FANG

EX-99.1

2 diamondbackex991-8x3x26.htm

EX-99.1

Document

Exhibit 99.1

DIAMONDBACK ENERGY, INC. ANNOUNCES SECOND QUARTER 2026 FINANCIAL AND OPERATING RESULTS

Midland, TX (August 3, 2026) - Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback,” “we,” “our” or the “Company”) today announced financial and operating results for the second quarter ended June 30, 2026.

SECOND QUARTER 2026 HIGHLIGHTS

•Average oil production of 525 MBO/d

•Production of 1,018 MBOE/d, surpassing the 1.0 million barrels of oil equivalent per day milestone

•Net cash provided by operating activities of $3.6 billion; Operating Cash Flow Before Working Capital Changes1 of $3.3 billion

•Cash capital expenditures of $996 million

•Free Cash Flow1 and Adjusted Free Cash Flow1 of $2.3 billion

•Repurchased 756,385 shares of common stock for approximately $141 million

•Declared base cash dividend of $1.10 per share2

•Reduced total debt by ~$1.3 billion quarter over quarter to $12.8 billion and net debt1 by ~$1.6 billion quarter over quarter to $12.3 billion

UPDATED 2026 GUIDANCE HIGHLIGHTS

•Increasing annual oil production guidance to 522+ (from 520+) MBO/d and total BOE production to 1,000+ (from 972+) MBOE/d with full year cash capital expenditures unchanged at ~$3.9 billion

•Q3 2026 oil production guidance of 517 - 527 MBO/d (995 - 1,015 MBOE/d)

•Q3 2026 cash capital expenditures guidance of $950 - $1,050 million

RECENT HIGHLIGHTS

•Repurchased 547,716 shares of common stock in Q3 2026 (to date) for approximately $100 million

•In July, the Board of Directors (the “Board”) doubled the Company's share repurchase authorization to $16.0 billion from $8.0 billion previously. Approximately $9.9 billion remains available for future repurchases under the program

1 NON-GAAP DISCLOSURES - For a definition of Operating Cash Flow Before Working Capital Changes, Free Cash Flow, Adjusted Free Cash Flow, Adjusted Net Income, Adjusted EBITDA, Adjusted Net Income per Diluted Share, Net Debt and reconciliations of such non-GAAP financial metrics to their respective most directly comparable GAAP metrics, please see “Non-GAAP Financial Measures” below.

2 Implies a 2.2% annualized yield. Cash dividend payable on August 20, 2026; annualized yield based on July 31, 2026 closing share price of $202.95.

SECOND QUARTER 2026 OPERATIONS UPDATE

The following tables provide a summary of Diamondback’s key operational updates:

Wells Drilled and Completed:

Three Months Ended June 30, 2026

Six Months Ended June 30, 2026

Drilled Completed Drilled Completed

GrossNetGrossNetGrossNetGrossNet

Total97 89 168 157 215 200 315 294

Gross Wells Drilled and Completed By Zone:

Three Months Ended June 30, 2026

Six Months Ended June 30, 2026

Number of Wells DrilledNumber of Wells CompletedNumber of Wells DrilledNumber of Wells Completed

Midland Basin:

Upper Spraberry2 1 3 3

Middle Spraberry6 13 13 20

Jo Mill22 31 38 62

Lower Spraberry16 31 40 63

Dean1 5 2 11

Wolfcamp A20 38 46 69

Wolfcamp B16 41 45 71

Wolfcamp D7 7 18 15

Barnett7 1 10 1

Midland Basin Total 97 168 215 315

Average Completed Lateral Length (in feet) 11,983 11,679

Realized Average Prices:

Three Months Ended

June 30, 2026March 31, 2026June 30, 2025

Oil ($ per Bbl)$96.82 $73.47 $63.23

Natural gas ($ per Mcf)$(2.15)$0.18 $0.88

Natural gas liquids ($ per Bbl)$18.56 $16.68 $18.13

Combined ($ per BOE)$51.68 $43.40 $39.61

Oil, hedged ($ per Bbl)(1) $94.33 $72.53 $62.34

Natural gas, hedged ($ per Mcf)(1) $(0.34)$1.90 $1.45

Natural gas liquids, hedged ($ per Bbl)(1) $18.56 $16.68 $18.13

Average price, hedged ($ per BOE)(1) $52.90 $45.21 $39.89

(1)Hedged prices reflect the effect of our commodity derivative transactions on our average sales prices and include gains and losses on cash settlements for matured commodity derivatives, which we do not designate for hedge accounting. Hedged prices exclude gains or losses resulting from the early settlement of commodity derivative contracts.

