Diamondback Energy, Inc 10-Q for FY2026 Q3

Diamondback Energy, Inc. (FANG)

10-Q 2026-11-04 For: 2026-09-30

Added on November 04, 2026

About this 10-Q

Diamondback Energy, Inc filed this 10-Q on November 4, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Third-quarter net income reached $1.6 billion on average production of 1,034.0 MBOE/d. The company raised its annual base dividend to $4.72 per share and declared a fourth-quarter dividend of $1.18 per share. AI summary

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $5.43B; up 38.4% from $3.92B a year earlier
Net income: $1.6B; up 57.5% from net income of $1.02B a year earlier
Diluted EPS: $5.69; up 62.1% from $3.51 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


DE									45-4502447
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer Identification No.)

500 West Texas Ave.,
Suite 100
Midland, TX									79701
(Address of principal executive offices)									(Zip Code)


			Page
Glossary of Oil and Natural Gas Terms			ii
Glossary of Certain Other Terms			iv
Cautionary Statement Regarding Forward-Looking Statements			v

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)			1
Condensed Consolidated Statements of Operations			1
Condensed Consolidated Balance Sheets			2

Condensed Consolidated Statements of Cash Flows			3
Condensed Consolidated Statements of Stockholders’ Equity			4
Notes to the Condensed Consolidated Financial Statements			6
1. Description of the Business and Basis of Presentation			6
2. Summary of Significant Accounting Policies			7
3. Revenue from Contracts with Customers			9
4. Acquisitions and Divestitures			10
5. Property and Equipment			12
6. Asset Retirement Obligations			13
7. Related Party Transactions			13
8. Debt			16
9. Stockholders’ Equity and Earnings (Loss) Per Share			18
10. Equity-Based Compensation			20
11. Income Taxes			21
12. Derivatives			22
13. Fair Value Measurements			24
14. Supplemental Information t o Statements of Cash Flows			26
15. Commitments and Contingencies			27
16. Subsequent Events			27
17. Segment Information			28

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			29

Item 3. Quantitative and Qualitative Disclosures About Market Risk			45

Item 4. Controls and Procedures			46

PART II. OTHER INFORMATION
Item 1. Legal Proceedings			47

Item 1A. Risk Factors			47

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			47

Item 5. Other Information			48

Item 6. Exhibits			48

Signatures			49



Argus WTI Houston			Grade of oil that serves as a benchmark price for oil at Houston, Texas.
Argus WTI Midland			Grade of oil that serves as a benchmark price for oil at Midland, Texas.
Basin			A large depression on the earth’s surface in which sediments accumulate.
Bbl or barrel			One stock tank barrel, or 42 U.S. gallons liquid volume, used in this report in reference to crude oil or other liquid hydrocarbons.

BO/d			One barrel of crude oil per day.
BOE			One barrel of crude oil equivalent, with six thousand cubic feet of natural gas being equivalent to one barrel of oil.
BOE/d			One BOE per day.
Brent			A major trading classification of light sweet oil that serves as a benchmark price for oil worldwide.
Completion			The process of treating a drilled well followed by the installation of permanent equipment for the production of natural gas or oil, or in the case of a dry hole, the reporting of abandonment to the appropriate agency.

Crude oil			Liquid hydrocarbons retrieved from geological structures underground to be refined into fuel sources.

Development costs			Capital costs incurred in the acquisition, exploitation and exploration of proved oil and natural gas reserves.

Differential			An adjustment to the price of oil or natural gas from an established spot market price to reflect differences in the quality and/or location of oil or natural gas.


Exploitation			A development or other project which may target proven or unproven reserves (such as probable or possible reserves), but which generally has a lower risk than that associated with exploration projects.



Formation			A layer of rock which has distinct characteristics that differ from nearby rock.
Fracturing			The process of creating and preserving a fracture or system of fractures in a reservoir rock typically by injecting a fluid under pressure through a wellbore and into the targeted formation.

Henry Hub			Natural gas gathering point that serves as a benchmark price for natural gas futures on the NYMEX.
Horizontal drilling			A drilling technique used in certain formations where a well is drilled vertically to a certain depth and then drilled at a right angle within a specified interval.
Horizontal wells			Wells drilled directionally horizontal to allow for development of structures not reachable through traditional vertical drilling mechanisms.
HSC Hub			Natural gas gathering point that serves as a benchmark price for natural gas at the Houston Ship Channel area.

