Diamondback Energy (FANG) Investor Presentation summary

Strategic positioning and operational highlights

• Focused as a Permian pure-play with approximately 859,000 net acres and ~490 Mbo/d run-rate production starting Q3 2025, supported by a deep inventory of ~9,600 gross locations economic at $50/Bbl.

• Demonstrates best-in-class execution with a low-cost structure, high capital efficiency, and consistent well productivity, ranking among the top in the Midland Basin.

• Maintains a disciplined capital allocation strategy, prioritizing free cash flow generation and differentiated returns.

Financial performance and capital returns

• Generated $1.3 billion of adjusted free cash flow in Q2 2025 and expects at least $5.8 billion in 2025 at current prices.

• Committed to returning at least 50% of quarterly free cash flow to shareholders, with $691 million returned in Q2 2025 via dividends and share repurchases.

• Increased share repurchase authorization to $8.0 billion, with $3.5 billion remaining; base dividend of $4.00/share protected down to $37/Bbl.

• Since 2018, returned ~$10.9 billion to shareholders through dividends and buybacks.

Updated 2025 guidance and operational efficiency

• 2025 oil production guidance set at 485–492 Mbo/d with a CAPEX budget of $3.4–$3.6 billion.

• Improved capital efficiency: 50.9 Mbo per $MM CAPEX, up 25% from February 2024 outlook.

• Reduced well costs and increased drilling/completion efficiency, with >95% of wells using SimulFRAC and industry-leading drilling speeds.