Investor Presentaiton

14 (200%) Oct-12 Apr-13 -- 200% Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Consistent, Long Term Value Creation World Class Resource Low Cost Operations Permian Leader Financial Strength Relative Trading Performance 1,400% Trading Performance (1) Since FANG IPO L5Y L3Y L12M L3M FANG Peers -ХОР WTI 1,200% Diamondback ($/Share) 944% 74% 199% 16% (5%) XOP ($/Share) (28%) 21% 116% 1% (10%) 1,000% Peer Group Index ($/Share) WTI ($/Bbl) 65% 44% 179% (1%) (10%) (17%) 40% 39% 0% (8%) 800% 600% 400% Apr-17 Oct-17 Apr-18 Diamondback Cash Flow / Free Cash Flow Since IPO ($ / Share) (2) FCFPS - CFPS $36.96 $14.86 $17.74 $22.02 $1.33 $3.54 $6.97 $6.64 $4.63 $9.59 $0.78 $12.79 $25.98 $13.64 $1.03 -$1.90 -$3.71 -$2.92 -$0.01 -$0.22 -$1.01 -$0.09 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: Capital IQ, Bloomberg. As of 2/9/2024. Diamondback has consistently outperformed every peer group in E&P Note: Peer Group includes DVN, EOG, MRO, OXY, PR and PXD. (1) Total stockholder return; represents dividends as reinvested. (2) Cash Flow per Share calculated as operating cash flow before changes in working capital divided by weighted average diluted shares outstanding. Free Cash Flow calculated as operating cash flow before changes in working capital and dividends, less cash CAPEX for operated D,C&E, non-operated properties and capital workovers, infrastructure and midstream; excludes acquisitions and equity-method investments. DIAMONDBACK ENERGY Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 +65% (17%) (28%) +944% The Must-Own Permian Pure Play

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