0001539838-26-000010 | 10-K | XBRL Viewer

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INCOME TAXES - Schedule of Reconciliation of Statutory Federal Income Tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Income tax expense (benefit) at the federal statutory rate	$ 393	$ 945	$ 892
State income tax, net of federal income tax effect	(14)	30	31
Research and development tax credits	(58)	(34)	0
Other, tax credits	(2)	0	0
Changes in valuation allowances	0	(156)	(7)
Impact of nontaxable noncontrolling interest	10	(1)	0
Other, nondeductible	(2)	16	(2)
Changes in unrecognized tax benefits	0	0	(2)
Other, net	0	0	0
Provision for (benefit from) income taxes	$ 327	$ 800	$ 912
Percentage of Income (Loss) Before Taxes
Income tax expense (benefit) at the federal statutory rate	21.00%	21.00%	21.00%
State income tax, net of federal income tax effect	(1.00%)	1.00%	1.00%
Research and development tax credits	(3.00%)	(1.00%)	0.00%
Other, tax credits	0.00%	0.00%	0.00%
Changes in valuation allowances	0.00%	(3.00%)	(1.00%)
Impact of nontaxable noncontrolling interest	0.00%	0.00%	0.00%
Other, nondeductible	0.00%	0.00%	0.00%
Changes in unrecognized tax benefits	0.00%	0.00%	0.00%
Other, net	0.00%	0.00%	0.00%
Provision for (benefit from) income taxes	17.40%	17.80%	21.50%

SUPPLEMENTAL INFORMATION ON OIL AND NATURAL GAS OPERATIONS (Unaudited) - Schedule of Standardized Measure of Discounted Future Net Cash Flows - Proved Crude Oil and Natural Gas Reserves (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Standardized Measure [Abstract]
Future cash inflows	$ 140,499	$ 157,944	$ 106,418
Future development costs	(9,425)	(9,992)	(6,400)
Future production costs	(40,789)	(44,097)	(25,656)
Future production taxes	(9,870)	(10,975)	(7,434)
Future income tax expenses	(12,129)	(16,115)	(11,067)
Future net cash flows	68,286	76,765	55,861
10% discount to reflect timing of cash flows	(31,376)	(36,932)	(28,803)
Standardized measure of discounted future net cash flows	36,910	39,833	27,058	$ 35,699
Undiscounted future asset retirement costs	1,100	1,300	685
Oil and Gas, Delivery Commitment [Line Items]
Standardized measure of discounted future net cash flows	$ 36,910	$ 39,833	$ 27,058	$ 35,699
Viper
Oil and Gas, Delivery Commitment [Line Items]
Ownership percentage by noncontrolling parties	57.00%	55.00%	44.00%
Viper
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Standardized Measure [Abstract]
Standardized measure of discounted future net cash flows	$ 6,600	$ 3,300	$ 3,200
Oil and Gas, Delivery Commitment [Line Items]
Standardized measure of discounted future net cash flows	$ 6,600	$ 3,300	$ 3,200

EQUITY-BASED COMPENSATION - Performance-Based Restricted Stock Units - Narrative (Details) - Performance Shares - Equity Plan - USD ($) $ in Millions	1 Months Ended						12 Months Ended
	May 31, 2025	Mar. 31, 2025	Sep. 30, 2024	Mar. 31, 2024	Jul. 31, 2023	Mar. 31, 2023	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance shares, performance period		3 years		3 years		3 years	3 years
Granted (in shares)	14,881	171,638	6,750	110,989	1,858	126,347	314,724
Share based compensation arrangement by share-based payment award number of shares authorized percent of shares granted		250.00%
Share based award not recognized							$ 43
Unrecognized compensation cost, expected period of recognition							1 year 8 months 12 days
Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation arrangement by share-based payment award number of shares authorized percent of shares granted				250.00%			200.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation arrangement by share-based payment award number of shares authorized percent of shares granted		0.00%
Minimum \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation arrangement by share-based payment award number of shares authorized percent of shares granted				0.00%		0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation arrangement by share-based payment award number of shares authorized percent of shares granted		200.00%
Maximum \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation arrangement by share-based payment award number of shares authorized percent of shares granted				200.00%		200.00%

REVENUE FROM CONTRACTS WITH CUSTOMERS - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Other operating income	$ 97	$ 43	$ 73
Total revenues	15,026	11,066	8,412
Aggregate Revenues
Disaggregation of Revenue [Line Items]
Total revenues	14,994	11,052	8,401
Total oil, natural gas and natural gas liquid revenues
Disaggregation of Revenue [Line Items]
Revenues	13,453	10,100	8,228
Total oil, natural gas and natural gas liquid revenues \| Midland Basin
Disaggregation of Revenue [Line Items]
Revenues	12,399	8,555	6,422
Total oil, natural gas and natural gas liquid revenues \| Delaware Basin
Disaggregation of Revenue [Line Items]
Revenues	1,006	1,535	1,799
Total oil, natural gas and natural gas liquid revenues \| Other
Disaggregation of Revenue [Line Items]
Revenues	48	10	7
Oil sales
Disaggregation of Revenue [Line Items]
Revenues	11,621	9,067	7,279
Oil sales \| Midland Basin
Disaggregation of Revenue [Line Items]
Revenues	10,729	7,711	5,746
Oil sales \| Delaware Basin
Disaggregation of Revenue [Line Items]
Revenues	850	1,347	1,527
Oil sales \| Other
Disaggregation of Revenue [Line Items]
Revenues	42	9	6
Natural gas sales
Disaggregation of Revenue [Line Items]
Revenues	400	89	262
Natural gas sales \| Midland Basin
Disaggregation of Revenue [Line Items]
Revenues	349	65	176
Natural gas sales \| Delaware Basin
Disaggregation of Revenue [Line Items]
Revenues	45	23	85
Natural gas sales \| Other
Disaggregation of Revenue [Line Items]
Revenues	6	1	1
Natural gas liquid sales
Disaggregation of Revenue [Line Items]
Revenues	1,432	944	687
Natural gas liquid sales \| Midland Basin
Disaggregation of Revenue [Line Items]
Revenues	1,321	779	500
Natural gas liquid sales \| Delaware Basin
Disaggregation of Revenue [Line Items]
Revenues	111	165	187
Natural gas liquid sales \| Other
Disaggregation of Revenue [Line Items]
Revenues	0	0	0
Sales of purchased oil
Disaggregation of Revenue [Line Items]
Revenues	1,476	923	111
Other service revenues
Disaggregation of Revenue [Line Items]
Other operating income	$ 65	$ 29	$ 62

FAIR VALUE MEASUREMENTS - Schedule of Asset and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Carrying Value
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Debt	$ 14,489	$ 12,975
Fair Value
Fair value of assets and liabilities measured on a recurring and nonrecurring basis
Debt	$ 14,497	$ 12,564

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

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+ Details

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	12 Months Ended
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION Organization and Description of the Business Diamondback Energy, Inc., together with its subsidiaries (collectively referred to as “Diamondback,” the “Company,” “we” or “our” unless the context otherwise requires), is an independent oil and natural gas company currently focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. As of December 31, 2025, the wholly owned subsidiaries of Diamondback include Diamondback E&P LLC, a Delaware limited liability company, Rattler Midstream GP LLC, a Delaware limited liability company, Rattler Midstream LP, a Delaware limited partnership, QEP Resources, Inc. (“QEP”), a Delaware corporation, Diamondback RE Holdco LLC, a Delaware limited liability company and Eclipse Merger Sub II, LLC, a Delaware limited liability company. Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries, including its publicly-traded subsidiary, Viper Energy, Inc., after all significant intercompany balances and transactions have been eliminated upon consolidation. As of December 31, 2025, the Company is managed as one operating and reportable segment, the upstream segment, which is engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas and includes the activities of Viper as well as the Company’s remaining midstream operations. On August 19, 2025, upon completion of Viper’s Sitio Acquisition (as defined and discussed in Note 4—Acquisitions and Divestitures), VNOM Sub, Inc., (formerly Viper Energy, Inc., “Former Viper”) became a wholly owned subsidiary of Viper Energy Inc., (formerly New Cobra Pubco, Inc., “New Viper”). As of December 31, 2025, the Company owned approximately 42% of Viper’s combined outstanding Class A common stock and Class B common stock on a fully diluted basis, after giving effect to the outstanding TWR Class B Option (as defined and discussed in Note 4—Acquisitions and Divestitures). The Company determined that it controls the activities of Viper in accordance with the guidance for variable interest entities in Accounting Standards Codification (“ASC”) Topic 810, “Consolidation,” and therefore continues to consolidate Viper in the Company’s financial statements at December 31, 2025. See further discussion of the Company’s determination that Viper is a variable interest entity (“VIE”) in Note 2—Summary of Significant Accounting Policies. The results of operations attributable to the non-controlling interest in Viper are presented within equity and net income and are shown separately from the equity and net income attributable to the Company. On November 13, 2023, the Company’s publicly traded subsidiary, Viper Energy Partners LP, completed its conversion from a Delaware limited partnership into a Delaware corporation, Viper Energy, Inc. (the “Viper Conversion”). At the time of the Viper Conversion, Viper was a “controlled company” under the Nasdaq rules because the Company owned more than 50% of the voting power of Viper’s common stock. On October 31, 2023, pursuant to a common unit purchase and sale agreement entered into on September 4, 2023, Viper issued approximately 7.22 million of its common units, which were converted to shares of Viper Class A common stock at the time of the Viper Conversion, to the Company at a price of $27.72 per unit for total consideration to Viper of approximately $200 million. On March 5, 2024, the Company exercised certain of its demand rights, pursuant to a registration rights agreement amended and restated on November 10, 2023, and on March 8, 2024, completed a public offering of approximately 13.23 million shares of Viper’s Class A common stock at a price of $35.00 per share for proceeds, net of underwriters’ discount, of approximately $451 million. After this offering, the Company owned less than 50% of Viper’s combined outstanding Class A common stock and Class B common stock, resulting in Viper no longer being a controlled company under the Nasdaq rules. References to “Viper” refer to (i) New Viper following the Sitio Acquisition, (ii) Former Viper prior to the Sitio Acquisition but after the Viper Conversion, and (iii) Viper Energy Partners LP prior to the Viper Conversion. For definition and details on Viper’s Sitio Acquisition, see Note 4—Acquisitions and Divestitures. Reclassifications Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. These reclassifications had an immaterial effect on the previously reported total assets, total liabilities, stockholders’ equity, results of operations or cash flows.

DEBT - Viper LLC’s Revolving Credit Facility (Details) - Revolving Credit Facility - Line of Credit - Viper Energy Partners LLC $ in Millions		12 Months Ended
	Jun. 12, 2025 USD ($) extensionOption	Dec. 31, 2025 USD ($)	Dec. 31, 2024	Dec. 31, 2023
Viper revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,500
Number of options to extend maturity date \| extensionOption	3
Extension period	1 year
Long-term debt, gross		$ 105
Remaining borrowing capacity		$ 1,400
Weighted average interest rate		6.02%	7.34%	7.41%
Debt covenant, total net debt to capitalization ratio	65.00%
Viper revolving credit facility \| Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage based on unused portion of borrowing base	0.125%
Viper revolving credit facility \| Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage based on unused portion of borrowing base	0.325%
Viper revolving credit facility \| Federal Funds Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Viper revolving credit facility \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Basis spread on variable rate, floor	1.00%
Viper Revolving Credit Facility, Alternate Base Rate Loans \| Base Rate \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.125%
Viper Revolving Credit Facility, Alternate Base Rate Loans \| Base Rate \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Viper Revolving Credit Facility, Term SOFR Loans \| Secured Overnight Financing Rate (SOFR) \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.125%
Viper Revolving Credit Facility, Term SOFR Loans \| Secured Overnight Financing Rate (SOFR) \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.00%

DEBT - Schedule of Interest Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Interest expense	$ 837	$ 624	$ 346
Other fees and expenses	4	3	2
Less: interest income	25	156	18
Less: capitalized interest	572	336	171
Interest expense, net	$ 244	$ 135	$ 159

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

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+ Details

ASSET RETIREMENT OBLIGATIONS

12 Months Ended

Dec. 31, 2025

Asset Retirement Obligation [Abstract]

ASSET RETIREMENT OBLIGATIONS

The following table describes the changes to the Company’s asset retirement obligations liability for the following periods:


	Year Ended December 31,
	2025		2024
	(In millions)
Asset retirement obligations, beginning of period	$	592	$	245
Additional liabilities incurred	50		8
Liabilities acquired	15		278
Liabilities settled and divested	(153)		(37)
Accretion expense	35		22
Revisions in estimated liabilities	3		76
Asset retirement obligations, end of period	542		592
Less: current portion(1)	31		19
Asset retirement obligations - long-term(2)	$	511	$	573

(1)The current portion of the asset retirement obligation is included in the caption “Other accrued liabilities” in the Company’s consolidated balance sheets.

(2)The long-term portion of the asset retirement obligation is included in the caption “Other long-term liabilities” in the Company’s consolidated balance sheets.

The Company’s asset retirement obligations primarily relate to the future plugging and abandonment of wells and related facilities. The Company estimates the future plugging and abandonment costs of wells, the ultimate productive life of the properties, a risk-adjusted discount rate and an inflation factor in order to determine the current present value of this obligation. To the extent future revisions to these assumptions impact the present value of the existing asset retirement obligation liability, a corresponding adjustment is made to the oil and natural gas property balance.

RELATED PARTY TRANSACTIONS - Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions				12 Months Ended
	Nov. 28, 2025 $ / shares shares	Oct. 01, 2025 county	Sep. 01, 2023 county	Dec. 31, 2025 USD ($) county	Dec. 31, 2024 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of counties			12
Water Services Agreement
Schedule of Equity Method Investments [Line Items]
Related party transaction amounts \| $				$ 199	$ 135
Related Party
Schedule of Equity Method Investments [Line Items]
Number of counties				12
Repurchase authorization (in shares) \| shares	3.0
Stock repurchased and retired during period (in shares) \| shares	2.0
Stock repurchased during period (in dollars per share) \| $ / shares	$ 152.59
Deep Blue
Schedule of Equity Method Investments [Line Items]
Ownership Interest		30.00%	30.00%	30.00%
Agreement term		15 years	15 years
Number of counties		12
Deep Blue \| Related Party
Schedule of Equity Method Investments [Line Items]
Agreement term				15 years

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

The Company is a party to various routine legal proceedings, disputes and claims arising in the ordinary course of its business, including those that arise from interpretation of federal and state laws and regulations affecting the crude oil and natural gas industry, personal injury claims, title disputes, royalty disputes, contract claims, employment claims, claims alleging violations of antitrust laws, contamination claims relating to oil and natural gas exploration and development and environmental claims, including claims involving assets previously sold to third parties and no longer part of the Company’s current operations. While the ultimate outcome of the pending proceedings, disputes or claims and any resulting impact on the Company, cannot be predicted with certainty, the Company’s management believes that none of these matters, if ultimately decided adversely, will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. The Company’s assessment is based on information known about the pending matters and its experience in contesting, litigating and settling similar matters. Actual outcomes could differ materially from the Company’s assessment. The Company records accrued liabilities for contingencies related to outstanding legal proceedings, disputes or claims when information available indicates that a loss is probable and the amount of the loss can be reasonably estimated.

Commitments

The following is a schedule of minimum future payments with commitments that have initial or remaining noncancellable terms in excess of one year as of December 31, 2025:


Year Ending December 31,	Transportation Commitments(1)(2)		Electrical Power Agreements(3)		Other Operating Agreements(4)		Electrical Fracturing Fleet(5)
	(In millions)
2026	$	275	$	125	$	114	$	50
2027	316		128		43		50
2028	313		98		14		24
2029	312		95		6		—
2030	312		21		6		—
Thereafter	1,485		28		24		—
Total	$	3,013	$	495	$	207	$	124

(1)Total costs incurred under take-or-pay and throughput obligations were approximately $449 million, $337 million and $266 million in 2025, 2024 and 2023, respectively.

(2)The Company has committed to transport gross quantities of crude oil and natural gas on various pipelines under a variety of contracts including throughput and take-or-pay agreements. The Company’s failure to purchase the minimum level of quantities would require it to pay shortfall fees up to the amount of the original monthly commitment amounts included in the table above.

(3)The Company has fixed price contracts with various suppliers for the purchase of electrical power through 2032.

(4)The Company is party to various operational agreements containing fixed or minimum payments, which include the rental of compressors, sand purchases, produced water disposal and miscellaneous other operating leases. The amounts in the table above represent our fixed or minimum payments under the aforementioned types of agreements.

(5)The Company has commitments for the Company’s electric fracturing fleet and related power generating services.

At December 31, 2025, the Company’s delivery commitments covered the following gross volumes of oil:


Year Ending December 31,						Oil Volume Commitments (Bbl/d)
2026						150,000
2027						150,000
2028						50,000
2029						50,000
2030						50,000
Thereafter						50,000
Total						500,000

The Company and Five Point currently anticipate collectively contributing $500 million in follow-on capital to fund future growth projects and acquisitions for Deep Blue.

Environmental Matters

The United States Department of the Interior, Bureau of Safety and Environmental Enforcement ordered several oil and gas operators, including a corporate predecessor of Energen Corporation, to perform decommissioning and reclamation activities related to a Louisiana offshore oil and gas production platform and related facilities. In response to the insolvency of the operator of record, the government ordered the former operators and/or alleged former lease record title owners to decommission the platform and related facilities. The Company has agreed to an arrangement with other operators to contribute to a trust to fund the decommissioning costs, however, the Company’s portion of such costs are not expected to be material.

Several coastal Louisiana parishes and the State of Louisiana have filed numerous lawsuits under Louisiana’s State and Local Coastal Resources Management Act (“SLCRMA”) against numerous oil and gas producers seeking damages for coastal erosion in or near oil fields located within Louisiana’s coastal zone. The Company is a defendant in five of these cases. The Company has exercised contractual indemnification rights where applicable. Plaintiffs’ SLCRMA theories are unprecedented and there remains significant uncertainty about the claims (both as to scope and damages). Although the Company cannot predict the ultimate outcome of these matters, the Company believes the claims lack merit and intends to continue vigorously defending these lawsuits.

DERIVATIVES - Schedule of Gains and Losses on Derivative Instruments Included in Statement of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net:	$ 341	$ 137	$ (259)
Net cash received (paid) on settlements:	181	(51)	(110)
Loss on derivative instruments, net	(341)	(137)	259
Commodity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net:	311	210	(239)
Net cash received (paid) on settlements:	259	57	(61)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net:	18	(45)	(20)
Net cash received (paid) on settlements:	(80)	(83)	(49)
2026 WTI Contingent Liability
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net:	10	(3)	0
Treasury locks
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivative instruments, net:	2	(25)	0
Net cash received (paid) on settlements:	2	(25)	$ 0
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Loss on derivative instruments, net	$ 67	$ 37

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(6)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CC
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

+ Details

DEBT - Schedule of Long-term Debt Maturities (Details) $ in Millions	Dec. 31, 2025 USD ($)
Debt Disclosure [Abstract]
2026	$ 763
2027	1,900
2028	73
2029	915
2030	1,455
Thereafter	9,561
Total debt, net	$ 14,667

DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

As of December 31, 2025, the Company had the following outstanding commodity derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed:


					Swaps	Collars
Settlement Month	Settlement Year	Type of Contract	Bbls/MMBtu Per Day	Index	Weighted Average Differential		Weighted Average Floor Price	Weighted Average Ceiling Price
OIL
Jan. - Jun.	2026	Basis Swap(1)	35,000	Argus WTI Midland	$0.94		$—	$—
Jul. - Dec.	2026	Basis Swap(1)	30,000	Argus WTI Midland	$0.93		$—	$—
NATURAL GAS
Jan. - Dec.	2026	Costless Collar	840,000	Henry Hub	$—		$2.87	$6.35
Jan. - Dec.	2027	Costless Collar	640,000	Henry Hub	$—		$2.90	$6.41
Jan. - Dec.	2026	Basis Swap(1)	650,000	Waha Hub	$(1.69)		$—	$—
Jan. - Dec.	2026	Basis Swap(1)	100,000	HSC Hub	$(0.35)		$—	$—
Jan. - Dec.	2027	Basis Swap(1)	340,000	Waha Hub	$(1.28)		$—	$—
Jan. - Dec.	2027	Basis Swap(1)	180,000	HSC Hub	$(0.25)		$—	$—

(1)The Company has fixed price basis swaps for the spread between the Cushing crude oil price and the Midland WTI crude oil price as well as the spread between the Henry Hub natural gas price, the Waha Hub and the HSC Hub natural gas price. The weighted average differential represents the amount of reduction to the Cushing, Oklahoma, oil price and the Waha Hub and HSC Hub natural gas price for the notional volumes covered by the basis swap contracts.


Settlement Month	Settlement Year	Type of Contract	Bbls Per Day	Index	Strike Price	Deferred Premium
OIL
Jan. - Mar.	2026	Put	36,000	Brent	$53.13	$1.73
Jan. - Mar.	2026	Put	95,000	Argus WTI Houston	$51.13	$1.66
Jan. - Mar.	2026	Put	185,000	WTI Cushing	$51.73	$1.64
Apr. - Jun.	2026	Put	27,000	Brent	$52.50	$1.72
Apr. - Jun.	2026	Put	70,000	Argus WTI Houston	$50.00	$1.68
Apr. - Jun.	2026	Put	130,000	WTI Cushing	$49.71	$1.70
Jul. - Sep.	2026	Put	5,000	Brent	$52.50	$1.63
Jul. - Sep.	2026	Put	15,000	Argus WTI Houston	$50.00	$1.74
Jul. - Sep.	2026	Put	20,000	WTI Cushing	$50.00	$1.84

Schedule of Derivative Contract Gains and Losses Included in the Consolidated Statements of Operations

The following table summarizes the gains and losses on derivative instruments included in the consolidated statements of operations:


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Gain (loss) on derivative instruments, net:
Commodity contracts	$	311	$	210	$	(239)
Interest rate swaps(1)	18		(45)		(20)
2026 WTI Contingent Liability	10		(3)		—
Treasury locks	2		(25)		—
Total	$	341	$	137	$	(259)

Net cash received (paid) on settlements:
Commodity contracts	$	259	$	57	$	(61)
Interest rate swaps(1)	(80)		(83)		(49)
Treasury locks	2		(25)		—
Total	$	181	$	(51)	$	(110)

(1)The years ended December 31, 2025 and 2024 include cash paid on interest rate swaps terminated prior to their contractual maturity of $67 million and $37 million, respectively.

SUPPLEMENTAL INFORMATION ON OIL AND NATURAL GAS OPERATIONS (Unaudited) - Schedule of Costs Incurred in Crude Oil and Natural Gas Activities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Acquisition costs:
Proved properties	$ 4,608	$ 21,275	$ 1,314
Unproved properties	5,226	15,568	1,701
Development costs	3,613	2,992	1,962
Exploration costs	212	194	768
Total	$ 13,659	$ 40,029	$ 5,745

SUPPLEMENTAL INFORMATION ON OIL AND NATURAL GAS OPERATIONS (Unaudited) - Schedule of Capitalized Oil and Natural Gas Costs (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Oil and natural gas properties:
Proved properties	$ 71,588	$ 59,574
Unproved properties	23,941	22,666
Total oil and natural gas properties	95,529	82,240
Accumulated depletion	(15,974)	(11,083)
Accumulated impairment	(11,606)	(7,954)
Oil and natural gas properties, net	$ 67,949	$ 63,203

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) $ / Boe	Dec. 31, 2024 USD ($) $ / Boe	Dec. 31, 2023 USD ($) $ / Boe	Mar. 31, 2024	Mar. 08, 2024	Nov. 13, 2023
Product Information [Line Items]
Remaining performance obligation, amount	$ 0
Depreciation, depletion, amortization and accretion	$ 5,038,000,000	$ 2,850,000,000	$ 1,746,000,000
Estimated future net revenue discounted rate per annum	10.00%
Accounts receivable, expected payment period	3 months
Impairment of long-lived assets	$ 0	0	0
Equity method investment impairment	$ 0	$ 0	$ 0
Viper
Product Information [Line Items]
Ownership percentage	42.00%			50.00%	50.00%	50.00%
Oil and Gas Properties
Product Information [Line Items]
Average depletion rate per barrel equivalent unit of production (usd per BOE) \| $ / Boe	14.60	12.60	10.21
Depreciation, depletion, amortization and accretion	$ 4,900,000,000	$ 2,800,000,000	$ 1,700,000,000
Minimum
Product Information [Line Items]
Settlement statements received, after production delivered, period	30 days
Minimum \| Other Property and Equipment, Net
Product Information [Line Items]
Estimated useful life of property and equipment	3 years
Maximum
Product Information [Line Items]
Settlement statements received, after production delivered, period	90 days
Maximum \| Other Property and Equipment, Net
Product Information [Line Items]
Estimated useful life of property and equipment	30 years

ACQUISITIONS AND DIVESTITURES - Schedule of Acquisition Consideration Paid to Endeavor Equityholders in the Endeavor Acquisition (Details) - Endeavor Acquisition $ / shares in Units, shares in Thousands, $ in Millions	Sep. 10, 2024 USD ($) $ / shares shares
Business Combination [Line Items]
Shares of Diamondback common stock to be issued at closing (in shares) \| shares	117,267
Closing price per share of Diamondback common stock on the closing date (in dollars per share) \| $ / shares	$ 171.49
Fair value of Diamondback common stock issued	$ 20,110
Base cash amount	8,000
Preliminary closing adjustments	(928)
Cash consideration to Endeavor equityholders	7,072
Cash payment of net debt position and make-whole amount	238
Total cash consideration	7,310
Total consideration	$ 27,420

FAIR VALUE MEASUREMENTS - Schedule of Recurring Measurements (Details) - Fair Value, Recurring - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Other assets:
Assets:
Gross Amounts Offset in Balance Sheet	$ 0	$ 0
Investment	30	8
2026 WTI Contingent Liability \| Other accrued liabilities:
Liabilities:
Total Gross Fair Value	20
Gross Amounts Offset in Balance Sheet	0
Net Fair Value Presented in Balance Sheet	20
2026 WTI Contingent Liability \| Other long-term liabilities:
Liabilities:
Total Gross Fair Value		30
Gross Amounts Offset in Balance Sheet		0
Net Fair Value Presented in Balance Sheet		30
Commodity derivative instruments \| Prepaid expenses and other current assets:
Assets:
Total Gross Fair Value	335	274
Gross Amounts Offset in Balance Sheet	(101)	(106)
Net Fair Value Presented in Balance Sheet	234	168
Commodity derivative instruments \| Other assets:
Assets:
Total Gross Fair Value	49	19
Gross Amounts Offset in Balance Sheet	(42)	(17)
Net Fair Value Presented in Balance Sheet	7	2
Commodity derivative instruments \| Derivative instruments:
Liabilities:
Total Gross Fair Value	109	121
Gross Amounts Offset in Balance Sheet	(101)	(106)
Net Fair Value Presented in Balance Sheet	8	15
Commodity derivative instruments \| Other long-term liabilities:
Liabilities:
Total Gross Fair Value	77	27
Gross Amounts Offset in Balance Sheet	(42)	(17)
Net Fair Value Presented in Balance Sheet	35	10
Interest rate swaps \| Derivative instruments:
Liabilities:
Total Gross Fair Value	7	28
Gross Amounts Offset in Balance Sheet	0	0
Net Fair Value Presented in Balance Sheet	7	28
Interest rate swaps \| Other long-term liabilities:
Liabilities:
Total Gross Fair Value	20	96
Gross Amounts Offset in Balance Sheet	0	0
Net Fair Value Presented in Balance Sheet	20	96
Level 1 \| Other assets:
Assets:
Investment	30	8
Level 1 \| 2026 WTI Contingent Liability \| Other accrued liabilities:
Liabilities:
Total Gross Fair Value	0
Level 1 \| 2026 WTI Contingent Liability \| Other long-term liabilities:
Liabilities:
Total Gross Fair Value		0
Level 1 \| Commodity derivative instruments \| Prepaid expenses and other current assets:
Assets:
Total Gross Fair Value	0	0
Level 1 \| Commodity derivative instruments \| Other assets:
Assets:
Total Gross Fair Value	0	0
Level 1 \| Commodity derivative instruments \| Derivative instruments:
Liabilities:
Total Gross Fair Value	0	0
Level 1 \| Commodity derivative instruments \| Other long-term liabilities:
Liabilities:
Total Gross Fair Value	0	0
Level 1 \| Interest rate swaps \| Derivative instruments:
Liabilities:
Total Gross Fair Value	0	0
Level 1 \| Interest rate swaps \| Other long-term liabilities:
Liabilities:
Total Gross Fair Value	0	0
Level 2 \| Other assets:
Assets:
Investment	0	0
Level 2 \| 2026 WTI Contingent Liability \| Other accrued liabilities:
Liabilities:
Total Gross Fair Value	20
Level 2 \| 2026 WTI Contingent Liability \| Other long-term liabilities:
Liabilities:
Total Gross Fair Value		30
Level 2 \| Commodity derivative instruments \| Prepaid expenses and other current assets:
Assets:
Total Gross Fair Value	335	274
Level 2 \| Commodity derivative instruments \| Other assets:
Assets:
Total Gross Fair Value	49	19
Level 2 \| Commodity derivative instruments \| Derivative instruments:
Liabilities:
Total Gross Fair Value	109	121
Level 2 \| Commodity derivative instruments \| Other long-term liabilities:
Liabilities:
Total Gross Fair Value	77	27
Level 2 \| Interest rate swaps \| Derivative instruments:
Liabilities:
Total Gross Fair Value	7	28
Level 2 \| Interest rate swaps \| Other long-term liabilities:
Liabilities:
Total Gross Fair Value	20	96
Level 3 \| Other assets:
Assets:
Investment	0	0
Level 3 \| 2026 WTI Contingent Liability \| Other accrued liabilities:
Liabilities:
Total Gross Fair Value	0
Level 3 \| 2026 WTI Contingent Liability \| Other long-term liabilities:
Liabilities:
Total Gross Fair Value		0
Level 3 \| Commodity derivative instruments \| Prepaid expenses and other current assets:
Assets:
Total Gross Fair Value	0	0
Level 3 \| Commodity derivative instruments \| Other assets:
Assets:
Total Gross Fair Value	0	0
Level 3 \| Commodity derivative instruments \| Derivative instruments:
Liabilities:
Total Gross Fair Value	0	0
Level 3 \| Commodity derivative instruments \| Other long-term liabilities:
Liabilities:
Total Gross Fair Value	0	0
Level 3 \| Interest rate swaps \| Derivative instruments:
Liabilities:
Total Gross Fair Value	0	0
Level 3 \| Interest rate swaps \| Other long-term liabilities:
Liabilities:
Total Gross Fair Value	$ 0	$ 0

ACQUISITIONS AND DIVESTITURES

12 Months Ended

Dec. 31, 2025

Business Combinations And Divestitures [Abstract]

ACQUISITIONS AND DIVESTITURES

2025 Activity

Diamondback Acquisitions and Divestitures

EPIC Divestiture

On October 31, 2025, the Company divested its 27.5% equity interest in EPIC Crude Holdings, LP (“EPIC”) pursuant to a definitive purchase and sale agreement with Plains All American Pipeline, L.P. and Plains GP Holdings for approximately $504 million in cash and an additional $96 million in unrecognized contingent consideration (the “EPIC Divestiture”). The EPIC Divestiture resulted in a gain on the sale of equity method investments of approximately $299 million, which is included in the caption “Other income (expense), net” on the consolidated statements of operations for the year ended December 31, 2025. The contingent cash payment is due should the capacity expansion of EPIC be formally sanctioned before year-end 2027.

