Diamondback Energy, Inc.

16. SUBSEQUENT EVENTS

Fourth Quarter 2025 Dividend Declaration

On February 19, 2026, the board of directors of the Company approved an increase in the Company’s annual base dividend to $4.20 per share of common stock and declared a base cash dividend for the fourth quarter of 2025 of $1.05 per share of common stock, payable on March 12, 2026 to its stockholders of record at the close of business on March 5, 2026. Future base and variable dividends are at the discretion of the Company’s board of directors.

Viper Divestiture of Non-Permian Assets

On February 9, 2026, Viper divested all of its non-Permian assets, including those acquired from Sitio, to an affiliate of GRP Energy Capital LLC and Warwick Capital Partners LLP for net cash proceeds of approximately $617 million, subject to customary post-closing adjustments. The divested properties consisted of approximately 9,400 net royalty acres in the Denver-Julesburg, Eagle Ford and Williston basins with current production of approximately 4,750 BO/d. Proceeds from the divestiture were used to repay (i) the Viper 2025 Term Loan of $500 million in full, (ii) repay the outstanding borrowings under the Viper Revolving Credit Facility, and (iii) for general corporate purposes.

Interest Rate Swaps

During the first quarter of 2026, the Company fully terminated and settled the remaining aggregate $300 million of notional interest rate swaps for approximately $27 million in cash.

SGF Common Stock Repurchases

Pursuant to a letter agreement executed with SGF in the fourth quarter of 2025, the Company repurchased 2.0 million shares from SGF for approximately $332 million, excluding excise tax, during the first quarter of 2026. For further details on the nature of transactions with SGF, see Note 7—Related Party Transactions.