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Diamondback Energy | May 2015 Investor Presentation | Travis Stice | Page 15 of 11 | November 21, 2024

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15 Compelling Acquisitions to Add Attractive Horizontal Inventory (1) Represents Company average daily production for 1Q’15. Pro forma includes 2.5 MBOEPD of production from announced acquisitions in May 2015. Acquisition production is for April 2015 and is based on data provided by seller and has not been verified by the Company. Actual production from acquired wells may vary materially. (2) Purchase price adjusted for production valued at $45,000 per Boe/d, $4.9 million for salt water disposal system, and $33.7 million for VNOM drop-down, subject to board approval by conflicts committee. (3) Assumes 232 net locations at 800 Mboe per location and 75% NRI. Total Net Horizontal Locations Accretive to stockholders ? Expected to be accretive on net asset value, production, acreage and on 2016 earnings valuation metrics ? Attractive acquisition price of ~$23,845 per adjusted 2 net acre and ~$2.05 per Boe 3 ? Significant value from exposure to mostly undeveloped 11,948 net acres in core of Northern Midland Basin ? Attractive well economics Expands scope of core Midland Basin assets ? Management believes acreage is in the top quartile of FANG’s existing acreage portfolio – compares favorably to Spanish Trail ? Provides meaningful increase in oil-rich net acreage expanding 15% to 89,216 net acres ? 2 dedicated horizontal rigs expected to be added in second half of 2015 ? 83% HBP through vertical and horizontal wells, providing optionality on when to develop Additive to concentrated horizontal story ? Complementary acreage blocks with strong horizontal delineation potential ? Largely contiguous acreage allows for efficient infrastructure installation and ~42% locations to be ~10,000’ laterals ? Management believes 3 horizontal zones are de-risked – Lower Spraberry, Wolfcamp B and Wolfcamp A with additional development potential from Middle Spraberry ? Acreage in close proximity to strong Encana (Athlon), Energen and private operator horizontal well results ? 93% operated with high working interest (75%) ? 3D seismic data available to geosteer horizontal wells 89,216 Midland Basin Net Acreage 77,268 Standalone Pro Forma Current Net Production (BOEPD) 1 Standalone Pro Forma 1,646 1,878 Standalone Pro Forma 33,177 30,636