Tag: GlobeNewswire

– Total revenue of $83.3 million in 3Q26, an 82% year-over-year increase –

– Revuforj^® (revumenib) net revenue of $60.7 million in 3Q26, a 90% y/y increase, underscores leadership in R/R NPM1m and KMT2Ar acute leukemia; 20% q/q growth in new patients – 

– Niktimvo™ (axatilimab-csfr) net revenue of $67.4 million in 3Q26, a 47% y/y increase, resulting in Syndax collaboration revenue of $22.6 million –

– New revumenib data expected in 4Q26 from clinical trials and real-world studies spanning the acute leukemia treatment continuum and multiple genetic subtypes –

– Company to host a conference call today at 4:30 p.m. ET –

NEW YORK, Nov. 02, 2026 (GLOBE NEWSWIRE) — Syndax Pharmaceuticals (Nasdaq: SNDX), a commercial-stage biopharmaceutical company advancing innovative cancer therapies, today reported its financial results for the third quarter ended September 30, 2026, and provided a business update.

“We delivered another quarter of strong commercial results, generating $83 million in total revenue to Syndax. Revuforj net revenue grew to $61 million, driven by a 20% increase in new patients and an increasing number of patients on therapy in the post-transplant setting. We continue to have the dominant share of new patients across all age groups starting a menin inhibitor and the vast majority of revenue for the class, underscoring our position as the market leader. Importantly, a growing number of both R/R KMT2Ar and NPM1m patients are proceeding to a stem cell transplant after receiving Revuforj and then resuming therapy afterward, a dynamic that positions the business for long-term growth as the average duration of therapy extends,” said Michael A. Metzger, Chief Executive Officer.

Mr. Metzger continued, “We look forward to sharing new Revuforj combination data in the fourth quarter that reinforce our confidence that our ongoing pivotal frontline trials could transform the treatment paradigm for newly diagnosed AML. We remain well positioned to be the first to deliver a menin inhibitor in the frontline, unlocking a multi-billion-dollar opportunity. With growing revenue from two medicines, a robust pipeline generating multiple blockbuster opportunities, world-class R&D capabilities, and a strong balance sheet, Syndax is poised to deliver long-term value.”

Recent Business Highlights and Anticipated Milestones

Revuforj^® (revumenib)

• Achieved $60.7 million in Revuforj net revenue in the third quarter of 2026, a 90% increase over the third quarter of 2025 and an 11% increase over the second quarter of 2026. New patients and total prescriptions increased by approximately 20% and 13%, respectively, in the third quarter of 2026 compared to the second quarter of 2026. The double-digit growth in net revenue, new patients, and total prescriptions reflects robust uptake in both Revuforj indications and a growing number of relapsed or refractory (R/R) KMT2A-rearranged (KMT2Ar) and NPM1-mutated (NPM1m) patients proceeding to hematopoietic stem cell transplant (HSCT) and then resuming therapy in the post-transplant setting.
  • Claims data indicate that approximately 50% of R/R KMT2Ar patients proceed to HSCT after receiving Revuforj, of which about 60% have resumed therapy post-transplant. Notably, the data also indicate that approximately 40% of R/R NPM1m patients proceed to HSCT after receiving Revuforj, of which about 50% have resumed therapy post-transplant.
• In October 2026, Revuforj received the Best Product for Rare/Orphan Diseases award from The Galien Foundation, one of the world’s most prestigious awards for biomedical research and innovation. Additionally, Revuforj was named as one of TIME’s Best Inventions of 2026 in the Medical and Healthcare category.
• The Company expects to have a major presence at upcoming medical meetings, with the presentation in the fourth quarter of 2026 of new/updated revumenib data including:
  • Frontline data from the BEAT AML trial of revumenib in combination with venetoclax/azacitidine in NPM1m and KMT2Ar acute myeloid leukemia (AML)
  • Frontline data from the SAVE trial of the all-oral combination of revumenib, decitabine/cedazuridine, and venetoclax in NPM1m, KMT2Ar, or NUP98-rearranged (NUP98r) AML
  • Frontline data from a Phase 1 trial of revumenib in combination with intensive chemotherapy in NPM1m, KMT2Ar, or NUP98r AML
  • Post-transplant maintenance data
  • Real-world evidence from multiple centers
  • Data from INTERCEPT, a Phase 1 trial evaluating revumenib as pre-emptive therapy for measurable residual disease (MRD) or early relapse among patients with NPM1m or KMT2Ar AML
• The Company expects to publish safety and efficacy data from R/R NUP98r acute leukemia patients treated with revumenib in the fourth quarter of 2026.
• Published preclinical revumenib data showing that menin is a novel dependency in proliferative megakaryocytes, major drivers of myelofibrosis (MF), in Cancer Cell in July 2026. These data provide the basis for the Company’s plans to develop SNDX-62122, an internally developed, next-generation menin inhibitor, for MF.
• Multiple clinical trials evaluating revumenib across the acute leukemia treatment continuum are ongoing, such as:
  • EVOLVE-2: A pivotal, Phase 3, randomized, double-blind, placebo-controlled trial of revumenib in combination with venetoclax and azacitidine in newly diagnosed NPM1m (primary efficacy analysis population) and KMT2Ar AML patients who are unfit for intensive chemotherapy. The trial is being conducted in collaboration with the HOVON network, a leading cooperative clinical trial group with extensive experience studying novel therapies for hematologic malignancies.
  • REVEAL-ND: A pivotal, Phase 3, randomized, double-blind, placebo-controlled trial of revumenib in combination with intensive chemotherapy in newly diagnosed NPM1m AML patients.
  • SAVE: A Phase 1/2 trial evaluating an all-oral combination of revumenib with venetoclax and decitabine/cedazuridine in pediatric and adult patients with newly diagnosed and R/R AML or mixed-lineage acute leukemia harboring either NPM1m, KMT2Ar, or NUP98r alterations. The trial is being conducted by investigators from MD Anderson Cancer Center.
  • Intensive chemotherapy: Two ongoing Phase 1 trials evaluating the combination of revumenib with intensive chemotherapy (7+3) in newly diagnosed NPM1m or KMT2Ar acute leukemia patients.
  • BEAT AML: A Phase 1b trial evaluating the combination of revumenib with venetoclax and azacitidine in newly diagnosed older adults (≥60 years) with NPM1m or KMT2Ar AML. The trial is being conducted as part of the Leukemia & Lymphoma Society’s Beat AML^® Master Clinical Trial.
  • Post-transplant maintenance: A Phase 1 trial evaluating the safety and preliminary efficacy of revumenib as post-transplant maintenance in patients with KMT2Ar or NPM1m acute leukemia. The trial is being conducted by investigators from the City of Hope Medical Center.
  • Break Through Cancer: A Phase 2 trial studying whether the combination of revumenib and venetoclax can eliminate MRD in patients with AML and extend progression-free survival. The trial is being conducted by Break Through Cancer, a collaboration between leading U.S. cancer research centers.
  • INTERCEPT: A Phase 1 trial evaluating the use of novel therapies, including revumenib, to target MRD and early relapse in AML. The trial is being conducted by the Australasian Leukaemia and Lymphoma Group as part of the INTERCEPT AML master clinical trial.
• The Company expects the RAVEN trial to initiate in the fourth quarter of 2026. RAVEN is a Phase 2 collaborative trial of revumenib in combination with venetoclax and azacitidine in newly diagnosed KMT2Ar patients who would be considered eligible, or fit, for intensive chemotherapy.
• The Company expects the MenTain Phase 2 trial to initiate in the first quarter of 2027. MenTain will be the first randomized, placebo-controlled trial specifically focused on evaluating revumenib as post-transplant maintenance.

Niktimvo™ (axatilimab-csfr)

• Achieved $67.4 million in Niktimvo net revenue in the third quarter of 2026, a 47% increase over the third quarter of 2025 and a 12% increase over the second quarter of 2026. Syndax and Incyte are co-commercializing Niktimvo. Syndax records 50% of the Niktimvo net commercial profit, defined as net product revenue minus the cost of sales and commercial expenses. Syndax’s share of the Niktimvo product contribution, reported as collaboration revenue, was $22.6 million in the third quarter of 2026.
• In October 2026, data supporting the safety and feasibility of reduced-frequency dosing of axatilimab in patients with recurrent or refractory chronic graft-versus-host disease (GVHD) were published in Blood Advances. Data from the pivotal AGAVE-201 trial show that transition from axatilimab 0.3 mg/kg every two weeks to 0.6 mg/kg every four weeks was feasible and well tolerated. Patients had a prolonged duration of therapy after the switch (median of 21 months), and 84% remained on treatment as of the data cutoff, suggesting ongoing clinical benefit.
• Two trials evaluating axatilimab in patients with newly diagnosed chronic GVHD are ongoing, including a Phase 2 trial in combination with ruxolitinib and a Phase 3 trial in combination with corticosteroids.
  • The Company expects topline data from the Phase 2 trial of axatilimab in combination with ruxolitinib to be presented at a medical meeting in the first quarter of 2027.
  • The Company expects topline data from the Phase 3 trial of axatilimab in combination with corticosteroids in early 2028.
• In October 2026, the Company announced that the MAXPIRe Phase 2 trial of axatilimab in idiopathic pulmonary fibrosis (IPF) did not meet its primary endpoint. The safety and tolerability profile observed in MAXPIRe was consistent with previous clinical studies of axatilimab, with no new safety signals identified. Based on the results observed, Syndax does not plan to move forward with further development of axatilimab in IPF. The results from the MAXPIRe trial do not affect ongoing trials of axatilimab in other potential indications.

Pipeline Assets

SNDX-4321

• In July 2026, the Company announced the expansion of its pipeline with SNDX-4321, a mutant-selective, CNS-penetrant, allosteric EGFR inhibitor. SNDX-4321 is in development for non-small cell lung cancer (NSCLC) patient populations with significant unmet needs, such as those with L858R mutations, CNS metastases, atypical activating mutations, or acquired resistance to current therapies. In contrast to ATP-site directed third- and fourth-generation EGFR inhibitors, SNDX-4321 is a novel allosteric inhibitor which binds at a pocket adjacent to the ATP site that is only accessible in the presence of L858R and certain other EGFR mutations.
• The Company expects to submit an investigational new drug (IND) application for SNDX-4321 by the end of 2026 and to initiate a Phase 1 trial in EGFRm NSCLC in 2027.

SNDX-62122

• In July 2026, the Company announced the selection of SNDX-62122, a next-generation menin inhibitor, for development in MF. SNDX-62122 is the first candidate from a library of internally developed, wholly owned next-generation menin inhibitors that the Company intends to advance into new areas.
• The Company expects to submit an IND and initiate a Phase 1 trial of SNDX-62122 in MF in the fourth quarter of 2027. The development of SNDX-62122 will be informed by a Phase 1/2 proof-of-principle trial of revumenib in MF that is expected to initiate in the fourth quarter of 2026 with initial clinical data expected in the second half of 2027.

Corporate Updates

• On November 2, 2026, the Company announced Keith Goldan’s decision to retire from his role as Chief Financial Officer and the appointment of Aaron A. Ondrey as Chief Financial Officer, effective November 9, 2026. Mr. Ondrey brings to Syndax more than 25 years of financial and operational leadership experience across the biotechnology industry, with deep expertise in financial management, corporate strategy, commercialization, and mergers and acquisitions. 

Third Quarter 2026 Financial Results

As of September 30, 2026, Syndax had cash, cash equivalents, and short- and long-term investments of $551.1 million and 90.0 million common shares outstanding.

Total revenue for the third quarter of 2026 was $83.3 million, which consisted of $60.7 million in Revuforj net revenue and $22.6 million in Niktimvo collaboration revenue. The Niktimvo collaboration revenue is derived from the $67.4 million in Niktimvo net revenue that was previously reported by the Company’s partner Incyte for the third quarter 2026. Syndax records 50% of the Niktimvo net commercial profit, defined as net revenue (recorded by Incyte) minus the cost of sales and commercial expenses.

Third quarter 2026 research and development expenses increased to $67.5 million from $56.3 million for the comparable prior year period. The year-over-year change was primarily the result of increased expenses associated with frontline trials evaluating revumenib in combination with standard-of-care agents in the treatment of AML.

Third quarter 2026 selling, general and administrative expenses decreased to $43.7 million from $44.9 million for the comparable prior year period. The year-over-year change was primarily the result of lower commercial expenses due to launch costs incurred in 2025 for Revuforj and Niktimvo that were not incurred in the same period in 2026.

For the three months ended September 30, 2026, Syndax reported a net loss attributable to common stockholders of $49.4 million, or $0.55 per share, compared to a net loss attributable to common stockholders of $60.7 million, or $0.70 per share, for the comparable prior year period.

Financial Guidance

For the full year of 2026, the Company continues to expect total research and development plus selling, general and administrative expenses to be approximately $400 million, excluding the impact of $50 million in estimated non-cash stock compensation expense.

Syndax expects that its cash, cash equivalents and short- and long-term investments, combined with its anticipated product revenue, collaboration revenue and interest income, will enable the Company to reach profitability.

Conference Call and Webcast

In connection with the earnings release, Syndax’s management team will host a conference call and live audio webcast at 4:30 p.m. ET today, November 2, 2026.

The live audio webcast and accompanying slides may be accessed through the Events & Presentations page in the Investors section of the Company’s website. Alternatively, the conference call may be accessed through the following:

Conference ID: Syndax3Q26
Domestic Dial-in Number: 800-590-8290
International Dial-in Number: 240-690-8800
Live webcast: https://sndx-3q26.open-exchange.net/

For those unable to participate in the conference call or webcast, a replay will be available on the Investors section of the Company’s website at www.syndax.com approximately 24 hours after the conference call and will be available for 90 days following the call.

About Revuforj^® (revumenib)

Revuforj (revumenib) is the first and only menin inhibitor that is FDA approved for the treatment of adult and pediatric patients one year and older with relapsed or refractory (R/R) acute myeloid leukemia (AML) with a susceptible NPM1 mutation who have no satisfactory alternative treatment options or R/R acute leukemia with a KMT2A translocation as determined by an FDA-authorized test.

Multiple trials of revumenib are ongoing or planned across the treatment landscape, including in combination with standard of care therapies in newly diagnosed patients with NPM1m or KMT2Ar AML.

About Niktimvo™ (axatilimab-csfr)

Niktimvo (axatilimab-csfr) is a first-in-class colony stimulating factor-1 receptor (CSF-1R)-blocking antibody approved for use in the U.S. for the treatment of chronic graft-versus-host disease (GVHD) after failure of at least two prior lines of systemic therapy in adult and pediatric patients weighing at least 40 kg (88.2 lbs).

In 2016, Syndax licensed exclusive worldwide rights to develop and commercialize axatilimab from UCB. In September 2021, Syndax and Incyte entered into an exclusive worldwide co-development and co-commercialization license agreement for axatilimab in chronic GVHD and any future indications.

Axatilimab is being studied in frontline combination trials in chronic GVHD, including a Phase 2 combination trial with ruxolitinib (NCT06388564) and a Phase 3 combination trial with steroids (NCT06585774).

About Syndax

Syndax Pharmaceuticals is a commercial-stage biopharmaceutical company advancing innovative cancer therapies. Highlights of the Company’s pipeline include Revuforj^® (revumenib), an FDA-approved menin inhibitor, and Niktimvo™ (axatilimab-csfr), an FDA-approved monoclonal antibody that blocks the colony stimulating factor 1 (CSF-1) receptor. Fueled by our commitment to reimagining cancer care, Syndax is working to unlock the full potential of its pipeline and is conducting several clinical trials across the continuum of treatment. For more information, please visit www.syndax.com/ or follow the Company on X and LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “could,” “estimate,” “expects,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or the negative or plural of those terms, and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Syndax’s expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from these forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements about the progress, timing, clinical development and scope of clinical trials, the reporting of clinical data for Syndax’s product candidates, the acceptance of Syndax and its partners’ products in the marketplace, sales, marketing, manufacturing and distribution requirements, the potential use of its product candidates to treat various cancer indications and fibrotic diseases, Syndax’s expected full year total operating expenses, including its estimated non-cash stock compensation expense, and Syndax’s expectation that its cash, cash equivalents and short-term investments, combined with its anticipated product revenue, collaboration revenue and interest income, will enable the Company to reach profitability. Many factors may cause differences between current expectations and actual results, including: unexpected safety or efficacy data observed during preclinical or clinical trials; clinical trial site activation or enrollment rates that are lower than expected; changes to Revuforj’s or Niktimvo’s commercial availability; changes in expected or existing competition; changes in the regulatory environment; failure of Syndax’s collaborators to support or advance collaborations or product candidates; and unexpected litigation or other disputes. Other factors that may cause Syndax’s actual results to differ from those expressed or implied in the forward-looking statements in this press release are discussed in Syndax’s filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” sections contained therein. Except as required by law, Syndax assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.