MBbls			One thousand barrels of crude oil and other liquid hydrocarbons.


MBOE			One thousand BOE, determined using a ratio of six Mcf of natural gas to one Bbl of crude oil, condensate or natural gas liquids.
MBOE/d			One thousand BOE per day.
Mcf			One thousand cubic feet of natural gas.

Mineral interests			The interests in ownership of the resource and mineral rights, giving an owner the right to profit from the extracted resources.
MMBtu			One million British Thermal Units.
MMcf			Million cubic feet of natural gas.
Net acres or net wells			The sum of the fractional working interest owned in gross acres.

Net royalty acres			Net mineral acres multiplied by the average lease royalty interest and other burdens.

Oil and natural gas properties			Tracts of land consisting of properties to be developed for oil and natural gas resource extraction.
Operator			The individual or company responsible for the exploration and/or production of an oil or natural gas well or lease.


Plugging and abandonment			Refers to the sealing off of fluids in the reservoir penetrated by a well so that the fluids from one reservoir will not escape into another or to the surface.




Proved reserves			The estimated quantities of oil, natural gas and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be commercially recoverable in future years from known reservoirs under existing economic and operating conditions.


Reserves			Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means of delivering oil and natural gas or related substances to the market and all permits and financing required to implement the project. Reserves should not be assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non-productive reservoir (i.e., absence of reservoir, structurally low reservoir or negative test results). Such areas may contain prospective resources (i.e., potentially recoverable resources from undiscovered accumulations).
Reservoir			A porous and permeable underground formation containing a natural accumulation of producible natural gas and/or crude oil that is confined by impermeable rock or water barriers and is separate from other reservoirs.
Royalty interest			An interest that gives an owner the right to receive a portion of the resources or revenues without having to carry any costs of development, which may be subject to expiration.




Waha Hub			Natural gas gathering point that serves as a benchmark price for natural gas in western Texas and New Mexico.
Working interest			An operating interest that gives the owner the right to drill, produce and conduct operating activities on the property and receive a share of production and requires the owner to pay a share of the costs of drilling and production operations.
WTI			West Texas Intermediate, a light sweet blend of oil produced from fields in western Texas and is a grade of oil that serves as a benchmark for oil on the NYMEX.
WTI Cushing			Grade of oil that serves as a benchmark price for oil at Cushing, Oklahoma.








ASU			Accounting Standards Update.

Diamondback E&P			Diamondback E&P LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company.

Equity Plan			The Company’s 2021 Amended and Restated Equity Incentive Plan.
Exchange Act			The Securities Exchange Act of 1934, as amended.
FASB			Financial Accounting Standards Board.
Free Cash Flow			A non-GAAP financial measure calculated as cash flow from operating activities before changes in working capital in excess of cash capital expenditures.
GAAP			Accounting principles generally accepted in the United States.






Guaranteed Senior Notes			The outstanding senior notes issued by Diamondback Energy, Inc. under indentures where Diamondback E&P is the sole guarantor, consisting of the 3.250% Senior Notes due 2026, 5.200% Senior Notes due 2027, 3.500% Senior Notes due 2029, 5.150% Senior Notes due 2030, 3.125% Senior Notes due 2031, 6.250% Senior Notes due 2033, 5.400% Senior Notes due 2034, 5.550% Senior Notes due 2035, 4.400% Senior Notes due 2051, 4.250% Senior Notes due 2052, 6.250% Senior Notes due 2053, 5.750% Senior Notes due 2054 and 5.900% Senior Notes due 2064.
Nasdaq			The Nasdaq Global Select Market.
NYMEX			New York Mercantile Exchange.
OPEC			Organization of the Petroleum Exporting Countries.






SEC			United States Securities and Exchange Commission.
SEC Prices			Unweighted arithmetic average of the first-day-of-the-month price for each month during the 12-month period prior to the ending date of the period covered by this report.
Securities Act			The Securities Act of 1933, as amended.

SOFR			The secured overnight financing rate.

TSR			Total stockholder return of the Company’s common stock.

Viper			(i) New Viper following the Sitio Acquisition, and (ii) Former Viper prior to the Sitio Acquisition, (each term as defined in Note 1—Description of the Business and Basis of Presentation in Part I. Item 1. Financial Statements of this report).