Divestiture of Water Assets to Deep Blue

On October 1, 2025, the Company divested Environmental Disposal Systems, LLC, a subsidiary originally acquired in connection with the Endeavor Acquisition, to Deep Blue Midland Basin LLC (“Deep Blue”), in exchange for upfront net cash proceeds of $694 million, subject to customary post-closing adjustments, and approximately $34 million of additional equity interests issued by Deep Blue as non-cash consideration. The transaction provides for the potential for the Company to earn up to an additional $200 million. If certain completion thresholds are not met, the Company could owe up to $150 million in contingent consideration for the years 2026 through 2028. The Company will recognize any contingent gains when

realizable at the end of each annual measurement period, or will accrue a contingent loss if at any time a payable to Deep Blue becomes probable and reasonably estimable. The divestiture resulted in a gain of approximately $168 million, which is included in the caption “Other operating expenses, net” on the consolidated statements of operations for the year ended December 31, 2025. As part of the divestiture, the Company renewed its 15-year dedication to Deep Blue for its produced water and supply water within a 12-county area of mutual interest in the Midland Basin. The Company’s equity ownership interest in Deep Blue remained at 30% following the closing of the transaction. The cash proceeds from the divestiture were used to repay borrowings under the Credit Agreement (as defined and discussed in Note 8—Debt) and for general corporate purposes.

2025 Drop Down

On May 1, 2025, the Company’s wholly owned subsidiary Endeavor Energy Resources, LP (“EER LP”) divested all of the issued and outstanding equity interests in 1979 Royalties, LP and 1979 Royalties GP, LLC (collectively, the “Endeavor Subsidiaries”), each of which was a subsidiary of the Company, pursuant to a definitive equity purchase agreement with Viper and Viper LLC in exchange for consideration consisting of (i) $873 million in cash including customary post-closing adjustments, and (ii) the issuance of 69.63 million Viper LLC units and an equivalent number of shares of Viper’s Class B common stock (the “2025 Drop Down”). The Company incurred $21 million in advisory, legal and filing fees related to the 2025 Drop Down, which are reflected in the consolidated statement of operations in the caption “Other operating expenses, net.” Viper funded the cash consideration for the 2025 Drop Down with a portion of the proceeds from the Viper 2025 Equity Offering (as defined and discussed in Note 9—Stockholders’ Equity and Earnings (Loss) Per Share) and borrowings under the Viper Revolving Credit Facility (as defined and discussed in Note 8—Debt). The 2025 Drop Down was accounted for as a transaction between entities under common control.

EER LP can exchange some or all of the Viper LLC units received together with an equal number of shares of Viper’s Class B common stock for an equal number of shares of Viper’s Class A common stock. The mineral and royalty interests held and divested by the Endeavor Subsidiaries at the closing of the 2025 Drop Down represented approximately 24,446 net royalty acres in the Permian Basin, 69% of which were operated by the Company, have an average net royalty interest of approximately 2.2% and had oil production as of the closing date of approximately 17,097 BO/d (the “Endeavor Mineral and Royalty Interests”). The Endeavor Mineral and Royalty Interests included interests in horizontal wells comprised of 5,574 gross proved developed production wells (of which approximately 32% were operated by the Company), 116 gross completed wells and 394 gross drilled but uncompleted wells, all of which were principally concentrated in the Midland Basin, with the balance located primarily in the Delaware and Williston Basins.

Double Eagle Acquisition

On April 1, 2025, the Company completed its acquisition of all of the issued and outstanding interests of DE Permian, LLC, DE IV Combo, LLC and DE IV Operating, LLC, each of which were wholly owned subsidiaries of Double Eagle IV Midco, LLC (the “Double Eagle Acquisition”) for consideration of $3.1 billion in cash and approximately 6.84 million shares of the Company’s common stock, including transaction costs and subject to certain customary post-closing adjustments. The assets acquired in the Double Eagle Acquisition consisted of approximately 67,700 gross (40,000 net) acres, which are primarily located in the Midland Basin and approximately 407 gross (342 net) horizontal locations in primary development targets. The Company funded the cash portion of the Double Eagle Acquisition through a combination of proceeds from the 2035 Notes (as defined and discussed in Note 8—Debt), proceeds from the 2025 Term Loan (as defined and discussed in Note 8—Debt) and borrowings under the Company’s revolving credit facility. The Double Eagle Acquisition was accounted for as an asset acquisition in accordance with ASC Topic 805, “Business Combinations.”

Other Transactions

During the year ended December 31, 2025, the Company completed individually insignificant acquisitions for an aggregate purchase price of approximately $879 million, including customary closing adjustments.

The Company divested non-core assets in individually insignificant transactions for an aggregate of approximately $464 million in proceeds, including customary closing adjustments, during the year ended December 31, 2025.

During the year ended December 31, 2025, the Company exchanged assets valued at approximately $835 million, including customary closing adjustments, in individually insignificant non-monetary transactions.

Viper Acquisition

Sitio Acquisition

On August 19, 2025, Viper completed a series of transactions in which New Viper acquired Sitio Royalties Corp. (“Sitio”), Sitio Royalties Operating Partnership, LP (“Sitio OpCo”) and their respective subsidiaries, pursuant to the Agreement and Plan of Merger, dated June 2, 2025, by and among Former Viper, Viper LLC, Sitio, Sitio OpCo, New Viper, Cobra Merger Sub, Inc. and Scorpion Merger Sub, Inc. (the “Sitio Acquisition”). The Sitio Acquisition was an all-equity transaction valued at approximately $4.0 billion, including customary transaction costs and post-closing adjustments and the partial retirement of Sitio’s net debt of approximately $1.2 billion.

The mineral and royalty interests acquired in the Sitio Acquisition represent approximately 25,300 net royalty acres in the Permian Basin and approximately 9,000 net royalty acres in the Denver-Julesburg, Eagle Ford and Williston basins, for total acreage of approximately 34,300 net royalty acres. See Note 16—Subsequent Events for discussion of divestiture of the Viper non-Permian acreage in 2026. The Sitio Acquisition was accounted for as an asset acquisition in accordance with ASC Topic 805, “Business Combinations.”

2024 Activity

Diamondback Acquisitions and Divestiture

TRP Exchange

On December 20, 2024, the Company completed a transaction with TRP Energy, LLC (“TRP”), in which the Company exchanged certain assets including approximately 47,034 gross (35,673 net) acres located in the Delaware Basin and $312 million in cash, subject to customary post-closing adjustments, for certain of TRP’s assets consisting of approximately 21,582 gross (15,421 net) acres located in the Midland Basin with 55 operated locations (the “TRP Exchange”). The TRP Exchange expanded our operating footprint and enhanced our inventory of near-term drilling locations, and was valued at approximately $1.3 billion. The Company funded the cash portion of the exchange with cash on hand and borrowings under its revolving credit facility.

The following table presents the acquisition consideration transferred in the TRP Exchange (in millions):


Consideration:
Oil and natural gas properties	$	989
Midstream assets	53
Suspense liabilities relieved	(9)
Cash consideration	312
Total consideration	$	1,345

Acquisition Date Fair Value of Consideration Transferred

The acquisition date fair value of oil and natural gas properties transferred was determined using an income approach utilizing the discounted cash flow method, which takes into account production forecasts, projected commodity prices and pricing differentials, and estimates of future capital and operating costs which were then discounted utilizing an estimated weighted-average cost of capital for industry market participants. These inputs are not observable in the market and are considered level 3 inputs within the fair value hierarchy. The oil and natural gas properties transferred did not significantly impact the Company’s capitalized costs or proved reserves as of December 31, 2024.

The acquisition date fair value of midstream assets transferred was determined based on the cost approach, which utilized asset listings and cost records with consideration for the age, condition, utilization and economic support of the assets.

Allocation of Consideration Transferred

The TRP Exchange has been accounted for under the acquisition method of accounting for business combinations in accordance with ASC Topic 805, “Business Combinations.” The following table represents the allocation of the total consideration transferred in the TRP Exchange to the identifiable assets acquired and the liabilities assumed based on the fair values at the acquisition date. The purchase price allocation was completed in December 2025.

The following table sets forth the Company’s purchase price allocation (in millions):


Total consideration	$	1,345

Fair value of liabilities assumed:
Suspense liabilities	$	(8)

Fair value of assets acquired:
Oil and natural gas properties	1,353
Net assets acquired and liabilities assumed	$	1,345

With the completion of the TRP Exchange, the Company acquired proved properties of $851 million and unproved properties of $502 million.

The results of operations attributable to the TRP Exchange since the acquisition date have been included in the consolidated statements of operations and were insignificant for the year ended December 31, 2024.

Endeavor Acquisition

On September 10, 2024, the Company completed its acquisition of Endeavor Parent, LLC (“Endeavor”) (the “Endeavor Acquisition”) for consideration consisting of (i) $7.1 billion in cash paid to the Endeavor equityholders, (ii) $238 million for the repayment of Endeavor’s net debt, which included the $219 million net debt position and the associated $19 million make-whole premium paid upon redemption of the senior notes and costs incurred to terminate Endeavor’s revolving credit facility, and (iii) approximately 117.27 million shares of the Company’s common stock. The Endeavor Acquisition included approximately 500,849 gross (361,927 net) acres, which are primarily located in the Permian Basin. Following the Endeavor Acquisition, the Company believes its inventory has industry-leading depth and quality that will be converted into cash flow with the industry’s lowest cost structure, creating a differentiated value proposition for Diamondback stockholders.

The cash consideration for the Endeavor Acquisition was funded through a combination of cash on hand, the net proceeds from the Company’s April 2024 Notes offering and borrowings under the Tranche A Loans. Immediately following the close of the Endeavor Acquisition, Endeavor equityholders held approximately 39.8% of Diamondback’s common stock. As of December 31, 2025, Endeavor’s equityholders held approximately 35.8% of the Company’s common stock.

Following the closing of the Endeavor Acquisition, the Company filed with the SEC a shelf registration statement, which became immediately effective upon filing, registering for resale the shares of common stock issued in the Endeavor Acquisition, as required by the terms of the related registration rights agreement.

The following table presents the acquisition consideration paid to Endeavor equityholders in the Endeavor Acquisition (in millions, except per share data, shares in thousands):


Consideration:
Shares of Diamondback common stock issued at closing	117,267
Closing price per share of Diamondback common stock on the closing date	$	171.49
Fair value of Diamondback common stock issued	$	20,110

Base cash amount	$	8,000
Preliminary closing adjustments	(928)
Cash consideration to Endeavor equityholders	7,072
Cash payment of net debt position and make-whole amount	238
Total cash consideration	7,310

Total consideration (including fair value of Diamondback common stock issued)	$	27,420

Purchase Price Allocation

The Endeavor Acquisition was accounted for under the acquisition method of accounting for business combinations in accordance with ASC Topic 805, “Business Combinations.” The following table represents the allocation of the total purchase price for the acquisition of Endeavor to the identifiable assets acquired and the liabilities assumed based on the fair values at the acquisition date. The purchase price allocation was completed in September 2025.

The following table sets forth the Company’s purchase price allocation (in millions):


Total consideration	$	27,420

Fair value of liabilities assumed:
Accounts payable - trade	$	18
Accrued capital expenditures	225
Other accrued liabilities	524
Revenues and royalties payable	567
Derivative instruments	5
Income taxes payable	223
Other current liabilities	25
Asset retirement obligations	267
Deferred income taxes	7,249
Other long-term liabilities	5
Amount attributable to liabilities acquired	$	9,108

Fair value of assets acquired:

Accounts receivable - joint interest and other, net	$	63
Accounts receivable - oil and natural gas sales, net	659
Inventories	77
Derivative instruments	25
Prepaid expenses and other current assets	20
Oil and natural gas properties	34,805
Other property, equipment and land	849
Other assets	30
Amount attributable to assets acquired	36,528

Net assets acquired and liabilities assumed	$	27,420

The purchase price allocation above is based on the fair values of the assets and liabilities of Endeavor as of the closing date of the Endeavor Acquisition. The majority of the value of assets acquired and liabilities assumed was measured based on inputs that are not observable in the market and are therefore considered Level 3 inputs. The fair value of acquired property and equipment is based on the cost approach, which utilized asset listings and cost records with consideration for the reported age, condition, utilization and economic support of the assets. Oil and natural gas properties were valued using an income approach utilizing the discounted cash flow method, which takes into account production and mineral interest forecasts, projected commodity prices and pricing differentials, and estimates of future capital and operating costs which were then discounted utilizing an estimated weighted-average cost of capital for industry market participants. The value of derivative instruments was based on observable inputs including forward commodity-price curves which are considered Level 2 inputs. Deferred income taxes represent the tax effects of differences in the tax basis and acquisition-date fair values of assets acquired and liabilities assumed. The fair values of asset retirement obligations and inventories were calculated in accordance with the Company’s internal policies as described in Note 2—Summary of Significant Accounting Policies. The fair values of various current assets and liabilities including accounts receivable and accounts payable approximate their carrying values on the closing date of the Endeavor Acquisition because of the short-term nature of the instruments.

With the completion of the Endeavor Acquisition, the Company acquired proved properties of $20.6 billion and unproved properties of $14.2 billion, primarily in the Midland Basin.

The results of operations attributable to the Endeavor Acquisition since the acquisition date have been included in the consolidated statements of operations and include $1.8 billion of total revenue and $459 million of net income for the year ended December 31, 2024.

WTG Midstream Transaction

The Company owns a 25% non-operating equity investment in Remuda Midstream Holdings LLC, referred to as the “WTG joint venture.” On July 15, 2024, the WTG joint venture sold its subsidiary, WTG Midstream LLC, (the “WTG Midstream Transaction”) for which the Company received as its portion of the consideration 10.1 million common units issued by Energy Transfer LP (NYSE: ET) and $190 million in cash, subject to customary post-closing adjustments. The common unit consideration was also subject to preferred distributions to incentive members of the WTG joint venture which reduced the proceeds attributable to the Company. At the closing of the WTG Midstream Transaction, the value attributable to the Company of the 10.1 million common units was approximately $135 million, of which approximately $81 million was received by the Company and $54 million was initially held in escrow pursuant to an escrow agreement entered into by the WTG joint venture in connection with the initial transaction. In the third quarter of 2025, the Company received approximately $15 million related to the settlement of working capital and the full $54 million of the escrow amount was released. The total value of distributions received by the Company of $336 million, including certain post-closing adjustments, exceeded the carrying value of the Company’s investment balance in the WTG joint venture, resulting in an aggregate gain of approximately $139 million, of which approximately $65 million was recognized during the year ended December 31, 2025, respectively. The gain is included in the caption “Other income (expense), net” in the consolidated statement of operations.

Viper Acquisitions

Viper Tumbleweed Acquisitions

In September and October of 2024, Viper completed a series of related acquisitions including the Viper TWR Acquisition, the Viper Q Acquisition and the Viper M Acquisition, (collectively the “Viper Tumbleweed Acquisitions”) each as defined and discussed below. The Viper Tumbleweed Acquisitions were each accounted for as asset acquisitions in accordance with ASC Topic 805, “Business Combinations.”

On October 1, 2024, Viper acquired all of the issued and outstanding equity interests in TWR IV, LLC and TWR IV SellCo, LLC from Tumbleweed Royalty IV, LLC (“TWR IV”) and TWR IV SellCo Parent, LLC (the “Viper TWR Acquisition”), pursuant to a definitive purchase and sale agreement for consideration consisting of (i) approximately $464 million in cash, including transaction costs and certain customary post-closing adjustments, (ii) approximately 10.09 million Viper LLC units to TWR IV, (iii) an option granted to TWR IV to acquire up to 10.09 million shares of Viper’s Class B common stock (the “TWR Class B Option”), and (iv) contingent cash consideration of $16 million paid in January 2026 based on the average price of WTI sweet crude oil prompt month futures contracts for the calendar year 2025 (the “WTI 2025 Average”).

TWR IV can exchange some or all of its Viper LLC units for an equal number of shares of Viper’s Class A common stock. The mineral and royalty interests acquired in the Viper TWR Acquisition represent approximately 3,067 net royalty acres located primarily in the Permian Basin. Viper funded the cash consideration for the Viper TWR Acquisition through a combination of cash on hand, borrowings under Viper’s then revolving credit facility and proceeds from the Viper 2024 Equity Offering (as defined and discussed in Note 9—Stockholders’ Equity and Earnings (Loss) Per Share).

On September 3, 2024, Viper acquired all of the issued and outstanding equity interests in Tumbleweed-Q Royalties, LLC (the “Viper Q Acquisition”), pursuant to a definitive purchase and sale agreement for consideration consisting of (i) approximately $114 million in cash, including transaction costs and certain customary post-closing adjustments, and (ii) contingent cash consideration of $2 million paid in January 2026 based on the WTI 2025 Average.

Additionally, on September 3, 2024, Viper acquired all of the issued and outstanding equity interests in MC TWR Royalties, LP and MC TWR Intermediate, LLC (the “Viper M Acquisition” and together with the Viper Q Acquisition, the “Viper Q & M Acquisitions”), pursuant to a definitive purchase and sale agreement for consideration consisting of (i) approximately $76 million in cash, including transaction costs and certain customary post-closing adjustments, and (ii) contingent cash consideration of $2 million paid in January 2026 based on the WTI 2025 Average. The mineral and royalty interests acquired in the Viper Q & M Acquisitions represent approximately 406 and 267 net royalty acres located primarily in the Permian Basin, respectively. Viper funded the cash consideration for the Viper Q & M Acquisitions through a combination of cash on hand and borrowings under Viper’s then revolving credit facility.

The contingent consideration liabilities for each of the Viper Tumbleweed Acquisitions discussed above are collectively referred to as the “2026 WTI Contingent Liability”.

2023 Activity

Diamondback Acquisition and Divestitures

Lario Acquisition

On January 31, 2023, the Company closed on its acquisition of all leasehold interests and related assets of Lario Permian, LLC, a wholly owned subsidiary of Lario Oil and Gas Company, and certain associated sellers. The acquisition included approximately 25,000 gross (16,000 net) acres in the Midland Basin and certain related oil and gas assets (the “Lario Acquisition”), in exchange for consideration of 4.33 million shares of the Company’s common stock and $814 million in cash, including customary post-closing adjustments. Approximately $113 million of the cash consideration was deposited in an indemnity holdback escrow account at closing and was distributed upon satisfactory settlement of any potential title defects on the acquired properties during the first quarter of 2024. The cash consideration for the Lario Acquisition was funded through a combination of cash on hand, a portion of the net proceeds from the Company’s offering of 6.250% Senior Notes due 2053 and borrowings under the Company’s revolving credit facility.

The following table presents the acquisition consideration paid in the Lario Acquisition (in millions, except per share data, shares in thousands):


Consideration:
Shares of Diamondback common stock issued at closing	4,330
Closing price per share of Diamondback common stock on the closing date	$	146.12
Fair value of Diamondback common stock issued	$	633
Cash consideration	814
Total consideration (including fair value of Diamondback common stock issued)	$	1,447

Purchase Price Allocation

The Lario Acquisition was accounted for as a business combination using the acquisition method. The following table represents the allocation of the total purchase price paid in the Lario Acquisition to the identifiable assets acquired and the liabilities assumed based on the fair values at the acquisition date. The purchase price allocation was completed in December 2023.

The following table sets forth the Company’s purchase price allocation (in millions):








Total consideration	$	1,447

Fair value of liabilities assumed:
Other long-term liabilities	$	37

Fair value of assets acquired:
Oil and natural gas properties	$	1,460
Inventories	2
Other property, equipment and land	22
Amount attributable to assets acquired	1,484
Net assets acquired and liabilities assumed	$	1,447

Oil and natural gas properties were valued using an income approach utilizing the discounted cash flow method, which takes into account production forecasts, projected commodity prices and pricing differentials, and estimates of future capital and operating costs which were then discounted utilizing an estimated weighted-average cost of capital for industry

market participants. The fair value of acquired midstream assets, vehicles and a field office were based on the cost approach, which utilized asset listings and cost records with consideration for the reported age, condition, utilization and economic support of the assets and were included in the Company’s consolidated balance sheets under the caption “Other property, equipment and land.” The majority of the measurements of assets acquired and liabilities assumed are based on inputs that are not observable in the market and are therefore considered Level 3 inputs in the fair value hierarchy.

With the completion of the Lario Acquisition, the Company acquired proved properties of $924 million and unproved properties of $536 million. The results of operations attributable to the Lario Acquisition since the acquisition date have been included in the consolidated statements of operations and include $488 million of total revenue and $200 million of net income for the year ended December 31, 2023.

Divestiture of Deep Blue Water Assets and Deep Blue Formation

On September 1, 2023, the Company closed on a joint venture agreement with Five Point Energy LLC (“Five Point”) to form Deep Blue. At closing, the Company contributed certain treated water, fresh water and saltwater disposal assets (the “Deep Blue Water Assets”) with a net carrying value of $703 million, including certain post-closing adjustments, and Five Point contributed $251 million in cash to Deep Blue. In exchange for these contributions, Deep Blue issued the Company a one-time cash distribution of approximately $516 million and a 30% equity ownership and voting interest, and issued to Five Point a 70% equity ownership and voting interest. Five Point is not considered a related party of the Company.

Additionally, under a separate agreement with Deep Blue, the Company continued to operate the Deep Blue Water Assets on a short-term basis. Five Point agreed to pay the Company approximately $47 million upon the successful transfer of operations to Deep Blue and the Company recorded approximately $43 million as a contingent consideration receivable on the closing date based on the assessed probability of earning the additional consideration. Upon the successful transfer of operations in June 2024, the Company received the full contingent consideration amount of $47 million.

The Company recorded its 30% equity interest in Deep Blue at fair value based on the cash consideration and contingent consideration contributed by Five Point to Deep Blue in exchange for its 70% equity ownership. The Company’s equity method investment in Deep Blue had an initial fair value of $126 million. The Company’s proportionate share of the income or loss from Deep Blue is recognized on a two-month lag. The Company has recognized an aggregate $13 million loss on the sale of its Deep Blue Water Assets, of which approximately $1 million was recognized during the year ended December 31, 2024. The loss on the sale of Deep Blue Water Assets is included in the caption “Other operating expenses” in the consolidated statement of operations. The majority of measurements utilized to determine the fair value amounts reported above relating to this transaction are based on inputs that are not observable in the market and are therefore considered Level 3 inputs in the fair value hierarchy.

The Company and Five Point anticipate collectively contributing $500 million in follow-on capital to fund future growth projects and acquisitions.

As part of the transaction, the Company also entered into a 15-year dedication with Deep Blue for its produced water and supply water within a 12-county area of mutual interest in the Midland Basin. See Note 7—Related Party Transactions for further discussion of transactions with Deep Blue.

Equity Method Investment Divestitures

During 2023, the Company divested its 43% limited liability company interest in OMOG JV LLC and its 10% non-operating equity investment in Gray Oak Pipeline, LLC for an aggregate $397 million. These divestitures resulted in an aggregate gain on the sale of equity method investments of approximately $88 million, which is included in the caption “Other income (expense), net” on the consolidated statements of operations for the year ended December 31, 2023. The Company used its net proceeds from this transaction for debt reduction and other general corporate purposes.

Non-Core Asset Divestitures

During 2023, the Company divested non-core assets to unrelated third-party buyers consisting of approximately 19,000 net acres in Glasscock County, TX and 4,900 net acres in Ward County and Winkler County, TX for net cash proceeds of $341 million, including customary post-closing adjustments. The Company used its net proceeds from these transactions for debt reduction and other general corporate purposes.

The divestitures of non-core oil and gas assets did not result in a significant alteration of the relationship between the Company’s capitalized costs and proved reserves and, accordingly, the Company recorded the proceeds as a reduction of its full cost pool with no gain or loss recognized on the sales.

Viper Acquisitions

GRP Acquisition

On November 1, 2023, Viper acquired certain mineral and royalty interests from Royalty Asset Holdings, LP, Royalty Asset Holdings II, LP and Saxum Asset Holdings, LP, affiliates of Warwick Capital Partners and GRP Energy Capital, pursuant to a definitive purchase and sale agreement for approximately 9.02 million Viper common units and $747 million in cash, including transaction costs and certain customary post-closing adjustments (the “GRP Acquisition”). The mineral and royalty interests acquired in the GRP Acquisition represent approximately 4,600 net royalty acres in the Permian Basin, plus approximately 2,700 additional net royalty acres in other major basins. The cash consideration for the GRP Acquisition was funded through a combination of cash on hand and held in escrow, borrowings under Viper’s then revolving credit facility, proceeds from the Viper 2031 Notes (as defined and discussed in Note 8—Debt) and proceeds from a $200 million common unit issuance to Diamondback discussed further in Note 9—Stockholders’ Equity and Earnings (Loss) Per Share.

Pro Forma Financial Information (Unaudited)

The following unaudited summary pro forma financial information for the years ended December 31, 2024 and 2023 has been prepared to give effect to (i) the Endeavor Acquisition as if it had occurred on January 1, 2023, and (ii) the TRP Exchange as if it had occurred on January 1, 2023. The unaudited pro forma financial information does not purport to be indicative of what the combined company’s results of operations would have been if the transaction had occurred on the dates indicated, nor is it indicative of the future financial position or results of operations of the combined company.

The below information reflects pro forma adjustments for the issuance of the Company’s common stock as consideration for the Endeavor Acquisition, as well as pro forma adjustments based on available information and certain assumptions that the Company believes are reasonable, including adjustments to depreciation, depletion and amortization based on the full cost method of accounting.

Additionally, pro forma earnings for the year ended December 31, 2024 include historical acquisition-related costs incurred by Endeavor of $415 million, which consist primarily of incentive compensation, investment banking and legal costs. The Company incurred acquisition related costs of $303 million for the year ended December 31, 2024 which consist primarily of $197 million in severance and accelerated incentive compensation payments to former Endeavor employees, $78 million in investment banking and legal costs incurred upon the closing of the Endeavor Acquisition, $14 million related to regulatory reviews under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and other individually insignificant items including SEC filing fees and other professional fees. The Company incurred acquisition costs of $42 million in connection with the Endeavor Acquisition for the year ended December 31, 2025, which primarily consist of severance and accelerated incentive compensation payments to former Endeavor employees. The Company incurred acquisition related costs of $10 million for the year ended December 31, 2025, which primarily consist of advisory and legal fees related to the TRP Exchange. The pro forma results of operations do not include any cost savings or other synergies that may result from the Endeavor Acquisition or any estimated costs that have been or will be incurred by the Company to integrate the acquired assets. The pro forma financial data does not include the results of operations for any other acquisitions made during the periods presented, as they were primarily acreage acquisitions, and their results were not deemed material.