Niktimvo is a trademark of Incyte.
All other trademarks are the property of their respective owners.

Syndax Contact
Sharon Klahre
Syndax Pharmaceuticals, Inc.
sklahre@syndax.com
Tel 781.684.9827

SNDX-G

SYNDAX PHARMACEUTICALS, INC.
(unaudited)
CONDENSED CONSOLIDATED BALANCE SHEETS
			September 30,				December 31,
(In thousands)			2026				2025
Cash, cash equivalents, short and long-term investments			$	551,079			$	394,070
Total assets			$	692,671			$	529,706
Total liabilities			$	709,851			$	465,076
Total stockholders’ (deficit) equity			$	(17,180	)		$	64,630
Common stock outstanding				89,989,347				87,405,979
Common stock and common stock equivalents*				116,512,240				103,437,561
*Common stock and common stock equivalents:
	Common stock			89,989,347				87,405,979
	Common stock warrants (pre-funded)			–				285,714
		Common stock and pre-funded stock warrants		89,989,347				87,691,693
	Options to purchase common stock			13,302,121				13,128,306
	Restricted Stock Units			3,123,422				2,617,562
	Conversion of convertible notes			10,097,350				–
		Total common stock and common stock equivalents		116,512,240				103,437,561

SYNDAX PHARMACEUTICALS, INC.
(unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
			Three Months Ended September 30,								Nine Months Ended September 30,
(In thousands, except share and per share data)			2026				2025				2026				2025
Revenue
	Product revenue, net		$	60,743				32,007			$	164,366				80,649
	Collaboration revenue, net			22,555				13,864				56,584				22,975
Total revenues				83,298				45,871				220,950				103,624
Operating expenses:
	Cost of product sales		$	13,996				2,100			$	19,837				4,264
	Research and development			67,481				56,280				194,362				180,143
	Selling, general and administrative			43,716				44,917				122,843				129,753
Total operating expenses				125,193				103,297				337,042				314,160
Loss from operations				(41,895	)			(57,426	)			(116,092	)			(210,536	)
Other (expense) income, net:
	Royalty interest expense			(11,812	)			(8,283	)			(35,777	)			(24,186	)
	Convertible note interest expense			(1,164	)			–				(1,719	)			–
	Other interest expense			(2	)			–				(4	)			(6	)
	Interest income			5,593				5,269				12,900				18,402
	Other expense			(153	)			(275	)			(777	)			(1,082	)
Total other (expense) income, net				(7,538	)			(3,289	)			(25,377	)			(6,872	)
Net loss			$	(49,433	)		$	(60,715	)		$	(141,469	)		$	(217,408	)
Other comprehensive loss:
	Unrealized (loss) gain on marketable securities			(1,528	)			240				(2,120	)			362
Other comprehensive loss				(50,961	)			(60,475	)			(143,589	)			(217,046	)
Net loss per share:
Basic and diluted loss per share attributable to common stockholders			$	(0.55	)		$	(0.70	)		$	(1.59	)		$	(2.51	)
Weighted-average common shares used in calculating:
Basic and diluted loss per share attributable to common stockholders				89,789,842				86,620,992				89,017,885				86,531,218

MIDLAND, Texas, Nov. 02, 2026 (GLOBE NEWSWIRE) — Viper Energy, Inc. (NASDAQ:VNOM) (“Viper,” “we,” “our” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), today announced financial and operating results for the third quarter ended September 30, 2026.

THIRD QUARTER FINANCIAL HIGHLIGHTS

• Net income of $300 million; Net income margin of 45%
• Adjusted EBITDA¹ of $596 million; Adjusted EBITDA margin¹ of 90%
• Cash flows from operating activities of $447 million; Operating cash flow margin of 68%
• Free Cash Flow¹ of $520 million; Free Cash Flow margin¹ of 79%
• Declared Q3 2026 base cash dividend of $0.50 per Class A common share
• Repurchased approximately 2.1 million Class A shares for approximately $90 million
• Total debt of $2.4 billion as of September 30, 2026; Net debt¹ of $2.4 billion as of September 30, 2026

THIRD QUARTER OPERATIONAL HIGHLIGHTS

• Average daily production of 69,076 bo/d (141,152 boe/d)
• As previously announced, on July 1, 2026, completed the Riverbend Acquisition
• On September 1, 2026, closed the previously announced 2026 Drop Down of approximately 1,000 net royalty acres in the Permian Basin from Diamondback and related subsidiaries in exchange for approximately 3.8 million OpCo units and an equivalent number of shares of Class B common stock (the “2026 Drop Down”)
• Lease bonus income of $4 million from 21 executed leases
• 689 total gross (19.0 net) horizontal wells turned to production
• As of September 30, 2026, Viper’s acreage had the following ongoing development activity:
  • 104 active horizontal rigs, representing approximately 40% of the Permian Basin total
  • 1,965 gross (38.9 net) horizontal wells² either being drilled or completed
  • 1,404 gross (36.4 net) horizontal wells² with line-of-sight to near-term development

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¹ NON-GAAP DISCLOSURES – For a definition of Adjusted EBITDA, Adjusted EBITDA margin, Free Cash Flow, Free Cash Flow margin, Net Debt and reconciliations of such non-GAAP financial metrics to their respective most directly comparable GAAP metrics, please see “Non-GAAP Financial Measures” below.
² Average lateral length of wells normalized to 10,000 feet.

MCELROY RANCH ACQUISITION
During the month of September, in two separate but related transactions, Viper acquired mineral and royalty interests from third-party sellers for an aggregate purchase price of approximately $529 million, subject to customary post-closing adjustments and including certain transaction costs and $49 million of deferred consideration payable in equal quarterly installments through June 2029 (collectively, the “McElroy Ranch Acquisition”). Acquisition highlights are as follows:

• Approximately 7,359 net royalty acres located in Upton and Crane Counties
• Concentrated ownership of an approximately 12% net royalty interest across roughly 60,000 gross acres in an expected core geologic fairway of Barnett development in the western Midland Basin
• Asset is 96% undeveloped with an expected 40.9 net inventory locations
  • Only 21 currently producing gross (1.7 net) horizontal locations across the entire Ranch
  • Chevron operates approximately 27% of the total net inventory, including approximately 50% of net undeveloped Barnett inventory
  • Diamondback operates approximately 15% of the total net inventory
  • Concentrated nature of mineral ownership will enable potential trades to accelerate development in the coming years
• Offsetting Barnett wells that have at least 12 months of production data indicate an average estimated ultimate recovery of approximately 80 bo/ft
• Stable production of approximately 400 bo/d from existing vertical wells
• Forecasted peak production on the Ranch in the range of 5,000 bo/d over the next decade

PENDING BUCKHORN ACQUISITION
On September 14, 2026, Viper entered into a definitive purchase and sale agreement to acquire certain mineral and royalty interests from a group of entities collectively called Buckhorn Minerals (the “Pending Buckhorn Acquisition”) in exchange for $280 million cash and approximately 1.8 million shares of Viper’s Class A common stock, subject to customary closing adjustments. The cash portion of the transaction is expected to be funded through a combination of cash on hand and borrowings under the Company’s revolving credit facility. The transaction is expected to close in the fourth quarter of 2026, subject to the satisfaction of customary closing conditions. Acquisition highlights are as follows:

• 1,552 net royalty acres, substantially all of which are in the Midland Basin; approximately 80% overlap with existing Viper acreage position
• Midland Basin primary operators include ExxonMobil (47%) and Diamondback (29%)
• Asset is 61% undeveloped with an expected 17.4 net inventory locations
  • Approximately 20% of Midland Basin acreage in units with zero producing horizontal wells; expected to support efficient full stack development in coming years
  • 47% of net inventory in Viper’s estimation of remaining top quartile inventory in the Midland Basin, and 70% of net inventory within the top half of remaining inventory (as determined by expected internal rate of return for the respective operators)
• Expected next 12 months’ average daily oil production of approximately 1,500 bo/d
• Expect pro forma net debt at year end 2026 of approximately $2.4 billion, equating to pro forma leverage of approximately 1.0x last twelve months Adjusted EBITDA³
  

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³ NON-GAAP DISCLOSURES – For a definition of Adjusted EBITDA and Net Debt and reconciliations of such non-GAAP financial metrics to their respective most directly comparable GAAP metrics, please see “Non-GAAP Financial Measures” below.

OTHER RECENT EVENTS AND FORWARD OUTLOOK

• Inclusive of the Pending Buckhorn Acquisition, initiating average daily production guidance for Q4 2026 of 70,000 to 71,000 bo/d (141,500 to 143,500 boe/d)
• Increasing average daily production guidance for full year 2026 to 67,250 to 67,750 bo/d (137,000 to 138,000 boe/d)
• Repurchased approximately 0.4 million Class A shares in Q4 2026 (to date) for approximately $17 million

“Viper’s momentum carried through the third quarter, with average daily oil production growing more than six percent quarter over quarter on the strength of recent acquisitions and continued development activity from both Diamondback and our third-party operators. Reflecting this continued momentum, we are again increasing our full year 2026 production guidance to 67,500 barrels of oil per day at the midpoint. The quarter also marked the first under our new return of capital framework, through which we declared our increased base dividend of $0.50 per Class A share while continuing to opportunistically repurchase shares,” said Kaes Van’t Hof, Chief Executive Officer of Viper.

Mr. Van’t Hof continued, “The McElroy Ranch Acquisition and Pending Buckhorn Acquisition announced today represent the continued execution of our differentiated consolidation strategy. The acquisitions combine to extend the quality and duration of our inventory, adding nearly 60 net locations across two largely undeveloped assets. The McElroy Ranch asset brings concentrated mineral ownership in an expected core fairway of emerging Barnett development, while the Pending Buckhorn Acquisition adds high-quality Midland Basin inventory with approximately 80% overlap with our existing footprint. Notably, we funded, or expect to fund, these acquisitions primarily with cash, delivering on the commitment we made when we revised our return of capital framework to pursue accretive M&A with minimal reliance on equity. These acquisitions add years of visible development to Viper’s portfolio and reinforce the durability of our long-term per-share growth outlook.”

FINANCIAL UPDATE

Viper’s third quarter 2026 average unhedged realized prices were $87.65 per barrel of oil, $0.96 per Mcf of natural gas and $24.02 per barrel of natural gas liquids, resulting in a total equivalent realized price of $50.52/boe.

Viper’s third quarter 2026 average hedged realized prices were $86.55 per barrel of oil, $0.66 per Mcf of natural gas and $24.02 per barrel of natural gas liquids, resulting in a total equivalent realized price of $49.51/boe.

During the third quarter of 2026, the Company recorded total operating income of $661 million and consolidated net income (including non-controlling interest) of $300 million.

As of September 30, 2026, the Company had a cash balance of $10 million and total debt outstanding (excluding debt issuance costs, discounts and premiums) of $2.4 billion, resulting in net debt (as defined and reconciled below) of $2.4 billion. Viper’s outstanding long-term debt as of September 30, 2026 consisted of $500 million in aggregate principal amount of its 4.900% Senior Notes due 2030, $1.1 billion in aggregate principal amount of its 5.700% Senior Notes due 2035 and $810 million of borrowings on its revolving credit facility, leaving approximately $1.2 billion available for future borrowings and approximately $1.2 billion of total liquidity.

THIRD QUARTER 2026 CASH DIVIDEND & CAPITAL RETURN PROGRAM

Viper announced today that the Company’s Board of Directors (the “Board”) declared a base cash dividend of $0.50 per Class A common share for the third quarter of 2026, payable on November 19, 2026 to Class A common stockholders of record at the close of business on November 12, 2026.

During the third quarter of 2026, Viper repurchased approximately 2.1 million shares of the Company’s Class A common stock for an aggregate purchase price of approximately $90 million, excluding excise tax (average price of $43.01 per share).

In total, since the initiation of Viper’s common stock repurchase program on November 9, 2020 through October 30, 2026, the Company has repurchased approximately 26.1 million shares of common stock (including both Class A shares and Class B shares paired with OpCo Units) for an aggregate purchase price of approximately $844 million, excluding excise tax (average price of $32.30 per share) and has approximately $906 million remaining on its share buyback authorization. Future cash dividends and stock repurchases are at the discretion of the Board and are subject to a number of factors discussed in Viper’s reports filed with the U.S. Securities and Exchange Commission (“SEC”).

OPERATIONS UPDATE

During the third quarter of 2026, Viper estimates that 689 gross (19.0 net 100% royalty interest) horizontal wells, normalized to lateral length of 10,000 feet, with an average royalty interest of 2.8% were turned to production on its acreage position. Of these 689 gross wells, Diamondback is the operator of 123 gross wells, with an average royalty interest of 9.4%, and the remaining 566 gross wells, with an average royalty interest of 1.3%, are operated by third parties.

As of September 30, 2026, Viper’s footprint of mineral and royalty interests was approximately 98,098 net royalty acres.

Our gross well information for the third quarter ended September 30, 2026:

	Diamondback Operated		Third-Party Operated		Total
Q3 2026 horizontal wells turned to production(1):
Gross wells	123		566		689
Net 100% royalty interest wells	11.6		7.4		19.0
Average percent net royalty interest	9.4%		1.3%		2.8%
Horizontal producing well count(1):
Gross wells	4,613		21,834		26,447
Net 100% royalty interest wells	290.9		334.1		625.0
Average percent net royalty interest	6.3%		1.5%		2.4%
Horizontal active development well count(1):
Gross wells	303		1,662		1,965
Net 100% royalty interest wells	17.5		21.4		38.9
Average percent net royalty interest	5.8%		1.3%		2.0%
Line of sight wells(1):
Gross wells	370		1,034		1,404
Net 100% royalty interest wells	22.5		13.9		36.4
Average percent net royalty interest	6.1%		1.3%		2.6%

(1) Average lateral length normalized to 10,000 feet.

The 1,965 gross wells currently in the process of active development are those wells that have been spud and are expected to be turned to production within approximately the next six to eight months. Further in regard to the active development on Viper’s asset base, there are currently 104 gross rigs operating on Viper’s acreage, 11 of which are operated by Diamondback. The 1,404 line-of-sight wells are those that are not currently in the process of active development, but for which Viper has reason to believe that they will be turned to production within approximately the next 15 to 18 months. The expected timing of these line-of-sight wells is based primarily on permitting by third-party operators or Diamondback’s current expected completion schedule. Existing permits or active development of Viper’s royalty acreage does not ensure that those wells will be turned to production.

GUIDANCE UPDATE

Below is Viper’s guidance for the full year 2026, as well as average production guidance for Q4 2026. This guidance gives effect to the 2026 Drop Down and the McElroy Ranch Acquisition that closed during September 2026 as well as the Pending Buckhorn Acquisition that is expected to close in the fourth quarter of 2026.

	Viper Energy, Inc.
Q4 2026 Net Production – Mbo/d	70.00 – 71.00
Q4 2026 Net Production – Mboe/d	141.50 – 143.50
Full Year 2026 Net Production – Mbo/d	67.25 – 67.75
Full Year 2026 Net Production – Mboe/d	137.00 – 138.00
Unit costs ($/boe)
Depreciation, Depletion and Amortization	$14.75 – $17.25
Cash G&A	$0.70 – $0.90
Non-Cash Share-Based Compensation	$0.10 – $0.20
Net Interest Expense	$1.90 – $2.40
Production and Ad Valorem Taxes (% of Revenue)	~7%
Cash Tax Rate (% of Pre-Tax Income Attributable to the Company)(1)	27% – 30%

(1) Pre-tax income attributable to the Company is a non-GAAP measure. We are not able to forecast the most directly comparable GAAP measure – Income (loss) before income taxes – due to the high variability and difficulty in predicting certain items that affect Income (loss) before income taxes, such as future commodity prices, pace of development and production of our mineral interests, and factors impacting the Company’s ownership of the net assets of VNOM Holding Company LLC such as repurchases of our Class A common shares, Class B common shares or VNOM Holding Company LLC’s units (OpCo Units), or conversions of our Class B common shares and/or OpCo Units to Class A common shares.

