computation of Free Cash Flow may not be comparable to other similarly titled measures of other companies.


The following tables present a reconciliation of the GAAP financial measure of net cash provided by operating activities to the non-GAAP measure of operating cash flow before working capital changes and to the non-GAAP measures of Free Cash Flow and Adjusted Free Cash Flow:

Diamondback Energy, Inc.
Operating Cash Flow Before Working Capital Changes, Free Cash Flow and Adjusted Free Cash Flow
(unaudited, in millions)
Three Months Ended September 30, 2026Nine Months Ended September 30, 2026
Net cash provided by operating activities$2,599 $8,016 
Less: Changes in cash due to changes in operating assets and liabilities:
Accounts receivable(476)(1,039)
Accounts payable and accrued liabilities71 (133)
Income taxes payable(138)(138)
Revenues and royalties payable(54)270 
Other22 (82)
Total working capital changes(575)(1,122)
Operating cash flow before working capital changes3,174 9,138 
Additions to oil and natural gas properties(1,026)(2,955)
Total Cash CAPEX(1,026)(2,955)
Free Cash Flow2,148 6,183 
Merger and transaction expenses(1)
2 8 
Early termination of derivatives— 27 
Adjusted Free Cash Flow$2,150 $6,218 
(1)Includes $4 million of Viper's transaction expenses primarily related to the Sitio Acquisition for the nine months ended September 30, 2026.


NET DEBT

The Company defines the non-GAAP measure of net debt as total debt (excluding debt issuance costs, discounts, premiums and unamortized basis adjustments) less cash and cash equivalents and restricted cash that has been irrevocably deposited for the redemption of principal amounts of outstanding senior notes. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company's outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. The Company believes this metric is useful to analysts and investors in determining the Company's leverage position because the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt.
Diamondback Energy, Inc.
Net Debt
(unaudited, in millions)
September 30, 2026
Net Q3 Principal Borrowings/(Repayments)
June 30, 2026March 31, 2026December 31, 2025September 30, 2025
Diamondback total debt(1)
$10,965 $(106)$11,071 $12,448 $12,462 $13,792 
Diamondback cash and cash equivalents
(548)(385)(146)(91)(106)
Diamondback net debt
$10,417 $10,686 $12,302 $12,371 $13,686 
Viper total debt(1)
$2,410 $715 $1,695 $1,620 $2,205 $2,640 
Viper cash and cash equivalents
(10)(77)(28)(13)(433)
Viper net debt
$2,400 $1,618 $1,592 $2,192 $2,207 
Total debt$13,375 $609 $12,766 $14,068 $14,667 $16,432 
Cash and cash equivalents(558)(462)(174)(104)(539)
Net debt$12,817 $12,304 $13,894 $14,563 $15,893 
(1)Excludes debt issuance costs, discounts, premiums and unamortized basis adjustments.



DERIVATIVES

As of October 30, 2026, the Company had the following outstanding consolidated derivative contracts, including derivative contracts at Viper. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges and published index prices. Crude oil derivative settlements are based on New York Mercantile Exchange (“NYMEX”) West Texas Intermediate (“WTI”) pricing, Crude Oil Brent pricing and the regional crude oil pricing points indicated below. Natural gas derivative settlements are based on NYMEX Henry Hub pricing and the regional natural gas pricing points indicated below. Basis swaps settle on the differential between the applicable benchmark price and the regional index price, and roll swaps settle on the differential between NYMEX WTI prompt-month and second-month contract prices. When aggregating multiple contracts, the weighted average contract price is disclosed.

Crude Oil (Bbls/day, $/Bbl)
Q4 2026Q1 2027Q2 2027Q3 2027Q4 2027
Long Puts - Crude Brent Oil10,00015,00010,000——
Long Put Price ($/Bbl)$55.00$55.00$55.00——
Deferred Premium ($/Bbl)$-1.33$-1.27$-1.21——
Long Puts - WTI (Magellan East Houston)75,00075,00060,00030,00010,000
Long Put Price ($/Bbl)$50.67$50.00$50.00$50.00$50.00
Deferred Premium ($/Bbl)$-1.31$-1.25$-1.25$-1.15$-0.98
Long Puts - WTI (Cushing)175,000140,000130,00090,00040,000
Long Put Price ($/Bbl)$50.57$50.00$50.00$50.00$50.00
Deferred Premium ($/Bbl)$-1.28$-1.28$-1.24$-1.22$-1.15
Basis Swaps - WTI (Midland)85,00041,50041,50031,50031,500
$1.09$1.30$1.30$1.07$1.07
WTI / Brent Basis Puts
290,000————
Spread ($/Bbl)
$-41.03————
Deferred Premium ($/Bbl)$-1.44————
Roll Swaps - WTI150,000————
$2.89————

Natural Gas (Mmbtu/day, $/Mmbtu)
Q4 2026FY 2027FY 2028
Costless Collars - Henry Hub840,000720,000130,000
Floor Price ($/Mmbtu)$2.87$2.88$2.65
Ceiling Price ($/Mmbtu)$6.35$6.37$5.88
Natural Gas Basis Swaps - Waha Hub650,000370,00060,000
$-1.75$-1.27$-1.51
Natural Gas Basis Swaps - Houston Ship Channel100,000300,000150,000
$-0.35$-0.31$-0.33



Investor Contact:
Adam Lawlis
+1 432.221.7467
alawlis@diamondbackenergy.com