	Year Ended December 31,
	2024		2023
	(In millions, except per share amounts)
Revenues	$	15,706	$	14,618
Income (loss) from operations	$	6,448	$	7,787
Net income (loss) attributable to Diamondback Energy, Inc.	$	3,315	$	5,668
Basic earnings (loss) per common share	$	11.19	$	18.95
Diluted earnings (loss) per common share	$	11.19	$	18.95

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Related Party Transactions

The following table presents related party balances that pertain to Deep Blue which are included in the consolidated balance sheets at December 31, 2025 and 2024:


	December 31,
	2025		2024
	(In millions)
Assets:
Accounts receivable	$	1	$	5
Other assets	$	197	$	137
Liabilities:
Accounts payable and accrued capital expenditures	$	71	$	31
Other accrued liabilities	$	82	$	22

The following table presents the significant related party transactions included in the consolidated statements of operations for the years ended December 31, 2025 and 2024:


	Year Ended December 31,
		2025		2024
		(In millions)
Lease operating expenses		$	175	$	114

SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS (Tables)

12 Months Ended

Dec. 31, 2025

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Disclosures of Cash Flow Information


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Supplemental disclosure of cash flow information:
Interest paid, net of capitalized interest	$	(155)	$	(269)	$	(146)
Cash paid for income taxes, net of refunds:
Federal	$	(1,178)	$	(575)	$	(316)
State:
Texas	$	(54)	$	(31)	$	(34)
Other	$	(2)	$	1	$	(2)
Supplemental disclosure of non-cash transactions:
Accrued capital expenditures included in accounts payable and accrued expenses	$	966	$	787	$	618
Capitalized stock-based compensation	$	(33)	$	(30)	$	(26)
Common shares issued for acquisitions	$	(1,116)	$	(20,110)	$	(633)
Viper common stock issued for acquisition	$	(1,435)	$	—	$	(255)
Viper LLC units issued for acquisition	$	(1,445)	$	(468)	$	—
Assets contributed in exchange for ownership interest in an equity method investment	$	(34)	$	—	$	(126)
Asset retirement obligations acquired	$	(15)	$	(278)	$	(8)

COMMITMENTS AND CONTINGENCIES - Schedule of Commitments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Supply Commitment [Line Items]
Cost of take-or-pay and throughput obligations	$ 449	$ 337	$ 266
Transportation Commitments
Supply Commitment [Line Items]
2026	275
2027	316
2028	313
2029	312
2030	312
Thereafter	1,485
Total	3,013
Electrical Power Agreements
Supply Commitment [Line Items]
2026	125
2027	128
2028	98
2029	95
2030	21
Thereafter	28
Total	495
Other Operating Agreements
Supply Commitment [Line Items]
2026	114
2027	43
2028	14
2029	6
2030	6
Thereafter	24
Total	207
Electrical Fracturing Fleet
Supply Commitment [Line Items]
2026	50
2027	50
2028	24
2029	0
2030	0
Thereafter	0
Total	$ 124

DERIVATIVES - Schedule of Open Derivative Positions (Details) bbl in Thousands, MMBTU in Thousands	12 Months Ended
	Dec. 31, 2025 MMBTU $ / bbl $ / MMBTU bbl
OIL \| 2026 \| Jan. - Jun. \| Basis Swap \| Argus WTI Midland
Derivative [Line Items]
Bbls Per Day (in Bbls) \| bbl	35
Weighted Average Differential (in dollars per Bbl/MMBtu)	0.94
Weighted Average Floor Price (in dollars per Bbl//MMBtu)	0
Weighted Average Ceiling Price (in dollars per Bbl/MMBtu)	0
OIL \| 2026 \| Jul. - Dec. \| Basis Swap \| Argus WTI Midland
Derivative [Line Items]
Bbls Per Day (in Bbls) \| bbl	30
Weighted Average Differential (in dollars per Bbl/MMBtu)	0.93
Weighted Average Floor Price (in dollars per Bbl//MMBtu)	0
Weighted Average Ceiling Price (in dollars per Bbl/MMBtu)	0
OIL \| 2026 \| Jan. - Mar. \| Put \| Brent
Derivative [Line Items]
Bbls Per Day (in Bbls) \| bbl	36
Strike Price (in dollars per Bbl)	53.13
Weighted Average Ceiling Price (in dollars per Bbl/MMBtu)	1.73
OIL \| 2026 \| Jan. - Mar. \| Put \| Argus WTI Houston
Derivative [Line Items]
Bbls Per Day (in Bbls) \| bbl	95
Strike Price (in dollars per Bbl)	51.13
Weighted Average Ceiling Price (in dollars per Bbl/MMBtu)	1.66
OIL \| 2026 \| Jan. - Mar. \| Put \| WTI Cushing
Derivative [Line Items]
Bbls Per Day (in Bbls) \| bbl	185
Strike Price (in dollars per Bbl)	51.73
Weighted Average Ceiling Price (in dollars per Bbl/MMBtu)	1.64
OIL \| 2026 \| Apr. - Jun. \| Put \| Brent
Derivative [Line Items]
Bbls Per Day (in Bbls) \| bbl	27
Strike Price (in dollars per Bbl)	52.50
Weighted Average Ceiling Price (in dollars per Bbl/MMBtu)	1.72
OIL \| 2026 \| Apr. - Jun. \| Put \| Argus WTI Houston
Derivative [Line Items]
Bbls Per Day (in Bbls) \| bbl	70
Strike Price (in dollars per Bbl)	50.00
Weighted Average Ceiling Price (in dollars per Bbl/MMBtu)	1.68
OIL \| 2026 \| Apr. - Jun. \| Put \| WTI Cushing
Derivative [Line Items]
Bbls Per Day (in Bbls) \| bbl	130
Strike Price (in dollars per Bbl)	49.71
Weighted Average Ceiling Price (in dollars per Bbl/MMBtu)	1.70
OIL \| 2026 \| Jul. - Sep. \| Put \| Brent
Derivative [Line Items]
Bbls Per Day (in Bbls) \| bbl	5
Strike Price (in dollars per Bbl)	52.50
Weighted Average Ceiling Price (in dollars per Bbl/MMBtu)	1.63
OIL \| 2026 \| Jul. - Sep. \| Put \| Argus WTI Houston
Derivative [Line Items]
Bbls Per Day (in Bbls) \| bbl	15
Strike Price (in dollars per Bbl)	50.00
Weighted Average Ceiling Price (in dollars per Bbl/MMBtu)	1.74
OIL \| 2026 \| Jul. - Sep. \| Put \| WTI Cushing
Derivative [Line Items]
Bbls Per Day (in Bbls) \| bbl	20
Strike Price (in dollars per Bbl)	50.00
Weighted Average Ceiling Price (in dollars per Bbl/MMBtu)	1.84
NATURAL GAS \| 2026 \| Jan. - Dec. \| Basis Swap \| Waha Hub
Derivative [Line Items]
MMBtu Per Day (in mmbtu) \| MMBTU	650
Weighted Average Differential (in dollars per Bbl/MMBtu) \| $ / MMBTU	(1.69)
Weighted Average Floor Price (in dollars per Bbl//MMBtu) \| $ / MMBTU	0
Weighted Average Ceiling Price (in dollars per Bbl/MMBtu) \| $ / MMBTU	0
NATURAL GAS \| 2026 \| Jan. - Dec. \| Basis Swap \| HSC Hub
Derivative [Line Items]
MMBtu Per Day (in mmbtu) \| MMBTU	100
Weighted Average Differential (in dollars per Bbl/MMBtu) \| $ / MMBTU	(0.35)
Weighted Average Floor Price (in dollars per Bbl//MMBtu) \| $ / MMBTU	0
Weighted Average Ceiling Price (in dollars per Bbl/MMBtu) \| $ / MMBTU	0
NATURAL GAS \| 2026 \| Jan. - Dec. \| Costless Collar \| Henry Hub
Derivative [Line Items]
MMBtu Per Day (in mmbtu) \| MMBTU	840
Weighted Average Differential (in dollars per Bbl/MMBtu) \| $ / MMBTU	0
Weighted Average Floor Price (in dollars per Bbl//MMBtu) \| $ / MMBTU	2.87
Weighted Average Ceiling Price (in dollars per Bbl/MMBtu) \| $ / MMBTU	6.35
NATURAL GAS \| 2027 \| Jan. - Dec. \| Basis Swap \| Waha Hub
Derivative [Line Items]
MMBtu Per Day (in mmbtu) \| MMBTU	340
Weighted Average Differential (in dollars per Bbl/MMBtu) \| $ / MMBTU	(1.28)
Weighted Average Floor Price (in dollars per Bbl//MMBtu) \| $ / MMBTU	0
Weighted Average Ceiling Price (in dollars per Bbl/MMBtu) \| $ / MMBTU	0
NATURAL GAS \| 2027 \| Jan. - Dec. \| Basis Swap \| HSC Hub
Derivative [Line Items]
MMBtu Per Day (in mmbtu) \| MMBTU	180
Weighted Average Differential (in dollars per Bbl/MMBtu) \| $ / MMBTU	(0.25)
Weighted Average Floor Price (in dollars per Bbl//MMBtu) \| $ / MMBTU	0
Weighted Average Ceiling Price (in dollars per Bbl/MMBtu) \| $ / MMBTU	0
NATURAL GAS \| 2027 \| Jan. - Dec. \| Costless Collar \| Henry Hub
Derivative [Line Items]
MMBtu Per Day (in mmbtu) \| MMBTU	640
Weighted Average Differential (in dollars per Bbl/MMBtu) \| $ / MMBTU	0
Weighted Average Floor Price (in dollars per Bbl//MMBtu) \| $ / MMBTU	2.90
Weighted Average Ceiling Price (in dollars per Bbl/MMBtu) \| $ / MMBTU	6.41

SUBSEQUENT EVENTS (Details) $ / shares in Units, shares in Millions, $ in Millions			3 Months Ended	12 Months Ended
	Feb. 19, 2026 $ / shares	Feb. 09, 2026 USD ($) a bbl	Mar. 31, 2026 USD ($) shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Subsequent Event [Line Items]
Stock repurchase program amount repurchased				$ 959	$ 840
Subsequent Event \| Forecast
Subsequent Event [Line Items]
Stock repurchased during period (in shares) \| shares			2.0
Stock repurchase program amount repurchased			$ 332
Subsequent Event \| Forecast \| Interest rate swaps
Subsequent Event [Line Items]
Notional derivative amount, terminated and settled			300
Payments for derivative instruments terminated and settled			$ 27
Subsequent Event \| Unsecured Debt \| Term Loan \| Line of Credit
Subsequent Event [Line Items]
Repayments of long-term debt		$ 500
Subsequent Event \| Discontinued Operations, Held-for-Sale \| Divestiture of Non-Permian Assets
Subsequent Event [Line Items]
Number of net royalty acres \| a		9,400
Oil production per day (in barrels) \| bbl		4,750
Subsequent Event \| Discontinued Operations, Held-for-Sale \| Divestiture of Non-Permian Assets \| Viper Energy Inc
Subsequent Event [Line Items]
Net cash proceeds, expected		$ 617
O 2026 A Dividends \| Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share (in dollars per share) \| $ / shares	$ 4.20
O 2025 Q4 Base Dividends \| Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share (in dollars per share) \| $ / shares	$ 1.05

ASSET RETIREMENT OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2025

Asset Retirement Obligation [Abstract]

Schedule of Asset Retirement Obligations

The following table describes the changes to the Company’s asset retirement obligations liability for the following periods:


	Year Ended December 31,
	2025		2024
	(In millions)
Asset retirement obligations, beginning of period	$	592	$	245
Additional liabilities incurred	50		8
Liabilities acquired	15		278
Liabilities settled and divested	(153)		(37)
Accretion expense	35		22
Revisions in estimated liabilities	3		76
Asset retirement obligations, end of period	542		592
Less: current portion(1)	31		19
Asset retirement obligations - long-term(2)	$	511	$	573

(1)The current portion of the asset retirement obligation is included in the caption “Other accrued liabilities” in the Company’s consolidated balance sheets.

(2)The long-term portion of the asset retirement obligation is included in the caption “Other long-term liabilities” in the Company’s consolidated balance sheets.

STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE - Dividends to Non-Controlling Interest (Details) - USD ($) $ in Millions	3 Months Ended												12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Dividends [Line Items]
Dividends	$ 288	$ 291	$ 293	$ 291	$ 263	$ 419	$ 355	$ 552	$ 607	$ 151	$ 151	$ 546	$ 1,163	$ 1,589	$ 1,455
Viper LLC
Dividends [Line Items]
Dividends													$ 382	$ 227	$ 129

ACQUISITIONS AND DIVESTITURES - Schedule of Purchase Price Allocation (Details) - Lario Acquisition $ in Millions	Jan. 31, 2023 USD ($)
Asset Acquisition [Line Items]
Total consideration	$ 1,447
Fair value of liabilities assumed:
Other long-term liabilities	37
Fair value of assets acquired:
Oil and natural gas properties	1,460
Inventories	2
Other property, equipment and land	22
Amount attributable to assets acquired	1,484
Net assets acquired and liabilities assumed	$ 1,447

Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Viper Common Stock	Viper LLC Units	Nonrelated Party	Related Party	Viper	Common Stock	Common Stock Nonrelated Party	Common Stock Related Party	Additional Paid-in Capital	Additional Paid-in Capital Nonrelated Party	Additional Paid-in Capital Related Party	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interest	Non-Controlling Interest Viper Common Stock	Non-Controlling Interest Viper LLC Units	Non-Controlling Interest Viper
Balance at beginning of period (in shares) at Dec. 31, 2022							179,841,000
Balance at beginning of period at Dec. 31, 2022	$ 15,690						$ 2			$ 14,213			$ 801	$ (7)	$ 681
Increase (Decrease) in Stockholders' Equity
Common stock issued for acquisition	633					$ 255				633								$ 255
Common stock issued for acquisitions (in shares)							4,330,000
Viper stock-based compensation	1														1
Distribution equivalent rights payments	(11)												(11)
Stock-based compensation (in shares)							394,000
Stock-based compensation	79									79
Cash paid for tax withholding on vested equity awards (in shares)							(146,000)
Cash paid for tax withholding on vested equity awards	(20)									(20)
Repurchased shares, including excise tax (in shares)							(6,238,000)
Repurchased shares, including excise tax (in shares)	(840)									(840)
Repurchased shares/units under Viper’s repurchase programs	(95)														(95)
Dividends to non-controlling interest	(129)														(129)
Dividends paid	(1,444)												(1,444)
Exercise of stock options and issuance of restricted stock units and awards and issuance of shares upon vesting of equity awards (in shares)							543,000
Change in ownership of consolidated subsidiaries, net	(24)									77					(101)
Other comprehensive income (loss), net of tax	(1)													(1)
Net income (loss)	3,336												3,143		193
Balance at end of period (in shares) at Dec. 31, 2023							178,724,000
Balance at end of period at Dec. 31, 2023	17,430						$ 2			14,142			2,489	(8)	805
Increase (Decrease) in Stockholders' Equity
Common stock issued for acquisition	20,110						$ 1			20,109
Common stock issued for acquisitions (in shares)							117,267,000
Viper stock-based compensation	4														4
Distribution equivalent rights payments	(11)												(11)
Stock-based compensation	91									91
Cash paid for tax withholding on vested equity awards (in shares)							(203,000)
Cash paid for tax withholding on vested equity awards	(39)									(39)
Repurchased shares, including excise tax (in shares)							(5,526,000)
Repurchased shares, including excise tax (in shares)	(959)									(959)
Proceeds from partial sale of investment in Viper	416									219					197
Net proceeds from Viper’s issuance of common stock	476														476
Dividends to non-controlling interest	(227)														(227)
Dividends paid	(1,578)												(1,578)
Exercise of stock options and issuance of restricted stock units and awards and issuance of shares upon vesting of equity awards (in shares)							722,000
Viper common stock issued for acquisition/Viper LLC'S units issued for acquisition			$ 468														$ 468
Change in ownership of consolidated subsidiaries, net	(22)									(62)					40
Other comprehensive income (loss), net of tax	2													2
Net income (loss)	$ 3,701												3,338		363
Balance at end of period (in shares) at Dec. 31, 2024	290,984,373						290,984,000
Balance at end of period at Dec. 31, 2024	$ 39,862						$ 3			33,501			4,238	(6)	2,126
Increase (Decrease) in Stockholders' Equity
Common stock issued for acquisition	1,116									1,116
Common stock issued for acquisitions (in shares)							6,948,000
Viper stock-based compensation	7														7
Distribution equivalent rights payments	(7)												(6)		(1)
Stock-based compensation	107									107
Cash paid for tax withholding on vested equity awards (in shares)							(163,000)
Cash paid for tax withholding on vested equity awards	(26)									(26)
Repurchased shares, including excise tax (in shares)								(11,838,000)	(2,000,000)
Repurchased shares, including excise tax (in shares)				$ (1,711)	$ (308)						$ (1,711)	$ (308)
Repurchased shares under Viper’s repurchase program	(194)														(194)
Net proceeds from Viper’s issuance of common stock	1,232														1,232
Dividends to non-controlling interest	(382)														(382)
Dividends paid	(1,156)												(1,156)
Exercise of stock options and issuance of restricted stock units and awards and issuance of shares upon vesting of equity awards (in shares)							664,000
Viper common stock issued for acquisition/Viper LLC'S units issued for acquisition		$ 1,435	$ 1,445													$ 1,435	$ 1,445
Change in ownership of consolidated subsidiaries, net	0									(444)					444
Other comprehensive income (loss), net of tax	0									1				(1)
Net income (loss)	$ 1,547												1,664		(117)
Balance at end of period (in shares) at Dec. 31, 2025	284,594,908						284,595,000
Balance at end of period at Dec. 31, 2025	$ 42,967						$ 3			$ 32,236			$ 4,740	$ (7)	$ 5,995

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following tables present the Company’s revenue from contracts with customers:


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Oil sales	$	11,621	$	9,067	$	7,279
Natural gas sales	400		89		262
Natural gas liquid sales	1,432		944		687
Total oil, natural gas and natural gas liquid revenues	13,453		10,100		8,228
Sales of purchased oil	1,476		923		111
Other service revenues	65		29		62
Total revenue from contracts with customers	$	14,994	$	11,052	$	8,401

The following tables present the Company’s revenue from oil, natural gas and natural gas liquids disaggregated by basin:


	Year Ended December 31, 2025
	Midland Basin		Delaware Basin		Other		Total
	(In millions)
Oil sales	$	10,729	$	850	$	42	$	11,621
Natural gas sales	349		45		6		400
Natural gas liquid sales	1,321		111		—		1,432
Total	$	12,399	$	1,006	$	48	$	13,453


	Year Ended December 31, 2024
	Midland Basin		Delaware Basin		Other		Total
	(In millions)
Oil sales	$	7,711	$	1,347	$	9	$	9,067
Natural gas sales	65		23		1		89
Natural gas liquid sales	779		165		—		944
Total	$	8,555	$	1,535	$	10	$	10,100


	Year Ended December 31, 2023
	Midland Basin		Delaware Basin		Other		Total
	(In millions)
Oil sales	$	5,746	$	1,527	$	6	$	7,279
Natural gas sales	176		85		1		262
Natural gas liquid sales	500		187		—		687
Total	$	6,422	$	1,799	$	7	$	8,228

DEBT (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt

The Company’s debt consisted of the following as of the dates indicated:


	December 31,
	2025		2024
	(In millions)
3.250% Senior Notes due 2026	$	749	$	750
5.625% Senior Notes due 2026(1)	14		14
5.200% Senior Notes due 2027	850		850
7.125% Medium-term Notes, Series B, due 2028	73		73
3.500% Senior Notes due 2029	915		915
5.150% Senior Notes due 2030	850		850
3.125% Senior Notes due 2031	740		767
6.250% Senior Notes due 2033	1,100		1,100
5.400% Senior Notes due 2034	1,300		1,300
5.550% Senior Notes due 2035	1,200		—
4.400% Senior Notes due 2051	386		650
4.250% Senior Notes due 2052	605		750
6.250% Senior Notes due 2053	650		650
5.750% Senior Notes due 2054	1,480		1,500
5.900% Senior Notes due 2064	1,000		1,000
Tranche A Loans	—		900
2025 Term Loan	550		—
Unamortized debt issuance costs	(99)		(91)
Unamortized discount costs	(22)		(25)
Unamortized premium costs	2		3
Unamortized basis adjustment of dedesignated interest rate swap agreements(2)	(59)		(72)

Viper revolving credit facility	105		261
Viper 5.375% Senior Notes due 2027 (discharged)	—		430
Viper 4.900% Senior Notes due 2030	500		—
Viper 7.375% Senior Notes due 2031	—		400
Viper 5.700% Senior Notes due 2035	1,100		—
Viper 2025 Term Loan	500		—
Total debt, net	14,489		12,975
Less: current maturities of debt	763		900
Total long-term debt	$	13,726	$	12,075

(1)QEP remained the issuer of these senior notes subsequent to becoming a wholly owned subsidiary of the Company.

(2)Represents the unamortized basis adjustment related to two receive-fixed, pay variable interest rate swap agreements which were previously designated as fair value hedges of the Company’s 3.500% fixed rate senior notes due 2029 (the “2029 Notes”). This basis adjustment is being amortized to interest expense over the remaining term of the 2029 Notes utilizing the effective interest method. See Note 12—Derivatives for further discussion on the interest rate swaps.

Schedule of Maturities of Long-term Debt

Debt maturities as of December 31, 2025, excluding debt issuance costs, premiums and discounts and the unamortized basis adjustment of dedesignated interest rate swap agreements are as follows:


Year Ending December 31,
	(In millions)
2026	$	763
2027	1,900
2028	73
2029	915
2030	1,455
Thereafter	9,561
Total	$	14,667

Schedule of Interest Expense

The following amounts have been incurred and charged to interest expense for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Interest expense	$	837	$	624	$	346
Other fees and expenses	4		3		2
Less: interest income	25		156		18
Less: capitalized interest	572		336		171
Interest expense, net	$	244	$	135	$	159

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS - Schedule of Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Supplemental disclosure of cash flow information:
Interest paid, net of capitalized interest	$ (155)	$ (269)	$ (146)
Cash paid for income taxes, net of refunds:
Federal	(1,178)	(575)	(316)
Supplemental disclosure of non-cash transactions:
Accrued capital expenditures included in accounts payable and accrued expenses	966	787	618
Capitalized stock-based compensation	(33)	(30)	(26)
Common shares issued for acquisitions	(1,116)	(20,110)	(633)
Viper LLC units issued for acquisition	(1,445)	(468)	0
Assets contributed in exchange for ownership interest in an equity method investment	(34)	0	(126)
Asset retirement obligations acquired	(15)	(278)	(8)
Viper Energy Inc
Supplemental disclosure of non-cash transactions:
Common shares issued for acquisitions	(1,435)	0	(255)
Texas
Cash paid for income taxes, net of refunds:
State:	(54)	(31)	(34)
Other
Cash paid for income taxes, net of refunds:
State:	$ (2)	$ 1	$ (2)

EQUITY-BASED COMPENSATION - Schedule of Stock-Based Compensation Plans and Related Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Equity-based compensation capitalized pursuant to full cost method of accounting for oil and natural gas properties	$ 33	$ 30	$ 26
General and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
General and administrative expenses	$ 81	$ 65	$ 54

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Cash and cash equivalents	$ 104	$ 161
Accounts receivable	1,128	1,387
Prepaid expenses and other current assets	337	245
Proved properties	71,588	59,574
Unproved properties	23,941	22,666
Accumulated depreciation, amortization, accretion and impairment	27,782	19,208
Long-term debt	$ 13,726	$ 12,075
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	800,000,000	800,000,000
Common stock, shares issued (in shares)	284,594,908	290,984,373
Common stock, shares outstanding (in shares)	284,594,908	290,984,373
Variable Interest Entity, Primary Beneficiary
Cash and cash equivalents	$ 13	$ 27
Accounts receivable	262	149
Prepaid expenses and other current assets	50	31
Proved properties	9,746	3,533
Unproved properties	4,910	2,180
Accumulated depreciation, amortization, accretion and impairment	2,455	1,081
Long-term debt	$ 2,186	$ 1,083

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

The following table shows the components of prepaid expenses and other current assets for the periods indicated:


	December 31,
	2025		2024
	(In millions)
Derivative instruments	$	234	$	168
Prepaid expenses	96		74
Other	7		3
Prepaid expenses and other current assets	$	337	$	245

Schedule of Other Accrued Liabilities

Other accrued liabilities consist of the following at December 31, 2025 and 2024:


	December 31,
	2025		2024
	(In millions)
Lease operating expenses payable	$	390	$	354
Ad valorem taxes payable	240		242
Accrued compensation	96		79
Interest payable	187		145
Derivative liability payable	16		16
Other	179		184
Total other accrued liabilities	$	1,108	$	1,020

EQUITY-BASED COMPENSATION - Restricted Stock Units - Narrative (Details) - Restricted Stock Units (RSUs) - Equity Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregated fair value of restricted stock	$ 62	$ 57	$ 48
Share based award not recognized	$ 105
Unrecognized compensation cost, expected period of recognition	2 years 1 month 6 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

EQUITY-BASED COMPENSATION

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

EQUITY-BASED COMPENSATION

Under the Equity Plan approved by the board of directors, the Company is authorized to issue up to 11.8 million shares of incentive and non-statutory stock options, restricted stock awards and restricted stock units, performance awards and stock appreciation rights to eligible employees. The Company currently has outstanding restricted stock units and performance-based restricted stock units under the Equity Plan. At December 31, 2025, approximately 3.80 million shares of common stock remain available for future grants under the Equity Plan. The Company classifies its restricted stock units and performance-based restricted stock units as equity-based awards and estimates the fair values of restricted stock awards and units as the closing price of the Company’s common stock on the grant date of the award, which is expensed over the applicable vesting period.

In addition to the Equity Plan, Viper maintains its own long-term incentive plan, which is not significant to the Company.

The following table presents the financial statement impacts of equity compensation plans and related costs on the Company’s financial statements:


	Year Ended December 31,
	2025		2024		2023
	(In millions)
General and administrative expenses	$	81	$	65	$	54
Equity-based compensation capitalized pursuant to full cost method of accounting for oil and natural gas properties	$	33	$	30	$	26

Restricted Stock Units

The following table presents the Company’s restricted stock unit activity during the year ended December 31, 2025 under the Equity Plan:


	Restricted Stock Units	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2024	645,408	$	159.84
Granted	722,623	$	148.86
Vested	(400,017)	$	154.66
Forfeited	(77,952)	$	152.86
Unvested at December 31, 2025	890,062	$	153.87

The aggregate grant date fair value of restricted stock units that vested during the years ended December 31, 2025, 2024 and 2023 was $62 million, $57 million and $48 million, respectively. As of December 31, 2025, the Company’s unrecognized compensation cost related to unvested restricted stock units was $105 million, which is expected to be recognized over a weighted-average period of 2.1 years.

Performance-Based Restricted Stock Units

To provide long-term incentives for executive officers to deliver competitive returns to the Company’s stockholders, the Company has granted performance-based restricted stock units to eligible employees. The ultimate number of shares awarded from these conditional restricted stock units is based upon measurement of TSR of the Company’s common stock as compared to a designated peer group during a three-year performance period.

In March 2025, eligible employees received performance restricted stock unit awards totaling 171,638 units from which a minimum of 0% and a maximum of 200% of the units could be awarded based upon the measurement of TSR of the Company’s common stock as compared to a designated peer group during the three-year performance period of January 1, 2025 to December 31, 2027, and cliff vest at December 31, 2027, subject to continued employment. The initial payout of the March 2025 awards will be further adjusted by a TSR modifier that may reduce the payout or increase the payout up to a maximum of 250%. Additionally, in May 2025 the Company granted 14,881 performance restricted stock units under substantially the same terms as the March 2025 performance restricted stock unit awards.

In March 2024, eligible employees received performance restricted stock unit awards totaling 110,989 units from which a minimum of 0% and a maximum of 200% of the units could be awarded based upon the measurement of TSR of the Company’s common stock as compared to a designated peer group during the three-year performance period of January 1, 2024 to December 31, 2026 and cliff vest at December 31, 2026 subject to continued employment. The initial payout of the March 2024 awards will be further adjusted by a TSR modifier that may reduce the payout or increase the payout up to a maximum of 250%. Additionally, in September 2024 the Company granted 6,750 units under substantially the same terms as the March 2024 performance restricted stock unit awards.

In March 2023, eligible employees received performance restricted stock unit awards totaling 126,347 units from which a minimum of 0% and a maximum of 200% units could be awarded based upon the TSR during the three-year performance period of January 1, 2023 to December 31, 2025. These awards cliff vested at 200% on December 31, 2025 based upon the outcome of the TSR during the performance period, which did not result in a further TSR modifier being applied. Additionally, in July 2023 the Company granted 1,858 units under substantially the same terms as the March 2023 performance restricted stock unit awards.

The fair value of each performance restricted stock unit issuance is estimated at the date of grant using a Monte Carlo simulation, which results in an expected percentage of units to be earned during the performance period.

The following table presents a summary of the grant-date fair values of performance restricted stock units and the related assumptions for the awards granted during the periods presented:


	March 2025			May 2025			March 2024			September 2024			March 2023			July 2023
Grant-date fair value	$	222.34		$	167.75		$	341.38		$	337.23		$	259.52		$	222.09
Risk-free rate	3.99		%	4.00		%	4.38		%	3.54		%	4.64		%	4.70		%
Company volatility	34.60		%	33.30		%	41.40		%	34.40		%	46.90		%	47.20		%

The following table presents the Company’s performance restricted stock unit activity under the Equity Plan for the year ended December 31, 2025:


	Performance Restricted Stock Units	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2024	278,902	$	278.72
Granted	314,724	$	129.19
Vested	(263,000)	$	130.23
Forfeited	(2,695)	$	254.31
Unvested at December 31, 2025(1)	327,931	$	254.50

(1)A maximum of 780,276 units could be awarded based upon the Company’s final TSR ranking.

As of December 31, 2025, the Company’s unrecognized compensation cost related to unvested performance based restricted stock awards and units was $43 million, which is expected to be recognized over a weighted-average period of 1.7 years.

SUPPLEMENTAL INFORMATION ON OIL AND NATURAL GAS OPERATIONS (Unaudited) - Narrative (Details) MBoe in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) MBoe well reserve	Dec. 31, 2024 USD ($) MBoe well	Dec. 31, 2023 USD ($) MBoe well	Dec. 31, 2022 MBoe
Oil and Gas, Delivery Commitment [Line Items]
Number of classified as proved developed non-producing reserves \| reserve	0
Extensions and discoveries	578,919	278,808	355,874
Oil and gas development number of wells drilled net productive \| well	1,571	1,172	954
Proved undeveloped reserves number of wells added \| well	582	445	344
Percentage of extension volumes attributable to subsidiary	11.00%	9.00%	7.00%
Revision of previous estimates (in MBOE)	(304,085)	(129,071)	(54,470)
Revision of previous estimate, due to lower commodity prices (in MBOE)	130,101	88,915	62,370
Change in corporate plan (in MBOE)	128,883	49,311	32,249
Decline in performance (in MBOE)		16,586
Revision of previous estimate, performance revisions (in MBOE)	45,101
Purchase of reserves in place	188,609	1,569,482	70,481
Increase due to acquisitions (in MBOE)	90,340	1,554,541	54,470
Royalty purchases (in MBOE)	98,269	14,941	16,011
Divestitures (in MBOE)	(66,825)	(120,592)	(63,682)
Positive ownership and acquisition variance (in MBOE)		25,743
Performance revisions (in MBOE)			40,149
Proved undeveloped reserves (in MBOE)	1,096,828	1,172,618	681,231	629,418
Proved undeveloped reserves, decrease (in MBOE)	75,790
Undeveloped reserves transferred to developed (in MBOE)	360,141
Number of horizontal wells developed working interest gross \| well	408
Number of horizontal wells developed working interest net \| well	377
Number of horizontal wells developed mineral interest gross \| well	247
Proved undeveloped reserves, revisions (in MBOE)	170,400
Revisions from PUD reclassifications due to lower benchmark commodity prices (in MBOE)	122,117
Proved undeveloped reserves, revision of previous estimate, performance revisions (in MBOE)	48,283
Proved undeveloped reserves, divestitures (in MBOE)	44,437
Proved undeveloped reserves, extensions (in MBOE)	427,437
Number of wells, working interest, gross \| well	582
Number of wells, working interest, net \| well	537
Proved undeveloped reserves extensions, mineral interest (in MBOE)	46,420
Number of wells, royalty interest, gross \| well	1,071
Purchases	25,331
Capital expenditures towards development of proved undeveloped reserves \| $	$ 3,613	$ 2,992	$ 1,962
Future development costs, year one \| $	2,300
Future development costs, year two \| $	2,600
Future development costs, year three \| $	1,800
Future development costs, year four \| $	839
Future development costs, year five \| $	$ 175
Expected future conversion of PUDS to proved developed category	38.00%
Expected future development of PUD reserves	89.00%
Proved undeveloped reserves, planned development period	5 years
Endeavor And Viper Tumbleweed Acquisitions
Oil and Gas, Delivery Commitment [Line Items]
Purchases	25,331
Viper Energy Inc
Oil and Gas, Delivery Commitment [Line Items]
Oil and gas development number of wells drilled net productive \| well	1,311	862	826

DEBT - Credit Agreement (Details) - Revolving Credit Facility - Revolving credit facility - USD ($)		12 Months Ended
	Jun. 12, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Weighted average interest rate			6.33%	6.31%
Maximum
Line of Credit Facility [Line Items]
Debt covenant, total net debt to capitalization ratio	65.00%
Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 2,500,000,000
Potential maximum borrowing capacity	$ 2,600,000,000
Long-term line of credit		$ 0
Remaining borrowing capacity		$ 2,500,000,000
Weighted average interest rate		5.60%
Line of Credit \| Minimum
Line of Credit Facility [Line Items]
Commitment fee percentage based on unused portion of borrowing base	0.10%
Line of Credit \| Maximum
Line of Credit Facility [Line Items]
Commitment fee percentage based on unused portion of borrowing base	0.25%
Line of Credit \| Federal Funds Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Line of Credit \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Basis spread on variable rate, floor	1.00%
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.75%
Line of Credit \| Base Rate \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.00%
Line of Credit \| Base Rate \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.75%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Other Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Lease operating expenses payable	$ 390	$ 354
Ad valorem taxes payable	240	242
Accrued compensation	96	79
Interest payable	187	145
Derivative liability payable	16	16
Other	179	184
Total other accrued liabilities	$ 1,108	$ 1,020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Derivative instruments	$ 234	$ 168
Prepaid expenses	96	74
Other	7	3
Prepaid expenses and other current assets	$ 337	$ 245

SUPPLEMENTAL INFORMATION ON OIL AND NATURAL GAS OPERATIONS (Unaudited) - Schedule of Results of Operations for Oil and Natural Gas Producing Activities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Oil and Gas Disclosure [Abstract]
Oil, natural gas and natural gas liquid sales	$ 13,453	$ 10,100	$ 8,228
Production costs	(3,231)	(2,280)	(1,684)
Depreciation, depletion, amortization and accretion	(4,943)	(2,781)	(1,684)
Impairment	(3,652)	0	0
Income tax benefit (expense)	(362)	(1,025)	(1,000)
Results of operations	$ 1,265	$ 4,014	$ 3,860

- Definition

Amount of depreciation, depletion, amortization, and valuation provision charged to expense in oil- and gas-producing activities.

+ References + Details

- Definition

Amount of income tax expense (benefit) in oil- and gas-producing activities.

+ References

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+ Details

- Definition

Amount, after income tax expense (benefit), of result of operation in oil- and gas-producing activities. Excludes corporate overhead and interest costs.

+ References

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+ Details

- Definition

Amount of production (lifting) cost charged to expense in oil- and gas-producing activities. Includes, but is not limited to, depreciation of support equipment and facility, cost of labor, material, supply, and fuel consumed and service utilized to operate oil and gas well, its equipment and facility, cost of repair and maintenance, property tax and insurance for proved property, well, and equipment and facility, and severance tax.