Viper LLC			Prior to December 23, 2025, Viper Energy Partners LLC, a Delaware limited liability company and a subsidiary of Viper Energy, Inc. and after December 23, 2025, VNOM Holding Company LLC, a Delaware limited liability company and a consolidated subsidiary of Viper Energy, Inc.



Wells Fargo			Wells Fargo Bank, National Association.


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Diamondback Energy, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
	(In millions, except per share amounts, shares in thousands)
Revenues:
Oil sales	$	4,216	$	2,994	$	12,288	$	8,885
Natural gas sales	151		87		(104)		396
Natural gas liquid sales	487		366		1,281		1,139

Sales of purchased oil	536		459		1,660		1,168
Other operating income	41		18		108		62
Total revenues	5,431		3,924		15,233		11,650
Costs and expenses:
Lease operating expenses	568		490		1,667		1,338
Production and ad valorem taxes	287		212		857		654
Gathering, processing and transportation	126		122		359		378
Purchased oil expense	540		455		1,663		1,168
Depreciation, depletion, amortization and accretion	1,320		1,286		3,885		3,649
Impairment of oil and natural gas properties	—		—		1,400		—

General and administrative expenses	83		70		234		210


Other operating expenses, net	7		53		40		205
Total costs and expenses	2,931		2,688		10,105		7,602
Income (loss) from operations	2,500		1,236		5,128		4,048
Other income (expense):
Interest expense, net	(55)		(70)		(174)		(166)
Other income (expense), net	5		116		8		153

Gain (loss) on derivative instruments, net	(182)		120		(16)		149



Gain (loss) on extinguishment of debt, net	4		(32)		137		23

Total other income (expense), net	(228)		134		(45)		159
Income (loss) before income taxes	2,272		1,370		5,083		4,207
Provision for (benefit from) income taxes	501		287		1,113		894
Net income (loss)	1,771		1,083		3,970		3,313
Net income (loss) attributable to non-controlling interest	168		65		460		191
Net income (loss) attributable to Diamondback Energy, Inc.	$	1,603	$	1,018	$	3,510	$	3,122

Earnings (loss) per common share:
Basic	$	5.69	$	3.51	$	12.41	$	10.71
Diluted	$	5.69	$	3.51	$	12.41	$	10.71
Weighted average common shares outstanding:
Basic	279,959		288,826		281,307		290,188
Diluted	279,959		288,826		281,307		290,188


	September 30,		December 31,
	2026		2025
	(In millions, except par values and share data)
Assets
Current assets:
Cash and cash equivalents ($10 million and $13 million related to Viper)	$	558	$	104
Restricted cash	2		2
Accounts receivable:
Joint interest and other, net	247		258
Oil and natural gas sales, net ($496 million and $262 million related to Viper)	2,118		1,128

Inventories	64		86

Prepaid expenses and other current assets	158		337
Total current assets	3,147		1,915
Property and equipment:
Oil and natural gas properties:
Proved properties ($10,102 million and $9,746 million related to Viper)	77,090		71,588
Unproved properties ($5,213 million and $4,910 million related to Viper)	22,990		23,941
Other property, equipment and land	932		874
Accumulated depletion, depreciation, amortization and impairment ($3,062 million and $2,455 million related to Viper)	(33,000)		(27,782)
Property and equipment, net	68,012		68,621






Other assets	951		523
Total assets	$	72,110	$	71,059
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued capital expenditures	$	1,374	$	1,168
Current maturities of debt	1,548		763
Other accrued liabilities	1,033		1,108
Revenues and royalties payable	1,645		1,397
Derivative instruments	47		15
Income taxes payable	92		149
Total current liabilities	5,739		4,600
Long-term debt ($2,394 million and $2,186 million related to Viper)	11,682		13,726


Deferred income taxes	8,936		9,141
Other long-term liabilities	620		625
Total liabilities	26,977		28,092
Commitments and contingencies (Note 15)
Stockholders’ equity:
Common stock, $0.01 par value; 800,000,000 shares authorized; 279,241,756 and 284,594,908 shares issued and outstanding at September 30, 2026, and December 31, 2025, respectively	3		3
Additional paid-in capital	31,638		32,236
Retained earnings (accumulated deficit)	7,332		4,740
Accumulated other comprehensive income (loss)	(7)		(7)
Total Diamondback Energy, Inc. stockholders’ equity	38,966		36,972
Non-controlling interest	6,167		5,995
Total equity	45,133		42,967
Total liabilities and stockholders’ equity	$	72,110	$	71,059


