Investor Presentaiton

Transaction Overview The Must-Own Permian Pure Play Purchase Price of $26bn Transaction Details $8 billion cash (subject to adjustment) and 117.3 million of Diamondback shares to be issued to Endeavor equity holders at closing Cash expected to be funded through a combination of cash on hand, borrowings under the Company's credit facility and/or proceeds from term loans and senior notes offerings Transaction Highlights Combined pro forma scale of approximately 838,000 net acres and 816 MBOE/d of net production Best in class inventory depth and quality with approximately 6,100 pro forma core locations with break evens <$40 WTI Annual synergies of $550 million representing over $3 billion in NPV10 over the next decade Substantial near and long term financial accretion with ~10% free cash flow per share accretion expected in 2025 Conditions and Timing Diamondback Pro Forma Acreage Gaines Lea Andrews Dawson Borden Scurry L Howard Mitchell Winkler Ector Midland Glasscock Coke Sterling Delaware Locator Map Loving Winkler Crane Upt E Reagan Reeves Ward Pecos Pecos B Crockett + Irion Schleicher D DIAMONDBACK ENERGY Enterprise Value $36.2bn(1) DIAMONDBACK ENERGY Ε Endeavor Energy Resources" ~$26.0bn Pro Forma ~$62.2bn Q4 2023E Production (MBO/d/MBOE/d) 273/463 195/353 468/816 Base Total Decline (%) ~31% ~32% ~31% Net Midland Acreage 350k 344k 694k Closing expected in Q4 2024, subject to satisfaction of customary closing conditions Total Permian Acres 494k 344k 838k ~3,800 ~2,300 ~6,100 Subject to approval by Diamondback stockholders and customary regulatory approvals Gross Core Locations (Sub $40 B/E) Combination creates premier Permian pure play, well positioned to deliver its low cost operating structure on a world class asset Source: Company data and filings. 5 (1) Market data as of 2/9/2024. DIAMONDBACK ENERGY

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