+ References + Details

- Definition

Amount of revenue in oil- and gas-producing activities. Excludes royalty payment and net profit disbursement.

+ References + Details

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Other operating income	$ 97	$ 43	$ 73
Total revenues	15,026	11,066	8,412
Costs and expenses:
Lease operating expenses	1,865	1,286	872
Production and ad valorem taxes	851	638	525
Gathering, processing and transportation	515	356	287
Purchased oil expense	1,474	921	111
Depreciation, depletion, amortization and accretion	5,038	2,850	1,746
Impairment of oil and natural gas properties	3,652	0	0
General and administrative expenses	288	213	150
Other operating expenses, net	77	406	151
Total costs and expenses	13,760	6,670	3,842
Income (loss) from operations	1,266	4,396	4,570
Other income (expense):
Interest expense, net	(244)	(135)	(159)
Other income (expense), net	455	101	100
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	341	137	(259)
Gain (loss) on extinguishment of debt, net	56	2	(4)
Total other income (expense), net	608	105	(322)
Income (loss) before income taxes	1,874	4,501	4,248
Provision for (benefit from) income taxes	327	800	912
Net income (loss)	1,547	3,701	3,336
Net income (loss) attributable to non-controlling interest	(117)	363	193
Net income (loss) attributable to Diamondback Energy, Inc.	$ 1,664	$ 3,338	$ 3,143
Earnings (loss) per common share:
Basic (in dollars per share)	$ 5.73	$ 15.53	$ 17.34
Diluted (in dollars per share)	$ 5.73	$ 15.53	$ 17.34
Weighted average common shares outstanding:
Basic (in shares)	289,079	213,545	179,999
Diluted (in shares)	289,079	213,545	179,999
Comprehensive income (loss):
Net income (loss) attributable to Diamondback Energy, Inc.	$ 1,664	$ 3,338	$ 3,143
Other comprehensive income (loss), net of tax:
Pension and postretirement benefit plans	(1)	2	(1)
Comprehensive income (loss) attributable to Diamondback Energy, Inc	1,663	3,340	3,142
Oil sales
Revenues:
Revenues	11,621	9,067	7,279
Natural gas sales
Revenues:
Revenues	400	89	262
Natural gas liquid sales
Revenues:
Revenues	1,432	944	687
Sales of purchased oil
Revenues:
Revenues	$ 1,476	$ 923	$ 111

INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company is subject to corporate income taxes and the Texas margin tax. The Company and its subsidiaries, other than Viper, Viper LLC and certain other subsidiaries classified as partnerships for U.S. federal income tax purposes, file a U.S. federal corporate income tax return on a consolidated basis. Viper’s provision for income taxes is included in the Company’s consolidated income tax provision and, to the extent applicable, in net income attributable to the non-controlling interest.

The Company’s effective income tax rates were 17.4%, 17.8% and 21.5% for the years ended December 31, 2025, 2024 and 2023, respectively. Total income tax expense for the year ended December 31, 2025 differed from amounts computed by applying the U.S. federal statutory tax rate to pre-tax income primarily due to (i) state income taxes, net of federal benefit, (ii) the effect of research and development tax credits, and (iii) other permanent differences between book and taxable income. Total income tax expense for the year ended December 31, 2024 differed from amounts computed by applying the U.S. federal statutory tax rate to pre-tax income primarily due to (i) the impact of removing the valuation allowance against Viper’s deferred tax assets, (ii) state income taxes, net of federal benefit, and (iii) other permanent differences between book and taxable income. Total income tax expense for the year ended December 31, 2023 differed from amounts computed by applying the U.S. federal statutory tax rate to pre-tax income for the period primarily due to state income taxes, net of federal benefit, partially offset by the impact of permanent differences between book and taxable income and tax benefit resulting from a reduction in the valuation allowance on Viper’s deferred tax assets.

Based on application of the Inflation Reduction Act of 2022 and related administrative guidance, the Company’s income tax expense for the years ended December 31, 2025, 2024 and 2023, was not impacted by the corporate alternative minimum tax.

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBB”), was enacted. The OBBB included multiple provisions applicable to U.S. income taxes for businesses, including immediate expensing of research or experimental expenses, bonus depreciation for qualified tangible property, deductible intangible drilling costs for purposes of the corporate alternative minimum tax, and enhancements to limits on business interest expense deductions. The Company accounted for

the OBBB in the period of enactment and materially reduced its estimate of current tax expense for 2025, primarily offset by an increase in estimated deferred tax expense for 2025, with no material net impact on the effective tax rate for the year ended December 31, 2025.

In connection with Viper’s Sitio Acquisition, Viper acquired prepaid income tax balances of approximately $14 million and deferred tax assets of $5 million related to loss carryforwards. Viper also recognized a deferred tax liability of approximately $122 million.

In connection with the 2025 Drop Down, the Company recorded a $170 million increase in tax payable and a $164 million decrease in deferred tax liability through paid in capital. Due to the resulting increase in the Company’s ownership of Viper LLC, the Company recorded a $202 million decrease to deferred tax liability, and a $212 million decrease in the deferred tax asset through non-controlling interest on the Company’s consolidated balance sheet.

In connection with the closing of the Endeavor Acquisition, the Company recognized a $7.2 billion deferred tax liability.

The components of the Company’s consolidated provision for income taxes from continuing operations for the years ended December 31, 2025, 2024 and 2023 are as follows:


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Current income tax provision (benefit):
Federal	$	820	$	752	$	505
State	26		33		29
Total current income tax provision (benefit)	846		785		534
Deferred income tax provision (benefit):
Federal	(486)		10		370
State	(33)		5		8
Total deferred income tax provision (benefit)	(519)		15		378
Total provision for (benefit from) income taxes	$	327	$	800	$	912

A reconciliation of the statutory federal income tax amount from continuing operations to the recorded expense is as follows:


	Year Ended December 31,
	2025				2024				2023
	Amount (In millions)		Percentage of Income (Loss) Before Taxes		Amount (In millions)		Percentage of Income (Loss) Before Taxes		Amount (In millions)		Percentage of Income (Loss) Before Taxes
Income tax expense (benefit) at the federal statutory rate	$	393	21	%	$	945	21	%	$	892	21	%


State income tax, net of federal income tax effect(1)	(14)		(1)		30		1		31		1
Tax Credits:
Research and development tax credits	(58)		(3)		(34)		(1)		—		—
Other	(2)		—		—		—		—		—
Changes in valuation allowances	—		—		(156)		(3)		(7)		(1)
Nontaxable or nondeductible items:
Impact of nontaxable noncontrolling interest	10		—		(1)		—		—		—
Other	(2)		—		16		—		(2)		—
Changes in unrecognized tax benefits	—		—		—		—		(2)		—
Other, net	—		—		—		—		—		—
Provision for (benefit from) income taxes	$	327	17	%	$	800	18	%	$	912	21	%

(1)State taxes in Texas made up the majority of the tax effect in this category.

The components of the Company’s deferred tax assets and liabilities as of December 31, 2025 and 2024 are as follows:


	December 31,
	2025		2024
	(In millions)












Deferred tax assets:
Net operating loss and other carryforwards	$	209	$	225



Viper’s investment in Viper LLC	28		185

Other	109		75
Deferred tax assets	346		485
Valuation allowance	(119)		(119)
Deferred tax assets, net of valuation allowance	227		366
Deferred tax liabilities:
Oil and natural gas properties, midstream investments and equipment	9,286		9,990



Other	60		29
Total deferred tax liabilities	9,346		10,019
Net deferred tax liabilities	$	9,119	$	9,653

At December 31, 2025, the Company had approximately $245 million of federal net operating losses (“NOL”) and $4 million of federal tax credits expiring in 2037, $26 million federal capital loss carryforwards expiring principally in 2027 and an additional $191 million of federal NOLs with an indefinite carryforward life, which amounts include NOLs and credit carryforwards acquired from QEP. The Company principally operates in the state of Texas and is subject to Texas margin tax, which currently does not include an NOL carryover provision. The Company’s federal tax attributes, including those acquired from QEP, Rattler and Sitio, are subject to an annual limitation under Sections 382 and 383 of the Internal Revenue

Code of 1986, as amended (the “Code”), which relates to tax attribute limitations upon the 50% or greater change of ownership of an entity during any three-year look back period. Other than as described below regarding realization of tax attributes acquired from QEP, the Company believes that the application of Sections 382 and 383 of the Code will not have an adverse effect on future usage of the Company’s loss carryforwards and credits.

As of December 31, 2025, the Company had a valuation allowance of $11 million related to federal NOL and credit carryforwards acquired from QEP which the Company estimated have a remote likelihood of being realized prior to expiration. In addition, the Company had a valuation allowance of $108 million primarily related to certain state NOL carryforwards which the Company does not believe are realizable as it does not anticipate significant future operations in those states. Management’s assessment at each balance sheet date included consideration of all available positive and negative evidence including the anticipated timing of reversal of deferred tax liabilities and the limitations imposed by Sections 382 and 383 of the Code on certain of the Company’s NOLs and other carryforwards. Management believes that the balance of the Company’s NOLs is realizable, to the extent of future taxable income, due to an increase in our Section 382 limitations as a result of our fair market value and our net unrealized built-in gain position. As of December 31, 2025, management determined that it is more likely than not that the Company will realize its remaining deferred tax assets.

At December 31, 2025, the Company’s net deferred tax liabilities include deferred tax assets of approximately $28 million related to Viper’s investment in Viper LLC. Deferred taxes are provided on the difference between Viper’s basis for financial accounting purposes and basis for federal income tax purposes in its investment in Viper LLC.

During the year ended December 31, 2024, Viper released its remaining valuation allowance of approximately $156 million as a result of management’s assessment of the realizability of future taxable income. During the year ended December 31, 2023, Viper recognized deferred income tax benefit of $7 million related to a partial release in its beginning-of-the year valuation allowance, based on a change in judgment about the realizability of its deferred tax assets.

The following table sets forth changes in the Company’s unrecognized tax benefits:


	December 31,
	2025		2024		2023
	(In millions)
Balance at beginning of year	$	—	$	—	$	7


Decrease resulting from expiration of statute	—		—		(7)

Balance at end of year	—		—		—
Less: Effects of temporary items	—		—		—
Total that, if recognized, would impact the effective income tax rate as of the end of the year	$	—	$	—	$	—

The Company recognizes the tax benefit from a tax position only if it is more likely than not that it will be sustained upon examination by the taxing authorities, based upon the technical merits of the position. The Company’s federal and state income tax returns for the years ended December 31, 2022 through December 31, 2024 remain open for all purposes of examination by the Internal Revenue Service and major state taxing jurisdictions. However, certain earlier tax years remain open for adjustment to the extent of their NOL carryforwards available for future utilization. It is reasonably possible that significant changes to the reserve for uncertain tax positions may occur as a result of various audits and the expiration of the statute of limitations.

The Company recognizes interest and penalties related to income tax matters as interest expense and general and administrative expenses, respectively. During the years ended December 31, 2025 and 2024, there was no interest associated with uncertain tax positions recognized in the Company’s consolidated financial statements. During the year ended December 31, 2023, there was an insignificant amount of interest associated with uncertain tax positions recognized in the Company’s consolidated financial statements. During the years ended December 31, 2025, 2024 and 2023, there were no penalties related to each period associated with uncertain tax positions recognized in the Company’s consolidated financial statements.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

Property and equipment includes the following as of the dates indicated:


	December 31,
	2025		2024
	(In millions)
Oil and natural gas properties:
Proved properties	$	71,588	$	59,574
Unproved properties	23,941		22,666
Gross oil and natural gas properties	95,529		82,240
Accumulated depletion	(15,974)		(11,083)
Accumulated impairment	(11,606)		(7,954)
Oil and natural gas properties, net	67,949		63,203
Other property, equipment and land	874		1,440
Accumulated depreciation, amortization, accretion and impairment	(202)		(171)
Total property and equipment, net	$	68,621	$	64,472

The following table presents the balance of costs not subject to depletion as of December 31, 2025 by the period in which the costs were incurred:


	2025		2024		2023		Prior		Total
	(In millions)
Balance of costs not subject to depletion:
Acquisition costs	$	4,528	$	12,821	$	1,043	$	4,456	$	22,848
Capitalized interest	564		220		111		101		996
Development costs	97		—		—		—		97
Total not subject to depletion	$	5,189	$	13,041	$	1,154	$	4,557	$	23,941

Costs associated with unevaluated properties are not subject to depletion and excluded from the full cost pool until the Company has made a determination as to the existence of proved reserves. Although the evaluation process has not been completed on our unevaluated properties, the Company currently estimates these costs will be added to the amortization base within fifteen years.

The Company capitalized internal costs of approximately $102 million, $90 million and $66 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Under the full cost method of accounting, the Company is required to perform a ceiling test each quarter which determines a limit, or ceiling, on the book value of proved oil and natural gas properties. As a result of the decline in commodity prices during 2025, the Company recorded a non-cash ceiling test impairment for the year ended December 31, 2025 of $3.7 billion, which is included in accumulated depletion, depreciation, amortization and impairment on the

consolidated balance sheet. The impairment charge affected the Company’s reported net income but did not reduce its cash flow. No impairment expense was recorded for the years ended December 31, 2024 and 2023.

In addition to commodity prices, the Company’s production rates, levels of proved reserves, future development costs, transfers of unevaluated properties and other factors will determine its actual ceiling test calculation and impairment analysis in future periods. If the future trailing 12-month commodity prices decline as compared to the commodity prices used in prior quarters, the Company may have material write downs in subsequent quarters. It is possible that circumstances requiring additional impairment testing will occur in future interim periods, which could result in potentially material impairment charges being recorded.

INCOME TAXES - Narrative (Details) - USD ($)		12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	May 01, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Aug. 19, 2025	Sep. 10, 2024
Operating Loss Carryforwards [Line Items]
Effective income tax rate		17.40%	17.80%	21.50%
Income taxes payable		$ (399,000,000)	$ 87,000,000	$ (5,000,000)
Operating loss carryforwards, subject to expiration		245,000,000
Federal tax credits		4,000,000
Operating loss carryforwards, not subject to expiration		191,000,000
Valuation allowance		119,000,000	119,000,000
Viper’s investment in Viper LLC		28,000,000	185,000,000
Changes in valuation allowances		0	156,000,000	7,000,000
Income tax benefit		(327,000,000)	(800,000,000)	(912,000,000)
Interest associated with uncertain tax positions		0	0	0
Penalties associated with uncertain tax positions		0	0	0
Loss Carryforward, Subject To Expiration, 2027
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards, subject to expiration		26,000,000
Federal NOL and Carryforwards From Acquisition
Operating Loss Carryforwards [Line Items]
Valuation allowance		11,000,000
State NOL
Operating Loss Carryforwards [Line Items]
Valuation allowance		$ 108,000,000
Endeavor Acquisition
Operating Loss Carryforwards [Line Items]
Deferred income taxes						$ 7,249,000,000
Disposed of by Sale \| Endeavor Subsidiaries
Operating Loss Carryforwards [Line Items]
Income taxes payable	$ 170,000,000
Decrease in deferred tax liabilities	164,000,000
Disposed of by Sale \| Endeavor Subsidiaries \| Viper Energy Partners LLC
Operating Loss Carryforwards [Line Items]
Decrease in deferred tax liabilities	202,000,000
Decrease in deferred tax asset	$ 212,000,000
Viper LLC
Operating Loss Carryforwards [Line Items]
Changes in valuation allowances			$ 156,000,000
Income tax benefit				$ 7,000,000
Sitio Acquisition \| Viper Energy Inc
Operating Loss Carryforwards [Line Items]
Acquired prepaid income tax					$ 14,000,000
Deferred tax assets					5,000,000
Deferred tax liability					$ 122,000,000

SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS

12 Months Ended

Dec. 31, 2025

Supplemental Cash Flow Elements [Abstract]

SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Supplemental disclosure of cash flow information:
Interest paid, net of capitalized interest	$	(155)	$	(269)	$	(146)
Cash paid for income taxes, net of refunds:
Federal	$	(1,178)	$	(575)	$	(316)
State:
Texas	$	(54)	$	(31)	$	(34)
Other	$	(2)	$	1	$	(2)
Supplemental disclosure of non-cash transactions:
Accrued capital expenditures included in accounts payable and accrued expenses	$	966	$	787	$	618
Capitalized stock-based compensation	$	(33)	$	(30)	$	(26)
Common shares issued for acquisitions	$	(1,116)	$	(20,110)	$	(633)
Viper common stock issued for acquisition	$	(1,435)	$	—	$	(255)
Viper LLC units issued for acquisition	$	(1,445)	$	(468)	$	—
Assets contributed in exchange for ownership interest in an equity method investment	$	(34)	$	—	$	(126)
Asset retirement obligations acquired	$	(15)	$	(278)	$	(8)

Non-cash investing activities for the year ended December 31, 2024 include additions of $1.0 billion as a result of the TRP Exchange. See Note 4—Acquisitions and Divestitures for further discussion of the TRP Exchange.

ACQUISITIONS AND DIVESTITURES - Schedule of Asset Acquisition Consideration Paid (Details) - Lario Acquisition $ / shares in Units, shares in Thousands, $ in Millions	Jan. 31, 2023 USD ($) $ / shares shares
Asset Acquisition [Line Items]
Shares of Diamondback common stock issued at closing (in shares) \| shares	4,330
Closing price per share of Diamondback common stock on the closing date (in dollars per share) \| $ / shares	$ 146.12
Fair value of Diamondback common stock issued	$ 633
Cash consideration	814
Total consideration (including fair value of Diamondback common stock issued)	$ 1,447

DEBT

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

DEBT

The Company’s debt consisted of the following as of the dates indicated:


	December 31,
	2025		2024
	(In millions)
3.250% Senior Notes due 2026	$	749	$	750
5.625% Senior Notes due 2026(1)	14		14
5.200% Senior Notes due 2027	850		850
7.125% Medium-term Notes, Series B, due 2028	73		73
3.500% Senior Notes due 2029	915		915
5.150% Senior Notes due 2030	850		850
3.125% Senior Notes due 2031	740		767
6.250% Senior Notes due 2033	1,100		1,100
5.400% Senior Notes due 2034	1,300		1,300
5.550% Senior Notes due 2035	1,200		—
4.400% Senior Notes due 2051	386		650
4.250% Senior Notes due 2052	605		750
6.250% Senior Notes due 2053	650		650
5.750% Senior Notes due 2054	1,480		1,500
5.900% Senior Notes due 2064	1,000		1,000
Tranche A Loans	—		900
2025 Term Loan	550		—
Unamortized debt issuance costs	(99)		(91)
Unamortized discount costs	(22)		(25)
Unamortized premium costs	2		3
Unamortized basis adjustment of dedesignated interest rate swap agreements(2)	(59)		(72)

Viper revolving credit facility	105		261
Viper 5.375% Senior Notes due 2027 (discharged)	—		430
Viper 4.900% Senior Notes due 2030	500		—
Viper 7.375% Senior Notes due 2031	—		400
Viper 5.700% Senior Notes due 2035	1,100		—
Viper 2025 Term Loan	500		—
Total debt, net	14,489		12,975
Less: current maturities of debt	763		900
Total long-term debt	$	13,726	$	12,075

(1)QEP remained the issuer of these senior notes subsequent to becoming a wholly owned subsidiary of the Company.

Debt maturities as of December 31, 2025, excluding debt issuance costs, premiums and discounts and the unamortized basis adjustment of dedesignated interest rate swap agreements are as follows:


Year Ending December 31,
	(In millions)
2026	$	763
2027	1,900
2028	73
2029	915
2030	1,455
Thereafter	9,561
Total	$	14,667

References in this section to the Company shall mean Diamondback Energy, Inc. and Diamondback E&P, collectively, unless otherwise specified.

Credit Agreement

On June 12, 2025, Diamondback E&P, as borrower, and Diamondback Energy, Inc., as parent guarantor, entered into a sixteenth amendment to the existing credit agreement (the “Credit Agreement”), which among other things (i) extended the maturity date to June 12, 2030, and (ii) decreased the interest rate as discussed below. The Credit Agreement provides for a maximum credit amount of $2.5 billion, which may be further increased to a total maximum commitment of $2.6 billion. As of December 31, 2025, the Company had no outstanding borrowings and approximately $2.5 billion available for future borrowings under the Credit Agreement. During the years ended December 31, 2025, 2024 and 2023, the weighted average interest rate on borrowings under the Credit Agreement was 5.60%, 6.33% and 6.31%, respectively.

After giving effect to the amendment, outstanding borrowings under the Credit Agreement bear interest at a per annum rate elected by Diamondback E&P that is equal to (i) term SOFR or (ii) an alternate base rate (which is equal to the greatest of the prime rate, the Federal Funds effective rate plus 0.50%, and 1-month term SOFR plus 1.0%, subject to a 1.0% floor), in each case plus the applicable margin. The applicable margin ranges from 0.000% to 0.750% per annum in the case of the alternate base rate and from 1.000% to 1.750% per annum in the case of term SOFR, in each case based on the pricing level, and the commitment fee ranges from 0.100% to 0.250% per annum on the average daily unused portion of the commitments, based on the pricing level. The pricing level depends on the Company’s long-term senior unsecured debt ratings.

The Credit Agreement contains a financial covenant that requires the Company to maintain a Total Net Debt to Capitalization Ratio (as defined in the Credit Agreement) of no more than 65%. As of December 31, 2025, the Company was in compliance with all financial maintenance covenants under the revolving credit facility, as then in effect.

Viper’s Revolving Credit Facility

On June 12, 2025, Former Viper, as guarantor, entered into a credit agreement with Viper LLC, as borrower, and Wells Fargo, as the administrative agent (the “Viper Revolving Credit Facility”), which among other things, provides the borrower with a senior unsecured revolving credit facility with a commitment of $1.5 billion. The Viper Revolving Credit Facility has a maturity date of June 12, 2030, with the ability to request three extensions of the maturity date by one year. The Viper Revolving Credit Facility was previously guaranteed by certain subsidiaries of the borrower, and upon completion of the Sitio Acquisition, those subsidiary guarantees were released and New Viper and Former Viper became co-guarantors. The Viper Revolving Credit Facility replaced the borrower’s previous revolving credit facility, dated July 20, 2018, among Viper, the borrower and Wells Fargo as amended, restated, amended and restated, supplemented or otherwise modified prior to June 12, 2025. As of December 31, 2025, there were $105 million in outstanding borrowings and $1.4 billion available for future borrowings under the Viper Revolving Credit Facility. During the years ended December 31, 2025, 2024 and 2023, respectively, the weighted average interest rates on borrowings under Viper’s respective revolving credit facilities were 6.02%, 7.34% and 7.41%.

Borrowings under the Viper Revolving Credit Facility bear interest at a per annum rate elected by the borrower that is equal to term SOFR or an alternate base rate (which is equal to the greatest of the prime rate, the federal funds effective rate plus 0.50% and 1-month term SOFR plus 1.0%, subject to a 1.0% floor), in each case plus the applicable margin. The applicable margin ranges from 0.125% to 1.000% per annum in the case of the alternative base rate loans and from 1.125% to 2.000% per annum in the case of term SOFR loans, in each case based on the pricing level. Further, the commitment fee ranges from 0.125% to 0.325% per annum on the average daily unused portion of the commitment, again based on the pricing level. The pricing level depends on the rating of Viper’s long-term senior unsecured debt by certain ratings agencies.

The Viper Revolving Credit Facility contains a financial covenant that requires Viper to maintain a Total Net Debt to Capitalization Ratio (as defined in the Viper Revolving Credit Facility) of no more than 65%. As of December 31, 2025, the borrower was in compliance with all financial maintenance covenants under the Viper Revolving Credit Facility.

On December 23, 2025, Viper Energy Partners LLC converted its legal form (the “Viper LLC Conversion”), in accordance with the applicable laws of the State of Delaware, to a Delaware limited partnership named Viper Energy Partners LP (“Viper LP”), which is now the borrower under the Viper Revolving Credit Facility.

Term Loan Agreements

Diamondback Term Loan Agreements

2025 Term Loan

In connection with the Double Eagle Acquisition, Diamondback Energy, Inc., as guarantor, entered into a term loan credit agreement with Diamondback E&P, as borrower, and Bank of America, N.A., as administrative agent (the “2025 Term Loan”) on March 21, 2025.

The 2025 Term Loan provided the Company with the ability to borrow up to $1.5 billion on an unsecured basis to fund a portion of the cash consideration and expenses for the Double Eagle Acquisition. On April 1, 2025, the date of closing of the Double Eagle Acquisition, the 2025 Term Loan was fully drawn in a single borrowing. Any then-outstanding amounts will mature and be payable in full on the second anniversary of the initial funding date.

During the year ended December 31, 2025, the weighted average interest rate on borrowings under the 2025 Term Loan was 5.64%.

Outstanding borrowings under the 2025 Term Loan bear interest at a per annum rate elected by the Company that is equal to (i) term SOFR plus 0.10% (“Adjusted Term SOFR”) or (ii) an alternate base rate (which is equal to the greatest of (a) the Federal Funds effective rate plus 0.50%, (b) the prime rate, (c) Adjusted Term SOFR plus 1.0%, and (d) 1.0%), in each case plus the applicable margin. The applicable margin ranges from 0.125% to 1.000% per annum in the case of the alternate base rate and from 1.125% to 2.000% per annum in the case of Adjusted Term SOFR, in each case based on the pricing level, and the commitment fee is equal to 0.125% per annum on the aggregate principal amount of the commitments. The pricing level depends on the Company’s long-term senior unsecured debt ratings.

Tranche A Loans

On February 29, 2024, Diamondback Energy, Inc., as guarantor, entered into a term loan credit agreement with Diamondback E&P, as borrower, and Citibank, N.A., as administrative agent, which at the time of borrowing was comprised of $1.0 billion of Tranche A Loans. The Tranche A Loans were fully drawn to fund a portion of the cash consideration for the Endeavor Acquisition.

On May 5, 2025, the Company used the cash proceeds received from the 2025 Drop Down to repay in full and terminate the $900 million remaining outstanding Tranche A Loans. During the years ended December 31, 2025 and 2024, the weighted average interest rate on borrowings under the Tranche A Loans was 5.87% and 6.13%, respectively.

Viper Term Loan Agreement

Viper 2025 Term Loan

On July 23, 2025, in connection with the Sitio Acquisition, Former Viper, as guarantor, entered into a term loan credit agreement with Viper LLC, as borrower, and Goldman Sachs Bank USA, as administrative agent, (the “Viper 2025 Term Loan”).

The Viper 2025 Term Loan provided Viper with the ability to borrow up to $500 million on a senior unsecured basis to fund a portion of the retirement of Sitio’s net debt, in connection with the Sitio Acquisition. On August 19, 2025, the date of closing of the Sitio Acquisition, the Viper 2025 Term Loan was fully drawn in a single borrowing. Any then-outstanding amounts will mature and be payable in full on the second anniversary of the initial funding date. In connection with the closing of the Sitio Acquisition, New Viper became a co-guarantor of the Viper 2025 Term Loan. During the year ended December 31, 2025, the weighted average interest rate on borrowings under the Viper 2025 Term Loan was 5.72%.

Borrowings under the Viper 2025 Term Loan bear interest at a per annum rate elected by the borrower that is equal to SOFR or an alternate base rate (which is equal to the greatest of the prime rate, the federal funds effective rate plus 0.50% and 1-month term SOFR plus 1.0%, subject to a 1.0% floor), in each case plus the applicable margin. The applicable margin ranges from 0.250% to 1.125% per annum in the case of the alternate base rate loans and from 1.250% to 2.125% per annum in the case of term SOFR loans, in each case based on the pricing level. The pricing level depends on the rating of Viper’s long-term senior unsecured debt by certain ratings agencies. In addition, the fee on undrawn commitments is equal to 0.20% per annum on the aggregate principal amount of such commitments.

Following the Viper LLC Conversion, Viper LP, as successor to Viper Energy Partners LLC, became the borrower under the Viper 2025 Term Loan.

Issuance of Notes

2025 Issuance of Notes

Diamondback Senior Notes

On March 20, 2025, the Company issued $1.2 billion aggregate principal amount of 5.550% Senior Notes due April 1, 2035 (the “2035 Notes”), which are included in the Company’s Guaranteed Senior Notes. The Company received net proceeds of $1.19 billion, after underwriters’ discounts and transaction costs. Interest on the 2035 Notes is payable semi-annually on April 1 and October 1 of each year, which commenced on October 1, 2025. The Company used the net proceeds to fund a portion of the cash consideration for the Double Eagle Acquisition.

Viper Senior Notes

On July 23, 2025, Viper LLC, as issuer, and Former Viper, as guarantor, issued $1.6 billion in aggregate principal amount of senior notes consisting of (i) $500 million aggregate principal amount of 4.900% Senior Notes due August 1, 2030 (the “Viper 2030 Notes”), and (ii) $1.1 billion aggregate principal amount of 5.700% Senior Notes due August 1, 2035 (the “Viper 2035 Notes” and together with the Viper 2030 Notes, the “Viper 2025 Notes”). Viper received net proceeds of approximately $1.58 billion, after underwriters’ discounts and transaction costs. Interest on the Viper 2025 Notes is payable semi-annually in February and August of each year, beginning on February 1, 2026. Concurrently, Viper used approximately $824 million of the proceeds to redeem approximately $780 million in aggregate principal amounts of the Viper Notes, including accrued interest due and applicable redemption premiums. Following the closing of the Sitio Acquisition, Viper used the remaining proceeds from the issuance of the Viper 2025 Notes to (i) retire Sitio’s 7.875% senior notes due 2028, (ii) partially repay borrowings under Sitio’s revolving credit facility, (iii) pay fees, costs and expenses related to the redemption or repayment of such debt, and (iv) for general corporate purposes. The Viper 2025 Notes have been registered under the Securities Act. Following the Viper LLC Conversion, Viper LP, as successor to Viper Energy Partners LLC, became the issuer with respect to the Viper 2025 Notes.

2024 Issuance of Notes

On April 18, 2024, Diamondback Energy, Inc., as borrower, and Diamondback E&P, as guarantor, issued an aggregate of $5.5 billion in senior notes, consisting of (i) $850 million aggregate principal amount of 5.200% Senior Notes due April 18, 2027 (the “2027 Notes”), (ii) $850 million aggregate principal amount of 5.150% Senior Notes due January 30, 2030 (the “2030 Notes”), (iii) $1.3 billion aggregate principal amount of 5.400% Senior Notes due April 18, 2034 (the “2034 Notes”), (iv) $1.5 billion aggregate principal amount of 5.750% Senior Notes due April 18, 2054 (the “2054 Notes”), and (v) $1.0 billion aggregate principal amount of 5.900% Senior Notes due April 18, 2064 (the “2064 Notes” and together with the 2027 Notes, the 2030 Notes, the 2034 Notes and the 2054 Notes, the “April 2024 Notes”). The April 2024 Notes are included in the Company’s Guaranteed Senior Notes. The Company received net proceeds of $5.5 billion, after underwriters’ discounts and transaction costs. Interest on the 2030 Notes is payable semi-annually on January 30 and July 30 of each year, beginning on July 30, 2024. Interest on each other series of notes will be payable semi-annually on April 18 and October 18 of each year. The Company used the net proceeds from the April 2024 Notes to fund a portion of the cash consideration for the Endeavor Acquisition.