Average Cash Costs per BOE:

Three Months Ended

June 30, 2026March 31, 2026June 30, 2025

Lease operating expenses$5.96 $6.21 $5.26

Production and ad valorem taxes3.26 3.04 2.56

Gathering, processing and transportation expense1.22 1.36 1.73

General and administrative - cash component0.52 0.65 0.55

Total operating expense - cash$10.96 $11.26 $10.10

FINANCIAL UPDATE

Earnings Attributable to Diamondback Energy, Inc.:

Three Months Ended June 30, 2026

(in millions, except per share amounts)

Net income (loss) attributable to Diamondback Energy, Inc.$1,882

Earnings (loss) per common share attributable to Diamondback Energy, Inc. - Diluted(1) $6.65

Adjusted net income(1) $1,833

Adjusted net income per common share - Diluted(1)

$6.48

(1)The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of common stock and participating secu

fang-20260713

false000153983800015398382026-07-132026-07-13

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): July 13, 2026

DIAMONDBACK ENERGY, INC.

(Exact Name of Registrant as Specified in Charter)

DE

001-35700

45-4502447

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

500 West Texas Ave.

Suite 100

Midland, TX 79701

(Address of principal executive offices) (Zip Code)

(432) 221-7400

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each classTrading Symbol(s)Name of each exchange on which registered

Common Stock, par value $0.01 per share FANGThe Nasdaq Stock Market LLC

(NASDAQ Global Select Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

Item 2.02. Results of Operations and Financial Condition.

Diamondback Energy, Inc. (“Diamondback”) presents in this Item 2.02 certain information for the quarter ended June 30, 2026 regarding its realized prices, derivative activity and weighted average basic and diluted shares outstanding.

Realized Prices

Second quarter 2026 average unhedged realized prices were $96.82 per barrel of oil, $(2.15) per Mcf of natural gas and $18.56 per barrel of natural gas liquids (“NGLs”).

Second quarter 2026 average realized hedged prices were $94.33 per barrel of oil, $(0.34) per Mcf of natural gas and $18.56 per barrel of NGLs.

Average Prices:

Oil ($ per Bbl)$96.82

Natural gas ($ per Mcf)$(2.15)

Natural gas liquids ($ per Bbl)$18.56

Oil, hedged ($ per Bbl)(1) $94.33

Natural gas, hedged ($ per Mcf)(1) $(0.34)

Natural gas liquids, hedged ($ per Bbl)(1) $18.56

(1)Hedged prices reflect the effect of our commodity derivative transactions on our average sales prices and include gains and losses on cash settlements for matured commodity derivatives, which we do not designate for hedge accounting. Hedged prices exclude gains or losses resulting from the early settlement of commodity derivative contracts.

Derivative Activity

For the second quarter of 2026, Diamondback anticipates a net gain on cash settlements for derivative instruments of $113 million and a net non-cash loss on derivative instruments of $64 million as detailed in the table below (in millions):

Gain (loss) on derivative instruments, net:

Commodity contracts(1) $49

Net cash received (paid) on settlements:

Commodity contracts(1) $113

(1)Includes cash received on commodity contracts terminated prior to their contractual maturity of $1 million.

Weighted Average Basic and Diluted Shares Outstanding

For the second quarter of 2026, basic and diluted weighted average shares outstanding are as follows (in thousands):

Basic weighted average shares outstanding281,202

Diluted weighted average shares outstanding281,202

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Diamondback’s: future performance; business strategy; future operations (including drilling plans and capital plans); estimates and projections of revenues, losses, costs, expenses, returns, cash flow, and financial position; reserve estimates and its ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the Sitio acquisition completed by Diamondback's subsidiary, Viper Energy, Inc. and other acquisitions, divestitures or reorganizations); and plans and obj

EX-99.1

2 diamondbackex991-5x4x26.htm

EX-99.1

Document

Exhibit 99.1

DIAMONDBACK ENERGY, INC. ANNOUNCES FIRST QUARTER 2026 FINANCIAL AND OPERATING RESULTS; INCREASES BASE DIVIDEND AND PRODUCTION GUIDANCE

Midland, TX (May 4, 2026) - Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback,” “we,” “our” or the “Company”) today announced financial and operating results for the first quarter ended March 31, 2026.