CONFERENCE CALL

Viper will host a conference call and webcast for investors and analysts to discuss its results for the third quarter of 2026 on Tuesday, November 3, 2026 at 10:00 a.m. CT. Access to the live audio-only webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Viper’s website at www.viperenergy.com under the “Investor Relations” section of the site.

About Viper Energy, Inc.

Viper is a corporation formed by Diamondback to own, acquire and exploit oil and natural gas properties in North America, with a focus on owning and acquiring mineral and royalty interests in oil-weighted basins, primarily the Permian Basin in West Texas. For more information, please visit www.viperenergy.com.

Investors and others should note that Viper announces material financial and operational information to our investors using our investor relations website (https://www.viperenergy.com/investors/overview), press releases, SEC filings and public conference calls and webcasts. The information we post through our investor relations website may be deemed material. Accordingly, investors should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts.

About Diamondback Energy, Inc.

Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve risks, uncertainties, and assumptions that could cause the results to differ materially from such statements. All statements, other than statements of historical fact, including statements regarding Viper’s: future performance; business strategy; future operations; estimates and projections of operating income, losses, costs and expenses, returns, cash flow, and financial position; production levels on properties in which Viper has mineral and royalty interests; developmental activity by other operators; reserve estimates and Viper’s ability to replace or increase reserves; the anticipated benefits from the Sitio Acquisition or other strategic transactions (including the Riverbend Acquisition, 2026 Drop Down, McElroy Ranch Acquisition, Pending Buckhorn Acquisition or any other acquisitions or divestitures); and plans and objectives (including Diamondback’s plans for developing Viper’s acreage and Viper’s cash dividend policy and common stock repurchase program) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Viper are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Viper believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond its control. Accordingly, forward-looking statements are not guarantees of Viper’s future performance and the actual outcomes could differ materially from what Viper expressed in its forward-looking statements.

Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas and natural gas liquids and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases and any related company or government policies or actions; actions taken by the members of OPEC and its non-OPEC allies (OPEC+) affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments; changes in general economic, business or industry conditions, including changes in foreign currency exchange rates, interest rates, inflation rates, or instability in the financial sector; regional supply and demand factors, including delays, curtailment delays or interruptions of production on our mineral and royalty acreage, or governmental orders, rules or regulations that impose production limits on such acreage; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change and changing political and social perspectives on climate change and other environmental, social and governance factors; risks from our cash dividend policy and uncertainties over our future dividends; restrictions on the use of water, including limits on the use of produced water by our operators and a moratorium on new produced water well permits imposed by the Texas Railroad Commission in an effort to control induced seismicity in the Permian Basin; significant declines in prices for oil, natural gas, or natural gas liquids, which could require recognition of significant impairment charges; changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers and any resulting trade tensions; conditions in the capital, financial and credit markets, including the availability and pricing of capital for drilling and development by our limited number of operators and our ability to replace operators in time of bankruptcy or default; changes in availability or cost of rigs, equipment, raw materials, supplies and oilfield services impacting our operators; the inherent uncertainties over our estimated reserves, the development of our proved undeveloped reserves or the yield from project areas on our properties; the geographical concentration of our producing properties and reserves in the Permian Basin and in a small number of producing horizons; changes in safety, health, environmental, tax and other regulations or requirements impacting us or our operators (including those addressing air emissions, water management, or the impact of global climate change); security threats, including cybersecurity threats and disruptions to our business from breaches of Diamondback’s information technology systems, or from breaches of information technology systems of our operators or third parties with whom we transact business; lack of, or disruption in, access to adequate and reliable electrical power, internet and telecommunication infrastructure, information and computer systems, transportation, processing, storage and other facilities impacting our operators; severe weather conditions and natural disasters; geopolitics, regional conflicts, acts of war or terrorist acts and the governmental or military response thereto; changes in the financial strength of counterparties to the revolving credit facility and hedging contracts of our operating subsidiary; our substantial indebtedness and changes in our credit rating; failure to develop or acquire additional reserves and identify, complete or integrate acquisitions such as the Riverbend Acquisition, McElroy Ranch Acquisition or Pending Buckhorn Acquisition; our operational dependence on, and control by, Diamondback and potential conflicts of interest thereof; and other risks and factors discussed in Viper’s Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent periodic filings with the SEC, including its Forms 10-K, 10-Q and 8-K, and other filings Viper makes with the SEC, which can be obtained free of charge on the SEC’s web site at http://www.sec.gov.

In light of these factors, the events anticipated by Viper’s forward-looking statements may not occur at the time anticipated or at all. Moreover, new risks emerge from time to time. Viper cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements made in this news release. All forward-looking statements speak only as of the date of this news release or, if earlier, as of the date they were made. Viper does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

Viper Energy, Inc.
Condensed Consolidated Statements of Operations
(unaudited, in millions, except per share amounts, shares in thousands)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Operating income:
Oil income	$	557			$	332			$	1,567			$	774
Natural gas income		19				15				36				40
Natural gas liquids income		80				46				207				110
Royalty income		656				393				1,810				924
Lease bonus income		4				8				29				19
Lease bonus income—related party		—				17				5				17
Other operating income		1				—				5				—
Total operating income		661				418				1,849				960
Costs and expenses:
Production and ad valorem taxes		44				27				122				65
Depreciation, depletion, and amortization		206				182				607				373
Impairment		—				360				—				360
General and administrative expenses		5				6				18				12
General and administrative expenses—related party		7				4				18				11
Other operating expenses		—				15				4				25
Total costs and expenses		262				594				769				846
Income (loss) from operations		399				(176	)			1,080				114
Other income (expense):
Interest expense, net		(30	)			(32	)			(81	)			(60	)
Gain (loss) on derivative instruments, net		(31	)			18				(13	)			21
Other income (expense), net		1				(33	)			(1	)			(33	)
Total other income (expense), net		(60	)			(47	)			(95	)			(72	)
Income (loss) before income taxes		339				(223	)			985				42
Provision for (benefit from) income taxes		39				(26	)			139				2
Net income (loss)		300				(197	)			846				40
Net income (loss) attributable to non-controlling interest		160				(120	)			467				5
Net income (loss) attributable to Viper Energy, Inc.	$	140			$	(77	)		$	379			$	35
Net income (loss) attributable to common shares:
Basic	$	0.72			$	(0.52	)		$	1.99			$	0.25
Diluted	$	0.72			$	(0.52	)		$	1.99			$	0.25
Weighted average number of common shares outstanding:
Basic		193,988				148,882				189,721				133,741
Diluted		193,988				148,882				189,721				133,868

Viper Energy, Inc.
Condensed Consolidated Balance Sheets
(unaudited, in millions, except par values and share data)
	September 30,				December 31,
		2026				2025
Assets
Current assets:
Cash and cash equivalents	$	10			$	13
Royalty income receivable (net of allowance for credit losses)		496				262
Royalty income receivable—related party		19				88
Prepaid expenses and other current assets		43				50
Total current assets		568				413
Property:
Oil and natural gas properties:
Proved properties		10,102				9,746
Unproved properties		5,213				4,910
Other property, equipment and land		8				8
Accumulated depletion, depreciation, amortization and impairment		(3,062	)			(2,455	)
Total property and equipment, net		12,261				12,209
Deferred income taxes (net of allowances)		132				33
Other assets		41				16
Total assets	$	13,002			$	12,671
Liabilities and Stockholders’ Equity
Current liabilities:
Accrued liabilities	$	73			$	107
Other current liabilities		23				4
Total current liabilities		96				111
Long-term debt, net		2,394				2,186
Other long-term liabilities		36				11
Total liabilities		2,526				2,308
Stockholders’ equity:
Class A Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 193,043,950 shares issued and outstanding at September 30, 2026, and 170,942,687 shares issued and outstanding at December 31, 2025		—				—
Class B Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 168,551,337 shares issued and outstanding at September 30, 2026, and 187,023,698 shares issued and outstanding at December 31, 2025		—				—
Additional paid-in capital		5,386				4,726
Retained earnings (accumulated deficit)		(263	)			(278	)
Total Viper Energy, Inc. stockholders’ equity		5,123				4,448
Non-controlling interest		5,353				5,915
Total equity		10,476				10,363
Total liabilities and stockholders’ equity	$	13,002			$	12,671

Viper Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited, in millions)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Cash flows from operating activities:
Net income (loss)	$	300			$	(197	)		$	846			$	40
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for (benefit from) deferred income taxes		(10	)			(36	)			(15	)			(42	)
Depreciation, depletion, and amortization		206				182				607				373
Impairment		—				360				—				360
(Gain) loss on derivative instruments, net		31				(18	)			13				(21	)
Net cash receipts (payments) on derivatives		(13	)			11				23				23
Other		6				38				12				42
Changes in operating assets and liabilities:
Royalty income receivable		(24	)			14				(223	)			(40	)
Royalty income receivable—related party		8				(25	)			69				(33	)
Accrued liabilities		(5	)			(33	)			(46	)			(40	)
Other		(52	)			(15	)			(24	)			(8	)
Net cash provided by (used in) operating activities		447				281				1,262				654
Cash flows from investing activities:
Acquisitions of oil and natural gas properties		(843	)			(1,205	)			(964	)			(1,484	)
Acquisitions of oil and natural gas properties—related party		—				108				(12	)			(873	)
Proceeds from sale of oil and natural gas properties		1				—				612				—
Net cash provided by (used in) investing activities		(842	)			(1,097	)			(364	)			(2,357	)
Cash flows from financing activities:
Proceeds from debt		960				2,350				1,480				3,090
Repayments of debt		(245	)			(842	)			(1,275	)			(1,568	)
Net proceeds from public offering		—				—				—				1,232
Repurchases of shares of Class A Common Stock as part of the repurchase program		(90	)			(90	)			(272	)			(100	)
Repurchases of OpCo Units as part of the repurchase program		—				—				(46	)			—
Dividends to stockholders		(130	)			(68	)			(363	)			(228	)
Dividends to Diamondback		(138	)			(90	)			(353	)			(258	)
Dividends to other non-controlling interest		(28	)			(8	)			(73	)			(25	)
Other		(1	)			(21	)			1				(24	)
Net cash provided by (used in) financing activities		328				1,231				(901	)			2,119
Net increase (decrease) in cash, cash equivalents and restricted cash		(67	)			415				(3	)			416
Cash, cash equivalents and restricted cash at beginning of period		77				28				13				27
Cash, cash equivalents and restricted cash at end of period	$	10			$	443			$	10			$	443

Viper Energy, Inc.
Selected Operating Data
(unaudited)
	Three Months Ended
	September 30, 2026			June 30, 2026			September 30, 2025
Production Data:
Oil (MBbls)		6,355			5,922			5,160
Natural gas (MMcf)		19,799			18,949			14,655
Natural gas liquids (MBbls)		3,331			3,147			2,412
Combined volumes (Mboe)(1)		12,986			12,227			10,015
Average daily oil volumes (bo/d)		69,076			65,077			56,087
Average daily combined volumes (boe/d)		141,152			134,363			108,859
Average prices:
Oil ($/Bbl)	$	87.65		$	98.28		$	64.34
Natural gas ($/Mcf)	$	0.96		$	0.05		$	1.02
Natural gas liquids ($/Bbl)	$	24.02		$	23.83		$	19.07
Combined price ($/boe)(2)	$	50.52		$	53.82		$	39.24
Oil, hedged ($/Bbl)(3)	$	86.55		$	96.42		$	63.76
Natural gas, hedged ($/Mcf)(3)	$	0.66		$	1.48		$	1.77
Natural gas liquids ($/Bbl)(3)	$	24.02		$	23.83		$	19.07
Combined price, hedged ($/boe)(3)	$	49.51		$	55.12		$	40.04
Average Costs ($/boe):
Production and ad valorem taxes	$	3.39		$	3.52		$	2.70
General and administrative – cash component		0.69			0.65			0.80
Total operating expense – cash	$	4.08		$	4.17		$	3.50
General and administrative – non-cash stock compensation expense	$	0.23		$	0.25		$	0.20
Interest expense, net	$	2.31		$	1.96		$	3.20
Depreciation, depletion, and amortization	$	15.86		$	15.95		$	18.17

(1) Bbl equivalents are calculated using a conversion rate of six Mcf per one Bbl.
(2) Realized price net of all deducts for gathering, transportation and processing.
(3) Hedged prices reflect the impact of cash settlements of our matured commodity derivative transactions on our average sales prices.

NON-GAAP FINANCIAL MEASURES

ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN

Adjusted EBITDA and Adjusted EBITDA margin are supplemental non-GAAP (as defined below) financial measures that are used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines Adjusted EBITDA as net income (loss) attributable to the Company, plus net income (loss) attributable to non-controlling interest (“net income (loss)”) before interest expense, net, non-cash share-based compensation expense, depreciation, depletion and amortization, impairment, non-cash (gain) loss on derivative instruments, provision for (benefit from) income taxes and other non-cash or non-recurring operating expenses. The Company defines Adjusted EBITDA margin as Adjusted EBITDA divided by total operating income. Adjusted EBITDA and Adjusted EBITDA margin are not measures of net income as determined by United States’ generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA and Adjusted EBITDA margin are useful because they allow them to evaluate the Company’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income, royalty income, cash flow from operating activities or any other measure of financial performance or liquidity presented as determined in accordance with GAAP. Adjusted EBITDA margin should not be considered as an alternative to, or more meaningful than, net income margin, gross margin, or any other measure of financial performance or liquidity presented as determined in accordance with GAAP. Certain items excluded from Adjusted EBITDA and Adjusted EBITDA margin are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA or Adjusted EBITDA margin.

The following table presents a reconciliation of the GAAP financial measure of net income (loss) to the non-GAAP financial measure of Adjusted EBITDA and a reconciliation of the GAAP ratio of net income margin to the non-GAAP ratio of Adjusted EBITDA margin:

Viper Energy, Inc.
Adjusted EBITDA and Adjusted EBITDA margin
(unaudited, in millions)
	Three Months Ended September 30, 2026				Twelve Months Ended September 30, 2026
Net income (loss) attributable to Viper Energy, Inc.	$	140			$	276
Net income (loss) attributable to non-controlling interest		160				324
Net income (loss)		300				600
Interest expense, net		30				117
Non-cash share-based compensation expense		3				10
Depreciation, depletion, and amortization		206				841
Impairment		—				408
Non-cash (gain) loss on derivative instruments		18				20
Provision for (benefit from) income taxes		39				118
Other non-cash or non-recurring expenses		—				12
Adjusted EBITDA		596				2,126
Less: Adjusted EBITDA attributable to non-controlling interest		284				1,030
Adjusted EBITDA attributable to Viper Energy, Inc.	$	312			$	1,096
Net income margin(1)		45	%			26	%
Adjusted EBITDA margin(1)		90	%			93	%

(1) Net income margin is calculated as net income (loss) divided by total operating income of $661 million for the three months ended September 30, 2026 and $2.28 billion for the twelve months ended September 30, 2026. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by total operating income.

OPERATING CASH FLOW BEFORE WORKING CAPITAL CHANGES, FREE CASH FLOW AND FREE CASH FLOW MARGIN

Operating cash flow before working capital changes, which is a non-GAAP financial measure, represents net cash provided by operating activities as determined under GAAP without regard to changes in operating assets and liabilities. The Company believes operating cash flow before working capital changes is a useful measure of the Company’s ability to generate cash to fund acquisition activities, service debt or pay dividends. The Company also uses this measure because changes in operating assets and liabilities relate to the timing of cash receipts and disbursements that the Company may not control and may not relate to the period in which the operating activities occurred.