Retirement of Notes

Diamondback Retirement of Notes

During the year ended December 31, 2025, the Company opportunistically repurchased an aggregate principal amount of approximately $455 million of its senior notes, which consisted of $27 million of the 3.125% Senior Notes due 2031, $263 million of the 4.400% Senior Notes due 2051, $145 million of the 4.250% Senior Notes due 2052 and $20 million of the 5.750% Senior Notes due 2054, in open market transactions for total cash consideration, including accrued interest paid, of approximately $363 million, at an average of 79.3% of par value. These repurchases resulted in a gain on extinguishment of debt of approximately $88 million during the year ended December 31, 2025.

During the year ended December 31, 2024, the Company opportunistically repurchased an aggregate principal amount of approximately $28 million of its senior notes, which consisted of $22 million of its 3.125% Senior Notes due 2031 and $6 million of its 3.500% Senior Notes due 2029 for total cash consideration, including accrued interest paid of $25 million. These repurchases resulted in an immaterial gain on extinguishment of debt during the year ended December 31, 2024.

Viper Retirement of Notes

During the second quarter of 2025, Viper opportunistically repurchased principal amounts of $50 million of its 5.375% Senior Notes due 2027 (the “Viper 2027 Notes”) in open market transactions for total cash consideration of $50 million, at an average of 99.7% of par value, resulting in an immaterial gain on extinguishment of debt for the year ended December 31, 2025.

On July 23, 2025, using proceeds from the issuance of the Viper 2025 Notes, Viper (i) redeemed all of its outstanding 7.375% Senior Notes maturing on November 1, 2031, (the “Viper 2031 Notes”), which were issued in October 2023 to partially fund the cash portion of the GRP Acquisition, for total cash consideration of approximately $434 million including the applicable redemption premium of 106.8% of par and accrued and unpaid interest up to, but not including, the redemption date, and (ii) deposited approximately $390 million to redeem all of its outstanding Viper 2027 Notes on November 1, 2025, for total cash consideration, including payment of interest due to, but not including, the redemption date at a redemption price equal to 100% of the principal amount of the Viper 2027 Notes. The redemption of the Viper 2031 Notes resulted in a loss on extinguishment of debt of $32 million.

Guaranteed Senior Notes

The Guaranteed Senior Notes are the Company’s senior unsecured obligations and are fully and unconditionally guaranteed by Diamondback E&P, are senior in right of payment to any of the Company’s future subordinated indebtedness and rank equal in right of payment with all of the Company’s existing and future senior indebtedness.

The Viper 2025 Notes (i) are senior unsecured obligations and are fully and unconditionally guaranteed by Former Viper, and, following the closing of the Sitio Acquisition, also by New Viper, (ii) are senior in right of payment to any of Viper’s future subordinated indebtedness, and (iii) rank equal in right of payment with all of Viper’s existing and future

senior indebtedness. The Company does not guarantee the Viper 2025 Notes. In the future, each of Viper’s restricted subsidiaries that either (i) guarantees any of its or a guarantor’s indebtedness, or (ii) is a domestic restricted subsidiary and is an obligor with respect to any indebtedness under any credit facility will be required to guarantee the Viper 2025 Notes.

Interest Expense

The following amounts have been incurred and charged to interest expense for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Interest expense	$	837	$	624	$	346
Other fees and expenses	4		3		2
Less: interest income	25		156		18
Less: capitalized interest	572		336		171
Interest expense, net	$	244	$	135	$	159

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DEBT - Issuances of Notes (Details) - USD ($)				12 Months Ended
DEBT - Issuances of Notes (Details) - USD ($)	Jul. 23, 2025	Mar. 20, 2025	Apr. 18, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Proceeds from issuance of debt			$ 5,500,000,000	$ 15,042,000,000	$ 9,875,000,000	$ 5,179,000,000
Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount			5,500,000,000
Debt redeemed				$ 363,000,000	$ 25,000,000
5.550% Senior Notes due 2035 \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 1,200,000,000
Stated interest rate		5.55%		5.55%
Proceeds from senior notes		$ 1,190,000,000
Viper 2025 Notes Offering \| Senior Notes \| Viper Energy Partners LLC
Debt Instrument [Line Items]
Aggregate principal amount	$ 1,600,000,000
Proceeds from senior notes	1,580,000,000
Viper 2025 Notes Offering \| Senior Notes \| Viper
Debt Instrument [Line Items]
Proceeds from debt issuance used for debt redemption	824,000,000
Viper 4.900% Senior Notes due 2030 \| Senior Notes \| Viper Energy Partners LLC
Debt Instrument [Line Items]
Aggregate principal amount	$ 500,000,000
Stated interest rate	4.90%
Viper 4.900% Senior Notes due 2030 \| Senior Notes \| Viper
Debt Instrument [Line Items]
Stated interest rate				4.90%
Viper 5.700% Senior Notes due 2035 \| Senior Notes \| Viper Energy Partners LLC
Debt Instrument [Line Items]
Aggregate principal amount	$ 1,100,000,000
Stated interest rate	5.70%
Viper 5.700% Senior Notes due 2035 \| Senior Notes \| Viper
Debt Instrument [Line Items]
Stated interest rate				5.70%
5.375% Senior Notes Due 2027 And 7.375% Senior Notes Due 2031 \| Senior Notes \| Viper
Debt Instrument [Line Items]
Debt redeemed	$ 780,000,000
7.875% Senior Notes Due 2028 \| Senior Notes \| Sitio Royalties Corp.
Debt Instrument [Line Items]
Stated interest rate	7.875%
5.200% Senior Notes due 2027 \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount			$ 850,000,000
Stated interest rate			5.20%	5.20%
5.150% Senior Notes due 2030 \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount			$ 850,000,000
Stated interest rate			5.15%	5.15%
5.400% Senior Notes due 2034 \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount			$ 1,300,000,000
Stated interest rate			5.40%	5.40%
5.750% Senior Notes due 2054 \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount			$ 1,500,000,000
Stated interest rate			5.75%	5.75%
5.900% Senior Notes due 2064 \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount			$ 1,000,000,000.0
Stated interest rate			5.90%	5.90%

ACQUISITIONS AND DIVESTITURES - Schedule of Purchase Price Allocation (Details) - TRP Energy, LLC $ in Millions	Dec. 20, 2024 USD ($)
Business Combination [Line Items]
Total consideration	$ 1,345
Fair value of liabilities assumed:
Suspense liabilities	(8)
Fair value of assets acquired:
Oil and natural gas properties	1,353
Net assets acquired and liabilities assumed	$ 1,345

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE

Common Stock Repurchase Program

The Company’s board of directors has approved a common stock repurchase program to acquire up to $8.0 billion of the Company’s outstanding common stock, excluding excise tax. Purchases under the repurchase program may be made from time to time in open market or privately negotiated transactions, and are subject to market conditions, applicable regulatory and legal requirements, contractual obligations and other factors. The repurchase program does not require the Company to acquire any specific number of shares. This repurchase program may be suspended from time to time, modified, extended or discontinued by the board of directors at any time. During the years ended December 31, 2025, 2024 and 2023, the Company repurchased approximately $2.0 billion, which includes $305 million for the repurchase of 2.0 million shares from SGF, $959 million and $838 million of common stock under the repurchase program, respectively, in each case excluding excise tax. For further discussion on the repurchase from SGF, see Note 7—Related Party Transactions. As of December 31, 2025, approximately $2.7 billion remained available for future repurchases under the Company’s repurchase program, excluding excise tax.

Viper’s Repurchase Program

Previously, Viper’s board of directors approved a repurchase program to acquire up to $750 million of Viper’s outstanding Class A common stock, excluding excise tax, over an indefinite period of time. On December 10, 2025, Viper’s board of directors expanded the repurchase program to also include repurchases of Viper’s outstanding Class B common stock and Viper LLC units, in each case excluding excise tax. During the year ended December 31, 2025, Viper repurchased approximately $194 million under its repurchase program, excluding excise tax. During the year ended December 31, 2024, Viper had no repurchases under its repurchase program and during the year ended December 31, 2023, Viper repurchased approximately $95 million under its repurchase program, excluding excise tax. As of December 31, 2025, $241 million remains available under Viper’s repurchase program, excluding excise tax.

Viper 2025 Equity Offering

On February 3, 2025, Viper completed an underwritten public offering of approximately 28.34 million shares of Viper’s Class A common stock, which included approximately 3.70 million shares issued pursuant to an option to purchase additional shares of Viper’s Class A common stock granted to the underwriters, at a price to the public of $44.50 per share for total net proceeds to Viper of approximately $1.2 billion, after the underwriters’ discount and transaction costs (the “Viper 2025 Equity Offering”). The net proceeds were used to fund (i) a portion of Viper’s cash consideration for the 2025 Drop Down, (ii) cash consideration for other acquisitions, and (iii) for general corporate purposes.

Viper 2024 Equity Offering

On September 13, 2024, Viper completed an underwritten public offering of approximately 11.5 million shares of Viper’s Class A common stock, which included 1.5 million shares issued pursuant to an option to purchase additional shares of Viper’s Class A common stock granted to the underwriters, at a price to the public of $42.50 per share for total net proceeds to Viper of approximately $476 million, after the underwriters’ discount and transaction costs (the “Viper 2024 Equity Offering”). The net proceeds were used to fund a portion of the cash consideration for the Viper TWR Acquisition.

Change in Ownership of Consolidated Subsidiaries

Non-controlling interests in the accompanying consolidated financial statements represent interests in Viper held by parties other than the Company and are presented as a component of equity. When the Company’s relative ownership interests in Viper change, adjustments to non-controlling interest and additional paid-in-capital, tax effected, will occur.

The following table summarizes changes in the ownership interest in consolidated subsidiaries during the respective periods presented:


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Net income (loss) attributable to the Company	$	1,664	$	3,338	$	3,143
Change in ownership of consolidated subsidiaries	(444)		(62)		77
Change from net income (loss) attributable to the Company’s stockholders and transfers with non-controlling interest	$	1,220	$	3,276	$	3,220

Dividends

The following table presents dividends and distribution equivalent rights paid on the Company’s common stock during the respective periods:


	Base		Variable		Total Per Share		Total
	(In per share)						(In millions)
2025
First quarter	$	1.00	$	—	$	1.00	$	291
Second quarter	1.00		—		1.00		293
Third quarter	1.00		—		1.00		291
Fourth quarter	1.00		—		1.00		288
Total year-to-date	$	4.00	$	—	$	4.00	$	1,163

2024
First quarter	$	0.90	$	2.18	$	3.08	$	552
Second quarter	0.90		1.07		1.97		355
Third quarter	0.90		1.44		2.34		419
Fourth quarter	0.90		—		0.90		263
Total year-to-date	$	3.60	$	4.69	$	8.29	$	1,589

2023
First quarter	$	0.80	$	2.15	$	2.95	$	546
Second quarter	0.80		0.03		0.83		151
Third quarter	0.84		—		0.84		151
Fourth quarter	0.84		2.53		3.37		607
Total year-to-date	$	3.28	$	4.71	$	7.99	$	1,455

Dividends to Non-Controlling Interest

During the years ended December 31, 2025, 2024 and 2023, Viper paid $382 million, $227 million and $129 million of dividends/distributions to its public shareholders, excluding Diamondback, in accordance with the dividend policy approved by its board of directors. These dividends are reflected under the caption “Dividends/distributions to non-controlling interest” on the Company’s consolidated statements of stockholders’ equity and consolidated statements of cash flows.

Earnings (Loss) Per Share

The Company’s earnings (loss) per share amounts have been computed using the two-class method. The two-class method is an earnings allocation proportional to the respective ownership among holders of common stock and participating securities. Basic earnings (loss) per share amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Diluted earnings per share include the effect of potentially dilutive shares outstanding for the period. Additionally, the per share earnings of Viper are included in the consolidated earnings per share computation based on the consolidated group’s holdings of the subsidiaries.

A reconciliation of the components of basic and diluted earnings (loss) per common share is presented below:


	Year Ended December 31,
	2025		2024		2023
	(In millions, except per share amounts)
Net income (loss) attributable to common shares	$	1,664	$	3,338	$	3,143
Less: distributed and undistributed earnings allocated to participating securities(1)	8		21		22
Net income (loss) attributable to common stockholders	$	1,656	$	3,317	$	3,121
Weighted average common shares outstanding:
Basic weighted average common shares outstanding	289,079		213,545		179,999
Effect of dilutive securities:
Weighted-average potential common shares issuable	—		—		—
Diluted weighted average common shares outstanding	289,079		213,545		179,999
Basic net income (loss) attributable to common shares	$	5.73	$	15.53	$	17.34
Diluted net income (loss) attributable to common shares	$	5.73	$	15.53	$	17.34

(1)Unvested restricted stock units and performance-based restricted stock unit awards that contain non-forfeitable distribution equivalent rights are considered participating securities and therefore are included in the earnings per share calculation pursuant to the two-class method.

- Definition

The entire disclosure for equity.

+ References

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+ Details

INCOME TAXES - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating loss and other carryforwards	$ 209	$ 225
Viper’s investment in Viper LLC	28	185
Other	109	75
Deferred tax assets	346	485
Valuation allowance	(119)	(119)
Deferred tax assets, net of valuation allowance	227	366
Deferred tax liabilities:
Oil and natural gas properties, midstream investments and equipment	9,286	9,990
Other	60	29
Total deferred tax liabilities	9,346	10,019
Net deferred tax liabilities	$ 9,119	$ 9,653

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Commitments

The following is a schedule of minimum future payments with commitments that have initial or remaining noncancellable terms in excess of one year as of December 31, 2025:


Year Ending December 31,	Transportation Commitments(1)(2)		Electrical Power Agreements(3)		Other Operating Agreements(4)		Electrical Fracturing Fleet(5)
	(In millions)
2026	$	275	$	125	$	114	$	50
2027	316		128		43		50
2028	313		98		14		24
2029	312		95		6		—
2030	312		21		6		—
Thereafter	1,485		28		24		—
Total	$	3,013	$	495	$	207	$	124

(1)Total costs incurred under take-or-pay and throughput obligations were approximately $449 million, $337 million and $266 million in 2025, 2024 and 2023, respectively.

(3)The Company has fixed price contracts with various suppliers for the purchase of electrical power through 2032.

(5)The Company has commitments for the Company’s electric fracturing fleet and related power generating services.

Schedule of Delivery Commitment

At December 31, 2025, the Company’s delivery commitments covered the following gross volumes of oil:


Year Ending December 31,						Oil Volume Commitments (Bbl/d)
2026						150,000
2027						150,000
2028						50,000
2029						50,000
2030						50,000
Thereafter						50,000
Total						500,000

STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions						12 Months Ended
	Feb. 03, 2025	Sep. 13, 2024	Mar. 08, 2024	Nov. 01, 2023	Oct. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program authorized amount						$ 8,000
Stock repurchased and retired during period, value						2,000	$ 959	$ 838
Stock repurchase remaining authorized amount						$ 2,700
Stock repurchase program amount repurchased							959	840
Number of common units sold (in shares)					7,220
Sale of stock (in dollars per share)			$ 35.00		$ 27.72
Consideration received on transaction				$ 200
SGF FANG Holdings, LP
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period (in shares)						2,000
Stock repurchased and retired during period, value						$ 305
Viper LLC \| Viper 2025 Equity Offering
Equity, Class of Treasury Stock [Line Items]
Consideration received on transaction	$ 1,200
Viper LLC \| Viper 2024 Equity Offering
Equity, Class of Treasury Stock [Line Items]
Consideration received on transaction		$ 476
Common Class A
Equity, Class of Treasury Stock [Line Items]
Number of common units sold (in shares)			13,230
Common Class A \| Viper LLC
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program authorized amount						750
Stock repurchase remaining authorized amount						241
Stock repurchase program amount repurchased						$ 194	$ 0	$ 95
Common Class A \| Viper LLC \| Viper 2025 Equity Offering
Equity, Class of Treasury Stock [Line Items]
Number of common units sold (in shares)	28,340
Sale of stock (in dollars per share)	$ 44.50
Common Class A \| Viper LLC \| Over-Allotment Option
Equity, Class of Treasury Stock [Line Items]
Number of common units sold (in shares)	3,700	1,500
Common Class A \| Viper LLC \| Viper 2024 Equity Offering
Equity, Class of Treasury Stock [Line Items]
Number of common units sold (in shares)		11,500
Sale of stock (in dollars per share)		$ 42.50

SUPPLEMENTAL INFORMATION ON OIL AND NATURAL GAS OPERATIONS (Unaudited) - Schedule of Principal Changes in Standardized Measure of Discounted Future Net Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Oil and Gas, Standardized Measure, Discounted Future Net Cash Flow
Standardized measure of discounted future net cash flows at the beginning of the period	$ 39,833	$ 27,058	$ 35,699
Sales of oil and natural gas, net of production costs	(10,222)	(7,820)	(6,544)
Acquisitions of reserves	3,630	21,639	1,854
Divestitures of reserves	(632)	(1,318)	(938)
Extensions and discoveries, net of future development costs	7,496	4,124	5,771
Previously estimated development costs incurred during the period	1,920	1,447	1,180
Net changes in prices and production costs	(8,117)	(4,969)	(17,276)
Changes in estimated future development costs	1,084	1,066	518
Revisions of previous quantity estimates	(4,191)	(2,035)	(1,268)
Accretion of discount	4,849	3,921	4,533
Net change in income taxes	1,702	(3,156)	2,506
Net changes in timing of production and other	(442)	(124)	1,023
Standardized measure of discounted future net cash flows at the end of the period	$ 36,910	$ 39,833	$ 27,058

DERIVATIVES

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

At December 31, 2025, the Company has commodity derivative contracts and interest rate swaps outstanding. All derivative financial instruments are recorded at fair value.

Commodity Contracts

The Company has entered into multiple crude oil and natural gas derivatives, indexed to the respective indices as noted in the table below, to reduce price volatility associated with certain of its oil and natural gas sales. The Company has not designated its commodity derivative instruments as hedges for accounting purposes and, as a result, marks its commodity derivative instruments to fair value and recognizes the cash and non-cash changes in fair value in the consolidated statements of operations under the caption “Gain (loss) on derivative instruments, net.”

By using derivative instruments to economically hedge exposure to changes in commodity prices, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk. The Company has entered into commodity derivative instruments only with counterparties that are also lenders under its credit facility and have been deemed an acceptable credit risk. As such, collateral is not required from either the counterparties or the Company on its outstanding commodity derivative contracts.

As of December 31, 2025, the Company had the following outstanding commodity derivative contracts. When aggregating multiple contracts, the weighted average contract price is disclosed:


					Swaps	Collars
Settlement Month	Settlement Year	Type of Contract	Bbls/MMBtu Per Day	Index	Weighted Average Differential		Weighted Average Floor Price	Weighted Average Ceiling Price
OIL
Jan. - Jun.	2026	Basis Swap(1)	35,000	Argus WTI Midland	$0.94		$—	$—
Jul. - Dec.	2026	Basis Swap(1)	30,000	Argus WTI Midland	$0.93		$—	$—
NATURAL GAS
Jan. - Dec.	2026	Costless Collar	840,000	Henry Hub	$—		$2.87	$6.35
Jan. - Dec.	2027	Costless Collar	640,000	Henry Hub	$—		$2.90	$6.41
Jan. - Dec.	2026	Basis Swap(1)	650,000	Waha Hub	$(1.69)		$—	$—
Jan. - Dec.	2026	Basis Swap(1)	100,000	HSC Hub	$(0.35)		$—	$—
Jan. - Dec.	2027	Basis Swap(1)	340,000	Waha Hub	$(1.28)		$—	$—
Jan. - Dec.	2027	Basis Swap(1)	180,000	HSC Hub	$(0.25)		$—	$—


Settlement Month	Settlement Year	Type of Contract	Bbls Per Day	Index	Strike Price	Deferred Premium
OIL
Jan. - Mar.	2026	Put	36,000	Brent	$53.13	$1.73
Jan. - Mar.	2026	Put	95,000	Argus WTI Houston	$51.13	$1.66
Jan. - Mar.	2026	Put	185,000	WTI Cushing	$51.73	$1.64
Apr. - Jun.	2026	Put	27,000	Brent	$52.50	$1.72
Apr. - Jun.	2026	Put	70,000	Argus WTI Houston	$50.00	$1.68
Apr. - Jun.	2026	Put	130,000	WTI Cushing	$49.71	$1.70
Jul. - Sep.	2026	Put	5,000	Brent	$52.50	$1.63
Jul. - Sep.	2026	Put	15,000	Argus WTI Houston	$50.00	$1.74
Jul. - Sep.	2026	Put	20,000	WTI Cushing	$50.00	$1.84

Interest Rate Swaps and Treasury Locks

Interest Rate Swaps

As of December 31, 2025, the Company has two receive-fixed, pay-variable interest rate swap agreements for notional amounts of $150 million each, which are considered economic hedges of the Company’s 2029 Notes. During the year ended December 31, 2025, the Company terminated and settled an aggregate $600 million of the previous $900 million of the notional amount of interest rate swaps for a loss of $67 million. During the year ended December 31, 2024, the Company terminated and settled an aggregate $300 million of the previous $1.2 billion of the notional amount of interest rate swaps for a loss of $37 million. The losses on the partial termination of interest rate swaps are recognized in the caption “Gain (loss) on derivative instruments, net” on the consolidated statement of operations for the years ended December 31, 2025 and 2024. The Company receives a fixed 3.50% rate of interest on these swaps and pays the variable rate of SOFR plus 2.1865%. The interest rate swaps are not treated as hedges for accounting purposes and, as a result, changes in fair value are recorded in earnings under the caption “Gain (loss) on derivative instruments, net” in the consolidated statements of operations.

The interest rate swaps were designated as fair value hedges at inception, but the Company subsequently elected to discontinue hedge accounting. The cumulative fair value basis adjustment recorded at the time of dedesignation is being amortized to interest expense over the remaining term of the 2029 Notes utilizing the effective interest method. See Note 8—Debt for further details.

Treasury Locks

From time to time the Company enters into certain treasury lock contracts to reduce the forecasted interest rate risk associated with the issuance of senior unsecured notes. Changes in the value and settlement of treasury locks are recognized under the caption “Gain (loss) on derivative instruments, net” on the consolidated statement of operations.

Balance Sheet Offsetting of Derivative Assets and Liabilities

The fair value of derivative instruments is generally determined using established index prices and other sources which are based upon, among other things, futures prices and time to maturity. These fair values are recorded by netting asset and liability positions, including any deferred premiums, that are with the same counterparty and are subject to contractual terms which provide for net settlement. See Note 13—Fair Value Measurements for further details.

Gains and Losses on Derivative Instruments

The following table summarizes the gains and losses on derivative instruments included in the consolidated statements of operations:


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Gain (loss) on derivative instruments, net:
Commodity contracts	$	311	$	210	$	(239)
Interest rate swaps(1)	18		(45)		(20)
2026 WTI Contingent Liability	10		(3)		—
Treasury locks	2		(25)		—
Total	$	341	$	137	$	(259)

Net cash received (paid) on settlements:
Commodity contracts	$	259	$	57	$	(61)
Interest rate swaps(1)	(80)		(83)		(49)
Treasury locks	2		(25)		—
Total	$	181	$	(51)	$	(110)

(1)The years ended December 31, 2025 and 2024 include cash paid on interest rate swaps terminated prior to their contractual maturity of $67 million and $37 million, respectively.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

SEGMENT INFORMATION	12 Months Ended
SEGMENT INFORMATION	Dec. 31, 2025
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company is managed on a consolidated basis as one operating segment and one reportable segment: the upstream segment, which is engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. This singular operating and reportable segment is comprised of (i) the Company and its wholly-owned subsidiaries, and (ii) Viper and its consolidated subsidiaries, which have been aggregated due to the similarity in their economic characteristics, products and services, processes, type of customers, method of distribution for their products and the regulatory environment in which they operate. The upstream segment derives its revenue from customers through the sale of oil and natural gas products as well as other immaterial service contracts. See Note 3—Revenue from Contracts with Customers for further discussion of the Company’s sources of revenue. The Company’s Chief Operating Decision Maker (“CODM”) is a senior executive committee that is comprised of the Chief Operating Officer, Chief Financial Officer, and Chief Executive Officer. The CODM uses the Company’s consolidated financial results to make key operating decisions, assess performance and to allocate resources. The measures of segment profit or loss and total assets utilized by the CODM are net income and total assets as reported on the consolidated statements of operations and the consolidated balance sheets, respectively. The significant expense categories, their amounts and other segment items that are regularly provided to the CODM are those that are reported in the Company’s consolidated statements of operations as well as interest income and interest expense in Note 8—Debt. The CODM uses consolidated net income as a measure of profitability to evaluate segment performance and to make capital allocation decisions such as reinvestment in the business or return of capital through the payment of base and variable dividends or repurchases under the share repurchase program.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

REVENUE FROM CONTRACTS WITH CUSTOMERS - Concentrations (Details) - Revenue Benchmark - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Medallion Midstream
Concentration Risk [Line Items]
Concentration risk, percentage	16.00%
Shell Trading (USA) Company
Concentration Risk [Line Items]
Concentration risk, percentage	13.00%	13.00%	14.00%
Enterprise Crude Oil LLC
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%	15.00%	13.00%
Vitol Inc
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%	17.00%	22.00%
DK Trading & Supply LLC
Concentration Risk [Line Items]
Concentration risk, percentage		11.00%	18.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

DEBT - Schedule of Long-term Debt (Details) $ in Millions	Dec. 31, 2025 USD ($) derivative	Jul. 23, 2025	Jun. 30, 2025	Mar. 20, 2025	Dec. 31, 2024 USD ($)	Apr. 18, 2024	Jan. 31, 2023
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (99)				$ (91)
Unamortized discount costs	(22)				(25)
Unamortized premium costs	2				3
Unamortized basis adjustment of dedesignated interest rate swap agreements	(59)				(72)
Total debt, net	14,489				12,975
Less: current maturities of debt	763				900
Total long-term debt	$ 13,726				12,075
Fair value of interest rate swap agreements
Debt Instrument [Line Items]
Number of derivatives held \| derivative	2
3.250% Senior Notes due 2026 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	3.25%
Long-term debt, gross	$ 749				750
5.625% Senior Notes due 2026 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	5.625%
Long-term debt, gross	$ 14				14
5.200% Senior Notes due 2027 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	5.20%					5.20%
Long-term debt, gross	$ 850				850
7.125% Medium-term Notes, Series B, due 2028 \| Medium-Term Note
Debt Instrument [Line Items]
Stated interest rate	7.125%
Long-term debt, gross	$ 73				$ 73
3.500% Senior Notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	3.50%				3.50%
Long-term debt, gross	$ 915				$ 915
5.150% Senior Notes due 2030 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	5.15%					5.15%
Long-term debt, gross	$ 850				$ 850
3.125% Senior Notes due 2031 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	3.125%				3.125%
Long-term debt, gross	$ 740				$ 767
6.250% Senior Notes due 2033 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	6.25%
Long-term debt, gross	$ 1,100				1,100
5.400% Senior Notes due 2034 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	5.40%					5.40%
Long-term debt, gross	$ 1,300				1,300
5.550% Senior Notes due 2035 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	5.55%			5.55%
Long-term debt, gross	$ 1,200				0
4.400% Senior Notes due 2051 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	4.40%
Long-term debt, gross	$ 386				650
4.250% Senior Notes due 2052 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	4.25%
Long-term debt, gross	$ 605				750
6.250% Senior Notes due 2053 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	6.25%						6.25%
Long-term debt, gross	$ 650				650
5.750% Senior Notes due 2054 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	5.75%					5.75%
Long-term debt, gross	$ 1,480				1,500
5.900% Senior Notes due 2064 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	5.90%					5.90%
Long-term debt, gross	$ 1,000				1,000
Tranche A Loans
Debt Instrument [Line Items]
Line of credit	0				900
2025 Term Loan \| Line of Credit \| Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 550				0
Viper revolving credit facility \| Viper LLC
Debt Instrument [Line Items]
Long-term debt, gross					261
Viper 5.375% Senior Notes due 2027 (discharged) \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	5.375%
Viper 5.375% Senior Notes due 2027 (discharged) \| Senior Notes \| Viper LLC
Debt Instrument [Line Items]
Long-term debt, gross	$ 0				430
Viper 5.375% Senior Notes due 2027 (discharged) \| Senior Notes \| Viper
Debt Instrument [Line Items]
Stated interest rate			5.375%
Viper 4.900% Senior Notes due 2030 \| Senior Notes \| Viper
Debt Instrument [Line Items]
Stated interest rate	4.90%
Long-term debt, gross	$ 500				0
Viper 7.375% Senior Notes due 2031 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate	7.375%
Viper 7.375% Senior Notes due 2031 \| Senior Notes \| Viper LLC
Debt Instrument [Line Items]
Long-term debt, gross	$ 0				400
Viper 7.375% Senior Notes due 2031 \| Senior Notes \| Viper
Debt Instrument [Line Items]
Stated interest rate		7.375%
Viper 5.700% Senior Notes due 2035 \| Senior Notes \| Viper
Debt Instrument [Line Items]
Stated interest rate	5.70%
Long-term debt, gross	$ 1,100				0
Viper 2025 Term Loan \| Line of Credit \| Viper \| Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 500				$ 0
Senior Notes Due 2029 \| Fair value of interest rate swap agreements
Debt Instrument [Line Items]
Number of derivatives held \| derivative	2
Derivative, fixed interest rate	3.50%

RELATED PARTY TRANSACTIONS - Schedule of Related Party Balances in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets
Accounts receivable	$ 1,128	$ 1,387
Other assets	523	710
Liabilities:
Accounts payable and accrued capital expenditures	1,168	943
Other accrued liabilities	1,108	1,020
Related Party
Assets
Accounts receivable	1	5
Other assets	197	137
Liabilities:
Accounts payable and accrued capital expenditures	71	31
Other accrued liabilities	$ 82	$ 22

DEBT - Term Loan Agreement (Details) - USD ($)				12 Months Ended
DEBT - Term Loan Agreement (Details) - USD ($)	Jul. 23, 2025	May 05, 2025	Mar. 21, 2025	Dec. 31, 2025	Dec. 31, 2024	Feb. 29, 2024
Tranche A Loans
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 1,000,000,000.0
Weighted average interest rate				5.87%	6.13%
Payment for debt extinguishment		$ 900,000,000
Unsecured Debt \| Term Loan, 2025 \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 1,500,000,000
Weighted average interest rate				5.64%
Line of credit facility, commitment fee percentage			0.125%
Unsecured Debt \| Term Loan, 2025 \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate			0.10%
Unsecured Debt \| Term Loan, 2025 \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			1.125%
Unsecured Debt \| Term Loan, 2025 \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			2.00%
Unsecured Debt \| Term Loan, 2025 \| Line of Credit \| Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Unsecured Debt \| Term Loan, 2025 \| Line of Credit \| Secured Overnight Financing Rate (SOFR), Alternate Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Unsecured Debt \| Term Loan, 2025 \| Line of Credit \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Unsecured Debt \| Term Loan, 2025 \| Line of Credit \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0.125%
Unsecured Debt \| Term Loan, 2025 \| Line of Credit \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Unsecured Debt \| Viper 2025 Term Loan \| Line of Credit \| Viper
Debt Instrument [Line Items]
Weighted average interest rate				5.72%
Aggregate principal amount	$ 500,000,000
Commitment fee percentage based on unused portion of borrowing base	0.20%
Unsecured Debt \| Viper 2025 Term Loan \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Viper
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Basis spread on variable rate, floor	1.00%
Unsecured Debt \| Viper 2025 Term Loan \| Line of Credit \| Federal Funds Rate \| Viper
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Unsecured Debt \| Viper Term Loan, Alternate Base Rate Loans \| Line of Credit \| Base Rate \| Minimum \| Viper
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Unsecured Debt \| Viper Term Loan, Alternate Base Rate Loans \| Line of Credit \| Base Rate \| Maximum \| Viper
Debt Instrument [Line Items]
Basis spread on variable rate	1.125%
Unsecured Debt \| Viper Term Loan, Term SOFR Loans \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Minimum \| Viper
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Unsecured Debt \| Viper Term Loan, Term SOFR Loans \| Line of Credit \| Secured Overnight Financing Rate (SOFR) \| Maximum \| Viper
Debt Instrument [Line Items]
Basis spread on variable rate	2.125%

SUPPLEMENTAL INFORMATION ON OIL AND NATURAL GAS OPERATIONS (Unaudited) - Schedule of Average First Day of the Month Price for Oil, Natural Gas & Natural Gas Liquids (Details)	12 Months Ended
	Dec. 31, 2025 $ / bbl $ / Mcf	Dec. 31, 2024 $ / bbl $ / Mcf	Dec. 31, 2023 $ / bbl $ / Mcf
OIL
Oil and Gas, Delivery Commitment [Line Items]
Average sales prices (dollars per unit)	64.99	76.15	77.62
NATURAL GAS
Oil and Gas, Delivery Commitment [Line Items]
Average sales prices (dollars per unit) \| $ / Mcf	1.32	0.54	1.53
NATURAL GAS LIQUIDS
Oil and Gas, Delivery Commitment [Line Items]
Average sales prices (dollars per unit)	18.87	22.02	24.40

PROPERTY AND EQUIPMENT - Schedule of Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Oil and natural gas properties:
Proved properties	$ 71,588	$ 59,574
Unproved properties	23,941	22,666
Oil and natural gas properties, net	67,949	63,203
Accumulated depreciation, amortization, accretion and impairment	(27,782)	(19,208)
Other property, equipment and land	874	1,440
Property and equipment, net	68,621	64,472
Oil and Gas Properties
Oil and natural gas properties:
Proved properties	71,588	59,574
Unproved properties	23,941	22,666
Gross oil and natural gas properties	95,529	82,240
Accumulated depletion	(15,974)	(11,083)
Accumulated impairment	(11,606)	(7,954)
Oil and natural gas properties, net	67,949	63,203
Other property, equipment and land
Oil and natural gas properties:
Accumulated depreciation, amortization, accretion and impairment	(202)	(171)
Other property, equipment and land	$ 874	$ 1,440

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision (Benefit)

The components of the Company’s consolidated provision for income taxes from continuing operations for the years ended December 31, 2025, 2024 and 2023 are as follows:


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Current income tax provision (benefit):
Federal	$	820	$	752	$	505
State	26		33		29
Total current income tax provision (benefit)	846		785		534
Deferred income tax provision (benefit):
Federal	(486)		10		370
State	(33)		5		8
Total deferred income tax provision (benefit)	(519)		15		378
Total provision for (benefit from) income taxes	$	327	$	800	$	912

Schedule of Reconciliation of Statutory Federal Income Tax

A reconciliation of the statutory federal income tax amount from continuing operations to the recorded expense is as follows:


	Year Ended December 31,
	2025				2024				2023
	Amount (In millions)		Percentage of Income (Loss) Before Taxes		Amount (In millions)		Percentage of Income (Loss) Before Taxes		Amount (In millions)		Percentage of Income (Loss) Before Taxes
Income tax expense (benefit) at the federal statutory rate	$	393	21	%	$	945	21	%	$	892	21	%


State income tax, net of federal income tax effect(1)	(14)		(1)		30		1		31		1
Tax Credits:
Research and development tax credits	(58)		(3)		(34)		(1)		—		—
Other	(2)		—		—		—		—		—
Changes in valuation allowances	—		—		(156)		(3)		(7)		(1)
Nontaxable or nondeductible items:
Impact of nontaxable noncontrolling interest	10		—		(1)		—		—		—
Other	(2)		—		16		—		(2)		—
Changes in unrecognized tax benefits	—		—		—		—		(2)		—
Other, net	—		—		—		—		—		—
Provision for (benefit from) income taxes	$	327	17	%	$	800	18	%	$	912	21	%

(1)State taxes in Texas made up the majority of the tax effect in this category.