	Common Stock			Additional Paid-in Capital		Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Income (Loss)		Non-Controlling Interest		Total
	Shares	Amount
	(In millions, shares in thousands)
Balance at December 31, 2025	284,595	$	3	$	32,236	$	4,740	$	(7)	$	5,995	$	42,967
Viper stock-based compensation	—	—		—		—		—		2		2
Stock-based compensation	—	—		29		—		—		—		29
Cash paid for tax withholding on vested equity awards	(150)	—		(27)		—		—		—		(27)
Issuance of shares upon vesting of equity awards	134	—		—		—		—		—		—
Repurchased shares under repurchase program, including excise tax	(267)	—		(39)		—		—		—		(39)
Repurchased shares - related party, including excise tax	(3,000)	—		(514)		—		—		—		(514)
Repurchased shares under Viper’s repurchase program	—	—		—		—		—		(97)		(97)
Dividends to non-controlling interest	—	—		—		—		—		(120)		(120)
Dividends paid	—	—		—		(295)		—		—		(295)
Dividend equivalent rights payments	—	—		—		(3)		—		—		(3)





Proceeds from sale of Viper's common stock	—	—		219		—		—		308		527
Change in ownership of consolidated subsidiaries, net	—	—		106		—		—		(40)		66

Net income (loss)	—	—		—		25		—		119		144
Balance at March 31, 2026	281,312	3		32,010		4,467		(7)		6,167		42,640
Viper stock-based compensation	—	—		—		—		—		3		3
Stock-based compensation	—	—		30		—		—		—		30
Cash paid for tax withholding on vested equity awards	(1)	—		1		—		—		(1)		—
Issuance of shares upon vesting of equity awards	13	—		—		—		—		—		—
Repurchased shares under repurchase program, including excise tax	(756)	—		(142)		—		—		—		(142)
Repurchased shares under Viper’s repurchase program	—	—		—		—		—		(131)		(131)


Dividends to non-controlling interest	—	—		—		—		—		(159)		(159)
Dividends paid	—	—		—		(310)		—		—		(310)
Dividend equivalent rights payments	—	—		—		(1)		—		—		(1)
Change in ownership of consolidated subsidiaries, net	—	—		(33)		—		—		33		—

Net income (loss)	—	—		—		1,882		—		173		2,055
Balance at June 30, 2026	280,568	3		31,866		6,038		(7)		6,085		43,985
Viper stock-based compensation	—	—		—		—		—		3		3
Stock-based compensation	—	—		34		—		—		—		34
Cash paid for tax withholding on vested equity awards	(6)	—		(1)		—		—		—		(1)
Issuance of shares upon vesting of equity awards	28	—		—		—		—		—		—
Repurchased shares under repurchase program, including excise tax	(1,348)	—		(254)		—		—		—		(254)

Repurchased shares under Viper’s repurchase program	—	—		—		—		—		(90)		(90)



Dividends to non-controlling interest	—	—		—		—		—		(158)		(158)
Dividends paid	—	—		—		(308)		—		—		(308)
Dividend equivalent rights payments	—	—		—		(1)		—		—		(1)
Viper common stock issued for acquisition	—	—		—		—		—		152		152

Change in ownership of consolidated subsidiaries, net	—	—		(7)		—		—		7		—

Net income (loss)	—	—		—		1,603		—		168		1,771
Balance at September 30, 2026	279,242	$	3	$	31,638	$	7,332	$	(7)	$	6,167	$	45,133


	Three Months Ended September 30, 2026								Three Months Ended September 30, 2025
	Midland Basin		Delaware Basin		Other		Total		Midland Basin		Delaware Basin		Other		Total
	(In millions)
Oil sales	$	3,908	$	304	$	4	$	4,216	$	2,786	$	206	$	2	$	2,994
Natural gas sales	144		5		2		151		80		7		—		87
Natural gas liquid sales	451		35		1		487		340		26		—		366
Total oil, natural gas and natural gas liquid sales	$	4,503	$	344	$	7	$	4,854	$	3,206	$	239	$	2	$	3,447