The Company defines Free Cash Flow, which is a non-GAAP financial measure, as operating cash flow before working capital changes in excess of capital expenditures. The Company defines Free Cash Flow margin as Free Cash Flow divided by total operating income. The Company believes that Free Cash Flow and Free Cash Flow margin are useful to investors as they provide a measure to compare cash flow from operating activities across periods on a consistent basis. These measures should not be considered as alternatives to, or more meaningful than, net cash provided by operating activities as an indicator of liquidity. The Company’s computations of Free Cash Flow and Free Cash Flow margin may not be comparable to other similarly titled measures of other companies.

The following table presents a reconciliation of the GAAP financial measure of net cash provided by operating activities to the non-GAAP measure of operating cash flow before working capital changes and to the non-GAAP measure of Free Cash Flow and a reconciliation of the GAAP ratio of operating cash flow margin to the non-GAAP ratio of Free Cash Flow margin:

Viper Energy, Inc.
Operating cash flow before working capital changes, Free Cash Flow and Free Cash Flow margin
(unaudited, in millions)
	Three Months Ended September 30, 2026
Net cash provided by operating activities	$	447
Changes in operating assets and liabilities		73
Operating cash flow before working capital changes		520
Less: Capital expenditures		—
Free Cash Flow	$	520
Operating cash flow margin(1)		68	%
Free Cash Flow margin(1)		79	%

(1) Operating cash flow margin is calculated as net cash provided by operating activities divided by total operating income of $661 million. Free Cash Flow margin is calculated as Free Cash Flow divided by total operating income.

PRE-TAX INCOME ATTRIBUTABLE TO VIPER ENERGY, INC.

The following table presents a reconciliation of the GAAP financial measure of income (loss) before income taxes to the non-GAAP financial measure of pre-tax income attributable to the Company. Management believes this measure is useful to investors given it provides the basis for income taxes payable by the Company.

Viper Energy, Inc.
Pre-tax income attributable to Viper Energy, Inc.
(unaudited, in millions)
	Three Months Ended September 30, 2026
Income (loss) before income taxes	$	339
Less: Net income (loss) attributable to non-controlling interest		160
Pre-tax income (loss) attributable to Viper Energy, Inc.	$	179
Income taxes payable by Viper Energy, Inc. for the current period	$	49
Effective cash tax rate attributable to Viper Energy, Inc.		27.4	%

NET DEBT

The Company defines the non-GAAP measure of net debt as debt (excluding debt issuance costs, discounts and premiums) less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. The Company believes this metric is useful to analysts and investors in determining the Company’s leverage position because the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt.

	September 30, 2026				Net Q3 Principal Borrowings/ (Repayments)			June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
	(in millions)
Total debt(1)	$	2,410			$	715		$	1,695			$	1,620			$	2,205			$	2,640
Cash and cash equivalents		(10	)						(77	)			(28	)			(13	)			(443	)
Net debt	$	2,400						$	1,618			$	1,592			$	2,192			$	2,197

(1) Excludes debt issuance costs, discounts & premiums.

DERIVATIVES

As of the date of this news release, the Company had the following outstanding derivative contracts. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges and published index prices. Crude oil derivative settlements are based on New York Mercantile Exchange (“NYMEX”) West Texas Intermediate (“WTI”) pricing and Crude Oil Brent pricing. Natural gas derivative settlements are based on NYMEX Henry Hub pricing and the regional natural gas pricing point indicated below. Basis swaps settle on the differential between the applicable benchmark price and the regional index price, and roll swaps settle on the differential between NYMEX WTI prompt-month and second-month contract prices. When aggregating multiple contracts, the weighted average contract price is disclosed.

	Q4 2026				Q1 2027				Q2 2027				Q3 2027				Q4 2027
Deferred Premium Puts – WTI (Cushing)		50,000				50,000				45,000				35,000				20,000
Strike	$	50.00			$	50.00			$	50.00			$	50.00			$	50.00
Premium	$	(1.32	)		$	(1.36	)		$	(1.35	)		$	(1.35	)		$	(1.32	)
Deferred Premium Puts – WTI / Brent Basis		30,000				—				—				—				—
Strike	$	(45.00	)			—				—				—				—
Premium	$	(1.48	)			—				—				—				—
Roll Swaps – WTI (Cushing)		15,000				—				—				—				—
Swap Price	$	3.97				—				—				—				—

		Q4 2026
	Costless Collars – Henry Hub		60,000
	Floor	$	2.75
	Ceiling	$	6.64

	Q4 2026				Q1 2027				Q2 2027				Q3 2027				Q4 2027
Natural Gas Basis Swaps – Waha Hub		80,000				50,000				50,000				50,000				50,000
Swap Price	$	(1.74	)		$	(1.40	)		$	(1.40	)		$	(1.40	)		$	(1.40	)

Investor Contact:

Chip Seale
+1 432.247.6218
cseale@viperenergy.com

Source: Viper Energy, Inc.; Diamondback Energy, Inc.

MIDLAND, Texas, Nov. 02, 2026 (GLOBE NEWSWIRE) —

Diamondback Stockholders,

This letter is meant to be a supplement to our earnings release and is being furnished to the Securities and Exchange Commission (SEC) and released to our stockholders simultaneously with our earnings release. Please see the information regarding forward-looking statements and non-GAAP financial information included at the end of this letter.

Mega Themes

Before we talk about the quarter, we would like to give you some insight into what we see as the mega-themes of the Permian Basin over the next decade, Diamondback’s potential role in those mega-themes and why our strategy will benefit Diamondback stockholders. In our mind, these three mega-themes are: increased recoveries of oil in place, gas production growth and monetization through LNG and power demand and the growing AI / power / infrastructure buildout in West Texas and the Permian Basin.

The past decade in the Permian Basin was dominated by capital efficiency improvements, resource expansion and consolidation. This resulted in more assets in the hands of larger, well-run operators turning the dream of the shale revolution into a reality, producing more consistent returns on and of capital to the stockholders that helped fund it.

While we expect to maintain consistent returns, we anticipate the next decade will look different. Upstream consolidation in the Permian will continue, albeit at a more measured pace given how much has already occurred to date. Capital efficiency will continue to improve, but the pace of above ground mechanical improvements will naturally slow relative to what has been accomplished over the last ten years. Resource expansion will continue and new zones like the Barnett and Woodford (more on that later) are exciting, but it will be tough to match the resource growth we saw from developing the Wolfcamp B as a standalone horizontal bench in 2012 in the Midland Basin to the 8+ zones we are developing today.

Therefore, we will need to do more with what we have, directly and indirectly. We will continue to improve our position by increasing working interest (and mineral interest at Viper Energy, Inc. (“Viper”), our consolidated mineral and royalty subsidiary), extending laterals through trades, grinding down costs and being prepared for M&A opportunities if or when they present themselves.

As we mentioned earlier, we are also working on being at the forefront of three Permian mega-themes:

1. Improving Recoveries

We currently estimate that we extract approximately 10% of the oil in place in the Permian Basin today. Every percentage point of incremental recovery carries significant value to our stockholders, and we are therefore very focused on improving recoveries. There are several factors that contribute to the ultimate recovery of hydrocarbons from a well, but the list below represents the main factors we are focused on.

a) Development design:
Each project Diamondback executes is designed to maximize the return the Company receives on capital while ensuring resource recovery is maximized at an appropriate incremental rate of return hurdle. Our philosophy has resulted in Diamondback’s projects generating the highest average returns relative to our peer group. These outcomes are clearly seen on slide #10 of this quarter’s investor presentation.

Broadly, our relatively higher wells per section × better per well performance ÷ the lowest cost structure in the basin = the maximum return for every dollar of capital invested. Diamondback was an early adopter of co-development in the Midland Basin, moving to this methodology in 2019 for the core zones from the Middle Spraberry to the Wolfcamp B. Co-development of 8+ benches in the Midland Basin, optimized spacing and targeting, longer laterals and creative wellbore trajectories allow us to optimize our developments while preserving the value of our remaining inventory – an advantage we believe is unmatched in the basin.

b) Completion design:
Proper completion sizing is imperative to maximizing value from each development project. The advancement of completion technology into simulfrac and continuous pumping are positive cost stories from an operational standpoint, but they have also allowed us to pursue more aggressive stage designs with tighter cluster and stage spacing to increase reservoir contact and near-wellbore fracture complexity. We believe this, combined with our efforts around advanced chemical additives, is contributing to recent well outperformance relative to previous vintages seen on slide #10 of this quarter’s investor presentation.

c) Enhanced Oil Recovery (“EOR”):
Chemical EOR has the potential to meaningfully improve recovery factors and shallow base decline rates in unconventional reservoirs. Shallowing our corporate base decline by just 1% at current capital efficiency implies drilling 10 to 15 fewer wells to maintain flat oil production, extending inventory quality and duration.

Chemical EOR makes it easier for oil to flow through the reservoir to the wellbore. We have several ongoing pilots testing various surfactant designs both in the remedial and completion phases of our operations. These pilots are in the early stages, and we have seen a wide range of outcomes from our initial tests. We will continue to learn from these tests and refine our methodologies to continuously improve, just as we did on the completion side of the business over the last fifteen years.

Our goal is and has always been to be the best at converting rock into cash flow. We have demonstrated this ability consistently over the past decade and will continue to do so moving forward. We are confident the technologies and workflows we are developing today will propel us to higher recoveries in the future and we look forward to keeping our stockholders updated on our progress.

2. Gas Production and Monetization

In the third quarter, future gas growth out of the Permian Basin received significant attention as a WhiteWater-led consortium (that includes Diamondback) reached Final Investment Decision (“FID”) on another large diameter pipeline out of the basin. This pipe is called Solitude and is set to enter service in the second half of 2029. This project consists of two twin 48″ lines able to move 4.5 bcf/d out of the Permian to Katy and Gulf Coast markets, with potential to expand to 7.5 bcf/d. While the market was surprised that another pipe reached FID this quickly after multiple announcements over the last 18 months, we were not.

As we have said many times, the Permian Basin has not tried to produce gas yet. We expect the Permian to be the largest natural gas play as well as the largest oil play in the United States in the 2030s. Gas to oil ratios will naturally continue to expand, secondary zones in both the Midland and the Delaware Basins are gassier than what operators have targeted to date and there are gas-weighted exploratory zones that have not even been tested yet given the perpetual egress issues out of this basin.

As for Diamondback’s strategy, our goal is to continue to control more of our gas further downstream to a mix of end markets, primarily feeding the Gulf Coast LNG complex. We are working to build relationships with LNG players who are long offtake and short physical molecules. There should be beneficial deals to get done with those companies in the coming years. We also believe in-basin and in-state power demand will continue to grow, driven by both behind-the-meter power development and the expansion of the Texas grid.

At the highest level, the gas theme in the Permian Basin has moved from supply-push to demand-pull, which should be beneficial to the owners of the molecule long-term and therefore Diamondback stockholders.

3. West Texas AI / Power / Infrastructure Buildout

We believe that the incremental large-scale data center development in the United States should go through West Texas and that Diamondback can be an integral part of that value chain without overstepping our core competencies. In our mind, our Company owns or has access to all the key components of data center development:

• Fuel: We have significant natural gas reserves that we control. These can grow if needed.
• Land: We own surface in areas conducive to development and know how to strategically grow our position.
• Water: We are invested in and understand the water business, which is vital to our upstream business and becoming increasingly important as industrial use cases including data center and power cooling needs grow.
• Deal Execution: We have a long track record of sourcing, structuring, financing and integrating transactions across our value chain. Since our 2012 IPO, Diamondback, along with Viper, have successfully completed approximately $60 billion in trades across dozens of transactions, and in parallel, have formed, scaled and successfully exited joint ventures in midstream and water infrastructure, creating value beyond the drillbit. In short, we know how to get deals done, upstream and non-upstream alike, that benefit our stockholders.

Therefore, we believe companies like Diamondback with credible projects will continue to rise to the top. Our hope is to build relationships and partnerships across this space that put us in the middle of the AI revolution, and we think a company like ours can add significant value to advancing this mega-theme.

We have already developed significant relationships with strong, reliable partners in working our first project. We expect these partnerships to grow, but also see room for more. West Texas has a significant amount of private land, an abundance of fuel for power and our industry (Diamondback in particular) knows how to build things with unmatched efficiency. Diamondback’s own production has grown more than 330x since 2012 – a growth rate competitive with the tech industry that is naturally intersecting with ours.

Barnett / Woodford Update

We received significant market curiosity after revealing our Barnett position in the Midland Basin earlier this year. Since that announcement, we have grown our position to 224,000 net acres, up 12% since February. We are also entering a period of increased activity in the play as we move to full-field development so we can maximize capital efficiency while honoring lease obligations.

When we revealed our position, we told our investors we needed to work the well costs down to $800 per lateral foot for the play to be competitive with our core program. We are on our way to this number, with drilling costs down over 10% per lateral foot year-to-date including a recent well below $350 per lateral foot. Completion costs have also been reduced to below $400 per lateral foot as we have moved to large pad simulfrac operations on most current and future Barnett projects.

Recent well results also continue to increase our excitement about the Barnett. Today we revealed data around our best wells in the play on slide #11 of this quarter’s investor presentation, which had previously remained private as we worked through our leasing program. This performance, combined with our improving cost structure, further strengthens our conviction in this emerging opportunity.

Governance

In September, we disclosed an agreement with our largest stockholder, SGF FANG Holdings, LP (“SGF”), to revise the stepdown thresholds for SGF’s board designation rights. In connection with SGF’s most recent stock sale that reduced its ownership below 25% and reduced its corresponding right to designate board members from four board members to two board members, we essentially agreed that SGF could continue to designate two board members for so long as it owns at least 10% of our outstanding stock.

The Diamondback Board now has 11 members, in line with S&P 500 and large-cap energy peer averages. We believe this size balances breadth of expertise with cohesion. While we have two Board members who are SGF designees and nine who are not, we feel we are one Diamondback Board with a unified strategy to drive stockholder value while ensuring our largest stockholder feels appropriately represented on the Board with two well-qualified members who collectively bring over 75 years of experience in the oil and gas industry. We believe this is best-in-class governance.

Macro Update

The macro backdrop is almost exactly as we described last quarter: highly volatile and impossible to predict. The timing of the eventual global oil supply normalization is anyone’s guess, and we therefore expect the current volatility to continue. Through this volatility, our priorities remain unchanged: execute with the best capital efficiency in the industry and allocate Free Cash Flow appropriately to maximize long-term stockholder value.

Third Quarter 2026 Operational Performance

Third quarter oil production averaged 525 MBO/d, flat with the second quarter and above the midpoint of our guidance range. Total production for the quarter averaged 1,034 MBOE/d, up 2% quarter over quarter. Third quarter cash capital expenditures were $1.03 billion, within our $950 million to $1.05 billion guidance range. With one quarter remaining, we have updated our full-year 2026 oil production guidance to ~524 MBO/d, total production guidance to ~1,015 MBOE/d; and our full-year capex guidance to approximately $3.95 billion to $4.00 billion.

Fourth quarter guidance is 518 to 528 MBO/d (1,025 to 1,045 MBOE/d) on $1.00 to $1.05 billion of capex. Our current expectation for activity in 2027 is to run five electric simulfrac fleets consistently for maximum efficiency while running enough rigs ahead of those crews to maintain the execution buffers one would expect from Diamondback.

On the drilling side, our blended cost per lateral foot rose in the quarter as the program shifted toward deeper Barnett and Wolfcamp D targets, which now make up roughly a fifth of the wells we drill. On a like-for-like basis, drilling costs per foot in each formation remain flat to lower than a year ago. In total, we drilled 105 gross wells and completed 135, with average completed lateral length up roughly 13% quarter over quarter to 13,584 feet per well. Our completion crews finished 1.86 million lateral feet, 10% more than last quarter, at a cost per lateral foot essentially flat with both the prior quarter and a year ago. These results absorbed higher diesel, sand and water costs, consistent with the inflation pressure we flagged last quarter in casing, fuel and fuel-adjacent items. Service pricing outside those categories has remained largely stable, but it is logical that inflation could build if oil prices stay in the triple digits and the Permian rig count keeps rising. We expect any increase to be more modest than the 2022 upcycle, when rig activity surged while supply chains were still recovering from the pandemic. We continue to challenge our teams to offset cost pressure with efficiency gains in the field; we expect those gains to materialize, but the net effect will depend on the macro environment.

