Diamondback Energy (FANG) Prices $1.2B Notes Offering

Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback”) announced today that it has priced an offering (the “Notes Offering”) of $1,200,000,000 in aggregate principal amount of 5.550% senior notes that will mature on April 1, 2035 (the “Notes”). The price to the public is 99.937% of the principal amount of the Notes.

Diamondback intends to use the net proceeds from the Notes Offering for general corporate purposes, including, without limitation, paying a portion of the cash consideration for the pending acquisition of certain subsidiaries of Double Eagle IV Midco, LLC and paying fees, costs and expenses related thereto. The Notes Offering is expected to close on March 20, 2025, subject to customary closing conditions.

The Notes will be sold in a registered offering pursuant to an effective shelf registration statement on Form S-3ASR that was previously filed with the Securities and Exchange Commission, a prospectus supplement and related base prospectus for the Notes Offering.

BofA Securities, Inc., Barclays Capital Inc., PNC Capital Markets LLC and TD Securities (USA) LLC have served as joint book-running managers for the Notes Offering. When available, copies of the prospectus supplement and related base prospectus for the Notes Offering may be obtained from BofA Securities, Inc. at NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001, Attn: Prospectus Department, by email to [email protected] and toll free at 1-800-294-1322; Barclays Capital Inc. at c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email to [email protected] and toll free at 1-888-603-5847; PNC Capital Markets LLC at 300 Fifth Avenue, 10th Floor, Pittsburgh, PA 15222, by email to [email protected] and toll free at 1-855-881-0697 and TD Securities (USA) LLC at 1 Vanderbilt Avenue, 11th Floor, New York, NY 10017 and toll free at 1-855-495-9846. Electronic copies of the prospectus supplement and related base prospectus for the Notes Offering will also be available on the website of the Securities and Exchange Commission at www.sec.gov.

This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The Notes Offering may only be made by means of a prospectus supplement and related base prospectus.

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