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Investor Presentaiton

Industrial Logic Drives Significant, Tangible Synergies The Must-Own Permian Pure Play World Class Resource Capital and Operating Costs Capital Allocation and Land Low Cost Operations Operational synergies resulting from Diamondback's capital cost structure and lower go forward Expect combined cash operating cost reductions of 5-10% per BOE Longest duration of sub $40 oil breakeven locations of any North American oil weighted independent oil and gas company allows for optimized capital allocation across a broader footprint Overlapping acreage adds incremental working interest Over 100,000 proximate gross acres enables more capital efficient development, including 15,000'+ laterals and shared infrastructure $325mm Financial and Corporate Costs Enhanced FCF profile allows for rapid debt reduction and size and scale of pro forma business expected to enhance credit ratings and lower cost of capital Reduction of overlapping overhead and corporate cost Permian Leader Financial Strength Gaines Dawson Andrews Borden Howard $150mm Ector Midland Glasscock $75mm Crane Upton Reaga Value Creation Meaningful mineral and midstream value creation potential Additional Upside DIAMONDBACK ENERGY Endeavor Resources" Overlapping Acreage ☑Land Synergy Potential Crockett Meaningful annual synergy potential of ~$550mm representing upwards of $3bn (1) of total value (1) PV-10 over the next decade. 12 over the next decade DIAMONDBACK ENERGY

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