Technology is increasingly part of how we deliver these results. Artificial intelligence continues to grow in importance to our daily operations. We now have ~500 plunger-lift wells, about a third of our current count, that run autonomously, and we expect to convert the remainder in short order. We are also in the early stages of integrating drones into our field operations where the drones can identify issues ahead of human interaction, improving human efficiency and reducing corporate downtime.

These gains are visible in our unit costs. Lease operating expense was $5.97 per BOE, flat with the second quarter and roughly 4% below the first quarter, and total cash operating expense was $10.91 per BOE, down slightly from $10.96 in the second quarter and about 3% below the first quarter. Behind those numbers is a production organization doing more work at lower unit cost: our well-maintenance teams completed 1,448 jobs, 19% more than in the second quarter, at an average cost per job roughly 10% lower. Additionally, electric submersible pump repair costs are 14% less on average. Keeping downtime and the workover backlog in check as our well count grows is what is holding lifting cost down.

Third Quarter 2026 Financial Performance

We generated $2.6 billion in net cash provided by operating activities in the third quarter, which translated to $2.1 billion of Free Cash Flow. Cash capital expenditures of $1.0 billion represented 39% of net cash provided by operating activities for the quarter and 37% year to date. Our corporate reinvestment ratio (defined as cash CAPEX divided by Operating Cash Flow Before Working Capital Changes) was 32% for both the quarter and year to date, meaning two of every three dollars of cash flow we generated this year have been converted to Free Cash Flow.

Since the Endeavor merger closed eight quarters ago, oil production per share has increased every quarter and is up 15% over that span. Year over year, oil production per share has grown 7.5% on absolute oil growth of 4%. Year over year, net cash provided by operating activities per share has grown 12.5%, and Free Cash Flow per share has grown 26%, with our diluted share count down 3%.

Capital Allocation

Earlier this year, we removed our commitment to return a minimum amount of Free Cash Flow on a quarterly basis to stockholders. Since then, we have focused on taking advantage of what the market gives us. We have repurchased $1.1 billion of notional bonds outstanding for ~$970 million (including accrued interest) this year. It is rare for an E&P to be able to do this pro-cyclically. On top of that, in 2026 through September 30, we have reduced total debt at Diamondback (excluding Viper) by approximately $1.5 billion, to $11.0 billion, and net debt at Diamondback by approximately $2.0 billion. On a consolidated basis, total debt has decreased approximately $1.3 billion and net debt approximately $1.7 billion this year through September 30.

“Ground game” has been a hot topic in the Permian Basin this year, and Diamondback has always prided itself on executing deals of all sizes. Year to date, we have executed 34 acquisitions for $406 million, adding over 28,000 net acres and 95 net locations, and closed 10 trades covering more than 20,000 net acres. While each deal is small relative to our enterprise, in aggregate they matter: this year’s ground game activity has added 1.9 million lateral feet to inventory, replacing roughly a full quarter’s worth of completed footage. Every one of these deals creates value for our stockholders through higher working interest, longer laterals and extended inventory duration – little wins that add up year in and year out.

We also saw periods of stock price weakness in the third and early fourth quarters, and we took advantage of this weakness and bought back 1.7 million shares at an average price of $186.11. As we continue to generate cash flow at what we believe are above mid-cycle commodity prices, the “top” that we use to ensure we buy back stock at an accretive value relative to mid-cycle commodity pricing and our cost of capital will continue to go up – accreting value to the stockholders long-term. On the other hand, we are also preparing our balance sheet to be able to be aggressive on stock repurchases at the appropriate time of the natural commodity cycle.

Lastly, today we announced we increased our base dividend by over 7% to $4.72 per share annually from $4.40 previously. As a reminder, base dividend growth remains a core tenet of the value proposition at Diamondback and our base dividend is now up over 9x since initiating at $0.50 per share in 2018.

In closing, we continue to execute exceptionally well on the base business. This execution and the trust we have in our team frees us up to think more strategically about the future of the Permian Basin and Diamondback’s role in that future. We gave you a glimpse into that thinking today, see exciting things on the horizon and will update our stockholders as we progress on these initiatives with the transparency you should continue to expect from us.

Thank you for your continued interest in Diamondback Energy.

Sincerely,

Kaes Van’t Hof
Chief Executive Officer and Director

Investor Contact:
Adam Lawlis
+1 432.221.7467
alawlis@diamondbackenergy.com 

Forward-Looking Statements:

This letter contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Diamondback’s: future performance; business strategy; future operations (including drilling plans and capital plans); estimates and projections of revenues, losses, costs, expenses, returns, cash flow, and financial position; reserve estimates and its ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the 2026 drop down to Diamondback’s subsidiary, Viper Energy, Inc. (“Viper”), Viper’s Riverbend acquisition, Viper’s McElroy Ranch acquisition and Viper’s Sitio acquisition, and other acquisitions, divestitures or reorganizations); and plans and objectives of management (including plans for future cash flow from operations and for executing environmental strategies) are forward-looking statements. When used in this letter, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Diamondback are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Diamondback believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Diamondback’s control. Accordingly, forward-looking statements are not guarantees of future performance and Diamondback’s actual outcomes could differ materially from what Diamondback has expressed in its forward-looking statements.

Factors that could cause the outcomes to differ materially include (but are not limited to) the following: geopolitics and market conditions, including changes in supply and demand levels for oil, natural gas and natural gas liquids and the resulting impact on the price for those commodities; changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers and any resulting trade tensions; actions taken by the members of OPEC and its non-OPEC allies (OPEC+) affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments; changes in general economic, business or industry conditions, including changes in foreign currency exchange rates, interest rates, inflation rates, and instability in the financial sector; regional supply and demand factors, including delays, curtailments or interruptions of production, or governmental orders, rules or regulations that impose production limits; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change, changing political and social perspectives on climate change and other environmental, social and governance factors, and risks from our publicly disclosed targets related to sustainability and emissions reduction initiatives; challenges in developing our existing leasehold acreage and finding, developing or acquiring additional reserves; restrictions on the use of water, including limits on the use of produced water and a moratorium on new produced water disposal well permits recently imposed by the Texas Railroad Commission in an effort to control induced seismicity in the Permian Basin; significant declines in prices for oil, natural gas, or natural gas liquids, which could require recognition of significant impairment charges; conditions in the capital, financial and credit markets, including the availability and pricing of capital for acquisitions, exploration and development operations; challenges with employee retention and an increasingly competitive labor market; changes in availability or cost of rigs, equipment, raw materials, supplies and oilfield services; changes in safety, health, environmental, tax and other regulations or requirements (including those addressing air emissions, water management, or the impact of global climate change); security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, or from breaches of information technology systems of third parties with whom we transact business; lack of, or disruption in, access to adequate and reliable electrical power, internet and telecommunication infrastructure, information and computer systems, transportation, processing, storage and other facilities for our oil, natural gas and natural gas liquids; failures or delays in achieving expected reserve or production levels from existing and future oil and natural gas developments, including due to operating hazards, drilling risks, or the inherent uncertainties in predicting reserve and reservoir performance; inability to keep pace with technological developments in our industry; failure to meet our obligations under our oil purchase contracts; loss of one or more customers or their inability to meet their obligations; geographical concentration of our primary operations; risks from our return of capital activity, and uncertainties over our future dividends and share repurchases; difficulty in obtaining necessary approvals and permits; severe weather conditions and natural disasters; changes in the financial strength of counterparties to our credit facilities and hedging contracts; our substantial indebtedness and restrictions to our operating and financial flexibility; changes in our credit rating; failure to identify, complete and successfully integrate acquisitions, including Viper’s Riverbend acquisition, McElroy Ranch acquisition and Sitio acquisition; the Endeavor stockholders’ ability to significantly influence our business and potential conflicts of interest; and other risks described in Part I, Item 1A of Diamondback’s Annual Report on Form 10-K, filed with the SEC on February 25, 2026, and those risks disclosed in its subsequent filings on Forms 10-Q and 8-K, which can be obtained free of charge on the SEC’s website at http://www.sec.gov and Diamondback’s website at www.diamondbackenergy.com/investors.

In light of these factors, the events anticipated by Diamondback’s forward-looking statements may not occur at the time anticipated or at all. Moreover, Diamondback operates in a very competitive and rapidly changing environment and new risks emerge from time to time. Diamondback cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this letter or, if earlier, as of the date they were made. Diamondback does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

Non-GAAP Financial Measures

This letter includes financial information not prepared in conformity with generally accepted accounting principles (GAAP), such as Free Cash Flow, Free Cash Flow per share, Operating Cash Flow Before Working Capital Changes, and net debt. The non-GAAP information should be considered by the reader in addition to, but not instead of, financial information prepared in accordance with GAAP. A reconciliation of the differences between these non-GAAP financial measures and the most directly comparable GAAP financial measures can be found in Diamondback’s quarterly results, which are posted on Diamondback’s website at www.diamondbackenergy.com/investors and included as Exhibit 99.1 to the Current Report on Form 8-K filed by Diamondback with the SEC that also includes this letter as Exhibit 99.2. Furthermore, this letter includes or references certain forward-looking, non-GAAP financial measures. Because Diamondback provides these measures on a forward-looking basis, it cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward-looking GAAP financial measures, such as future impairments and future changes in working capital. Accordingly, Diamondback is unable to present a quantitative reconciliation of such forward-looking, non-GAAP financial measures to the respective most directly comparable forward-looking GAAP financial measures. Diamondback believes that these forward-looking, non-GAAP measures may be a useful tool for the investment community in comparing Diamondback’s forecasted financial performance to the forecasted financial performance of other companies in the industry.

CHATTANOOGA, Tenn., Nov. 02, 2026 (GLOBE NEWSWIRE) — Astec Industries, Inc. (NASDAQ: ASTE) announced that its Board of Directors declared a quarterly dividend of $0.13 per share. The dividend is to be paid on or about December 4, 2026, to shareholders of record as of the close of business on November 16, 2026.

About Astec

Astec, (www.astecindustries.com), is a manufacturer of specialized equipment for asphalt road building, aggregate processing and concrete production. Astec’s manufacturing operations are divided into two primary business segments: Infrastructure Solutions that includes road building, asphalt and concrete plants, thermal and storage solutions; and Materials Solutions that include our aggregate processing equipment. Astec also operates a line of controls and automation products designed to deliver enhanced productivity through improved equipment performance.

For more information, visit astecindustries.com and follow us on social media.

LinkedIn https://www.linkedin.com/company/astecindustries/
Facebook https://www.facebook.com/astecindustries
Instagram https://www.instagram.com/astec_industries/
YouTube https://www.youtube.com/@astec6306/featured
Twitter @astecindustries

Contact:

Stephen C. Anderson
Senior Vice President, Investor Relations
sanderson@astecindustries.com
+1 (423) 899-5898
www.astecindustries.com

– CASGEVY^® revenue of $99 million in the third quarter of 2026, up 30% quarter-over-quarter and nearly six times the third quarter of 2025 –

– CASGEVY approved in the U.K. for children 5 years of age and older with severe SCD or TDT, and in the United Arab Emirates and Bahrain for children 2 years of age and older –

– FDA granted Regenerative Medicine Advanced Therapy (RMAT) designations to CTX310^® for severe hypertriglyceridemia and elevated LDL-C –

– Phase 1b data for CTX310 in severe hypertriglyceridemia to be presented in a late-breaking oral presentation at AHA Scientific Sessions 2026; Phase 1 data for zugo-cel in systemic sclerosis to be presented at ACR Convergence 2026 –

– Completed enrollment in the Phase 2 clinical trial of CTX611 in patients undergoing total knee arthroplasty –

– Appointed Siva Sakhamuri, Ph.D., as Chief Technical Officer and A.J. Silver as Chief Financial Officer –

ZUG, Switzerland and BOSTON, Nov. 02, 2026 (GLOBE NEWSWIRE) — CRISPR Therapeutics (Nasdaq: CRSP) today reported financial results for the third quarter ended September 30, 2026.

“The third quarter marked meaningful progress for CRISPR Therapeutics,” said Samarth Kulkarni, Ph.D., Chairman and Chief Executive Officer of CRISPR Therapeutics. “CASGEVY is reaching more patients, including younger children following new approvals in the U.K. and the Middle East, and the FDA’s RMAT designations for CTX310 underscore its potential to address significant unmet needs in cardiovascular disease. With new clinical data from CTX310 and zugo-cel in the coming weeks and enrollment complete in our Phase 2 trial of CTX611, we are entering a pivotal period for our pipeline.”

Recent Highlights and Outlook

Hemoglobinopathies and CASGEVY^® (exagamglogene autotemcel)

• CASGEVY, the world’s first approved CRISPR-based therapy, has been shown to reduce or eliminate vaso-occlusive crises (VOCs) in eligible patients with sickle cell disease (SCD) and transfusion requirements in eligible patients with transfusion-dependent beta thalassemia (TDT). CASGEVY is approved in 39 countries across North America, Europe, and the Middle East for eligible patients 12 years of age and older, with approvals for younger children in five of those countries.
• CASGEVY generated third quarter 2026 revenue of $99 million, representing 30% growth quarter-over-quarter and nearly six times the revenue reported in the third quarter of 2025. Twice as many in the first nine months of 2026 as in all of 2025, and more than 750 patients have initiated treatment worldwide.
• CASGEVY’s availability for younger patients continues to expand. In July, the FDA approved CASGEVY for children 2 years of age and older with SCD or TDT, making it the first genetic therapy for SCD and TDT approved for this age group, and multiple children have since initiated treatment in the U.S. The Kingdom of Saudi Arabia, the United Arab Emirates, and the Kingdom of Bahrain have also approved CASGEVY for children 2 years of age and older, and the U.K. Medicines and Healthcare products Regulatory Agency (MHRA) approved CASGEVY for children 5 years of age and older with severe SCD or TDT.
• Building on CASGEVY, CRISPR Therapeutics is advancing an in vivo hematopoietic stem cell editing approach that could extend gene editing to many more patients with SCD and TDT. Using lipid nanoparticle (LNP)-mediated delivery, the approach is designed to edit stem cells directly in the body, potentially simplifying treatment and broadening global access.

In Vivo Liver Editing

CRISPR Therapeutics continues to advance a diversified portfolio of in vivo gene editing programs leveraging its proprietary liver-directed LNP delivery platform.

• The Phase 1 clinical trial of CTX310^®, targeting angiopoietin-related protein 3 (ANGPTL3) is ongoing.
• CRISPR Therapeutics today announced that the U.S. Food and Drug Administration (FDA) has granted Regenerative Medicine Advanced Therapy (RMAT) designations to CTX310 for the treatment of severe hypertriglyceridemia (sHTG) and for the treatment of patients with elevated LDL-C. RMAT designation provides the benefits of Fast Track and Breakthrough Therapy designations, including early interactions with the FDA and potential eligibility for priority review and accelerated approval.
• In August, CRISPR Therapeutics presented Phase 1a durability data for CTX310 in a late-breaking session at the European Society of Cardiology (ESC) Congress 2026 and simultaneously published in The New England Journal of Medicine. A single course treatment of CTX310 produced deep and durable reductions in circulating ANGPTL3, triglycerides (TG), and low-density lipoprotein (LDL) that were sustained through one year of follow-up. At the highest dose, the mean reductions from baseline were 79% in ANGPTL3, 48% in triglycerides, and 53% in LDL-C in a mixed patient cohort with high triglycerides, high LDL-C, or both. CTX310 was well tolerated with no treatment-related serious adverse events.
• Phase 1b data in patients with sHTG will be presented in a late-breaking oral presentation at the American Heart Association (AHA) Scientific Sessions 2026 on November 9, 2026, at 8:00 a.m. CT. 
• The Phase 1 clinical trial of CTX340™, targeting angiotensinogen (AGT), in patients with refractory hypertension is ongoing.
• The Phase 1 clinical trial of CTX460™, targeting SERPINA1 for alpha-1 antitrypsin deficiency (AATD), is ongoing. CTX460 is the first investigational candidate from the Company’s SyNTase™ editing platform.
• CTX321™, the Company’s next-generation LPA program, is progressing through IND/CTA-enabling studies.

siRNA-based Programs

CRISPR Therapeutics’ small interfering RNA (siRNA)-based portfolio, developed in collaboration with Sirius Therapeutics, includes programs targeting cardiovascular and thromboembolic diseases.