	Nine Months Ended September 30, 2026								Nine Months Ended September 30, 2025
	Midland Basin		Delaware Basin		Other		Total		Midland Basin		Delaware Basin		Other		Total
	(In millions)
Oil sales	$	11,380	$	888	$	20	$	12,288	$	8,213	$	648	$	24	$	8,885
Natural gas sales	(112)		1		7		(104)		360		35		1		396
Natural gas liquid sales	1,182		96		3		1,281		1,049		89		1		1,139
Total oil, natural gas and natural gas liquid sales	$	12,450	$	985	$	30	$	13,465	$	9,622	$	772	$	26	$	10,420


	Dividend Per Share		Total
	(In millions, except per share amounts)
2026
First quarter	$	1.05	$	298
Second quarter	1.10		311
Third quarter	1.10		309
Total year-to-date	$	3.25	$	918

2025
First quarter	$	1.00	$	291
Second quarter	1.00		293
Third quarter	1.00		290
Total year-to-date	$	3.00	$	874


	Restricted Stock Units	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2025	890,062	$	153.87
Granted	570,238	$	179.10
Vested	(153,887)	$	163.17
Forfeited	(63,872)	$	163.28
Unvested at September 30, 2026	1,242,541	$	163.81


	Performance-Based Restricted Stock Units	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2025	327,931	$	254.50
Granted	171,806	$	235.63
Vested	(20,654)	$	217.72
Forfeited	(7,191)	$	258.56
Unvested at September 30, 2026(1)	471,892	$	249.18



Grant-date fair value	$	235.63
Risk-free rate	3.4		%
Company volatility	32.0		%


					Swaps	Collars
Settlement Month	Settlement Year	Type of Contract	Bbls/MMBtu Per Day	Index	Weighted Average Differential		Weighted Average Floor Price	Weighted Average Ceiling Price
OIL
Oct. - Dec.	2026	Basis Swap(1)	85,000	Argus WTI Midland	$1.09		$—	$—
Oct. - Dec.	2026	Roll Swap	150,000	WTI Cushing	$2.89		$—	$—
Jan. - Jun.	2027	Basis Swap(1)	26,500	Argus WTI Midland	$1.43		$—	$—
Jul. - Dec.	2027	Basis Swap(1)	16,500	Argus WTI Midland	$1.09		$—	$—
NATURAL GAS
Oct. - Dec.	2026	Two-Way Collar	840,000	Henry Hub	$—		$2.87	$6.35
Oct. - Dec.	2026	Basis Swap(1)	650,000	Waha Hub	$(1.75)		$—	$—
Oct. - Dec.	2026	Basis Swap(1)	100,000	HSC Hub	$(0.35)		$—	$—
Jan. - Dec.	2027	Two-Way Collar	720,000	Henry Hub	$—		$2.88	$6.37
Jan. - Dec.	2027	Basis Swap(1)	370,000	Waha Hub	$(1.27)		$—	$—
Jan. - Dec.	2027	Basis Swap(1)	300,000	HSC Hub	$(0.31)		$—	$—
Jan. - Dec.	2028	Two-Way Collar	90,000	Henry Hub	$—		$2.67	$5.74
Jan. - Dec.	2028	Basis Swap(1)	60,000	Waha Hub	$(1.51)		$—	$—
Jan. - Dec.	2028	Basis Swap(1)	130,000	HSC Hub	$(0.33)		$—	$—



Settlement Month	Settlement Year	Type of Contract	Bbls Per Day	Index	Strike Price	Deferred Premium
OIL
Oct. - Dec.	2026	Put	10,000	Brent	$55.00	$1.33
Oct. - Dec.	2026	Basis Put	290,000	WTI - Brent	$(41.03)	$1.44
Oct. - Dec.	2026	Put	75,000	Argus WTI Houston	$50.67	$1.31
Oct. - Dec.	2026	Put	175,000	WTI Cushing	$50.57	$1.28
Jan. - Mar.	2027	Put	15,000	Brent	$55.00	$1.27
Jan. - Mar.	2027	Put	70,000	Argus WTI Houston	$50.00	$1.28
Jan. - Mar.	2027	Put	130,000	WTI Cushing	$50.00	$1.31
Apr. - Jun.	2027	Put	10,000	Brent	$55.00	$1.21
Apr. - Jun.	2027	Put	55,000	Argus WTI Houston	$50.00	$1.29
Apr. - Jun.	2027	Put	105,000	WTI Cushing	$50.00	$1.31
Jul. - Sep.	2027	Put	25,000	Argus WTI Houston	$50.00	$1.22
Jul. - Sep.	2027	Put	65,000	WTI Cushing	$50.00	$1.31
Oct. - Dec.	2027	Put	5,000	Argus WTI Houston	$50.00	$1.13
Oct. - Dec.	2027	Put	20,000	WTI Cushing	$50.00	$1.27


