Investor Presentaiton

Leading Cost Structure Creates Meaningful Synergies The Must-Own Permian Pure Play World Class Resource $625 DIAMONDBACK ENERGY 2024 Guidance D DIAMONDBACK ENERGY Permian Leader Low Cost Operations Midland Basin DC&E Costs 2024 Guidance ~$150/foot ~$775 Endeavor Energy Resources" Financial Strength 2025 Pro Forma $625 + Midland DC&E Capex ($bn) Midland Net Lateral Feet (mm ft.) DC&E / Lateral Foot ($/ lateral ft.) $1.7-$2.0 2.8-3.0 $600-$650 Combined portfolio developed by the low cost Permian operator offers meaningful pro forma capital cost reductions in 2025 Source: Company data and filings. 10 DIAMONDBACK ENERGY

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