• CRISPR Therapeutics has completed enrollment in the Phase 2 clinical trial of CTX611 (SRSD107), a long-acting siRNA therapeutic targeting Factor XI (FXI), in patients undergoing total knee arthroplasty (TKA), with an update expected in the second half of 2026. CTX611 has potential across a broad range of thromboembolic indications. CRISPR Therapeutics will lead global Phase 3 development, with Sirius Therapeutics overseeing development in greater China.
• CRISPR Therapeutics has the option to nominate up to two additional siRNA targets, with an update expected in 2027.

Autoimmune Disease and Immuno-Oncology

Zugocabtagene geleucel (zugo-cel; formerly CTX112™) continues to advance across both autoimmune disease and hematologic malignancies.

• In autoimmune disease, zugo-cel is being evaluated in three ongoing Phase 1 trials: a rheumatology basket including systemic lupus erythematosus (SLE), systemic sclerosis (SSc), and inflammatory myositis (IM); a hematology basket in immune thrombocytopenic purpura (ITP) and warm autoimmune hemolytic anemia (wAIHA); and a trial in autoimmune neurologic diseases, including progressive multiple sclerosis (PMS), neuromyelitis optica spectrum disorder (NMOSD), myelin oligodendrocyte glycoprotein antibody-associated disease (MOGAD), N-methyl-D-aspartate receptor (NMDAR) and leucine-rich glioma-inactivated protein 1 (LGI1) autoimmune encephalitis (AIE), and stiff person syndrome (SPS). Enrollment is ongoing globally.
• Phase 1 clinical data in patients with refractory SSc will be presented in a poster presentation at the American College of Rheumatology (ACR) Convergence 2026 on November 8 at 10:30 a.m. ET.
• In immuno-oncology, the Phase 1/2 clinical trial of zugo-cel in B-cell malignancies is ongoing, with updates anticipated in the second half of 2026. A combination study evaluating zugo-cel with pirtobrutinib in aggressive B-cell lymphomas, under the Company’s existing collaboration with Lilly, is also ongoing.

CRISPR Therapeutics is also advancing a proprietary in vivo CAR-T platform with potential applications across autoimmune disease and oncology.

The Company is pursuing two modalities, supported by an antibody-conjugated LNP delivery system targeting immune cells: a transient, re-dosable mRNA-based CAR-T and a non-viral, integrating CAR-T, for which the Company is evaluating multiple integration approaches. Both programs are in the IND/CTA-enabling phase, focused on a best-in-class profile.

Regenerative Medicine

• The Company is developing CTX213™, a deviceless beta cell replacement candidate for Type 1 diabetes, consisting of unencapsulated precursor islet cells derived from edited induced pluripotent stem cells (iPSCs). CTX213 has demonstrated compelling preclinical efficacy through direct administration and is progressing toward the clinic.

Other Corporate Matters

• Earlier today, CRISPR Therapeutics announced the appointment of Sivakesava Sakhamuri, Ph.D., as Chief Technical Officer, effective immediately. Dr. Sakhamuri brings more than 30 years of technical operations and quality leadership across biologics, vaccines, oligonucleotides, RNA therapeutics, and LNP delivery, most recently as Chief Technical Officer at Orna Therapeutics.
• In October, CRISPR Therapeutics announced the appointment of A.J. Silver, the Company’s Senior Vice President of Finance, as Chief Financial Officer, effective October 19, 2026, succeeding Raju Prasad, Ph.D., who stepped down to pursue external opportunities.
• The Company’s in vivo and cell therapy programs are supported by a wholly-owned GMP manufacturing facility in Framingham, Massachusetts. The facility provides end-to-end production capabilities, supports both clinical and future commercial supply, and enables an industry-leading cost of goods.

Third Quarter 2026 Financial Results  

• Cash Position: Cash, cash equivalents, and marketable securities were $2,276.6 million as of September 30, 2026, compared to $1,975.8 million as of December 31, 2025. The increase in cash was primarily driven by net proceeds of $585.4 million from the issuance of convertible senior notes in March 2026, offset by operating expenses.
• R&D Expenses: R&D expenses were $71.9 million for the third quarter of 2026, compared to $58.9 million for the third quarter of 2025. The increase in R&D expense was primarily attributable to an increase in external research and development expenses and sublicense fees, offset by a decrease in employee-related costs.
• Acquired In-Process R&D Expenses: Acquired in-process R&D expenses were $11.7 million for the third quarter of 2026. Acquired in-process R&D expenses for the third quarter of 2026 primarily consisted of a development milestone under the Sirius Agreement that was recognized in the third quarter of 2026. No acquired in-process R&D expenses were recognized during the third quarter of 2025.
• G&A Expenses: General and administrative expenses were $17.9 million for the third quarter of 2026, compared to $16.9 million for the third quarter of 2025.
• Collaboration Expense: Collaboration expense, net, was $41.3 million for the third quarter of 2026, compared to $57.1 million for the third quarter of 2025. The decrease was primarily attributable to an increase in the Company’s share of CASGEVY revenue.
• Net Loss: Net loss was $111.4 million for the third quarter of 2026, compared to a net loss of $106.4 million for the third quarter of 2025.

About CASGEVY^® (exagamglogene autotemcel [exa-cel])

CASGEVY^® is a non-viral, ex vivo CRISPR/Cas9 gene-edited cell therapy for eligible patients with sickle cell disease (SCD) or transfusion-dependent beta thalassemia (TDT), in which a patient’s own hematopoietic stem and progenitor cells are edited at the erythroid specific enhancer region of the BCL11A gene. This edit results in the production of high levels of fetal hemoglobin (HbF; hemoglobin F) in red blood cells. HbF is the form of the oxygen-carrying hemoglobin that is naturally present during fetal development, which then switches to the adult form of hemoglobin after birth. CASGEVY has been shown to reduce or eliminate VOCs for patients with SCD and transfusion requirements for patients with TDT. CASGEVY is approved for eligible SCD and TDT patients 12 years and older by multiple regulatory bodies around the world, and for younger children in select countries.

About the CRISPR Therapeutics – Vertex Collaboration for CASGEVY

CRISPR Therapeutics and Vertex established a strategic research collaboration in 2015 to discover and develop therapies leveraging CRISPR/Cas9 technology to address the underlying genetic causes of human disease. CASGEVY is the first approved therapy to emerge from this collaboration. Under an amended agreement, Vertex leads global development, manufacturing, and commercialization of CASGEVY, and Vertex and CRISPR Therapeutics share profits and program costs on a 60/40 basis. Vertex is the manufacturer and exclusive license holder of CASGEVY.

About In Vivo Liver Editing Programs

CRISPR Therapeutics has established a proprietary lipid nanoparticle (LNP) delivery platform to enable gene editing in the liver using both CRISPR/Cas9 and its novel, proprietary SyNTase™ editing technology. The Company’s in vivo portfolio includes three cardiovascular programs: CTX310, targeting angiopoietin-related protein 3 (ANGPTL3), in development for heterozygous and homozygous familial hypercholesterolemia, mixed dyslipidemias, and severe hypertriglyceridemia; CTX340, targeting angiotensinogen (AGT), in development for refractory hypertension; and CTX321, targeting LPA, in development for patients with elevated lipoprotein(a) [Lp(a)]. In addition, the Company’s disclosed development candidates also include CTX460™, targeting SERPINA1 using SyNTase editing, for the treatment of alpha-1 antitrypsin deficiency (AATD).

About CTX611 (SRSD107)

CTX611 is a novel double-stranded, long-acting siRNA, designed to target the human coagulation factor XI, or FXI, messenger RNA and inhibit FXI protein expression. Through modulation of the intrinsic coagulation pathway, CTX611 is intended to provide anticoagulant and antithrombotic effects with a decreased risk of bleeding compared to other anti-thrombotics. Supported by clinical experience conducted by Sirius Therapeutics in two Phase 1 clinical trials, the Company and Sirius Therapeutics are developing CTX611 as a long-acting FXI inhibitor with the potential to support infrequent, including semi-annual, subcutaneous administration.

About the CRISPR Therapeutics – Sirius Therapeutics Collaboration for siRNA

CRISPR Therapeutics and Sirius Therapeutics entered into a strategic collaboration in 2025 to develop and commercialize siRNA therapies for thromboembolic disorders and other serious diseases. The lead program, CTX611, is a long-acting siRNA targeting FXI, which the companies will co-develop on an equal cost-and-profit-sharing basis. CRISPR Therapeutics will lead commercialization in the U.S., while Sirius will lead commercialization in greater China. The collaboration also provides CRISPR Therapeutics with the option to license up to two additional siRNA programs.

About Zugocabtagene Geleucel (zugo-cel; formerly CTX112)

Zugocabtagene geleucel (zugo-cel) is a wholly-owned, allogeneic chimeric antigen receptor (CAR) T cell therapy product candidate targeting Cluster of Differentiation 19 (CD19), in development for both autoimmune and immuno-oncology indications. The off-the-shelf therapy leverages CRISPR/Cas9 for targeted gene knockout and CAR insertion, enabling immune evasion and enhanced T effector cell potency, and is administered following a standard lymphodepletion regimen without the need for human leukocyte antigen (HLA) matching. In autoimmune disease, zugo-cel is being investigated in three ongoing basket trials. The rheumatology basket trial is enrolling adult patients with systemic lupus erythematosus (SLE), systemic sclerosis (SSc), and inflammatory myositis (IM). The hematology basket trial is enrolling patients with immune thrombocytopenic purpura (ITP) and warm autoimmune hemolytic anemia (wAIHA). The neuroimmune basket trial is enrolling patients with progressive multiple sclerosis (PMS), neuromyelitis optica spectrum disorder (NMOSD), myelin oligodendrocyte glycoprotein antibody-associated Disease (MOGAD), N-methyl-D-aspartate receptor (NMDAR) and leucine-rich glioma-inactivated Protein 1 (LGI1) autoimmune encephalitis (AIE), and stiff person syndrome (SPS). In immuno-oncology, zugo-cel is being investigated in a trial in adult patients with relapsed or refractory B-cell malignancies.

About CRISPR Therapeutics

CRISPR Therapeutics is a leading biopharmaceutical company focused on developing transformative gene-based medicines for serious human diseases. Founded over a decade ago as an early pioneer in CRISPR/Cas9 gene editing, the Company has evolved from a pioneering research-stage organization into an industry leader, marking a historic milestone with the approval of CASGEVY^® (exagamglogene autotemcel [exa-cel]), the world’s first CRISPR-based therapy, for eligible patients with sickle cell disease and transfusion-dependent beta thalassemia. Today, CRISPR Therapeutics is advancing a broad, diversified pipeline spanning hemoglobinopathies, cardiovascular disease, autoimmune disease, oncology, regenerative medicine and rare diseases. The Company is also expanding its gene editing toolkit through SyNTase™ editing, its novel, proprietary platform designed to enable precise, efficient, and scalable gene correction. To accelerate its impact, CRISPR Therapeutics has established strategic collaborations with leading biopharmaceutical partners, including Vertex Pharmaceuticals. CRISPR Therapeutics AG is headquartered in Zug, Switzerland, with its wholly-owned U.S. subsidiary, CRISPR Therapeutics, Inc., and R&D operations based in Boston, Massachusetts and San Francisco, California. To learn more, visit www.crisprtx.com.

CRISPR THERAPEUTICS^® standard character mark and design logo, CTX112™, CTX213™, CTX310^®, CTX321™, CTX340™, CTX460™, CTX611™ and SyNTase™ are trademarks and registered trademarks of CRISPR Therapeutics AG. CASGEVY^® and the CASGEVY logo are registered trademarks of Vertex Pharmaceuticals Incorporated. All other trademarks and registered trademarks are the property of their respective owners.

CRISPR Special Note Regarding Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements made by Dr. Kulkarni in this press release, as well as regarding any or all of the following: (i) CRISPR Therapeutics preclinical studies, clinical trials and pipeline products and programs, including, without limitation, manufacturing capabilities, status of such studies and trials, potential expansion into new indications and expectations regarding data, safety and efficacy generally; (ii) data included in this press release, as well as the ability to use data from ongoing and planned studies and clinical trials for the design and initiation of further studies and clinical trials; (iii) CRISPR Therapeutics strategy, goals, anticipated financial performance and the sufficiency of its cash resources; (iv) plans and expectations for the commercialization of and anticipated benefits of CASGEVY, including anticipated patient access to CASGEVY; (v) regulatory submissions and authorizations, including timelines for and expectations regarding regulatory agency decisions; (vi) the expected benefits of its collaborations; and (vii) the therapeutic value, development, and commercial potential of gene editing technologies and therapies, including CRISPR/Cas9 and SyNTase, as well as other technologies. Risks that contribute to the uncertain nature of the forward-looking statements include, without limitation, the risks and uncertainties discussed under the heading “Risk Factors” in its most recent annual report on Form 10-K and in any other subsequent filings made by CRISPR Therapeutics with the U.S. Securities and Exchange Commission. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. We disclaim any obligation or undertaking to update or revise any forward-looking statements contained in this press release, other than to the extent required by law.

This press release also contains information regarding our industry, our business and the markets for certain of our product candidates, including data regarding the estimated size of those markets, and the incidence and prevalence of certain medical conditions. Unless otherwise expressly stated, we obtained this industry, business, market and other data from market research firms and other third parties, including medical publications, government data and similar sources. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from events and circumstances reflected in this information. This press release discusses investigational therapies and is not intended to convey conclusions about efficacy or safety as to those investigational therapies or uses of such investigational therapies. There is no guarantee that any investigational therapy will successfully complete clinical development or gain approval from applicable regulatory authorities.

Investor Contact:
+1-617-307-7503
ir@crisprtx.com

Media Contact:
+1-617-315-4493
media@crisprtx.com

CRISPR Therapeutics AG Condensed Consolidated Statements of Operations (Unaudited, In thousands except share data and per share data)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenue:
Collaboration revenue		$	12,323			$	—			$	23,323			$	—
Grant revenue			346				889				985				2,646
Total revenue			12,669				889				24,308				2,646
Operating expenses:
Research and development			71,888				58,902				207,614				201,280
Acquired in-process research and development			11,675				—				14,148				96,253
General and administrative			17,867				16,931				52,603				55,143
Collaboration expense, net			41,284				57,115				127,505				159,777
Total operating expenses			142,714				132,948				401,870				512,453
Loss from operations			(130,045	)			(132,059	)			(377,562	)			(509,807	)
Total other income, net			18,682				26,237				53,913				61,841
Net loss before income taxes			(111,363	)			(105,822	)			(323,649	)			(447,966	)
Provision for income taxes			(74	)			(619	)			(1,873	)			(3,020	)
Net loss			(111,437	)			(106,441	)			(325,522	)			(450,986	)
Foreign currency translation adjustment			2				(28	)			(20	)			94
Unrealized (loss) gain on marketable securities			(9,456	)			973				(18,884	)			3,052
Comprehensive loss		$	(120,891	)		$	(105,496	)		$	(344,426	)		$	(447,840	)
Net loss per common share — basic		$	(1.15	)		$	(1.17	)		$	(3.38	)		$	(5.12	)
Basic weighted-average common shares outstanding			96,741,070				91,305,337				96,437,995				88,124,241
Net loss per common share — diluted		$	(1.15	)		$	(1.17	)		$	(3.38	)		$	(5.12	)
Diluted weighted-average common shares outstanding			96,741,070				91,305,337				96,437,995				88,124,241

CRISPR Therapeutics AG Condensed Consolidated Balance Sheets Data (Unaudited, in thousands)
		As of
		September 30, 2026				December 31, 2025
Cash and cash equivalents		$	192,027			$	347,559
Marketable securities			2,080,521				1,628,269
Marketable securities – non-current			4,021				—
Working capital			2,144,117				1,836,551
Total assets			2,556,412				2,265,243
Total shareholders’ equity			1,648,068				1,921,813

MIDLAND, Texas, Nov. 02, 2026 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback,” “we,” “our” or the “Company”) today announced financial and operating results for the third quarter ended September 30, 2026.

