Diamondback Energy

Management has a long record of value‑accretive M&A and disciplined development.

The Endeavor merger (closed September 10, 2024) consolidated high‑quality, contiguous Midland acreage; the Double Eagle acquisition (April 1, 2025) added 40 thousand net acres and ~342 net locations; and the 2025 drop‑down of Endeavor mineral/ORRI interests to Viper monetized non‑core cash flows while maintaining exposure via equity.

The board committed to return at least 50 percent of adjusted FCF through a sustainable base dividend and opportunistic buybacks (8.0 billion dollars authorization), while the remainder of FCF focuses on deleveraging. 2025 cash dividends paid were ~1.16 billion dollars and repurchases ~1.71 billion dollars.

This balanced framework is best‑in‑class among U.S. shale peers.