Diamondback Energy, Inc. Amends Credit Agreement Terms

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and its subsidiary Diamondback E&P LLC entered into a sixteenth amendment to their existing Second Amended and Restated Credit Agreement, dated November 1, 2013, with Wells Fargo Bank, National Association, as the administrative agent. The amendment extends the maturity date of the credit agreement from June 2, 2028 to June 12, 2030 and adjusts the interest rate applicable to loans and certain fees, which now range based on the pricing level tied to the Company's long-term senior unsecured debt rating. This amendment also includes modifications to the commitment fee, which ranges from 0.100% to 0.250% per annum on the average daily unused portion of the commitment.

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About Diamondback Energy Inc.

Diamondback Energy Inc. is a publicly traded company that engages in the acquisition, development, exploration, and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin of West Texas. Its primary function is to extract hydrocarbon resources, which includes both crude oil and natural gas, through advanced drilling and recovery techniques. Diamondback Energy leverages its extensive portfolio of assets across the prolific Permian Basin, which is renowned for its rich oil and gas deposits and low-cost production benefits. The company plays a significant role in the energy sector by providing essential natural resources that fuel modern economies. Its strategic focus on high-margin assets and efficient operational practices make it a notable player in the United States energy market. Diamondback's operations impact sectors involved in energy supply, industrial production, and transportation. Headquartered in Midland, Texas, Diamondback Energy is committed to sustainable growth and maximizing shareholder value, ensuring its ongoing contribution to the energy landscape and the broader commodities market.