THIRD QUARTER 2026 HIGHLIGHTS

• Average oil production of 525 MBO/d (1,034 MBOE/d)
• Net cash provided by operating activities of $2.6 billion; Operating Cash Flow Before Working Capital Changes¹ of $3.2 billion
• Cash capital expenditures of $1.0 billion
• Free Cash Flow¹ and Adjusted Free Cash Flow¹ of $2.1 billion and $2.2 billion, respectively
• Increased annual base dividend by 7.3% to $4.72 per share; marks an 18% year over year increase and a ~2.2% annualized yield²
• Repurchased 1.3 million shares of common stock for approximately $251 million
• Repurchased $106 million in aggregate principal amount of 2054 and 2064 Senior Notes at a weighted average price of 94.9% of par ($103 million, including accrued interest)
• Acquired a 7.5% equity interest in the Solitude Pipeline System, a Permian-to-Katy natural gas pipeline

____________________________________
_{¹ NON-GAAP DISCLOSURES – For a definition of Operating Cash Flow Before Working Capital Changes, Free Cash Flow, Adjusted Free Cash Flow, Adjusted Net Income, Adjusted EBITDA, Adjusted Net Income per Diluted Share, Net Debt and reconciliations of such non-GAAP financial metrics to their respective most directly comparable GAAP metrics, please see “Non-GAAP Financial Measures” below.
² Cash dividend payable on November 19, 2026; annualized yield based on October 30, 2026 closing share price of $212.08}

UPDATED 2026 GUIDANCE HIGHLIGHTS

• Increasing annual oil production guidance to ~524 (from 522+) MBO/d with total BOE production of ~1,015 (from 1,000+) MBOE/d and full year cash capital expenditures to $3.95 – $4.00 billion (from ~$3.9 billion)
• Q4 2026 oil production guidance of 518 – 528 MBO/d (1,025 – 1,045 MBOE/d)
• Q4 2026 cash capital expenditures guidance of $1,000 – $1,050 million

RECENT HIGHLIGHTS

• Have repurchased 389,841 shares of common stock in Q4 2026 to date for approximately $73 million
• On October 1, redeemed all $698 million in aggregate principal amount of the Company’s 2026 Senior Notes at par
• Repurchased $195 million in aggregate principal amount of 2054 and 2064 Senior Notes at a weighted average price of 91.0% of par ($183 million, including accrued interest)

THIRD QUARTER 2026 OPERATIONS UPDATE

The following tables provide a summary of Diamondback’s key operational updates:

Wells Drilled and Completed:

Three Months Ended September 30, 2026

Nine Months Ended September 30, 2026

Drilled

Completed

Drilled

Completed

Gross

Net

Gross

Net

Gross

Net

Gross

Net

Total

105

100

135

133

320

300

450

427

Gross Wells Drilled and Completed By Zone:

		Three Months Ended September 30, 2026				Nine Months Ended September 30, 2026
		Number of Wells Drilled		Number of Wells Completed		Number of Wells Drilled		Number of Wells Completed
Midland Basin:
Upper Spraberry		3		2		6		5
Middle Spraberry		5		6		18		26
Jo Mill		17		22		55		84
Lower Spraberry		15		24		55		87
Dean		3		2		5		13
Wolfcamp A		15		36		61		105
Wolfcamp B		24		33		69		104
Wolfcamp D		9		8		27		23
Barnett		14		2		24		3
Midland Basin Total		105		135		320		450
Average Completed Lateral Length (in feet)				13,584				12,251

Realized Average Prices:

		Three Months Ended
		September 30, 2026			June 30, 2026				September 30, 2025
Oil ($ per Bbl)		$	87.30		$	96.82			$	64.60
Natural gas ($ per Mcf)		$	1.12		$	(2.15	)		$	0.75
Natural gas liquids ($ per Bbl)		$	20.02		$	18.56			$	17.28
Combined price ($ per BOE)		$	51.03		$	51.68			$	39.73
Oil, hedged ($ per Bbl)(1)		$	85.89		$	94.33			$	63.70
Natural gas, hedged ($ per Mcf)(1)		$	0.90		$	(0.34	)		$	1.75
Natural gas liquids, hedged ($ per Bbl)(1)		$	20.02		$	18.56			$	17.28
Combined price, hedged ($ per BOE)(1)		$	50.01		$	52.90			$	40.58
(1) Hedged prices reflect the effect of our commodity derivative transactions on our average sales prices and include gains and losses on cash settlements for matured commodity derivatives, which we do not designate for hedge accounting. Hedged prices exclude gains or losses resulting from the early settlement of commodity derivative contracts.

Average Cash Costs per BOE:

		Three Months Ended
		September 30, 2026			June 30, 2026			September 30, 2025
Lease operating expenses		$	5.97		$	5.96		$	5.65
Production and ad valorem taxes			3.02			3.26			2.44
Gathering, processing and transportation expense			1.32			1.22			1.41
General and administrative – cash component			0.60			0.52			0.55
Total operating expense – cash		$	10.91		$	10.96		$	10.05

FINANCIAL UPDATE

Earnings Attributable to Diamondback Energy, Inc.:

		Three Months Ended September 30, 2026
		(in millions, except per share amounts)
Net income (loss) attributable to Diamondback Energy, Inc.		$	1,603
Earnings (loss) per common share attributable to Diamondback Energy, Inc. – Diluted(1)		$	5.69
Adjusted net income(1)		$	1,649
Adjusted net income per common share – Diluted(1)		$	5.86
(1) The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of common stock and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to Diamondback Energy, Inc., (ii) less the reallocation of $9 million in earnings attributable to participating securities, (iii) divided by diluted weighted average common shares outstanding for the respective periods.

Cash Capital Expenditures:

		Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
		(in millions)
Operated drilling and completion additions to oil and natural gas properties		$	884		$	632		$	2,510		$	2,203
Non-operated additions to oil and natural gas properties and other			142			142			445			377
Total		$	1,026		$	774		$	2,955		$	2,580

Adjusted EBITDA and Free Cash Flow – Non-GAAP:

		Three Months Ended September 30, 2026			Nine Months Ended September 30, 2026
		(in millions)
Net income (loss) attributable to Diamondback Energy, Inc.		$	1,603		$	3,510
Consolidated Adjusted EBITDA		$	3,752		$	10,693
Adjusted EBITDA attributable to Diamondback Energy, Inc.		$	3,393		$	9,646
Net cash provided by operating activities		$	2,599		$	8,016
Free Cash Flow		$	2,148		$	6,183
Adjusted Free Cash Flow		$	2,150		$	6,218

Debt & Liquidity:

	September 30, 2026
	(in millions)
Standalone cash	$	548
Borrowings outstanding under the credit facility	$	—
Remaining availability under the credit facility	$	3,000
Total standalone liquidity	$	3,548
Consolidated total debt	$	13,375
Consolidated total net debt	$	12,817

RETURN OF CAPITAL UPDATE

Diamondback announced today that the Company’s Board of Directors (the “Board”) approved a 7.3% increase to the Company’s base cash dividend, raising it to $1.18 per common share for the third quarter of 2026, payable on November 19, 2026, to stockholders of record at the close of business on November 12, 2026.

During the third quarter, the Company repurchased 1,348,209 shares of common stock for approximately $251 million at a weighted average price of $185.94 per share (excluding excise tax). The Company expects to continue repurchases opportunistically using cash on hand, free cash flow and potential asset sale proceeds. The program has no time limit and may be suspended, modified or discontinued at the Board’s discretion. Repurchases may be executed in privately negotiated or open-market transactions, consistent with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and will be subject to market conditions, applicable regulatory and legal requirements and other factors. All shares repurchased will be retired.

The table below summarizes Diamondback’s return of capital program, including dividends and share repurchases, with future actions subject to Board approval.

		Q32026			Q42026to date			Cumulative
		(in millions, except per share amounts, shares in thousands)
Base dividend		$	1.18
Shares repurchased			1,348			390			44,183
Weighted average repurchase price		$	185.94		$	186.69		$	143.66
Total repurchase cost		$	251		$	73		$	6,348
Total return of capital		$	582

UPDATED 2026 GUIDANCE

Below is Diamondback’s and Viper Energy, Inc.’s (“Viper”) updated guidance for the full year 2026, which includes fourth quarter production and capital guidance.

	2026 Guidance	2026 Guidance
	Diamondback Energy, Inc.	Viper Energy, Inc.
2026 Net production – MBOE/d	~1,015 (from 1,000+)	137.0 – 138.0
2026 Oil production – MBO/d	~524 (from 522+)	67.25 – 67.75
Q4 2026 Oil production – MBO/d (total – MBOE/d)	518 – 528 (1,025 – 1,045)	70.0 – 71.0 (141.5 – 143.5)
Unit costs ($/BOE)
Lease operating expenses, including workovers	$5.95 – $6.20 (from $5.90 – $6.40)
G&A
Cash G&A	$0.55 – $0.65	$0.70 – $0.90
Non-cash equity-based compensation	$0.20 – $0.30	$0.10 – $0.20
DD&A	$13.50 – $14.50	$14.75 – $17.25
Interest expense (net of interest income)	$0.50 – $0.70	$1.90 – $2.40
Gathering, processing and transportation	$1.30 – $1.50 (from $1.40 – $1.60)
Production and ad valorem taxes (% of revenue)	~6.5% (from ~7%)	~7%
Corporate tax rate (% of pre-tax income)	23%
Cash tax rate (% of pre-tax income)(1)	19% – 22%	27% – 30%
Q4 2026 Cash taxes ($ – million)	$500 – $560
Cash Capital Budget ($ – million)
Operated drilling and completion	$3,350 – $3,400 (from ~$3,310)
2026 Total capital expenditures(2)	$3,950 – $4,000 (from ~$3,900)
Q4 2026 Capital expenditures	$1,000 – $1,050
Average lateral length (Ft.)	~12,900′
Net lateral footage completed (1,000’s of Ft.)	6,200′ – 6,600′ (from 6,100′ – 6,500′)
(1) Pre-tax income attributable to the Company is a non-GAAP measure. We are not able to forecast the most directly comparable GAAP measure – Income (loss) before income taxes – due to high variability and difficulty in predicting certain items that affect Income (loss) before income taxes, such as future commodity prices, pace of and costs of developing, producing and operating our interests in oil and natural gas properties, future changes in interest rates and various other business factors impacting our financial results. (2) Includes non-operated drilling and completion, capital workovers, science, infrastructure, midstream and environmental.

CONFERENCE CALL

Diamondback will host a conference call and webcast for investors and analysts to discuss its results for the third quarter of 2026 on Tuesday, November 3, 2026 at 8:00 a.m. CT. Access to the webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Diamondback’s website at www.diamondbackenergy.com under the “Investor Relations” section of the site. Investors and others should note that Diamondback announces material financial and operational information to our investors using our investor relations website, press releases, SEC filings and public conference calls and webcasts. The information we post through our investor relations website may be deemed material. Accordingly, investors should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts.

About Diamondback Energy, Inc.

Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Diamondback’s: future performance; business strategy; future operations (including drilling plans and capital plans); estimates and projections of revenues, losses, costs, expenses, returns, cash flow, and financial position; reserve estimates and its ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the 2026 Drop Down, the Viper Riverbend acquisition, the Viper McElroy Ranch acquisition and Viper’s Sitio acquisition and other acquisitions, divestitures or reorganizations); and plans and objectives of management (including plans for future cash flow from operations and for executing environmental strategies) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Diamondback believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Diamondback’s control. Accordingly, forward-looking statements are not guarantees of future performance and Diamondback’s actual outcomes could differ materially from what Diamondback has expressed in its forward-looking statements.

Factors that could cause the outcomes to differ materially include (but are not limited to) the following: geopolitics and market conditions, including changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers and any resulting trade tensions; actions taken by the members of OPEC and its non-OPEC allies (OPEC+) affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments; changes in general economic, business or industry conditions, including changes in foreign currency exchange rates, interest rates, inflation rates, and instability in the financial markets; regional supply and demand factors, including delays, curtailments or interruptions of production, or governmental orders, rules or regulations that impose production limits; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change, changing political and social perspectives on climate change and other environmental, social and governance factors, and risks from our publicly disclosed targets related to sustainability and emissions reduction initiatives; challenges in developing our existing leasehold acreage and finding, developing or acquiring additional reserves; restrictions on the use of water, including limits on the use of produced water and a moratorium on new produced water disposal well permits recently imposed by the Texas Railroad Commission in an effort to control induced seismicity in the Permian Basin; significant declines in prices for oil, natural gas, or natural gas liquids, which could require recognition of significant impairment charges; conditions in the capital, financial and credit markets, including the availability and pricing of capital for acquisitions, exploration and development operations; challenges with employee retention and an increasingly competitive labor market; changes in availability or cost of rigs, equipment, raw materials, supplies and oilfield services; changes in safety, health, environmental, tax and other regulations or requirements (including those addressing air emissions, water management, or the impact of global climate change); security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, or from breaches of information technology systems of third parties with whom we transact business; lack of, or disruption in, access to adequate and reliable electrical power, internet and telecommunication infrastructure, information and computer systems, transportation, processing, storage and other facilities for our oil, natural gas and natural gas liquids; failures or delays in achieving expected reserve or production levels from existing and future oil and natural gas developments, including due to operating hazards, drilling risks, or the inherent uncertainties in predicting reserve and reservoir performance; inability to keep pace with technological developments in our industry; failure to meet our obligations under our oil purchase contracts; loss of one or more customers or their inability to meet their obligations; geographical concentration of our primary operations; risks from our return of capital activity, and uncertainties over our future dividends and share repurchases; difficulty in obtaining necessary approvals and permits; severe weather conditions and natural disasters; changes in the financial strength of counterparties to our credit facilities and hedging contracts; our substantial indebtedness and restrictions to our operating and financial flexibility; changes in our credit rating; failure to identify, complete and successfully integrate acquisitions, including Viper’s Riverbend acquisition, Viper’s McElroy Ranch acquisition and Viper’s Sitio acquisition; the Endeavor stockholders’ ability to significantly influence our business and potential conflicts of interest; and other risks described in Part I, Item 1A of Diamondback’s Annual Report on Form 10-K, filed with the SEC on February 25, 2026, and those risks disclosed in its subsequent filings on Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the SEC’s website at http://www.sec.gov and Diamondback’s website at www.diamondbackenergy.com/investors.