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax assets and liabilities as of December 31, 2025 and 2024 are as follows:


	December 31,
	2025		2024
	(In millions)












Deferred tax assets:
Net operating loss and other carryforwards	$	209	$	225



Viper’s investment in Viper LLC	28		185

Other	109		75
Deferred tax assets	346		485
Valuation allowance	(119)		(119)
Deferred tax assets, net of valuation allowance	227		366
Deferred tax liabilities:
Oil and natural gas properties, midstream investments and equipment	9,286		9,990



Other	60		29
Total deferred tax liabilities	9,346		10,019
Net deferred tax liabilities	$	9,119	$	9,653

Schedule of Unrecognized Tax Benefits

The following table sets forth changes in the Company’s unrecognized tax benefits:


	December 31,
	2025		2024		2023
	(In millions)
Balance at beginning of year	$	—	$	—	$	7


Decrease resulting from expiration of statute	—		—		(7)

Balance at end of year	—		—		—
Less: Effects of temporary items	—		—		—
Total that, if recognized, would impact the effective income tax rate as of the end of the year	$	—	$	—	$	—

RELATED PARTY TRANSACTIONSS - Schedule of Significant Related Party Balances in Consolidated Statement of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Lease operating expenses	$ 1,865	$ 1,286	$ 872
Related Party
Related Party Transaction [Line Items]
Lease operating expenses	$ 175	$ 114

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

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-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

EQUITY-BASED COMPENSATION - Schedule of Performance-Based Restricted Stock Activity (Details) - Performance Shares - Equity Plan - $ / shares	1 Months Ended						12 Months Ended
	May 31, 2025	Mar. 31, 2025	Sep. 30, 2024	Mar. 31, 2024	Jul. 31, 2023	Mar. 31, 2023	Dec. 31, 2025
Fair Value Assumptions
Grant-date fair value (in dollars per share)	$ 167.75	$ 222.34	$ 337.23	$ 341.38	$ 222.09	$ 259.52	$ 129.19
Risk-free rate	4.00%	3.99%	3.54%	4.38%	4.70%	4.64%
Company volatility	33.30%	34.60%	34.40%	41.40%	47.20%	46.90%
Performance Restricted Stock Units
Unvested, beginning balance (in shares)							278,902
Granted (in shares)	14,881	171,638	6,750	110,989	1,858	126,347	314,724
Vested (in shares)							(263,000)
Forfeited (in shares)							(2,695)
Unvested, ending balance (in shares)							327,931
Weighted Average Grant-Date Fair Value
Unvested, beginning balance (in dollars per share)							$ 278.72
Granted (in dollars per share)	$ 167.75	$ 222.34	$ 337.23	$ 341.38	$ 222.09	$ 259.52	129.19
Vested (in dollars per share)							130.23
Forfeited (in dollars per share)							254.31
Unvested, ending balance (in dollars per share)							$ 254.50
Maximum units could be awarded (in shares)							780,276

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP
Auditor Location	Oklahoma City, Oklahoma

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries, including its publicly-traded subsidiary, Viper Energy, Inc., after all significant intercompany balances and transactions have been eliminated upon consolidation. As of December 31, 2025, the Company is managed as one operating and reportable segment, the upstream segment, which is engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas and includes the activities of Viper as well as the Company’s remaining midstream operations. On August 19, 2025, upon completion of Viper’s Sitio Acquisition (as defined and discussed in Note 4—Acquisitions and Divestitures), VNOM Sub, Inc., (formerly Viper Energy, Inc., “Former Viper”) became a wholly owned subsidiary of Viper Energy Inc., (formerly New Cobra Pubco, Inc., “New Viper”). As of December 31, 2025, the Company owned approximately 42% of Viper’s combined outstanding Class A common stock and Class B common stock on a fully diluted basis, after giving effect to the outstanding TWR Class B Option (as defined and discussed in Note 4—Acquisitions and Divestitures). The Company determined that it controls the activities of Viper in accordance with the guidance for variable interest entities in Accounting Standards Codification (“ASC”) Topic 810, “Consolidation,” and therefore continues to consolidate Viper in the Company’s financial statements at December 31, 2025. See further discussion of the Company’s determination that Viper is a variable interest entity (“VIE”) in Note 2—Summary of Significant Accounting Policies. The results of operations attributable to the non-controlling interest in Viper are presented within equity and net income and are shown separately from the equity and net income attributable to the Company. On November 13, 2023, the Company’s publicly traded subsidiary, Viper Energy Partners LP, completed its conversion from a Delaware limited partnership into a Delaware corporation, Viper Energy, Inc. (the “Viper Conversion”). At the time of the Viper Conversion, Viper was a “controlled company” under the Nasdaq rules because the Company owned more than 50% of the voting power of Viper’s common stock. On October 31, 2023, pursuant to a common unit purchase and sale agreement entered into on September 4, 2023, Viper issued approximately 7.22 million of its common units, which were converted to shares of Viper Class A common stock at the time of the Viper Conversion, to the Company at a price of $27.72 per unit for total consideration to Viper of approximately $200 million. On March 5, 2024, the Company exercised certain of its demand rights, pursuant to a registration rights agreement amended and restated on November 10, 2023, and on March 8, 2024, completed a public offering of approximately 13.23 million shares of Viper’s Class A common stock at a price of $35.00 per share for proceeds, net of underwriters’ discount, of approximately $451 million. After this offering, the Company owned less than 50% of Viper’s combined outstanding Class A common stock and Class B common stock, resulting in Viper no longer being a controlled company under the Nasdaq rules. References to “Viper” refer to (i) New Viper following the Sitio Acquisition, (ii) Former Viper prior to the Sitio Acquisition but after the Viper Conversion, and (iii) Viper Energy Partners LP prior to the Viper Conversion. For definition and details on Viper’s Sitio Acquisition, see Note 4—Acquisitions and Divestitures.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period financial statement presentation. These reclassifications had an immaterial effect on the previously reported total assets, total liabilities, stockholders’ equity, results of operations or cash flows.
Use of Estimates	Use of Estimates Certain amounts included in or affecting the Company’s consolidated financial statements and related disclosures must be estimated by management, requiring certain assumptions to be made with respect to values or conditions that cannot be known with certainty at the time the consolidated financial statements are prepared. These estimates and assumptions affect the amounts the Company reports for assets and liabilities and the Company’s disclosure of contingent liabilities as of the date of the consolidated financial statements. Actual results could differ from those estimates. Making accurate estimates and assumptions is particularly difficult in the oil and natural gas industry given the challenges resulting from volatility in oil and natural gas prices. For instance, geopolitical conflicts, higher interest rates, effects of tariffs, actions taken by OPEC and its non-OPEC allies, global supply chain disruptions, measures to combat persistent inflation and instability in the financial sector have contributed to recent economic and pricing volatility. The financial results of companies in the oil and natural gas industry have been and may continue to be impacted materially as a result of these events and changing market conditions. Such circumstances generally increase uncertainty in the Company’s accounting estimates, particularly those involving financial forecasts. The Company evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Company considers reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from the Company’s estimates. Any effects on the Company’s business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Significant items subject to such estimates and assumptions include estimates of proved oil and natural gas reserves and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, the fair value determination of assets acquired and liabilities assumed and estimates of income taxes, including deferred tax valuation allowances.
Revenue Recognition	Revenue Recognition Revenue from Contracts with Customers Sales of oil, natural gas and natural gas liquids are recognized at the point control of the product is transferred to the customer. Virtually all of the pricing provisions in the Company’s contracts are tied to a market index, with certain adjustments to account for various factors depending on the points of sale. As a result, the prices of the Company’s oil, natural gas and natural gas liquids fluctuate to remain competitive with other available supplies. Oil Sales The Company’s oil sales contracts are generally structured where it delivers oil to the purchaser at a contractually agreed-upon delivery point at which the purchaser takes custody, title and risk of loss of the product. The Company recognizes revenue when control transfers to the purchaser at the delivery point based on the price received from the purchaser. Oil revenues are recorded net of any third-party transportation fees and other applicable differentials in the Company’s consolidated statements of operations. Natural Gas and Natural Gas Liquids Sales Under the Company’s natural gas processing contracts, it delivers natural gas to a midstream processing entity at the wellhead, battery facilities or the inlet of the midstream processing entity’s system. Generally, the midstream processing entity gathers and processes the natural gas and remits proceeds to the Company for the resulting sales of natural gas liquids and residue gas. In these scenarios, the Company evaluates whether it is the principal or the agent in the transaction. For those contracts where the Company has concluded it is the principal and the ultimate third party is its customer, the Company recognizes revenue on a gross basis, with transportation, gathering, processing, treating and compression fees presented as an expense in its consolidated statements of operations. Under contracts where the Company has concluded that it is the agent, the Company recognizes revenue on a net basis, with transportation, gathering, processing, treating and compression fees as a reduction to revenues in the consolidated statements of operations. In certain natural gas processing agreements, the Company may elect to take its residue gas and/or natural gas liquids in-kind at the tailgate of the midstream entity’s processing plant and subsequently market the product. Through the marketing process, the Company delivers product to the ultimate third-party purchaser at a contractually agreed-upon delivery point and receives a specified index price from the purchaser. In this scenario, the Company recognizes revenue when control transfers to the purchaser at the delivery point based on the index price received from the purchaser. The gathering, processing, treating and compression fees attributable to the gas processing contract, as well as any transportation fees incurred to deliver the product to the purchaser, are presented as gathering, processing and transportation expense in the consolidated statements of operations. Sales of Purchased Oil and Purchased Oil Expense The Company enters into capacity commitments in order to secure available transportation capacity from the Company’s areas of production for its commodities. Beginning in the third quarter of 2023, the Company also entered into purchase transactions with third parties and separate sale transactions with third parties to satisfy certain of its unused capacity commitments. Revenues and expenses from these transactions are generally presented on a gross basis in the captions “Sales of purchased oil” and “Purchased oil expense” in the accompanying consolidated statements of operations as the Company acts as a principal in the transaction by assuming both the risks and rewards of ownership, including credit risk, of the oil volumes purchased and the responsibility to deliver the oil volumes sold. Transaction Price Allocated to Remaining Performance Obligations The Company’s upstream product sales contracts do not originate until production occurs and, therefore, are not considered to exist beyond each day’s production. Therefore, there are no remaining performance obligations under any of its product sales contracts. Under the Company’s revenue agreements, each delivery generally represents a separate performance obligation; therefore, future volumes delivered are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required. Contract Balances Under the Company’s product sales contracts, it has the right to invoice its customers once the performance obligations have been satisfied, at which point payment is unconditional. Accordingly, the Company’s product sales contracts do not give rise to contract assets or liabilities. Prior-Period Performance Obligations The Company records revenue in the month production is delivered to the purchaser. However, purchaser and settlement statements for natural gas and natural gas liquids sales may not be received for 30 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. The Company records the differences between its estimates and the actual amounts received for product sales in the month that payment is received from the purchaser. The Company has existing internal controls for its revenue estimation process and related accruals, and any identified differences between its revenue estimates and actual revenue received historically have not been significant. For the years ended December 31, 2025, 2024 and 2023 revenue recognized in the reporting period related to performance obligations satisfied in prior reporting periods was not material. The Company believes that the pricing provisions of its oil, natural gas and natural gas liquids contracts are customary in the industry. To the extent actual volumes and prices of oil and natural gas sales are unavailable for a given reporting period because of timing or information not received from third parties, the revenue related to expected sales volumes and prices for those properties are estimated and recorded.
Oil and Natural Gas Properties	Oil and Natural Gas Properties The Company uses the full cost method of accounting for its oil and natural gas properties. Under this method, all acquisition, exploration and development costs, including certain internal costs, are capitalized and amortized on a composite unit of production method based on proved oil, natural gas and natural gas liquids reserves. Internal costs capitalized to the full cost pool represent management’s estimate of costs incurred directly related to exploration and development activities such as geological and other internal costs associated with overseeing the exploration and development activities. Costs, including related employee costs, associated with production and operation of the properties are charged to expense as incurred. All other internal costs not directly associated with exploration and development activities are charged to expense as they are incurred. Divestitures of oil and natural gas properties, whether or not being amortized currently, are accounted for as adjustments of capitalized costs, with no gain or loss recognized, unless such adjustments would significantly alter the relationship between capitalized costs and proved reserves of oil, natural gas and natural liquids. Depletion of evaluated oil and natural gas properties is computed on the units of production method, whereby capitalized costs plus estimated future development costs are amortized over total proved reserves. The average depletion rate per barrel equivalent unit of production was $14.60, $12.60 and $10.21 for the years ended December 31, 2025, 2024 and 2023, respectively. Depletion expense for oil and natural gas properties was $4.9 billion, $2.8 billion and $1.7 billion for the years ended December 31, 2025, 2024 and 2023, respectively. Under the full cost method of accounting, the Company is required to perform a ceiling test each quarter. The test determines a limit, or ceiling, on the book value of the proved oil and natural gas properties. Net capitalized costs are limited to the lower of unamortized oil and natural gas properties net of deferred income taxes, or the cost center ceiling. The cost center ceiling is defined as the sum of (a) estimated future net revenues, discounted at 10% per annum, from proved reserves, based on the trailing 12-month unweighted average of the first-day-of-the-month price, adjusted for any contract provisions, and excluding the estimated abandonment costs for properties with asset retirement obligations recorded on the balance sheet, (b) the cost of properties not being amortized, if any, and (c) the lower of cost or market value of unproved properties included in the cost being amortized, including related deferred taxes for differences between the book and tax basis of the oil and natural gas properties. If the net book value, including related deferred taxes, exceeds the ceiling, an impairment or non-cash write-down is required. For additional information on proved oil and natural gas properties and related ceiling test impairments, see Note 5—Property and Equipment. Costs associated with unevaluated properties are excluded from the full cost pool until the Company has made a determination as to the existence of proved reserves. The Company assesses all items classified as unevaluated property on at least an annual basis for possible impairment. The Company assesses properties on a group basis, as a majority of properties are individually insignificant. The assessment includes consideration of the following factors, among others: intent to drill; remaining lease term; geological and geophysical evaluations; drilling results and activity; the assignment of proved reserves; and the economic viability of development if proved reserves are assigned. During any period in which these factors indicate an impairment, the cumulative drilling costs incurred to date for such property and all or a portion of the associated leasehold costs are transferred to the full cost pool and are then subject to amortization.
Accounting for Equity-Based Compensation	Accounting for Equity-Based Compensation The Company has granted various types of stock-based awards primarily including restricted stock units and performance based restricted stock units. Viper has also granted various stock-based awards including restricted stock units and performance based restricted stock units to its directors and to Diamondback employees and officers who perform services for Viper. These plans and related accounting policies for material awards are defined and described more fully in Note 10—Equity-Based Compensation. Equity compensation awards are measured at fair value on the date of grant and are expensed over the required service period. Forfeitures for these awards are recognized as they occur.
Derivative Instruments	Derivative Instruments The Company is required to recognize its derivative instruments on the consolidated balance sheets as assets or liabilities at fair value with such amounts classified as current or long-term based on their anticipated settlement dates. The accounting for the changes in fair value of a derivative depends on the intended use of the derivative and resulting designation. For commodity derivative instruments and interest rate swaps which have not been designated as hedges for accounting purposes, the Company marks its derivative instruments to fair value and recognizes the cash and non-cash change in fair value on derivative instruments for each period in the consolidated statements of operations. To the extent that contracts with the same counterparty are allowed to be netted upon payment subject to a master netting arrangement, these amounts are reported on a net basis on the consolidated balance sheets. The Company previously had certain interest rate swaps designated as fair value hedges under the “shortcut” method of accounting. In the second quarter of 2022, the Company elected to fully dedesignate these interest rate swaps and hedge accounting was discontinued. The remaining unamortized basis adjustment related to the dedesignated interest rate swaps is reflected as a reduction to long-term debt on the consolidated balance sheet as detailed in Note 8—Debt.
Income Taxes	Income Taxes The Company uses the asset and liability method of accounting for income taxes, under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities, and (ii) operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are based on enacted tax rates applicable to the future period when those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the rate change is enacted. A valuation allowance is provided for deferred tax assets when it is more likely than not the deferred tax assets will not be realized. The Company records uncertain tax positions based on a two-step process: (i) determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position, and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.
Non-controlling Interest	Non-Controlling Interests Non-controlling interests in the accompanying consolidated financial statements represent the public’s ownership interest in Viper and are presented as a component of equity. When the Company’s relative ownership interests change, adjustments to non-controlling interest and additional paid-in-capital, tax effected, occur. Because these changes in the ownership interests do not result in a change of control, the transactions are accounted for as equity transactions under ASC Topic 810, “Consolidation,” which requires that any differences between the carrying value of the Company’s basis in Viper and the fair value of the consideration received are recognized directly in equity and attributed to the controlling interest.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with a maturity of three months or less and money market funds to be cash equivalents. The Company maintains cash and cash equivalents in bank deposit accounts which, at times, may exceed the federally insured limits. The Company has not experienced any significant losses from such investments.
Accounts Receivable	Accounts Receivable Accounts receivable consist of receivables from joint interest owners on properties the Company operates and from sales of oil and natural gas production delivered to purchasers. The purchasers remit payment for production directly to the Company. Most payments for production are received within three months after the production date. Accounts receivable are stated at amounts due from joint interest owners or purchasers, net of an allowance for expected losses as estimated by the Company when collection is doubtful. For receivables from joint interest owners, the Company typically has the ability to withhold future revenue disbursements to recover any non-payment of joint interest billings. Accounts receivable from joint interest owners or purchasers outstanding longer than the contractual payment terms are considered past due. The Company determines its allowance for each type of receivable utilizing the loss-rate method, which considers a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history, the debtor’s current ability to pay its obligation to the Company, the condition of the general economy and the industry as a whole. The Company writes off specific accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance for expected losses.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value and primarily consist of tubular goods and equipment at December 31, 2025 and 2024. The Company’s tubular goods and equipment are primarily comprised of oil and natural gas drilling or repair items such as tubing, casing and pumping units.
Other Property, Equipment and Land	Other Property, Equipment and Land Other property, equipment and land is recorded at cost. The Company expenses maintenance and repairs in the period incurred. Upon retirements or disposition of assets, the cost and related accumulated depreciation are removed from the consolidated balance sheet with the resulting gains or losses, if any, reflected in the statement of operations. Depreciation of other property and equipment is computed using the straight-line method over the estimated useful lives of the assets, which range from three years to 30 years.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Other property and equipment used in operations and midstream assets are reviewed whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognized only if the carrying amount of a long-lived asset is not recoverable from its estimated future undiscounted cash flows. An impairment loss is the difference between the carrying amount and fair value of the asset.
Equity Method Investments	Equity Method Investments The Company accounts for its corporate joint ventures and equity investments under the equity method of accounting in accordance with ASC Topic 323 “Investments — Equity Method and Joint Ventures.” The Company applies the equity method of accounting to investments of less than 50% in an investee over which the Company has the ability to exercise significant influence but does not have control, and investments of greater than 50% in an investee over which the Company does not exercise significant influence or have control. Under the equity method of accounting, the Company’s share of the investee’s earnings or loss is recognized in the statement of operations. As of December 31, 2025, the Company’s proportionate share of the income or loss from equity method investments is recognized on a two-month lag for its significant equity method investments. Judgment regarding the level of influence over each equity method investment includes considering key factors such as, but not limited to, ownership interest, representation on the board of directors, participation in policy-making decisions, material intercompany transactions and extent of ownership by an investor in relation to the concentration of other shareholdings. Additionally, an investment in a limited liability company that maintains a specific ownership account for each investor shall be viewed as similar to an investment in a limited partnership for purposes of determining whether a non-controlling investment shall be accounted for using the equity method or as an investment over which we do not have the ability to exercise significant influence. The Company reviews its investments to determine if a loss in value which is other than a temporary decline has occurred. If such a loss has occurred, the Company recognizes an impairment provision.
Other Accrued Liabilities	Other Accrued Liabilities The Company’s accrued liabilities are financial instruments for which the carrying value approximates fair value.
Revenue and Royalties Payable	Revenue and Royalties Payable For certain oil and natural gas properties, where the Company serves as operator, the Company receives production proceeds from the purchaser and further distributes such amounts to other revenue and royalty owners. Production proceeds that the Company has not yet distributed to other revenue and royalty owners are reflected as revenue and royalties payable in the accompanying consolidated balance sheets. The Company recognizes revenue for only its net revenue interest in oil and natural gas properties.
Capitalized Interest	Capitalized Interest The Company capitalizes interest on expenditures made in connection with exploration and development projects that are not subject to current amortization. Interest is capitalized only for the period that activities are in progress to bring these unevaluated properties to their intended use. Capitalized interest cannot exceed gross interest expense.
Debt Issuance Costs	Debt Issuance Costs Long-term debt includes capitalized costs related to the senior notes, net of accumulated amortization. The costs associated with the senior notes are netted against the senior notes balances and are amortized over the term of the senior notes using the effective interest method. See Note 8—Debt for further details. The costs associated with the Company’s credit facilities and term loans are included in other assets on the consolidated balance sheet and are amortized over the term of the facility.
Asset Retirement Obligations	Asset Retirement Obligations The Company measures the future cost to retire its tangible long-lived assets and recognizes such cost as a liability for legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction or normal operation of a long-lived asset. Asset retirement obligations represent the future abandonment costs of tangible assets, namely wells. The fair value of a liability for an asset’s retirement obligation is recorded in the period in which it is incurred if a reasonable estimate of fair value can be made, and the corresponding cost is capitalized as part of the carrying amount of the related long-lived asset. The liability is accreted to its then present value each period, and the capitalized cost is depreciated over the useful life of the related asset. If the liability is settled for an amount other than the recorded amount or if there is a change in the estimated liability, the difference is recorded in oil and natural gas properties. The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with the future plugging and abandonment of wells and related facilities.
Variable Interest Entity	Variable Interest Entity Viper is a publicly traded corporation formed by the Company in 2014 to provide an attractive return to its stockholders (the largest of which is Diamondback) by focusing on business results, maximizing dividends through organic growth and pursuing accretive growth opportunities through acquisitions of mineral, royalty, overriding royalty, net profits and similar interests from the Company and from third parties. Viper has no employees and the Company provides management, operating and administrative services to Viper under a services and secondment agreement, including the services of the executive officers and other employees. In connection with the reduction of the Company’s ownership percentage in Viper to below 50% in March 2024, the Company re-evaluated whether Viper should continue to be consolidated in the Company’s financial statements. Viper meets the definition of a VIE under ASC Topic 810, “Consolidation,” and the Company continues to be the primary beneficiary of the VIE through its ability, via existing contractual agreements, to direct the activities that most significantly affect Viper’s economic performance. The Company also has the obligation to absorb losses and the right to receive benefits that could be significant to Viper. As such, the Company continues to consolidate the activity of Viper. The Viper 2024 Equity Offering, the Viper 2025 Equity Offering (each as defined and discussed in Note 9—Stockholders’ Equity and Earnings (Loss) Per Share), the 2025 Drop Down and Viper’s Sitio Acquisition (each as defined and discussed in Note 4—Acquisitions and Divestitures) were evaluated and determined not to be events that would cause the Company to change its conclusion regarding Viper’s status as a VIE, and the Company continues to be the primary beneficiary. Viper maintains its own capital structure that is separate from the Company, and the Company is not under any obligation to provide additional financial support or investment to Viper. Viper’s assets cannot be used by the Company for general corporate purposes, and the creditors of Viper’s liabilities do not have recourse to the Company’s assets. The assets and liabilities of Viper are included in the Company’s consolidated balance sheets and disclosed parenthetically, if material.
Environmental Compliance and Remediation	Environmental Compliance and Remediation Environmental compliance and remediation costs, including ongoing maintenance and monitoring, are expensed as incurred. Liabilities are accrued when environmental assessments and remediation are probable, and the costs can be reasonably estimated.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Pronouncements In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) – Improvements to Income Tax Disclosures,” which requires that certain information in a reporting entity’s tax rate reconciliation be disaggregated and provides additional requirements regarding income taxes paid. The Company adopted the amendments in 2025 and applied the guidance on a retrospective basis. Adoption of the update resulted in additional disclosures in Note 11—Income Taxes but did not impact the Company’s financial position, results of operations or liquidity. In September 2025, the FASB issued ASU 2025-07, “Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606) – Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract.” The ASU addresses (i) the application of derivative accounting to contracts that include features based on the operations or activities of one of the parties to the contract, and (ii) diversity in practice related to accounting for share-based noncash consideration from a customer. The Company elected to early-adopt this amendment in 2025 and applied the guidance on a prospective basis. Adoption of the update did not impact the Company’s historical financial position, results of operations or liquidity; however, the guidance may affect whether certain new arrangements qualify for derivative accounting. Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) – Disaggregation of Income Statement Expenses,” which requires additional disclosure about specified categories of expenses included in relevant expense captions presented on the income statement. The amendments are effective for annual periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively or retrospectively. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures. Adoption of the update will not impact the Company’s financial position, results of operations or liquidity. The Company considers the applicability and impact of all ASUs. ASUs not listed above were assessed and determined to be either not applicable, previously disclosed, or not material upon adoption.
Fair Value Measurement	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. The Company uses appropriate valuation techniques based on available inputs to measure the fair values of its assets and liabilities. Level 1 - Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date. Level 2 - Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 - Unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best estimate of fair value. Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. See Note 4—Acquisitions and Divestitures for discussion of the fair values of proved oil and natural gas properties assumed in business combinations.