	As of September 30, 2026
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Current assets - Prepaid expenses and other current assets:

Commodity derivative instruments	$	—	$	136	$	—	$	136	$	(116)	$	20

Other assets:
Commodity derivative instruments	$	—	$	55	$	—	$	55	$	(21)	$	34
Non-current assets - Other assets:
Investment	$	16	$	—	$	—	$	16	$	—	$	16

Liabilities:
Derivative instruments:
Commodity derivative instruments	$	—	$	163	$	—	$	163	$	(116)	$	47
Other long-term liabilities:
Commodity derivative instruments	$	—	$	21	$	—	$	21	$	(21)	$	—


	As of December 31, 2025
	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Current assets - Prepaid expenses and other current assets:
Commodity derivative instruments	$	—	$	335	$	—	$	335	$	(101)	$	234

Other assets:
Commodity derivative instruments	$	—	$	49	$	—	$	49	$	(42)	$	7
Investment	$	30	$	—	$	—	$	30	$	—	$	30

Liabilities:
Derivative instruments:
Commodity derivative instruments	$	—	$	109	$	—	$	109	$	(101)	$	8
Interest rate swaps	$	—	$	7	$	—	$	7	$	—	$	7
Other accrued liabilities:
2026 WTI Contingent Liability	$	—	$	20	$	—	$	20	$	—	$	20
Other long-term liabilities:
Commodity derivative instruments	$	—	$	77	$	—	$	77	$	(42)	$	35
Interest rate swaps	$	—	$	20	$	—	$	20	$	—	$	20


	September 30, 2026				December 31, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(In millions)
Debt	$	13,230	$	12,802	$	14,489	$	14,497


	Three Months Ended September 30, 2026				Nine Months Ended September 30, 2026
	Drilled		Completed(1)		Drilled		Completed(2)
Area:	Gross	Net	Gross	Net	Gross	Net	Gross	Net
Midland Basin	105	100	135	133	320	300	450	427


Total	105	100	135	133	320	300	450	427


	As of September 30, 2026
	Vertical Wells		Horizontal Wells		Total
Area:	Gross	Net	Gross	Net	Gross	Net
Midland Basin	4,342	4,127	5,319	5,005	9,661	9,132
Delaware Basin	36	30	457	428	493	458

Total	4,378	4,157	5,776	5,433	10,154	9,590


	Three Months Ended
	September 30, 2026		June 30, 2026
Revenues (In millions):
Oil sales	$	4,216	$	4,627
Natural gas sales	151		(276)
Natural gas liquid sales	487		435
Total oil, natural gas and natural gas liquid revenues	$	4,854	$	4,786

Production Data:
Oil (MBbls)	48,295		47,791
Natural gas (MMcf)	135,002		128,279
Natural gas liquids (MBbls)	24,330		23,436
Combined volumes (MBOE)(1)	95,125		92,607

Daily oil volumes (BO/d)	524,946		525,176
Daily combined volumes (BOE/d)	1,033,967		1,017,659

Average Prices:
Oil ($ per Bbl)	$	87.30	$	96.82
Natural gas ($ per Mcf)	$	1.12	$	(2.15)
Natural gas liquids ($ per Bbl)	$	20.02	$	18.56
Combined price ($ per BOE)	$	51.03	$	51.68

Oil, hedged ($ per Bbl)(2)	$	85.89	$	94.33
Natural gas, hedged ($ per Mcf)(2)	$	0.90	$	(0.34)
Natural gas liquids, hedged ($ per Bbl)(2)	$	20.02	$	18.56
Combined price, hedged ($ per BOE)(2)	$	50.01	$	52.90


	Three Months Ended September 30, 2026				Three Months Ended June 30, 2026
	Midland Basin	Delaware Basin	Other	Total	Midland Basin	Delaware Basin	Other	Total
Production Data:
Oil (MBbls)	44,636	3,587	72	48,295	44,209	3,565	17	47,791
Natural gas (MMcf)	123,548	10,566	888	135,002	115,656	12,242	381	128,279
Natural gas liquids (MBbls)	22,641	1,659	30	24,330	21,662	1,760	14	23,436
Total (MBOE)	87,868	7,007	250	95,125	85,147	7,365	95	92,607


