Financial Performance - In Q2 2021, the company recorded a net income of $311 million and an average production of 401.5 MBOE/d, benefiting from the Guidon Acquisition and QEP Merger[189]. - For the three months ended June 30, 2021, total revenues from oil, natural gas, and natural gas liquids increased by $1.3 billion, or 305%, to $1.7 billion compared to $412 million in the same period of 2020[207]. - The six months ended June 30, 2021, saw revenues increase by $1.5 billion, or 119%, to $2.8 billion from $1.3 billion in the same period of 2020[207]. - Oil sales for the three months ended June 30, 2021, were $1.4 billion, up from $352 million in the same period of 2020, reflecting a significant increase in production volumes and average prices[202]. - The company reported a net cash provided by operating activities of $1.578 billion for the six months ended June 30, 2021, compared to $1.173 billion for the same period in 2020, reflecting an increase of approximately 34.5%[233]. - As of June 30, 2021, Diamondback Energy reported total revenues of $2,196 million for the six months ended June 30, 2021, with a net income of $314 million[271]. Acquisitions and Divestitures - The company completed the acquisition of QEP, increasing net acreage in the Midland Basin by approximately 49,000 net acres, with a total value of approximately $987 million[174]. - The company divested approximately 95,000 net acres in the Williston Basin for approximately $745 million, expected to close in late Q3 2021, with proceeds aimed at debt reduction[176]. - The Guidon Acquisition and QEP Merger in the first quarter of 2021 significantly contributed to the increase in production volumes[208]. Production and Operations - The average lateral length for wells completed in Q2 2021 was 11,137 feet, with 65 gross operated horizontal wells turned to production[190]. - The company produced 22,067 MBbls of oil in the three months ended June 30, 2021, a 37% increase from 16,045 MBbls in the same period of 2020[202]. - The company intends to maintain flat oil production while focusing on cost control and debt payment[187]. - Rattler's midstream operations include approximately 519 miles of gathering pipelines and produced water disposal facilities within the Permian Basin[199]. Costs and Expenses - Cash operating costs for Q2 2021 were $9.33 per BOE, including lease operating expenses of $4.30 per BOE[191]. - Lease operating expenses increased by $54 million, or $0.45 per BOE, for the second quarter of 2021 compared to the second quarter of 2020, primarily due to increased production from acquisitions[209]. - General and administrative expenses for Q2 2021 totaled $36 million, compared to $20 million in Q2 2020, largely due to additional payroll costs related to the QEP Merger and Guidon Acquisition[221][223]. - Total merger and integration expenses for the first half of 2021 were $77 million, including $68 million related to the QEP Merger and $9 million for the Guidon Acquisition[224]. Debt and Financing - The company’s total debt as of June 30, 2021, was approximately $7.3 billion, including senior notes and borrowings under revolving credit facilities[243]. - The company updated its 2021 capital budget to approximately $1.5 billion to $1.6 billion, reflecting a 9% increase at the midpoint compared to the original budget, primarily due to the QEP Merger[260]. - The company had a net liability derivative position of $783 million related to commodity price derivatives as of June 30, 2021, indicating exposure to price volatility[278]. - The company spent $662 million on capital expenditures during the six months ended June 30, 2021, excluding acquisitions[261]. Taxation - The company reported a provision for income taxes of $94 million for the three months ended June 30, 2021, compared to a benefit of $(681) million in the same period of 2020[230]. - Production taxes for Q2 2021 were $87 million, up from $19 million in Q2 2020, reflecting a higher production tax rate due to newly acquired properties[212]. - Ad valorem taxes increased by $15 million in Q2 2021 compared to Q2 2020, primarily due to valuation adjustments related to the COVID-19 pandemic[213]. Future Outlook - The company plans to return 50% of its free cash flow to stockholders starting in 2022, with the form of capital return to be decided by the board[187]. - The company acknowledges that the near-term energy outlook remains subject to heightened levels of uncertainty due to unpredictable pricing for oil and natural gas[276]. - The company believes significant interest rate changes would not have a material near-term impact on future earnings or cash flows[284].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-35700 | --- | --- | --- | |--------------------------------------------------------------|---------------------------------------------------------------|----- ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-35700 Diamondback Energy, Inc. (Exact Name of Registrant As Specified in Its Charter) DE 45-4502447 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Emplo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-35700 Diamondback Energy, Inc. (Exact Name of Registrant As Specified in Its Charter) DE 45-4502447 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Em ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-35700 Diamondback Energy, Inc. (Exact Name of Registrant As Specified in Its Charter) DE 45-4502447 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Emerging Growth Company ☐ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-35700 Diamondback Energy, Inc. (Exact Name of Registrant As Specified in Its Charter) DE 45-4502447 (State or Other Jurisdiction of Incorporation or Or ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-35700 Diamondback Energy, Inc. (Exact Name of Registrant As Specified in Its Charter) DE 45-4502447 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Emplo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Emerging Growth Company ☐ FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 30, 2019 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-35700 Diamondback Energy, Inc. (Exact Name of Registrant As Specified in Its Charter) DE 45-4502447 (State or Other Jurisdiction of Incorporation or Organizati ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED June 30, 2019 OR ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-35700 Diamondback Energy, Inc. (Exact Name of Registrant As Specified in Its Charter) DE 45-4502447 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identifica ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED March 31, 2019 OR o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-35700 | --- | --- | --- | |----------------------------------------------------------------------------|------------------------------------------------------|------------------------------ ...