FIRST QUARTER 2026 HIGHLIGHTS

•Average oil production of 521.0 MBO/d (979.4 MBOE/d)

•Net cash provided by operating activities of $1.8 billion; Operating Cash Flow Before Working Capital Changes1 of $2.6 billion

•Cash capital expenditures of $933 million

•Free Cash Flow1 of $1.7 billion; Adjusted Free Cash Flow1 of $1.7 billion

•Repurchased 3.3 million shares of common stock for approximately $548 million

•Raised Q1 2026 base cash dividend to $1.10 per share; marks a 10% year-over-year increase and an implied 2.1% annualized yield2

•Total return of capital of $859 million from stock repurchases and the declared Q1 2026 base dividend; represents ~50% of Adjusted Free Cash Flow

UPDATED 2026 GUIDANCE HIGHLIGHTS

•Increasing annual oil production guidance to 520+ (from 500 - 510) MBO/d and total BOE production to 972+ (from 926 - 962) MBOE/d; implying ~5% organic year-over-year growth

•Raising full year cash capital expenditures to ~$3.90 billion (from ~$3.75 billion)

•Q2 2026 oil production guidance of 515 - 525 MBO/d (950 - 990 MBOE/d)

•Q2 2026 cash capital expenditures guidance of $925 - $1,025 million

1 NON-GAAP DISCLOSURES - For a definition of Operating Cash Flow Before Working Capital Changes, Free Cash Flow, Adjusted Free Cash Flow, Adjusted Net Income, Adjusted EBITDA, Adjusted Net Income per Diluted Share, Net Debt and reconciliations of such non-GAAP financial metrics to their respective most directly comparable GAAP metrics, please see “Non-GAAP Financial Measures” below.

2 Cash dividend payable on May 21, 2026; annualized yield based on May 1, 2026 closing share price of $207.65

RECENT HIGHLIGHTS

•Successfully completed a cash-funded tender offer, retiring approximately $777 million in principal of 2051 and 2052 Senior Notes for approximately $632 million including accrued interest (81.1% of par value)

•Fully repaid the remaining $550 million outstanding on the Company's $1.5 billion term loan due 2027; pro forma gross debt of $12.7 billion at the end of April 2026

FIRST QUARTER 2026 OPERATIONS UPDATE

The following tables provide a summary of Diamondback’s key operational updates:

Wells Drilled and Completed:

Three Months Ended March 31, 2026

Drilled Completed

Area:GrossNetGrossNet

Midland Basin118 111 147 137

Total118 111 147 137

Gross Wells Drilled and Completed By Zone:

Three Months Ended March 31, 2026

Number of Wells DrilledNumber of Wells Completed

Midland Basin:

Upper Spraberry1 2

Middle Spraberry7 7

Jo Mill16 31

Lower Spraberry24 32

Dean1 6

Wolfcamp A26 31

Wolfcamp B29 30

Wolfcamp D11 8

Barnett3 —

Midland Basin Total 118 147

Average Completed Lateral Length (in feet) 11,332

Realized Average Prices:

Three Months Ended

March 31, 2026December 31, 2025March 31, 2025

Oil ($ per Bbl)$73.47 $58.00 $70.95

Natural gas ($ per Mcf)$0.18 $0.03 $2.11

Natural gas liquids ($ per Bbl)$16.68 $13.51 $23.94

Combined ($ per BOE)$43.40 $34.02 $47.77

Oil, hedged ($ per Bbl)(1) $72.53 $57.07 $70.06

Natural gas, hedged ($ per Mcf)(1) $1.90 $1.03 $3.34

Natural gas liquids, hedged ($ per Bbl)(1) $16.68 $13.51 $23.94

Average price, hedged ($ per BOE)(1) $45.21 $34.88 $48.89

(1)Hedged prices reflect the effect of our commodity derivative transactions on our average sales prices and include gains and losses on cash settlements for matured commodity derivatives, which we do not designate for hedge accounting. Hedged prices exclude gains or losses resulting from the early settlement of commodity derivative contracts.

Average Cash Costs per BOE:

Three Months Ended

March 31, 2026December 31, 2025March 31, 2025

Lease operating expenses$6.21 $5.91 $5.33

Production and ad valorem taxes3.04 2.21 2.98

Gathering, processing and transportation expense1.36 1.54 1.45

General and administrative - cash component0.65 0.65 0.72

Total operating expense - cash$11.26 $10.31 $10.48

FINANCIAL UPDATE

Earnings Attributable to Diamondback Energy, Inc.:

Three Months Ended March 31, 2026

(in millions, except per share amounts)

Net income (loss) attributable to Diamondback Energy, Inc.$25

Earnings (loss) per common share attributable to Diamondback Energy, Inc. - Diluted(1) $0.08

Adjusted net income(1) $1,198

Adjusted net income per common share - Diluted(1)

$4.23

(1)The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of common stock and participating securities. Diluted earnings per share using the t