	Three Months Ended
(In millions, except per BOE amounts)	September 30, 2026		June 30, 2026
Depletion of proved oil and natural gas properties	$	1,292	$	1,242
Depreciation and amortization of other property and equipment	19		19
Other amortization	—		3
Asset retirement obligation accretion	9		8
Depreciation, depletion, amortization and accretion	$	1,320	$	1,272
Oil and natural gas properties depletion rate per BOE	$	13.58	$	13.41
Depreciation, depletion, amortization and accretion per BOE	$	13.88	$	13.74


	September 30, 2026		December 31, 2025
Summarized Balance Sheets:	(In millions)
Assets:
Current assets	$	1,381	$	844
Property and equipment, net	$	18,986	$	19,670
Other noncurrent assets	$	180	$	142
Liabilities:
Current liabilities	$	4,653	$	3,304
Intercompany accounts payable, non-guarantor subsidiary	$	5,610	$	6,970
Long-term debt	$	9,288	$	11,540
Other noncurrent liabilities	$	1,936	$	2,186


	Nine Months Ended September 30, 2026
Summarized Statement of Operations:	(In millions)
Revenues	$	6,149
Income (loss) from operations(1)	$	683
Net income (loss)	$	(236)


Period	Total Number of Shares Purchased(1)	Average Price Paid Per Share(2)(4)		Total Number of Shares Purchased as Part of Publicly Announced Plan	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan(3)(4)
	(In millions, except per share amounts, shares in thousands)
July 1, 2026 - July 31, 2026	550	$	182.35	548	$	9,876
August 1, 2026 - August 31, 2026	100	$	189.39	100	$	9,857
September 1, 2026 - September 30, 2026	704	$	188.36	700	$	9,725
Total	1,354	$	186.00	1,348


Exhibit Number						Description



3.1						Second Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on June 14, 2023).
3.2						Certificate of Amendment No. 1 to Second Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on September 10, 2024).








10.1+						Diamondback Energy, Inc. Executive Retirement Policy (incorporated by reference to Exhibit 10.3 to the Form 10-Q, File No . 001-35700, filed by the Company with the SEC on August 5, 2026).
10.2						First Amendment to Stockholders Agreement, dated as of September 29, 2026, by and between the Company and SGF FANG Holdings, LP (incorporated by reference to Exhibit 10.1 to the Form 8-K, File No. 001-35700, filed by the Company with the SEC on September 30, 2026).
22.1						List of Issuers and Subsidiary Guarantors (incorporated by reference to Exhibit 22.1 to the Form 10-Q, File No. 001-35700, filed by the Company with the SEC on August 5, 2021).
31.1*						Certification of Chief Executive Officer of the Registrant pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.
31.2*						Certification of Chief Financial Officer of the Registrant pursuant to Rule 13a-14(a) promulgated under the Securities Exchange Act of 1934, as amended.
32.1**						Certification of Chief Executive Officer of the Registrant pursuant to Rule 13a-14(b) promulgated under the Securities Exchange Act of 1934, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code.
32.2**						Certification of Chief Financial Officer of the Registrant pursuant to Rule 13a-14(b) promulgated under the Securities Exchange Act of 1934, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code.
101						The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, formatted in Inline XBRL: (i) Condensed Consolidated Statements of Operations, (ii) Condensed Consolidated Balance Sheets, (iii) Condensed Consolidated Statements of Cash Flows, (iv) Condensed Consolidated Statements of Stockholders’ Equity, and (v) Notes to the Condensed Consolidated Financial Statements.
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).



*			Filed herewith.
**			The certifications attached as Exhibit 32.1 and Exhibit 32.2 accompany this Quarterly Report on Form 10-Q pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and shall not be deemed “filed” by the Registrant for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

+			Management contract, compensatory plan or arrangement.


		DIAMONDBACK ENERGY, INC.

Date:	November 4, 2026	/s/ Kaes Van’t Hof
		Kaes Van’t Hof
		Chief Executive Officer
		(Principal Executive Officer)

Date:	November 4, 2026	/s/ Jere W. Thompson III
		Jere W. Thompson III
		Chief Financial Officer
		(Principal Financial Officer)



Date:	November 4, 2026	/s/ Kaes Van't Hof
		Kaes Van't Hof
		Chief Executive Officer