Diamondback Energy, Inc.

8. RELATED PARTY TRANSACTIONS

Deep Blue

As of September 30, 2025, the Company and Five Point Energy LLC had a joint venture, Deep Blue Midland Basin LLC (“Deep Blue”), in which the Company owned a 30% equity ownership interest. Additionally, the Company has other significant related party transactions with Deep Blue, which result in (i) certain accounts receivable due from Deep Blue, (ii) accrued capital expenditures and other accrued payables related to a commitment to fund certain capital expenditures on projects that were in process at the time of the Deep Blue transaction, and (iii) lease operating expenses and capitalized expenses related to fees paid to Deep Blue under a 15-year dedication for its produced water and supply water within a 12-county area of mutual interest in the Midland Basin.

For further discussion on additional transactions with Deep Blue, see Note 17—Subsequent Events.

The following table presents the significant related party balances included in the condensed consolidated balance sheets at September 30, 2025, and December 31, 2024:

During the three and nine months ended September 30, 2025, and 2024, the Company recorded approximately $23 million, $95 million, $30 million and $90 million, respectively, for water services provided by Deep Blue during the completion phase of wells. These costs were capitalized and are included in the caption “Oil and natural gas properties” on the condensed consolidated balance sheets.

The following table presents the significant related party transactions included in the condensed consolidated statements of operations for the three and nine months ended September 30, 2025, and 2024:

Viper

For discussion on related party transactions with Viper, see Note 4—Acquisitions and Divestitures - 2025 Drop Down Transaction.