Investor Presentaiton

11 Industry Leading Cash Margins Enhance Cash Flow The Must-Own Permian Pure Play World Class Resource 81% 77% 74% 73% 68% 62% 62% Low Cost Operations Permian Leader Quarterly Realized Cash Margins Incl. Interest (% of Realized Price / BOE) (1) Diamondback Quarterly Average: 79% Peer Quarterly Average: 71% 80% 79% 79% 79% 76% 71% 64% Financial Strength 79% DIAMONDBACK ENERGY 75% Peer A 73% Peer B 71% Peer C 68% Peer D 63% Peer E 57% Peer F 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Diamondback consistently delivers higher cash margins than its public peers Source: Company data, filings and estimates. Note: Peer group includes CTRA, DVN, EOG, OVV, PR and PXD. (1) Unhedged cash margin calculated as the sum of unhedged realized price per BOE less cash operating costs divided by the un hedged realized price per BOE. Cash operating costs calculated as the sum of per BOE costs of LOE, production and ad. valorem taxes, gathering and transport, cash G&A and interest expense. DIAMONDBACK ENERGY

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