Diamondback Energy, Inc.

Diamondback Energy, Inc. is an independent oil and natural gas company focused on acquiring, developing, exploring, and exploiting unconventional, onshore oil and natural gas reserves. The company primarily operates in the Permian Basin in West Texas, a major producing basin in the United States known for its extensive production history, favorable operating environment, mature infrastructure, long reserve life, multiple producing horizons, enhanced recovery potential, and numerous operators. Diamondback Energy reports its operations within a single upstream segment. Its activities are primarily concentrated on the horizontal development of the Spraberry and Wolfcamp formations in the Midland Basin, and the Wolfcamp and Bone Spring formations in the Delaware Basin. Both basins are part of the larger Permian Basin, spanning West Texas and New Mexico. These formations are characterized by a high concentration of oil and liquids-rich natural gas, multiple vertical and horizontal target horizons, extensive production history, long-lived reserves, and high drilling success rates. As of December 31, 2025, Diamondback Energy's total acreage position in the Permian Basin was approximately 1,097,846 gross (869,036 net) acres. This included 982,692 gross (774,645 net) acres in the Midland Basin and 115,154 gross (94,391 net) acres in the Delaware Basin. Additionally, the company owns approximately 42% of the outstanding common stock of its publicly traded subsidiary, Viper, on a fully diluted basis, which primarily owns mineral interests in the Permian Basin. As of December 31, 2025, Diamondback Energy's estimated proved oil and natural gas reserves were 3,617,856 MBOE, including 406,035 MBOE attributable to Viper's mineral interests. Approximately 70% of these reserves are classified as proved developed producing. Proved undeveloped reserves in this estimate are from 1,351 gross (1,244 net) horizontal well locations where the company holds a working interest.