Diamondback Energy Announces Pricing Increase for Secondary Issuance of Common Stock Page 1

MIDLAND, Texas, Sept. 19, 2024 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback”) today announced the increase and pricing of an underwritten public offering of 12,770,000 shares of its common stock (the “Secondary Offering”) by certain Legacy Endeavor Stockholders (the “Selling Stockholders”). The gross proceeds from the sale of the shares by the Selling Stockholders will be approximately $2.2 billion. Diamondback will not receive any proceeds from the sale of the shares by the Selling Stockholders. The Secondary Offering is expected to close on September 23, 2024, subject to customary closing conditions.

The selling shareholders have also granted the underwriters a 30-day option to purchase up to an additional 1,615,500 shares of common stock.