REVENUE FROM CONTRACTS WITH CUSTOMERS

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

REVENUE FROM CONTRACTS WITH CUSTOMERS

Revenue from Contracts with Customers

The following tables present the Company’s revenue from contracts with customers:


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Oil sales	$	11,621	$	9,067	$	7,279
Natural gas sales	400		89		262
Natural gas liquid sales	1,432		944		687
Total oil, natural gas and natural gas liquid revenues	13,453		10,100		8,228
Sales of purchased oil	1,476		923		111
Other service revenues	65		29		62
Total revenue from contracts with customers	$	14,994	$	11,052	$	8,401

The following tables present the Company’s revenue from oil, natural gas and natural gas liquids disaggregated by basin:


	Year Ended December 31, 2025
	Midland Basin		Delaware Basin		Other		Total
	(In millions)
Oil sales	$	10,729	$	850	$	42	$	11,621
Natural gas sales	349		45		6		400
Natural gas liquid sales	1,321		111		—		1,432
Total	$	12,399	$	1,006	$	48	$	13,453


	Year Ended December 31, 2024
	Midland Basin		Delaware Basin		Other		Total
	(In millions)
Oil sales	$	7,711	$	1,347	$	9	$	9,067
Natural gas sales	65		23		1		89
Natural gas liquid sales	779		165		—		944
Total	$	8,555	$	1,535	$	10	$	10,100


	Year Ended December 31, 2023
	Midland Basin		Delaware Basin		Other		Total
	(In millions)
Oil sales	$	5,746	$	1,527	$	6	$	7,279
Natural gas sales	176		85		1		262
Natural gas liquid sales	500		187		—		687
Total	$	6,422	$	1,799	$	7	$	8,228

Customers

The Company is subject to risk resulting from the concentration of its crude oil and natural gas sales and receivables with several significant purchasers. For the year ended December 31, 2025, four purchasers each accounted for more than 10% of our revenue: Medallion Midstream (16%), Shell Trading (USA) Company (“Shell”) (13%), Enterprise Crude Oil LLC (“Enterprise”) (12%) and Vitol Inc. (“Vitol”) (11%). For the year ended December 31, 2024, four purchasers each accounted for more than 10% of the Company’s revenue: Vitol (17%), Enterprise (15%), Shell (13%) and DK Trading & Supply LLC (“DK”) (11%). For the year ended December 31, 2023, four purchasers each accounted for more than 10% of the Company’s revenue: Vitol (22%), DK (18%), Shell (14%) and Enterprise (13%). The Company does not require collateral and does not believe the loss of any single purchaser would materially impact its operating results, as crude oil and natural gas are fungible products with well-established markets and numerous purchasers.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12
-Subparagraph (c)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE - Schedule of Dividends and Distribution Equivalent Rights (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended												12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Dividends [Line Items]
Dividend paid (in dollars per share)	$ 1.00	$ 1.00	$ 1.00	$ 1.00	$ 0.90	$ 2.34	$ 1.97	$ 3.08	$ 3.37	$ 0.84	$ 0.83	$ 2.95	$ 4.00	$ 8.29	$ 7.99
Dividends	$ 288	$ 291	$ 293	$ 291	$ 263	$ 419	$ 355	$ 552	$ 607	$ 151	$ 151	$ 546	$ 1,163	$ 1,589	$ 1,455
O 2025 A Base Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)													$ 4.00
O 2025 Q1 Base Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)				$ 1.00
O 2025 Q2 Base Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)			$ 1.00
O 2025 Q3 Base Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)		$ 1.00
O 2025 Q4 Base Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)	$ 1.00
O 2024 A Base Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)														$ 3.60
O 2024 Q1 Base Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)								$ 0.90
O 2024 Q2 Base Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)							$ 0.90
O 2024 Q3 Base Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)						$ 0.90
O 2024 Q4 Base Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)					$ 0.90
O 2023 A Base Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)															$ 3.28
O 2023 Q1 Base Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)												$ 0.80
O 2023 Q2 Base Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)											$ 0.80
O 2023 Q3 Base Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)										$ 0.84
O 2023 Q4 Base Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)									$ 0.84
O 2025 A Variable Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)													$ 0
O 2025 Q1 Variable Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)				$ 0
O 2025 Q2 Variable Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)			$ 0
O 2025 Q3 Variable Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)		$ 0
O 2025 Q4 Variable Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)	$ 0
O 2024 A Variable Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)														$ 4.69
O 2024 Q1 Variable Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)								$ 2.18
O 2024 Q2 Variable Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)							$ 1.07
O 2024 Q3 Variable Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)						$ 1.44
O 2024 Q4 Variable Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)					$ 0
O 2023 A Variable Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)															$ 4.71
O 2023 Q1 Variable Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)												$ 2.15
O 2023 Q2 Variable Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)											$ 0.03
O 2023 Q3 Variable Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)										$ 0
O 2023 Q4 Variable Dividends
Dividends [Line Items]
Dividend paid (in dollars per share)									$ 2.53

SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS - Narrative (Details) $ in Billions	12 Months Ended
	Dec. 31, 2024 USD ($)
Supplemental Cash Flow Elements [Abstract]
Fair value of assets acquired	$ 1.0

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.

The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. The Company uses appropriate valuation techniques based on available inputs to measure the fair values of its assets and liabilities.

Level 1 - Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date.

Level 2 - Observable market-based inputs or unobservable inputs that are corroborated by market data. These are inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.

Level 3 - Unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best estimate of fair value.

Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement.

See Note 4—Acquisitions and Divestitures for discussion of the fair values of proved oil and natural gas properties assumed in business combinations.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Certain assets and liabilities are reported at fair value on a recurring basis, including the Company’s commodity derivative instruments, interest rate swaps and investments in the common stock of other entities. The fair values of the Company’s commodity derivative contracts are measured internally using established commodity futures price strips for the underlying commodity provided by a reputable third party, the contracted notional volumes and time to maturity. The fair values of the Company’s interest rate swaps are determined based on inputs that are readily available in public markets, are determined based on inputs readily available in public markets, can be derived from information available in publicly quoted markets, or are provided by financial institutions that trade these contracts. These valuations are Level 2 inputs. The fair values of the Company’s commodity derivative instruments and interest rate swaps are recorded as assets or liabilities on the consolidated balance sheets. The net amounts of derivative instruments are classified as current or noncurrent based on their anticipated settlement dates.

The Company has an immaterial investment in the Class A common stock of Verde Clean Fuels, Inc. The Company elected the fair value option for measuring the fair value of this equity investment. The investment is reported at fair value using observable, quoted stock prices and is included in “Other assets” on the Company’s consolidated balance sheets at December 31, 2025 and 2024.

Viper LLC’s 2026 WTI Contingent Liability is reported at fair value using observable market data inputs and a Monte Carlo pricing model, which are considered Level 2 inputs within the fair value hierarchy. The 2026 WTI Contingent Liability was recorded in “Other accrued liabilities” on the Company’s consolidated balance sheet at December 31, 2025, and in “Other long-term liabilities” on the Company’s consolidated balance sheet at December 31, 2024. The change in fair value of the 2026 WTI Contingent Liability is recognized in “Gain (loss) on derivative instruments, net” on the Company’s consolidated statements of operations for the year ended December 31, 2025.

The following tables provide (i) fair value measurement information for financial assets and liabilities measured at fair value on a recurring basis, (ii) the gross amounts of recognized derivative assets and liabilities, (iii) the amounts offset under master netting arrangements with counterparties, and (iv) the resulting net amounts. The net amounts are presented under the captions (i) “Prepaid expenses and other current assets,” (ii) “Other assets,” (iii) “Derivative instruments,” and (iv) “Other long-term liabilities” in the Company’s consolidated balance sheets as of December 31, 2025 and December 31, 2024:


	As of December 31, 2025
Balance Sheet Classification	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Prepaid expenses and other current assets:
Commodity derivative instruments	$	—	$	335	$	—	$	335	$	(101)	$	234

Other assets:
Commodity derivative instruments	$	—	$	49	$	—	$	49	$	(42)	$	7


Investment	$	30	$	—	$	—	$	30	$	—	$	30
Liabilities:
Derivative instruments:
Commodity derivative instruments	$	—	$	109	$	—	$	109	$	(101)	$	8
Interest rate swaps	$	—	$	7	$	—	$	7	$	—	$	7
Other accrued liabilities:
2026 WTI Contingent Liability	$	—	$	20	$	—	$	20	$	—	$	20
Other long-term liabilities:
Commodity derivative instruments	$	—	$	77	$	—	$	77	$	(42)	$	35
Interest rate swaps	$	—	$	20	$	—	$	20	$	—	$	20


	As of December 31, 2024
Balance Sheet Classification	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Prepaid expenses and other current assets:
Commodity derivative instruments	$	—	$	274	$	—	$	274	$	(106)	$	168

Other assets:
Commodity derivative instruments	$	—	$	19	$	—	$	19	$	(17)	$	2


Investment	$	8	$	—	$	—	$	8	$	—	$	8
Liabilities:
Derivative instruments:
Commodity derivative instruments	$	—	$	121	$	—	$	121	$	(106)	$	15
Interest rate swaps	$	—	$	28	$	—	$	28	$	—	$	28
Other long-term liabilities:
Commodity derivative instruments	$	—	$	27	$	—	$	27	$	(17)	$	10
Interest rate swaps	$	—	$	96	$	—	$	96	$	—	$	96
2026 WTI Contingent Liability	$	—	$	30	$	—	$	30	$	—	$	30

Assets and Liabilities Not Recorded at Fair Value

The following table provides the fair value of financial instruments that are not recorded at fair value in the consolidated balance sheets:


	December 31, 2025				December 31, 2024
	Carrying				Carrying
	Value		Fair Value		Value		Fair Value
	(In millions)
Debt	$	14,489	$	14,497	$	12,975	$	12,564

The fair values of the Company’s borrowings under the Credit Agreement, the Viper Revolving Credit Facility, the 2025 Term Loan, Viper 2025 Term Loan and Tranche A Loans (prior to repayment and termination) approximate their carrying values based on borrowing rates available to the Company for bank loans with similar terms and maturities and are classified as Level 2 in the fair value hierarchy. The fair values of the outstanding notes were determined using the quoted market price at each period end, a Level 1 classification in the fair value hierarchy.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain assets and liabilities are measured at fair value on a nonrecurring basis in certain circumstances. These assets and liabilities can include those acquired in a business combination, inventory, proved and unproved oil and natural gas properties, equity method investments, asset retirement obligations and other long-lived assets that are written down to fair value when impaired or held for sale. Refer to Note 4—Acquisitions and Divestitur es and Note 5—Property and Equipment for additional discussion of nonrecurring fair value adjustments.

Fair Value of Financial Assets

The carrying amount of cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, funds held in escrow, accounts payable and other accrued liabilities approximate their fair value because of the short-term nature of the instruments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

COMMITMENTS AND CONTINGENCIES - Schedule of Delivery Commitments (Details) bbl / d in Thousands	Dec. 31, 2025 bbl / d
Commitments and Contingencies Disclosure [Abstract]
2026	150
2027	150
2028	50
2029	50
2030	50
Thereafter	50
Total	500

SEGMENT INFORMATION (Details)	12 Months Ended
SEGMENT INFORMATION (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

EQUITY-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Plans and Related Costs

The following table presents the financial statement impacts of equity compensation plans and related costs on the Company’s financial statements:


	Year Ended December 31,
	2025		2024		2023
	(In millions)
General and administrative expenses	$	81	$	65	$	54
Equity-based compensation capitalized pursuant to full cost method of accounting for oil and natural gas properties	$	33	$	30	$	26

Schedule of Restricted Stock Units

The following table presents the Company’s restricted stock unit activity during the year ended December 31, 2025 under the Equity Plan:


	Restricted Stock Units	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2024	645,408	$	159.84
Granted	722,623	$	148.86
Vested	(400,017)	$	154.66
Forfeited	(77,952)	$	152.86
Unvested at December 31, 2025	890,062	$	153.87

Schedule of Grant-date Fair Values of Performance Restricted Stock Units Granted and Related Assumptions

The following table presents a summary of the grant-date fair values of performance restricted stock units and the related assumptions for the awards granted during the periods presented:


	March 2025			May 2025			March 2024			September 2024			March 2023			July 2023
Grant-date fair value	$	222.34		$	167.75		$	341.38		$	337.23		$	259.52		$	222.09
Risk-free rate	3.99		%	4.00		%	4.38		%	3.54		%	4.64		%	4.70		%
Company volatility	34.60		%	33.30		%	41.40		%	34.40		%	46.90		%	47.20		%

Schedule of Nonvested Performance-Based Units Activity

The following table presents the Company’s performance restricted stock unit activity under the Equity Plan for the year ended December 31, 2025:


	Performance Restricted Stock Units	Weighted Average Grant-Date Fair Value
Unvested at December 31, 2024	278,902	$	278.72
Granted	314,724	$	129.19
Vested	(263,000)	$	130.23
Forfeited	(2,695)	$	254.31
Unvested at December 31, 2025(1)	327,931	$	254.50

(1)A maximum of 780,276 units could be awarded based upon the Company’s final TSR ranking.

ACQUISITIONS AND DIVESTITURES - Schedule of Acquisition Consideration Transferred (Details) - TRP Energy, LLC $ in Millions	Dec. 20, 2024 USD ($)
Business Combination [Line Items]
Oil and natural gas properties	$ 989
Midstream assets	53
Suspense liabilities relieved	(9)
Cash consideration	312
Total consideration	$ 1,345

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment includes the following as of the dates indicated:


	December 31,
	2025		2024
	(In millions)
Oil and natural gas properties:
Proved properties	$	71,588	$	59,574
Unproved properties	23,941		22,666
Gross oil and natural gas properties	95,529		82,240
Accumulated depletion	(15,974)		(11,083)
Accumulated impairment	(11,606)		(7,954)
Oil and natural gas properties, net	67,949		63,203
Other property, equipment and land	874		1,440
Accumulated depreciation, amortization, accretion and impairment	(202)		(171)
Total property and equipment, net	$	68,621	$	64,472

Schedule of Balance of Costs Not Subject to Depletion by the Period in which the Costs were Incurred

The following table presents the balance of costs not subject to depletion as of December 31, 2025 by the period in which the costs were incurred:


	2025		2024		2023		Prior		Total
	(In millions)
Balance of costs not subject to depletion:
Acquisition costs	$	4,528	$	12,821	$	1,043	$	4,456	$	22,848
Capitalized interest	564		220		111		101		996
Development costs	97		—		—		—		97
Total not subject to depletion	$	5,189	$	13,041	$	1,154	$	4,557	$	23,941

SUPPLEMENTAL INFORMATION ON OIL AND NATURAL GAS OPERATIONS (Unaudited) - Schedule of Proved Undeveloped Reserves (Details) MBoe in Thousands	12 Months Ended
	Dec. 31, 2025 MBoe
Proved Undeveloped Reserves (Energy)
Beginning proved undeveloped reserves at December 31, 2024	1,172,618
Undeveloped reserves transferred to developed	(360,141)
Revisions	(170,400)
Purchases	25,331
Divestitures	(44,437)
Extensions and discoveries	473,857
Ending proved undeveloped reserves at December 31, 2025	1,096,828

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2025

RELATED PARTY TRANSACTIONS

Related Party Transactions

Deep Blue

The Company considers its equity method investments to be related parties. At December 31, 2025, the Company’s only significant equity method investment was its 30% equity ownership interest in Deep Blue, which is included in the caption “Other assets” on the Company’s consolidated balance sheets. Additionally, the Company has other related party transactions with Deep Blue in the ordinary course of business, which result in (i) certain accounts receivable due from Deep Blue, (ii) accrued capital expenditures and other accrued payables related to a commitment to fund certain capital expenditures on projects that were in process at the time of the Deep Blue transaction, and (iii) lease operating expenses and capitalized expenses related to fees paid to Deep Blue under a 15-year dedication for its produced water and supply water within a 12-county area of mutual interest in the Midland Basin.

For further discussion on additional transactions with Deep Blue, see Note 4—Acquisitions and Divestitures.

The following table presents related party balances that pertain to Deep Blue which are included in the consolidated balance sheets at December 31, 2025 and 2024:


	December 31,
	2025		2024
	(In millions)
Assets:
Accounts receivable	$	1	$	5
Other assets	$	197	$	137
Liabilities:
Accounts payable and accrued capital expenditures	$	71	$	31
Other accrued liabilities	$	82	$	22

During the years ended December 31, 2025 and 2024, the Company recorded approximately $199 million and $135 million, respectively, for water services provided by Deep Blue during the completion phase of wells. These costs were capitalized and any remaining unamortized costs are included in the caption “Oil and natural gas properties” on the consolidated balance sheets.

The following table presents the significant related party transactions included in the consolidated statements of operations for the years ended December 31, 2025 and 2024:


	Year Ended December 31,
		2025		2024
		(In millions)
Lease operating expenses		$	175	$	114

Viper

For discussion on related party transactions with Viper, see Note 4—Acquisitions and Divestitures—2025 Drop Down.

SGF Common Stock Repurchases

On November 28, 2025, the Company entered into a letter agreement with SGF FANG Holdings, LP (“SGF”). SGF includes certain Endeavor equityholders that received shares of the Company’s common stock as partial consideration for the Endeavor Acquisition, and as a result, is considered a related party of the Company under ASC Topic 850 “Related Party Disclosures.” The letter agreement provides SGF with the right, but not the obligation, to sell up to 3.0 million shares of the Company’s common stock to the Company per quarter through December 31, 2026 at the most recent Nasdaq closing price of such transaction, pursuant to the letter agreement. Pursuant to the letter agreement, on the same date, the Company agreed to repurchase 2.0 million shares of its common stock held by SGF at $152.59 per share. Repurchases under the letter agreement are pursuant to the Company’s existing share repurchase program, and have been approved by the audit committee of the Company’s board of directors. For details on the Company’s existing share repurchase program, see Note 9—Stockholders’ Equity and Earnings (Loss) Per Share. See Note 16—Subsequent Events for repurchases from SGF during the first quarter of 2026.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

PROPERTY AND EQUIPMENT - Schedule of Balance of Costs Not Subject to Depletion by the Period in which the Costs were Incurred (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Acquisition costs
2025	$ 4,528
2024	12,821
2023	1,043
Prior	4,456
Total	22,848
Capitalized interest
2025	564
2024	220
2023	111
Prior	101
Total	996
Development costs
2025	97
2024	0
2023	0
Prior	0
Total	97
Total not subject to depletion
2025	5,189
2024	13,041
2023	1,154
Prior	4,557
Total	$ 23,941	$ 22,666

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) $ / shares in Units, shares in Thousands, $ in Millions				12 Months Ended
	Mar. 08, 2024 USD ($) $ / shares shares	Nov. 01, 2023 USD ($)	Oct. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2025 segment	Mar. 31, 2024	Nov. 13, 2023
Business Combination [Line Items]
Number of operating segments \| segment				1
Number of reportable segments \| segment				1
Number of common units sold (in shares) \| shares			7,220
Sale of stock (in dollars per share) \| $ / shares	$ 35.00		$ 27.72
Consideration received on transaction \| $		$ 200
Common Class A
Business Combination [Line Items]
Number of common units sold (in shares) \| shares	13,230
Viper Energy Inc
Business Combination [Line Items]
Consideration received on transaction \| $	$ 451		$ 200
Viper
Business Combination [Line Items]
Ownership percentage	50.00%			42.00%	50.00%	50.00%

DEBT - Retirement of Notes (Details) - USD ($) $ in Millions		12 Months Ended
	Jul. 23, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2025
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt, net		$ 56	$ 2	$ (4)
Senior Notes
Debt Instrument [Line Items]
Repurchase amount		455	28
Repayments of senior debt		$ 363	25
Debt repurchased, average par value		79.30%
Gain (loss) on extinguishment of debt, net		$ 88
Senior Notes \| 3.125% Senior Notes due 2031
Debt Instrument [Line Items]
Repurchase amount		$ 27	$ 22
Stated interest rate		3.125%	3.125%
Senior Notes \| 4.400% Senior Notes Due 2051
Debt Instrument [Line Items]
Repurchase amount		$ 263
Stated interest rate		4.40%
Senior Notes \| 4.250% Senior Notes Due 2052
Debt Instrument [Line Items]
Repurchase amount		$ 145
Stated interest rate		4.25%
Senior Notes \| 5.750% Senior Notes Due 2054
Debt Instrument [Line Items]
Repurchase amount		$ 20
Stated interest rate		5.75%
Senior Notes \| 3.500% Senior Notes due 2029
Debt Instrument [Line Items]
Repurchase amount			$ 6
Stated interest rate		3.50%	3.50%
Senior Notes \| 3.250% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate		3.25%
Senior Notes \| Viper 5.375% Senior Notes due 2027 (discharged)
Debt Instrument [Line Items]
Stated interest rate		5.375%
Senior Notes \| Viper 5.375% Senior Notes due 2027 (discharged) \| Viper
Debt Instrument [Line Items]
Repurchase amount					$ 50
Stated interest rate					5.375%
Repayments of senior debt		$ 50
Debt repurchased, average percentage of par value		99.70%
Deposit amount	$ 390
Debt instrument, redemption price, percentage	100.00%
Senior Notes \| Viper 7.375% Senior Notes due 2031
Debt Instrument [Line Items]
Stated interest rate		7.375%
Senior Notes \| Viper 7.375% Senior Notes due 2031 \| Viper
Debt Instrument [Line Items]
Stated interest rate	7.375%
Repayments of senior debt	$ 434
Gain (loss) on extinguishment of debt, net	$ (32)
Debt instrument, redemption premium, percentage	106.80%

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents ($13 million and $27 million related to Viper)	$ 104	$ 161
Restricted cash	2	3
Accounts receivable:
Joint interest and other, net	258	198
Oil and natural gas sales, net ($262 million and $149 million related to Viper)	1,128	1,387
Inventories	86	116
Prepaid expenses and other current assets ($50 million and $31 million related to Viper)	337	245
Total current assets	1,915	2,110
Oil and natural gas properties:
Proved properties ($9,746 million and $3,533 million related to Viper)	71,588	59,574
Unproved properties ($4,910 million and $2,180 million related to Viper)	23,941	22,666
Other property, equipment and land	874	1,440
Accumulated depletion, depreciation, amortization and impairment ($2,455 million and $1,081 million related to Viper)	(27,782)	(19,208)
Property and equipment, net	68,621	64,472
Other assets	523	710
Total assets	71,059	67,292
Current liabilities:
Accounts payable and accrued capital expenditures	1,168	943
Current maturities of debt	763	900
Other accrued liabilities	1,108	1,020
Revenues and royalties payable	1,397	1,491
Derivative instruments	15	43
Income taxes payable	149	414
Total current liabilities	4,600	4,811
Long-term debt ($2,186 million and $1,083 million related to Viper)	13,726	12,075
Deferred income taxes	9,141	9,826
Other long-term liabilities	625	718
Total liabilities	28,092	27,430
Commitments and contingencies (Note 15)
Stockholders’ equity:
Common stock, $0.01 par value; 800,000,000 shares authorized; 284,594,908 and 290,984,373 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	3	3
Additional paid-in capital	32,236	33,501
Retained earnings (accumulated deficit)	4,740	4,238
Accumulated other comprehensive income (loss)	(7)	(6)
Total Diamondback Energy, Inc. stockholders’ equity	36,972	37,736
Non-controlling interest	5,995	2,126
Total equity	42,967	39,862
Total liabilities and stockholders’ equity	$ 71,059	$ 67,292

DERIVATIVES - Interest Rate Swaps and Treasury Locks (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) derivative	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Loss on derivative instruments, net	$ (341,000,000)	$ (137,000,000)	$ 259,000,000
Interest rate swaps
Derivative [Line Items]
Number of derivatives held \| derivative	2
Notional amount		900,000,000	$ 1,200,000,000
Derivative, discontinued amount	$ 600,000,000	300,000,000
Loss on derivative instruments, net	$ 67,000,000	$ 37,000,000
Interest rate swaps \| Designated as Hedging Instrument
Derivative [Line Items]
Average variable interest rate	2.1865%
Interest rate swaps \| Senior Notes Due 2029
Derivative [Line Items]
Number of derivatives held \| derivative	2
Notional amount	$ 150,000,000
Derivative, fixed interest rate	3.50%
Interest rate swaps \| Senior Notes Due 2029 \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, fixed interest rate	3.50%

EQUITY-BASED COMPENSATION - Schedule of Restricted Stock Units (Details) - Equity Plan - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Restricted Stock Units
Unvested, beginning balance (in shares) \| shares	645,408
Granted (in shares) \| shares	722,623
Vested (in shares) \| shares	(400,017)
Forfeited (in shares) \| shares	(77,952)
Unvested, ending balance (in shares) \| shares	890,062
Weighted Average Grant-Date Fair Value
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 159.84
Granted (in dollars per share) \| $ / shares	148.86
Vested (in dollars per share) \| $ / shares	154.66
Forfeited (in dollars per share) \| $ / shares	152.86
Unvested, ending balance (in dollars per share) \| $ / shares	$ 153.87

PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Timing of inclusion of costs in amortization calculation	15 years
Capitalized internal costs	$ 102	$ 90	$ 66
Impairment of oil and natural gas properties	$ 3,652	$ 0	$ 0
Commodity prices, trailing period	12 months

STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE - Schedule of Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Net income (loss) attributable to common shares	$ 1,664	$ 3,338	$ 3,143
Less: distributed and undistributed earnings allocated to participating securities	8	21	22
Net income (loss) attributable to common stockholders	$ 1,656	$ 3,317	$ 3,121
Weighted average common shares outstanding:
Basic weighted average common shares outstanding (in shares)	289,079	213,545	179,999
Effect of dilutive securities:
Weighted-average potential common shares issuable (in shares)	0	0	0
Diluted weighted average common shares outstanding (in shares)	289,079	213,545	179,999
Basic net income (loss) attributable to common shares (in dollars per share)	$ 5.73	$ 15.53	$ 17.34
Diluted net income (loss) attributable to common shares (in dollars per share)	$ 5.73	$ 15.53	$ 17.34

SUPPLEMENTAL INFORMATION ON OIL AND NATURAL GAS OPERATIONS (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2025

Oil and Gas Disclosure [Abstract]

Schedule of Aggregate Capitalized Costs Related to Oil and Natural Gas Production Activities

Aggregate capitalized costs related to oil and natural gas production activities with applicable accumulated depreciation, depletion, amortization and impairment are as follows:


	December 31,
	2025		2024
	(In millions)
Oil and natural gas properties:
Proved properties	$	71,588	$	59,574
Unproved properties	23,941		22,666
Total oil and natural gas properties	95,529		82,240
Accumulated depletion	(15,974)		(11,083)
Accumulated impairment	(11,606)		(7,954)
Net oil and natural gas properties capitalized	$	67,949	$	63,203

Schedule of Costs Incurred in Oil and Natural Gas Property Acquisition, Exploration, and Development Activities

Costs incurred in oil and natural gas property acquisition, exploration and development activities are as follows:


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Acquisition costs:
Proved properties	$	4,608	$	21,275	$	1,314
Unproved properties	5,226		15,568		1,701
Development costs	3,613		2,992		1,962
Exploration costs	212		194		768

Total	$	13,659	$	40,029	$	5,745

Schedule of Results of Operations From Oil and Natural Gas Producing Activities

The following schedule sets forth the revenues and expenses related to the production and sale of oil, natural gas and natural gas liquids. It does not include any interest costs or general and administrative costs. Income tax expense has been calculated by applying statutory income tax rates to oil, gas and natural gas liquids sales after deducting production costs, depreciation, depletion and amortization and accretion and impairment. Therefore, the following schedule is not necessarily indicative of the contribution to the net operating results of the Company’s oil, natural gas and natural gas liquids operations.


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Oil, natural gas and natural gas liquid sales	$	13,453	$	10,100	$	8,228



Production costs	(3,231)		(2,280)		(1,684)
Depreciation, depletion, amortization and accretion	(4,943)		(2,781)		(1,684)
Impairment	(3,652)		—		—
Income tax benefit (expense)	(362)		(1,025)		(1,000)
Results of operations	$	1,265	$	4,014	$	3,860

Schedule of Changes in Estimated Proved Reserves

The following table presents changes in the Company’s estimated proved reserves (including those attributable to Viper). As of December 31, 2025, none of the Company’s total proved reserves were classified as proved developed non-producing.


	Oil (MBbls)	Natural Gas (MMcf)	Natural Gas Liquids (MBbls)	Total (MBOE)(1)
Proved Developed and Undeveloped Reserves:
As of December 31, 2022	1,069,508	2,868,861	485,319	2,032,971
Extensions and discoveries	206,562	424,881	78,498	355,874
Revisions of previous estimates	(56,482)	(47,697)	9,962	(54,470)
Purchase of reserves in place	41,790	79,507	15,440	70,481
Divestitures	(21,258)	(130,013)	(20,755)	(63,682)
Production	(96,176)	(198,117)	(34,217)	(163,413)
As of December 31, 2023	1,143,944	2,997,422	534,247	2,177,761
Extensions and discoveries	168,375	310,421	58,696	278,808
Revisions of previous estimates	(78,142)	(158,468)	(24,518)	(129,071)
Purchase of reserves in place	697,702	2,391,264	473,236	1,569,482
Divestitures	(47,505)	(240,044)	(33,080)	(120,592)
Production	(123,325)	(275,680)	(49,700)	(218,972)
As of December 31, 2024	1,761,049	5,024,915	958,881	3,557,416
Extensions and discoveries	306,431	765,623	144,884	578,919
Revisions of previous estimates	(173,561)	(253,282)	(88,310)	(304,085)
Purchase of reserves in place	99,239	268,935	44,547	188,609
Divestitures	(37,276)	(84,515)	(15,463)	(66,825)
Production	(181,462)	(447,855)	(80,073)	(336,178)
As of December 31, 2025	1,774,420	5,273,821	964,466	3,617,856

Proved Developed Reserves:
December 31, 2022	699,513	2,122,782	350,243	1,403,553
December 31, 2023	744,103	2,203,563	385,167	1,496,530
December 31, 2024	1,120,824	3,559,748	670,683	2,384,798
December 31, 2025	1,173,636	3,872,360	701,999	2,521,028

Proved Undeveloped Reserves:
December 31, 2022	369,995	746,079	135,076	629,418
December 31, 2023	399,841	793,859	149,080	681,231
December 31, 2024	640,225	1,465,167	288,198	1,172,618
December 31, 2025	600,784	1,401,461	262,467	1,096,828

(1)Includes total proved reserves of 231,440 MBOE, 107,730 MBOE, 78,870 MBOE and 65,516 MBOE as of December 31, 2025, 2024, 2023 and 2022, respectively, attributable to the non-controlling interest in Viper.

The following table includes the changes in PUD reserves for 2025 (MBOE):


Beginning proved undeveloped reserves at December 31, 2024			1,172,618
Undeveloped reserves transferred to developed			(360,141)
Revisions			(170,400)
Purchases			25,331
Divestitures			(44,437)
Extensions and discoveries			473,857
Ending proved undeveloped reserves at December 31, 2025			1,096,828

Schedule of Standardized Measure of Discounted Future Net Cash Flows Attributable to Proved Crude Oil and Natural Gas Reserves

The following table sets forth the standardized measure of discounted future net cash flows attributable to the Company’s proved oil and natural gas reserves as of December 31, 2025, 2024 and 2023:


	December 31,
	2025		2024		2023
	(In millions)
Future cash inflows	$	140,499	$	157,944	$	106,418
Future development costs(1)	(9,425)		(9,992)		(6,400)
Future production costs	(40,789)		(44,097)		(25,656)
Future production taxes	(9,870)		(10,975)		(7,434)
Future income tax expenses	(12,129)		(16,115)		(11,067)
Future net cash flows	68,286		76,765		55,861
10% discount to reflect timing of cash flows	(31,376)		(36,932)		(28,803)
Standardized measure of discounted future net cash flows(2)	$	36,910	$	39,833	$	27,058

(1)Includes approximately $1.1 billion, $1.3 billion and $685 million of undiscounted future asset retirement costs for the years ended December 31, 2025, 2024 and 2023, respectively, based on estimates made at the end of each of the respective years.

(2)Includes $6.6 billion, $3.3 billion and $3.2 billion, for the years ended December 31, 2025, 2024 and 2023, respectively, attributable to the Company’s consolidated subsidiary, Viper, in which there is a 57%, 55% and 44% non-controlling interest at December 31, 2025, 2024 and 2023, respectively.

