Diamondback Energy, Inc.

16. SUBSEQUENT EVENTS

Pending Viper Riverbend Acquisition

On May 1, 2026, Viper entered into a definitive purchase and sale agreement to acquire all of the equity interests of Riverbend Oil & Gas IX, L.L.C., an entity owning certain mineral and royalty interests, from Riverbend Oil & Gas IX (AIV), L.L.C. and ROG IX, L.L.C. (collectively, “Riverbend”) for consideration consisting of approximately (i) $337 million in cash and (ii)3.69 million shares of Viper’s Class A Common Stock, in each case, subject to customary closing adjustments (the pending “Viper Riverbend Acquisition”). The pending Viper Riverbend Acquisition is expected to close during the third quarter of 2026, subject to customary closing conditions.

First Quarter 2026 Dividend Declaration

On April 29, 2026, the board of directors of the Company approved an increase in the Company’s annual base dividend to $4.40 per share of common stock and declared a base cash dividend for the first quarter of 2026 of $1.10 per share of common stock, payable on May 21, 2026, to its stockholders of record at the close of business on May 14, 2026. Future dividends are at the discretion of the Company’s board of directors.

Repayments of Debt

On April 22, 2026, the Company paid in full the remaining $550 million outstanding principal and terminated the 2025 Term Loan.

On April 13, 2026, the Company completed a tender offer to repurchase an aggregate principal amount of $777 million of its senior notes, which consisted of $283 million of the 4.400% Senior Notes due 2051 and $494 million of the 4.250% Senior Notes due 2052 for total cash consideration, including accrued interest, of approximately $632 million, at an average of 81.1% of par value.