In light of these factors, the events anticipated by Diamondback’s forward-looking statements may not occur at the time anticipated or at all. Moreover, Diamondback operates in a very competitive and rapidly changing environment and new risks emerge from time to time. Diamondback cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this release or, if earlier, as of the date they were made. Diamondback does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

Diamondback Energy, Inc.
Condensed Consolidated Statements of Operations
(unaudited, in millions, except per share amounts, shares in thousands)
		Three Months Ended September 30,								Nine Months Ended September 30,
			2026				2025				2026				2025
Revenues:
Oil, natural gas and natural gas liquid sales		$	4,854			$	3,447			$	13,465			$	10,420
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

Diamondback Energy, Inc.
Condensed Consolidated Balance Sheets
(unaudited, in millions, except share amounts)
		September 30,				December 31,
			2026				2025
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
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

Diamondback Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited, in millions)
		Three Months Ended September 30,								Nine Months Ended September 30,
			2026				2025				2026				2025
Cash flows from operating activities:
Net income (loss)		$	1,771			$	1,083			$	3,970			$	3,313
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for (benefit from) deferred income taxes			(7	)			253				(213	)			235
Depreciation, depletion, amortization and accretion			1,320				1,286				3,885				3,649
Impairment of oil and natural gas properties			—				—				1,400				—
(Gain) loss on extinguishment of debt, net			(4	)			32				(137	)			(23	)
(Gain) loss on derivative instruments, net			182				(120	)			16				(149	)
Cash received (paid) on settlement of derivative instruments			(97	)			60				149				108
Other			9				(60	)			68				(6	)
Changes in operating assets and liabilities:
Accounts receivable			(476	)			(22	)			(1,039	)			138
Accounts payable and accrued liabilities			71				28				(133	)			(355	)
Income taxes payable			(138	)			(206	)			(138	)			(515	)
Revenues and royalties payable			(54	)			58				270				28
Other			22				(9	)			(82	)			(8	)
Net cash provided by (used in) operating activities			2,599				2,383				8,016				6,415
Cash flows from investing activities:
Additions to oil and natural gas properties			(1,026	)			(774	)			(2,955	)			(2,580	)
Property acquisitions			(1,157	)			(1,536	)			(1,909	)			(5,411	)
Proceeds from sale of assets			66				257				723				314
Other			(193	)			(6	)			(222	)			(14	)
Net cash provided by (used in) investing activities			(2,310	)			(2,059	)			(4,363	)			(7,691	)
Cash flows from financing activities:
Proceeds from debt			3,115				4,400				9,405				13,022
Repayment of debt			(2,500	)			(3,313	)			(10,547	)			(9,720	)
Repurchased shares under repurchase program			(251	)			(603	)			(431	)			(1,576	)
Repurchased shares – related party			—				—				(509	)			—
Repurchased shares/units under Viper’s repurchase program			(90	)			(90	)			(318	)			(100	)
Net proceeds from Viper’s issuance of common stock			—				—				—				1,232
Proceeds from sale of Viper’s common stock			—				—				589				—
Payments for dividends and dividend equivalents			(309	)			(290	)			(918	)			(874	)
Dividends to non-controlling interest			(158	)			(79	)			(437	)			(256	)
Other			—				(18	)			(33	)			(64	)
Net cash provided by (used in) financing activities			(193	)			7				(3,199	)			1,664
Net increase (decrease) in cash, cash equivalents and restricted cash			96				331				454				388
Cash, cash equivalents and restricted cash at beginning of period			464				221				106				164
Cash, cash equivalents and restricted cash at end of period		$	560			$	552			$	560			$	552

Diamondback Energy, Inc.
Selected Operating Data
(unaudited)
		Three Months Ended
		September 30, 2026				June 30, 2026				September 30, 2025
Production Data:
Oil (MBbls)			48,295				47,791				46,345
Natural gas (MMcf)			135,002				128,279				115,353
Natural gas liquids (MBbls)			24,330				23,436				21,180
Combined volumes (MBOE)(1)			95,125				92,607				86,751
Daily oil volumes (BO/d)			524,946				525,176				503,750
Daily combined volumes (BOE/d)			1,033,967				1,017,659				942,946
Average Prices:
Oil ($ per Bbl)		$	87.30			$	96.82			$	64.60
Natural gas ($ per Mcf)		$	1.12			$	(2.15	)		$	0.75
Natural gas liquids ($ per Bbl)		$	20.02			$	18.56			$	17.28
Combined price ($ per BOE)		$	51.03			$	51.68			$	39.73
Oil, hedged ($ per Bbl)(2)		$	85.89			$	94.33			$	63.70
Natural gas, hedged ($ per Mcf)(2)		$	0.90			$	(0.34	)		$	1.75
Natural gas liquids, hedged ($ per Bbl)(2)		$	20.02			$	18.56			$	17.28
Combined price, hedged ($ per BOE)(2)		$	50.01			$	52.90			$	40.58
Average Cash Costs ($/BOE):
Lease operating expenses		$	5.97			$	5.96			$	5.65
Production and ad valorem taxes			3.02				3.26				2.44
Gathering, processing and transportation expense			1.32				1.22				1.41
General and administrative – cash component			0.60				0.52				0.55
Total operating expense – cash		$	10.91			$	10.96			$	10.05
General and administrative – non-cash component		$	0.27			$	0.26			$	0.25
Depreciation, depletion, amortization and accretion		$	13.88			$	13.74			$	14.82
Interest expense, net		$	0.58			$	0.60			$	0.81
(1) Bbl equivalents are calculated using a conversion rate of six Mcf per one Bbl. (2) Hedged prices reflect the effect of our commodity derivative transactions on our average sales prices and include gains and losses on cash settlements for matured commodity derivatives, which we do not designate for hedge accounting. Hedged prices exclude gains or losses resulting from the early settlement of commodity derivative contracts.

NON-GAAP FINANCIAL MEASURES

ADJUSTED EBITDA

Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines Adjusted EBITDA as net income (loss) attributable to Diamondback Energy, Inc., plus net income (loss) attributable to non-controlling interest (“net income (loss)”) before non-cash (gain) loss on derivative instruments, net, interest expense, net, depreciation, depletion, amortization and accretion, depreciation and interest expense related to equity method investments, (gain) loss on extinguishment of debt, impairment of oil and natural gas properties, non-cash equity-based compensation expense, capitalized equity-based compensation expense, other non-cash transactions and provision for (benefit from) income taxes. Adjusted EBITDA is not a measure of net income as determined by United States generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA is useful because the measure allows it to evaluate the Company’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. The Company excludes the items listed above from net income (loss) to determine Adjusted EBITDA because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Further, the Company excludes the effects of significant transactions that may affect earnings but are unpredictable in nature, timing and amount, although they may recur in different reporting periods. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of the Company’s operating performance. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets. The Company’s computation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts.

The following tables present a reconciliation of the GAAP financial measure of net income (loss) attributable to Diamondback Energy, Inc. to the non-GAAP financial measure of Adjusted EBITDA:

Diamondback Energy, Inc.
Reconciliation of Net Income (Loss) to Adjusted EBITDA
(unaudited, in millions)
		Three Months Ended September 30, 2026				Nine Months Ended September 30, 2026
Net income (loss) attributable to Diamondback Energy, Inc.		$	1,603			$	3,510
Net income (loss) attributable to non-controlling interest			168				460
Net income (loss)			1,771				3,970
Non-cash (gain) loss on derivative instruments, net			85				165
Interest expense, net			55				174
Depreciation, depletion, amortization and accretion			1,320				3,885
Depreciation and interest expense related to equity method investments			13				39
(Gain) loss on extinguishment of debt			(4	)			(137	)
Impairment of oil and natural gas properties			—				1,400
Non-cash equity-based compensation expense			37				101
Capitalized equity-based compensation expense			(11	)			(29	)
Other non-cash transactions			(15	)			12
Provision for (benefit from) income taxes			501				1,113
Consolidated Adjusted EBITDA			3,752				10,693
Less: Adjustment for non-controlling interest			359				1,047
Adjusted EBITDA attributable to Diamondback Energy, Inc.		$	3,393			$	9,646

ADJUSTED NET INCOME

Adjusted net income is a non-GAAP financial measure equal to net income (loss) attributable to Diamondback Energy, Inc. plus net income (loss) attributable to non-controlling interest (“net income (loss)”) adjusted for non-cash (gain) loss on derivative instruments, net, (gain) loss on extinguishment of debt, other non-cash transactions and related income tax adjustments. The Company’s computation of adjusted net income may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts. Management believes adjusted net income helps investors in the oil and natural gas industry to measure and compare the Company’s performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors. Further, in order to allow investors to compare the Company’s performance across periods, the Company excludes the effects of significant transactions that may affect earnings but are unpredictable in nature, timing and amount, although they may recur in different reporting periods.

The following table presents a reconciliation of the GAAP financial measure of net income (loss) attributable to Diamondback Energy, Inc. to the non-GAAP measure of adjusted net income:

Diamondback Energy, Inc.
Adjusted Net Income
(unaudited, in millions, except per share amounts, shares in thousands)
		Three Months Ended
		September 30, 2026
		Amounts				Amounts Per Diluted Share
Net income (loss) attributable to Diamondback Energy, Inc.(1)		$	1,603			$	5.69
Net income (loss) attributable to non-controlling interest			168				0.60
Net income (loss)(1)			1,771				6.29
Non-cash (gain) loss on derivative instruments, net			85				0.30
(Gain) loss on extinguishment of debt			(4	)			(0.01	)
Other non-cash transactions			(15	)			(0.05	)
Adjusted net income excluding above items(1)			1,837				6.53
Income tax adjustment for above items			(15	)			(0.05	)
Adjusted net income(1)			1,822				6.48
Less: Adjusted net income attributable to non-controlling interest			173				0.62
Adjusted net income attributable to Diamondback Energy, Inc.(1)		$	1,649			$	5.86
Weighted average common shares outstanding:
Basic							279,959
Diluted							279,959
(1) The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of common stock and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to Diamondback Energy, Inc., (ii) less the reallocation of $9 million in earnings attributable to participating securities, (iii) divided by diluted weighted average common shares outstanding for the respective periods.

OPERATING CASH FLOW BEFORE WORKING CAPITAL CHANGES, FREE CASH FLOW AND ADJUSTED FREE CASH FLOW

Operating cash flow before working capital changes, which is a non-GAAP financial measure, represents net cash provided by operating activities as determined under GAAP without regard to changes in working capital. The Company believes operating cash flow before working capital changes is a useful measure of an oil and natural gas company’s ability to generate cash used to fund exploration, development and acquisition activities and service debt or pay dividends. The Company also uses this measure because changes in working capital relate to the timing of cash receipts and disbursements that the Company may not control and may not relate to the period in which the operating activities occurred. This allows the Company to compare its operating performance with that of other companies without regard to financing methods and capital structure.

The Company defines Free Cash Flow, which is a non-GAAP financial measure, as cash flow from operating activities before changes in working capital in excess of cash capital expenditures. The Company defines Adjusted Free Cash Flow, which is a non-GAAP financial measure, as Free Cash Flow before the tax impact from divestitures (if any), merger and transaction expenses, costs of early termination of derivatives and settlements of any treasury locks (if any). The Company believes that Free Cash Flow and Adjusted Free Cash Flow are useful to investors as they provide a measure to compare both cash flow from operating activities and additions to oil and natural gas properties across periods on a consistent basis, adjusted, as applicable, for non-recurring impacts from divestitures, merger and transaction expenses, the early termination of derivative contracts and settlements of treasury locks. These measures should not be considered as an alternative to, or more meaningful than, net cash provided by operating activities as an indicator of liquidity. The Company’s computation of Free Cash Flow may not be comparable to other similarly titled measures of other companies.

The following tables present a reconciliation of the GAAP financial measure of net cash provided by operating activities to the non-GAAP measure of operating cash flow before working capital changes and to the non-GAAP measures of Free Cash Flow and Adjusted Free Cash Flow:

Diamondback Energy, Inc.
Operating Cash Flow Before Working Capital Changes, Free Cash Flow and Adjusted Free Cash Flow
(unaudited, in millions)
		Three Months Ended September 30, 2026				Nine Months Ended September 30, 2026
Net cash provided by operating activities		$	2,599			$	8,016
Less: Changes in cash due to changes in operating assets and liabilities:
Accounts receivable			(476	)			(1,039	)
Accounts payable and accrued liabilities			71				(133	)
Income taxes payable			(138	)			(138	)
Revenues and royalties payable			(54	)			270
Other			22				(82	)
Total working capital changes			(575	)			(1,122	)
Operating cash flow before working capital changes			3,174				9,138
Additions to oil and natural gas properties			(1,026	)			(2,955	)
Total Cash CAPEX			(1,026	)			(2,955	)
Free Cash Flow			2,148				6,183
Merger and transaction expenses(1)			2				8
Early termination of derivatives			—				27
Adjusted Free Cash Flow		$	2,150			$	6,218
(1) Includes $4 million of Viper’s transaction expenses primarily related to the Sitio Acquisition for the nine months ended September 30, 2026.

NET DEBT

The Company defines the non-GAAP measure of net debt as total debt (excluding debt issuance costs, discounts, premiums and unamortized basis adjustments) less cash and cash equivalents and restricted cash that has been irrevocably deposited for the redemption of principal amounts of outstanding senior notes. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. The Company believes this metric is useful to analysts and investors in determining the Company’s leverage position because the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt.

Diamondback Energy, Inc.
Net Debt
(unaudited, in millions)
		September 30, 2026				Net Q3 Principal Borrowings/ (Repayments)				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
Diamondback total debt(1)		$	10,965			$	(106	)		$	11,071			$	12,448			$	12,462			$	13,792
Diamondback cash and cash equivalents			(548	)							(385	)			(146	)			(91	)			(106	)
Diamondback net debt		$	10,417							$	10,686			$	12,302			$	12,371			$	13,686
Viper total debt(1)		$	2,410			$	715			$	1,695			$	1,620			$	2,205			$	2,640
Viper cash and cash equivalents			(10	)							(77	)			(28	)			(13	)			(433	)
Viper net debt		$	2,400							$	1,618			$	1,592			$	2,192			$	2,207
Total debt		$	13,375			$	609			$	12,766			$	14,068			$	14,667			$	16,432
Cash and cash equivalents			(558	)							(462	)			(174	)			(104	)			(539	)
Net debt		$	12,817							$	12,304			$	13,894			$	14,563			$	15,893
(1) Excludes debt issuance costs, discounts, premiums and unamortized basis adjustments.

DERIVATIVES

As of October 30, 2026, the Company had the following outstanding consolidated derivative contracts, including derivative contracts at Viper. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges and published index prices. Crude oil derivative settlements are based on New York Mercantile Exchange (“NYMEX”) West Texas Intermediate (“WTI”) pricing, Crude Oil Brent pricing and the regional crude oil pricing points indicated below. Natural gas derivative settlements are based on NYMEX Henry Hub pricing and the regional natural gas pricing points indicated below. Basis swaps settle on the differential between the applicable benchmark price and the regional index price, and roll swaps settle on the differential between NYMEX WTI prompt-month and second-month contract prices. When aggregating multiple contracts, the weighted average contract price is disclosed.

		Crude Oil (Bbls/day, $/Bbl)
		Q4 2026			Q1 2027			Q2 2027			Q3 2027			Q4 2027
Long Puts – Crude Brent Oil			10,000			15,000			10,000			—			—
Long Put Price ($/Bbl)		$	55.00		$	55.00		$	55.00			—			—
Deferred Premium ($/Bbl)		$	-1.33		$	-1.27		$	-1.21			—			—
Long Puts – WTI (Magellan East Houston)			75,000			75,000			60,000			30,000			10,000
Long Put Price ($/Bbl)		$	50.67		$	50.00		$	50.00		$	50.00		$	50.00
Deferred Premium ($/Bbl)		$	-1.31		$	-1.25		$	-1.25		$	-1.15		$	-0.98
Long Puts – WTI (Cushing)			175,000			140,000			130,000			90,000			40,000
Long Put Price ($/Bbl)		$	50.57		$	50.00		$	50.00		$	50.00		$	50.00
Deferred Premium ($/Bbl)		$	-1.28		$	-1.28		$	-1.24		$	-1.22		$	-1.15
Basis Swaps – WTI (Midland)			85,000			41,500			41,500			31,500			31,500
		$	1.09		$	1.30		$	1.30		$	1.07		$	1.07
WTI / Brent Basis Puts			290,000			—			—			—			—
Spread ($/Bbl)		$	-41.03			—			—			—			—
Deferred Premium ($/Bbl)		$	-1.44			—			—			—			—
Roll Swaps – WTI			150,000			—			—			—			—
		$	2.89			—			—			—			—

		Natural Gas (Mmbtu/day, $/Mmbtu)
		Q4 2026			FY 2027			FY 2028
Costless Collars – Henry Hub			840,000			720,000			130,000
Floor Price ($/Mmbtu)		$	2.87		$	2.88		$	2.65
Ceiling Price ($/Mmbtu)		$	6.35		$	6.37		$	5.88
Natural Gas Basis Swaps – Waha Hub			650,000			370,000			60,000
		$	-1.75		$	-1.27		$	-1.51
Natural Gas Basis Swaps – Houston Ship Channel			100,000			300,000			150,000
		$	-0.35		$	-0.31		$	-0.33

Investor Contact:
Adam Lawlis
+1 432.221.7467
alawlis@diamondbackenergy.com