Diamondback Energy, Inc.

Item 2.02. Results of Operations and Financial Condition. Diamondback Energy, Inc. (“Diamondback”) presents in this Item 2.02 certain information for the quarter ended June 30, 2026 regarding its realized prices, derivative activity and weighted average basic and diluted shares outstanding. Realized Prices Second quarter 2026 average unhedged realized prices were $96.82 per barrel of oil, $(2.15) per Mcf of natural gas and $18.56 per barrel of natural gas liquids (“NGLs”). Second quarter 2026 average realized hedged prices were $94.33 per barrel of oil, $(0.34) per Mcf of natural gas and $18.56 per barrel of NGLs. Average Prices: Oil ($ per Bbl) $96.82 Natural gas ($ per Mcf) $(2.15) Natural gas liquids ($ per Bbl) $18.56 Oil, hedged ($ per Bbl)(1) $94.33 Natural gas, hedged ($ per Mcf)(1) $(0.34) Natural gas liquids, hedged ($ per Bbl)(1) $18.56 (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. Derivative Activity For the second quarter of 2026, Diamondback anticipates a net gain on cash settlements for derivative instruments of $113 million and a net non-cash loss on derivative instruments of $64 million as detailed in the table below (in millions): Gain (loss) on derivative instruments, net: Commodity contracts(1) $49 Net cash received (paid) on settlements: Commodity contracts(1) $113 (1) Includes cash received on commodity contracts terminated prior to their contractual maturity of $1 million. Weighted Average Basic and Diluted Shares Outstanding For the second quarter of 2026, basic and diluted weighted average shares outstanding are as follows (in thousands): Basic weighted average shares outstanding 281,202 Diluted weighted average shares outstanding 281,202