Investor Presentaiton

The Must-Own Minerals Portfolio Offers Significant Value Upside Potential Permian Pure Play Key Highlights VIPER Endeavor Energy Resources ☑Minerals Overlap High royalty interest enhances further upside value creation Eddy Transaction adds significant in basin scale Pro Forma Minerals Portfolio Gaines Dawson Borden Lea Andrews Winkler Ector Ward Crane Upton Reagan Reeves Enhances combined reinvestment rate through increased cash flow without burden of incremental capital Provides strategic flexibility for future VNOM dropdowns Jeff Davis Pecos Crockett VIPER Endeavor Energy Resources" Net Permian Mineral Acres 32,000 >10,000(1) 2023E Net Production (MBOE/d) ~40 55% Oil ~$755 ~26(2) 56% Oil ~$490(2) Meaningful footprint exposure to pro forma Diamondback development 2023E EBITDA ($mm) (1) Acreage count excludes Endeavor working interest production >75% NRI. 17 (2) Assumes contribution from mineral acreage as well as working interest that contains >75% net revenue interest (operated and non-operated). DIAMONDBACK ENERGY

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