Schedule of Average First-Day-of-the-Month Price for Oil, Natural Gas and Natural Gas Liquids

The table below presents the SEC Prices as adjusted for differentials and contractual arrangements utilized in the computation of future cash inflows:


	December 31,
	2025		2024		2023


Oil (per Bbl)	$	64.99	$	76.15	$	77.62
Natural gas (per Mcf)	$	1.32	$	0.54	$	1.53
Natural gas liquids (per Bbl)	$	18.87	$	22.02	$	24.40

Schedule of Principal Changes in the Standardized Measure of Discounted Future Net Cash Flows Attributable to Proved Reserves

Principal changes in the standardized measure of discounted future net cash flows attributable to the Company’s proved reserves are as follows:


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Standardized measure of discounted future net cash flows at the beginning of the period	$	39,833	$	27,058	$	35,699
Sales of oil and natural gas, net of production costs	(10,222)		(7,820)		(6,544)
Acquisitions of reserves	3,630		21,639		1,854
Divestitures of reserves	(632)		(1,318)		(938)
Extensions and discoveries, net of future development costs	7,496		4,124		5,771
Previously estimated development costs incurred during the period	1,920		1,447		1,180
Net changes in prices and production costs	(8,117)		(4,969)		(17,276)
Changes in estimated future development costs	1,084		1,066		518
Revisions of previous quantity estimates	(4,191)		(2,035)		(1,268)
Accretion of discount	4,849		3,921		4,533
Net change in income taxes	1,702		(3,156)		2,506
Net changes in timing of production and other	(442)		(124)		1,023
Standardized measure of discounted future net cash flows at the end of the period	$	36,910	$	39,833	$	27,058

- Definition

Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period.

+ References + Details

SUPPLEMENTAL INFORMATION ON OIL AND NATURAL GAS OPERATIONS (Unaudited) - Schedule of Oil and Natural Gas Reserves (Details) MMcf in Thousands, MBoe in Thousands, MBbls in Thousands	12 Months Ended
	Dec. 31, 2025 MBoe reserve MBbls MMcf	Dec. 31, 2024 MBoe MBbls MMcf	Dec. 31, 2023 MBoe MBbls MMcf	Dec. 31, 2022 MBoe MBbls MMcf
Oil and Gas, Proved Reserve, Quantity, Volume [Roll Forward]
Number of classified as proved developed non-producing reserves \| reserve	0
Total, beginning balance (in MBOE) \| MBoe	3,557,416	2,177,761	2,032,971
Extensions and discoveries (in MBOE) \| MBoe	578,919	278,808	355,874
Revision of previous estimates (in MBOE) \| MBoe	(304,085)	(129,071)	(54,470)
Purchase of reserves in place (in MBOE) \| MBoe	188,609	1,569,482	70,481
Divestitures (in MBOE) \| MBoe	(66,825)	(120,592)	(63,682)
Production (in MBOE) \| MBoe	(336,178)	(218,972)	(163,413)
Total, ending balance (in MBOE) \| MBoe	3,617,856	3,557,416	2,177,761
Proved developed reserves (in MBOE) \| MBoe	2,521,028	2,384,798	1,496,530	1,403,553
Proved undeveloped reserves (in MBOE) \| MBoe	1,096,828	1,172,618	681,231	629,418
Viper
Oil and Gas, Proved Reserve, Quantity, Volume [Roll Forward]
Total, beginning balance (in MBOE) \| MBoe	107,730	78,870	65,516
Total, ending balance (in MBOE) \| MBoe	231,440	107,730	78,870
OIL
Oil and Gas, Proved Reserve, Quantity, Volume [Roll Forward]
Beginning of the period	1,761,049	1,143,944	1,069,508
Extensions and discoveries	306,431	168,375	206,562
Revisions of previous estimates	(173,561)	(78,142)	(56,482)
Purchase of reserves in place	99,239	697,702	41,790
Divestitures	(37,276)	(47,505)	(21,258)
Production	(181,462)	(123,325)	(96,176)
End of the period	1,774,420	1,761,049	1,143,944
Proved developed reserves	1,173,636	1,120,824	744,103	699,513
Proved undeveloped reserve	600,784	640,225	399,841	369,995
NATURAL GAS
Oil and Gas, Proved Reserve, Quantity, Volume [Roll Forward]
Beginning of the period \| MMcf	5,024,915	2,997,422	2,868,861
Extensions and discoveries \| MMcf	765,623	310,421	424,881
Revisions of previous estimates \| MMcf	(253,282)	(158,468)	(47,697)
Purchase of reserves in place \| MMcf	268,935	2,391,264	79,507
Divestitures \| MMcf	(84,515)	(240,044)	(130,013)
Production \| MMcf	(447,855)	(275,680)	(198,117)
End of the period \| MMcf	5,273,821	5,024,915	2,997,422
Proved developed reserves \| MMcf	3,872,360	3,559,748	2,203,563	2,122,782
Proved undeveloped reserve \| MMcf	1,401,461	1,465,167	793,859	746,079
NATURAL GAS LIQUIDS
Oil and Gas, Proved Reserve, Quantity, Volume [Roll Forward]
Beginning of the period	958,881	534,247	485,319
Extensions and discoveries	144,884	58,696	78,498
Revisions of previous estimates	(88,310)	(24,518)	9,962
Purchase of reserves in place	44,547	473,236	15,440
Divestitures	(15,463)	(33,080)	(20,755)
Production	(80,073)	(49,700)	(34,217)
End of the period	964,466	958,881	534,247
Proved developed reserves	701,999	670,683	385,167	350,243
Proved undeveloped reserve	262,467	288,198	149,080	135,076

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurement Information For Financial Instruments Measured on a Recurring Basis


	As of December 31, 2025
Balance Sheet Classification	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Prepaid expenses and other current assets:
Commodity derivative instruments	$	—	$	335	$	—	$	335	$	(101)	$	234

Other assets:
Commodity derivative instruments	$	—	$	49	$	—	$	49	$	(42)	$	7


Investment	$	30	$	—	$	—	$	30	$	—	$	30
Liabilities:
Derivative instruments:
Commodity derivative instruments	$	—	$	109	$	—	$	109	$	(101)	$	8
Interest rate swaps	$	—	$	7	$	—	$	7	$	—	$	7
Other accrued liabilities:
2026 WTI Contingent Liability	$	—	$	20	$	—	$	20	$	—	$	20
Other long-term liabilities:
Commodity derivative instruments	$	—	$	77	$	—	$	77	$	(42)	$	35
Interest rate swaps	$	—	$	20	$	—	$	20	$	—	$	20


	As of December 31, 2024
Balance Sheet Classification	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Prepaid expenses and other current assets:
Commodity derivative instruments	$	—	$	274	$	—	$	274	$	(106)	$	168

Other assets:
Commodity derivative instruments	$	—	$	19	$	—	$	19	$	(17)	$	2


Investment	$	8	$	—	$	—	$	8	$	—	$	8
Liabilities:
Derivative instruments:
Commodity derivative instruments	$	—	$	121	$	—	$	121	$	(106)	$	15
Interest rate swaps	$	—	$	28	$	—	$	28	$	—	$	28
Other long-term liabilities:
Commodity derivative instruments	$	—	$	27	$	—	$	27	$	(17)	$	10
Interest rate swaps	$	—	$	96	$	—	$	96	$	—	$	96
2026 WTI Contingent Liability	$	—	$	30	$	—	$	30	$	—	$	30

Schedule of Offsetting Assets


	As of December 31, 2025
Balance Sheet Classification	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Prepaid expenses and other current assets:
Commodity derivative instruments	$	—	$	335	$	—	$	335	$	(101)	$	234

Other assets:
Commodity derivative instruments	$	—	$	49	$	—	$	49	$	(42)	$	7


Investment	$	30	$	—	$	—	$	30	$	—	$	30
Liabilities:
Derivative instruments:
Commodity derivative instruments	$	—	$	109	$	—	$	109	$	(101)	$	8
Interest rate swaps	$	—	$	7	$	—	$	7	$	—	$	7
Other accrued liabilities:
2026 WTI Contingent Liability	$	—	$	20	$	—	$	20	$	—	$	20
Other long-term liabilities:
Commodity derivative instruments	$	—	$	77	$	—	$	77	$	(42)	$	35
Interest rate swaps	$	—	$	20	$	—	$	20	$	—	$	20


	As of December 31, 2024
Balance Sheet Classification	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Prepaid expenses and other current assets:
Commodity derivative instruments	$	—	$	274	$	—	$	274	$	(106)	$	168

Other assets:
Commodity derivative instruments	$	—	$	19	$	—	$	19	$	(17)	$	2


Investment	$	8	$	—	$	—	$	8	$	—	$	8
Liabilities:
Derivative instruments:
Commodity derivative instruments	$	—	$	121	$	—	$	121	$	(106)	$	15
Interest rate swaps	$	—	$	28	$	—	$	28	$	—	$	28
Other long-term liabilities:
Commodity derivative instruments	$	—	$	27	$	—	$	27	$	(17)	$	10
Interest rate swaps	$	—	$	96	$	—	$	96	$	—	$	96
2026 WTI Contingent Liability	$	—	$	30	$	—	$	30	$	—	$	30

Schedule of Offsetting Liabilities


	As of December 31, 2025
Balance Sheet Classification	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Prepaid expenses and other current assets:
Commodity derivative instruments	$	—	$	335	$	—	$	335	$	(101)	$	234

Other assets:
Commodity derivative instruments	$	—	$	49	$	—	$	49	$	(42)	$	7


Investment	$	30	$	—	$	—	$	30	$	—	$	30
Liabilities:
Derivative instruments:
Commodity derivative instruments	$	—	$	109	$	—	$	109	$	(101)	$	8
Interest rate swaps	$	—	$	7	$	—	$	7	$	—	$	7
Other accrued liabilities:
2026 WTI Contingent Liability	$	—	$	20	$	—	$	20	$	—	$	20
Other long-term liabilities:
Commodity derivative instruments	$	—	$	77	$	—	$	77	$	(42)	$	35
Interest rate swaps	$	—	$	20	$	—	$	20	$	—	$	20


	As of December 31, 2024
Balance Sheet Classification	Level 1		Level 2		Level 3		Total Gross Fair Value		Gross Amounts Offset in Balance Sheet		Net Fair Value Presented in Balance Sheet
	(In millions)
Assets:
Prepaid expenses and other current assets:
Commodity derivative instruments	$	—	$	274	$	—	$	274	$	(106)	$	168

Other assets:
Commodity derivative instruments	$	—	$	19	$	—	$	19	$	(17)	$	2


Investment	$	8	$	—	$	—	$	8	$	—	$	8
Liabilities:
Derivative instruments:
Commodity derivative instruments	$	—	$	121	$	—	$	121	$	(106)	$	15
Interest rate swaps	$	—	$	28	$	—	$	28	$	—	$	28
Other long-term liabilities:
Commodity derivative instruments	$	—	$	27	$	—	$	27	$	(17)	$	10
Interest rate swaps	$	—	$	96	$	—	$	96	$	—	$	96
2026 WTI Contingent Liability	$	—	$	30	$	—	$	30	$	—	$	30

Schedule of Fair Value Measurement Information for Financial Instruments Measured on a Nonrecurring Basis

The following table provides the fair value of financial instruments that are not recorded at fair value in the consolidated balance sheets:


	December 31, 2025				December 31, 2024
	Carrying				Carrying
	Value		Fair Value		Value		Fair Value
	(In millions)
Debt	$	14,489	$	14,497	$	12,975	$	12,564

ACQUISITIONS AND DIVESTITURES - Narrative (Details) shares in Thousands, $ in Millions														1 Months Ended	3 Months Ended	12 Months Ended			16 Months Ended	18 Months Ended
	Oct. 31, 2025 USD ($)	Oct. 01, 2025 USD ($) county	Aug. 19, 2025 USD ($) a	May 01, 2025 USD ($) a well shares bbl	Apr. 01, 2025 USD ($) a shares	Dec. 20, 2024 USD ($) a location	Oct. 01, 2024 USD ($) a shares	Sep. 10, 2024 USD ($) a shares	Sep. 03, 2024 USD ($) a	Jul. 15, 2024 USD ($) shares	Nov. 01, 2023 USD ($) a shares	Sep. 01, 2023 USD ($) county	Jan. 31, 2023 USD ($) a shares	Jan. 31, 2026 USD ($)	Sep. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) a	Dec. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)	Jun. 30, 2024 USD ($)
Business Combination [Line Items]
Number of counties \| county												12
Consideration received on transaction											$ 200
Endeavor \| Diamondback Energy, Inc.
Business Combination [Line Items]
Ownership percentage by other parties								39.80%								35.80%				35.80%
Senior Notes \| 6.250% Senior Notes due 2053
Business Combination [Line Items]
Stated interest rate													6.25%			6.25%				6.25%
Double Eagle Acquisition
Business Combination [Line Items]
Total consideration					$ 3,100
Double Eagle Acquisition \| Common Stock
Business Combination [Line Items]
Number of shares issued in acquisition \| shares					6,840
Series of Individually Immaterial Asset Acquisitions
Business Combination [Line Items]
Total consideration																$ 835
Sitio Acquisition \| Viper
Business Combination [Line Items]
Number of net royalty acres \| a			34,300
Asset acquisition, consideration transferred, equity interest issued and issuable			$ 4,000
Asset acquisition, acquiree redemption of debt			$ 1,200
Sitio Acquisition, Permian Basin \| Viper
Business Combination [Line Items]
Number of net royalty acres \| a			25,300
Sitio Acquisition, Denver-Julesburg, Eagle Ford And Williston Basins \| Viper
Business Combination [Line Items]
Number of net royalty acres \| a			9,000
Viper TWR Acquisition \| Viper
Business Combination [Line Items]
Payments for asset acquisitions							$ 464
Viper TWR Acquisition \| Viper \| TWR IV
Business Combination [Line Items]
Area of land, net (in acres) \| a							3,067
Equity transferred (in shares) \| shares							10,090
Viper TWR Acquisition \| Viper \| TWR IV \| Subsequent Event
Business Combination [Line Items]
Contingent consideration, paid														$ 16
Viper Q Acquisition \| Viper
Business Combination [Line Items]
Number of net royalty acres \| a									406
Payments for asset acquisitions									$ 114
Viper Q Acquisition \| Viper \| Subsequent Event
Business Combination [Line Items]
Contingent consideration, paid														2
Viper M Acquisition \| Viper
Business Combination [Line Items]
Number of net royalty acres \| a									267
Payments for asset acquisitions									$ 76
Viper M Acquisition \| Viper \| Subsequent Event
Business Combination [Line Items]
Contingent consideration, paid														$ 2
Lario Acquisition
Business Combination [Line Items]
Total consideration													$ 1,447
Area of land, gross (in acres) \| a													25,000
Area of land, net (in acres) \| a													16,000
Acquired proved properties													$ 924
Acquired unproved properties													$ 536
Revenues since acquisition date																		$ 488
Net income since acquisition date																		200
Number of shares issued \| shares													4,330
Cash consideration													$ 814
Funds held in escrow													$ 113
GRP Acquisition
Business Combination [Line Items]
Payments for asset acquisitions											$ 747
Equity transferred (in shares) \| shares											9,020
2023 Permian Basin Acquisition
Business Combination [Line Items]
Number of net royalty acres \| a											4,600
2023 Other Major Basin Acquisitions
Business Combination [Line Items]
Number of net royalty acres \| a											2,700
Midland Basin \| Double Eagle Acquisition
Business Combination [Line Items]
Area of land, gross (in acres) \| a					67,700
Area of land, net (in acres) \| a					40,000
Horizontal Locations In Primary Development Targets \| Double Eagle Acquisition
Business Combination [Line Items]
Area of land, gross (in acres) \| a					407
Area of land, net (in acres) \| a					342
Business Combination, Series of Individually Immaterial Business Combinations
Business Combination [Line Items]
Total consideration																879
TRP Energy, LLC
Business Combination [Line Items]
Total consideration						$ 1,345
Cash consideration						$ 312
Number of locations \| location						55
Acquired proved properties						$ 851
Acquired unproved properties						$ 502
TRP Energy, LLC \| Midland Basin
Business Combination [Line Items]
Area of land, gross (in acres) \| a						21,582
Area of land, net (in acres) \| a						15,421
TRP Energy, LLC \| Delaware Basin
Business Combination [Line Items]
Consideration transferred, area of land, gross (in acres) \| a						47,034
Consideration transferred, area of land, net (in acres) \| a						35,673
Endeavor Acquisition
Business Combination [Line Items]
Area of land, gross (in acres) \| a								500,849
Area of land, net (in acres) \| a								361,927
Total consideration								$ 27,420
Cash consideration								8,000
Acquired proved properties								20,600
Acquired unproved properties								14,200
Cash consideration								7,072
Repayment of debt								$ 238
Total shares of QEP common stock eligible for merger consideration (in shares) \| shares								117,267
Revenues since acquisition date																	$ 1,800
Net income since acquisition date																	459
Endeavor Acquisition \| Acquisition Related Costs, Including Historical Costs
Business Combination [Line Items]
Acquisition related costs																	415
Endeavor Acquisition \| Historical Acquisition Related Costs
Business Combination [Line Items]
Acquisition related costs																	303
Endeavor Acquisition \| Advisory And Legal Fees
Business Combination [Line Items]
Acquisition related costs																10
Endeavor Acquisition \| Severance And Accelerated Incentive Compensation Payments
Business Combination [Line Items]
Acquisition related costs																42	197
Endeavor Acquisition \| Investment Banking And Legal Costs
Business Combination [Line Items]
Acquisition related costs																	78
Endeavor Acquisition \| Regulatory Reviews
Business Combination [Line Items]
Acquisition related costs																	14
Endeavor Acquisition \| Debt, Net
Business Combination [Line Items]
Repayment of debt								$ 219
Endeavor Acquisition \| Debt, Make-Whole Premium
Business Combination [Line Items]
Repayment of debt								$ 19
Common Class B \| Viper TWR Acquisition \| TWR IV
Business Combination [Line Items]
Asset acquisition, option granted to acquire common stock, shares (in shares) \| shares							10,090
WTG Midstream LLC
Business Combination [Line Items]
Gain on sale of equity method investments																65				$ 139
Disposed of by Sale \| Environmental Disposal Systems, LLC
Business Combination [Line Items]
Upfront net cash proceeds		$ 694
Additional equity interests issued non-cash consideration		34
Potential contingent consideration to earn (up to)		200
Potential contingent consideration to owe (up to)		$ 150
Gain on disposition of business																168
Disposed of by Sale \| Endeavor Subsidiaries
Business Combination [Line Items]
Consideration for divestiture				$ 873
Advisory, legal and filing fees				$ 21
Number of net royalty acres \| a				24,446
Percentage of acreage operated by beneficial interest holder				69.00%
Average net royalty interest				0.022
Oil production per day (in barrels) \| bbl				17,097
Developed production well, number of wells, gross \| well				5,574
Percentage of wells operated by beneficial interest holder				0.32
Completed production well, number of wells, gross \| well				116
Uncompleted production well, number of wells, gross \| well				394
Disposed of by Sale \| Endeavor Subsidiaries \| Viper Common Class B
Business Combination [Line Items]
Equity consideration received (in shares) \| shares				69,630
Disposed of by Sale \| Endeavor Subsidiaries \| Viper LLC Units
Business Combination [Line Items]
Equity consideration received (in shares) \| shares				69,630
Disposed of by Sale \| Non-Core Assets, Series of Individually Immaterial Transactions
Business Combination [Line Items]
Consideration for divestiture																464				$ 464
Disposed of by Sale \| WTG Midstream LLC
Business Combination [Line Items]
Proceeds from sale of equity method investments										$ 190
Disposed of by Sale \| WTG Midstream LLC \| Remuda Midstream Holdings LLC
Business Combination [Line Items]
Equity held in escrow released															$ 54
Disposed of by Sale \| Water Assets
Business Combination [Line Items]
Loss on sale of assets																	$ 1		$ 13
Disposed of by Sale \| Glasscock County Disposition
Business Combination [Line Items]
Consideration for divestiture																		$ 341
Area of land, net (in acres) \| a																		19,000
Disposed of by Sale \| Ward and Winkler Counties Dispositions
Business Combination [Line Items]
Area of land, net (in acres) \| a																		4,900
EPIC Crude Holdings, LP
Business Combination [Line Items]
Equity interest sold	27.50%
Proceeds from sale of equity method investments	$ 504
Contingent consideration from sale of equity interest	$ 96
Gain on sale of equity method investments																$ 299
Deep Blue
Business Combination [Line Items]
Agreement term		15 years										15 years
Number of counties \| county		12
Ownership Interest		30.00%										30.00%				30.00%				30.00%
Equity method investments												$ 126
Proceeds from equity method investment, distribution, return of capital												516
Contingent consideration receivable												$ 43
Lag period												2 months
Other commitment												$ 500
Deep Blue \| Five Point Energy LLC
Business Combination [Line Items]
Contingent consideration												47									$ 47
Deep Blue \| Diamondback Energy, Inc.
Business Combination [Line Items]
Equity method investment, aggregate cost												$ 703
Deep Blue \| Five Point Energy LLC
Business Combination [Line Items]
Ownership Interest												70.00%
Equity method investments												$ 251
WTG joint venture
Business Combination [Line Items]
Ownership Interest																25.00%				25.00%
Settlement of working capital															$ 15
Energy Transfer LP \| Disposed of by Sale \| WTG Midstream LLC
Business Combination [Line Items]
Disposal group, including discontinued operation, equity transferred as consideration (in shares) \| shares										10,100
Noncash or part noncash divestiture, amount of consideration received										$ 135
Disposal group, including discontinued operation, equity held in escrow										54
Proceeds from sale of equity method investments, excluding amounts in escrow																				$ 336
Energy Transfer LP \| Disposed of by Sale \| WTG Midstream LLC \| Diamondback Energy, Inc.
Business Combination [Line Items]
Proceeds from sale of equity method investments										$ 81
OMOG JV LLC
Business Combination [Line Items]
Equity method investment, interest sold																		43.00%
Gray Oak Pipeline, LLC
Business Combination [Line Items]
Equity method investment, interest sold																		10.00%
OMOG JV LLC And Gray Oak Pipeline, LLC
Business Combination [Line Items]
Proceeds from sale of equity method investments																		$ 397
Gain on sale of equity method investments																		$ 88

STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Change in Ownership of Consolidated Subsidiaries

The following table summarizes changes in the ownership interest in consolidated subsidiaries during the respective periods presented:


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Net income (loss) attributable to the Company	$	1,664	$	3,338	$	3,143
Change in ownership of consolidated subsidiaries	(444)		(62)		77
Change from net income (loss) attributable to the Company’s stockholders and transfers with non-controlling interest	$	1,220	$	3,276	$	3,220

Schedule of Dividends and Distribution Equivalent Rights

The following table presents dividends and distribution equivalent rights paid on the Company’s common stock during the respective periods:


	Base		Variable		Total Per Share		Total
	(In per share)						(In millions)
2025
First quarter	$	1.00	$	—	$	1.00	$	291
Second quarter	1.00		—		1.00		293
Third quarter	1.00		—		1.00		291
Fourth quarter	1.00		—		1.00		288
Total year-to-date	$	4.00	$	—	$	4.00	$	1,163

2024
First quarter	$	0.90	$	2.18	$	3.08	$	552
Second quarter	0.90		1.07		1.97		355
Third quarter	0.90		1.44		2.34		419
Fourth quarter	0.90		—		0.90		263
Total year-to-date	$	3.60	$	4.69	$	8.29	$	1,589

2023
First quarter	$	0.80	$	2.15	$	2.95	$	546
Second quarter	0.80		0.03		0.83		151
Third quarter	0.84		—		0.84		151
Fourth quarter	0.84		2.53		3.37		607
Total year-to-date	$	3.28	$	4.71	$	7.99	$	1,455

Schedule of Reconciliation of Basic and Diluted Net Income per Share

A reconciliation of the components of basic and diluted earnings (loss) per common share is presented below:


	Year Ended December 31,
	2025		2024		2023
	(In millions, except per share amounts)
Net income (loss) attributable to common shares	$	1,664	$	3,338	$	3,143
Less: distributed and undistributed earnings allocated to participating securities(1)	8		21		22
Net income (loss) attributable to common stockholders	$	1,656	$	3,317	$	3,121
Weighted average common shares outstanding:
Basic weighted average common shares outstanding	289,079		213,545		179,999
Effect of dilutive securities:
Weighted-average potential common shares issuable	—		—		—
Diluted weighted average common shares outstanding	289,079		213,545		179,999
Basic net income (loss) attributable to common shares	$	5.73	$	15.53	$	17.34
Diluted net income (loss) attributable to common shares	$	5.73	$	15.53	$	17.34

INCOME TAXES - Schedule of Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current income tax provision (benefit):
Federal	$ 820	$ 752	$ 505
State	26	33	29
Total current income tax provision (benefit)	846	785	534
Deferred income tax provision (benefit):
Federal	(486)	10	370
State	(33)	5	8
Total deferred income tax provision (benefit)	(519)	15	378
Provision for (benefit from) income taxes	$ 327	$ 800	$ 912

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have implemented and invested in, and will continue to implement and invest in, controls, procedures and protections (including internal and external personnel) that are designed to protect our systems, identify and remediate on a regular basis vulnerabilities in our systems and related infrastructure and monitor and mitigate the risk of data loss and other cybersecurity threats. We have engaged third-party consultants to conduct penetration testing and risk assessments. Our cybersecurity program is informed by the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework and measured by the Maturity and Risk Assessment Ratings associated with the NIST Cybersecurity Framework and the Capability Maturity Model Integration. Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. Our cybersecurity risk management program includes: •risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise IT and operational technology, or OT, environments; •a security team principally responsible for managing (i) our cybersecurity risk assessment processes, (ii) our security controls, and (iii) our response to cybersecurity incidents; •the use of external service providers, where appropriate, to assess, test, train or otherwise assist with aspects of our security controls; •security tools deployed in the IT and OT environments for protection against and monitoring for suspicious activity; •cybersecurity awareness training of our employees, including incident response personnel and senior management; •cybersecurity tabletop exercises for members of our cybersecurity incident response team and legal department; •a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and •a third-party risk management process for service providers, which may include diligence, assessments and/or contractual requirements, depending on each service provider’s operational criticality and relative risk profile.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have implemented and invested in, and will continue to implement and invest in, controls, procedures and protections (including internal and external personnel) that are designed to protect our systems, identify and remediate on a regular basis vulnerabilities in our systems and related infrastructure and monitor and mitigate the risk of data loss and other cybersecurity threats. We have engaged third-party consultants to conduct penetration testing and risk assessments. Our cybersecurity program is informed by the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework and measured by the Maturity and Risk Assessment Ratings associated with the NIST Cybersecurity Framework and the Capability Maturity Model Integration. Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	In particular, the board’s audit committee is responsible, among other things, for risk management relating to legal and regulatory requirements, including cybersecurity, which plays an integral role in our risk management strategy and continues to be an area of increasing focus for our board, the audit committee and our management team.The audit committee of the board of directors receives quarterly updates from our Senior Vice President and Chief Information Officer on the status of our cybersecurity governance program, including as related to new or developing initiatives and any significant security incidents that may occur. Board members also receive presentations on cybersecurity topics from the Senior Vice President and Chief Information Officer as part of the board’s continuing education on topics that impact public companies.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	In particular, the board’s audit committee is responsible, among other things, for risk management relating to legal and regulatory requirements, including cybersecurity, which plays an integral role in our risk management strategy and continues to be an area of increasing focus for our board, the audit committee and our management team.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The audit committee of the board of directors receives quarterly updates from our Senior Vice President and Chief Information Officer on the status of our cybersecurity governance program, including as related to new or developing initiatives and any significant security incidents that may occur. Board members also receive presentations on cybersecurity topics from the Senior Vice President and Chief Information Officer as part of the board’s continuing education on topics that impact public companies.
Cybersecurity Risk Role of Management [Text Block]	Our cybersecurity governance program is led by the Senior Vice President and Chief Information Officer, with support from the internal information technology department. The Senior Vice President and Chief Information Officer has over 20 years of technological leadership experience in the oil and gas industry, providing oversight of all information technology disciplines, including cybersecurity, networking, infrastructure, applications, and data management and protection. The Senior Vice President and Chief Information Officer and his team, which consists of individuals who hold designations as Certified Information Systems Security Professional (CISSP), Certified Information Systems Auditor (CISA), and CompTIASecurity+, are responsible for leading enterprise-wide cybersecurity strategy, policy, standards, architecture and processes. In addition, our cybersecurity incident response team is responsible for responding to cybersecurity incidents and are guided by our Computer Security Incident Response Plan. Progress and developments in our cybersecurity governance program are communicated to members of the executive team. Our management team takes steps to remain informed about and monitor efforts to prevent, detect, mitigate and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including third-party consultants engaged by us; alerts and reports produced by security tools deployed in our IT and OT environments; and through reporting by employees and service providers. While our board of directors is ultimately responsible for enterprise-wide risk oversight, the board’s committees assist the board in fulfilling its oversight responsibilities in certain areas of risk. In particular, the board’s audit committee is responsible, among other things, for risk management relating to legal and regulatory requirements, including cybersecurity, which plays an integral role in our risk management strategy and continues to be an area of increasing focus for our board, the audit committee and our management team. The audit committee of the board of directors receives quarterly updates from our Senior Vice President and Chief Information Officer on the status of our cybersecurity governance program, including as related to new or developing initiatives and any significant security incidents that may occur. Board members also receive presentations on cybersecurity topics from the Senior Vice President and Chief Information Officer as part of the board’s continuing education on topics that impact public companies. Our cybersecurity governance program also includes processes to assess cybersecurity risks related to third-party service providers, suppliers and vendors.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our cybersecurity governance program is led by the Senior Vice President and Chief Information Officer, with support from the internal information technology department.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The Senior Vice President and Chief Information Officer has over 20 years of technological leadership experience in the oil and gas industry, providing oversight of all information technology disciplines, including cybersecurity, networking, infrastructure, applications, and data management and protection. The Senior Vice President and Chief Information Officer and his team, which consists of individuals who hold designations as Certified Information Systems Security Professional (CISSP), Certified Information Systems Auditor (CISA), and CompTIASecurity+, are responsible for leading enterprise-wide cybersecurity strategy, policy, standards, architecture and processes.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Progress and developments in our cybersecurity governance program are communicated to members of the executive team. Our management team takes steps to remain informed about and monitor efforts to prevent, detect, mitigate and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including third-party consultants engaged by us; alerts and reports produced by security tools deployed in our IT and OT environments; and through reporting by employees and service providers.Board members also receive presentations on cybersecurity topics from the Senior Vice President and Chief Information Officer as part of the board’s continuing education on topics that impact public companies.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

STOCKHOLDERS’ EQUITY AND EARNINGS (LOSS) PER SHARE - Schedule of Change in Ownership of Consolidated Subsidiaries (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income (loss) attributable to the Company	$ 1,664	$ 3,338	$ 3,143
Change in ownership of consolidated subsidiaries	0	(22)	(24)
Subsidiaries
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net income (loss) attributable to the Company	1,664	3,338	3,143
Change in ownership of consolidated subsidiaries	(444)	(62)	77
Change from net income (loss) attributable to the Company’s stockholders and transfers with non-controlling interest	$ 1,220	$ 3,276	$ 3,220

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

EQUITY-BASED COMPENSATION - Narratives (Details) - Equity Plan shares in Thousands	Dec. 31, 2025 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	11,800
Common stock available for future grants (in shares)	3,800

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligations, beginning of period	$ 592	$ 245
Additional liabilities incurred	50	8
Liabilities acquired	15	278	$ 8
Liabilities settled and divested	(153)	(37)
Accretion expense	35	22
Revisions in estimated liabilities	3	76
Asset retirement obligations, end of period	542	592	$ 245
Less: current portion	31	19
Asset retirement obligations - long-term	$ 511	$ 573

SUPPLEMENTAL INFORMATION ON OIL AND NATURAL GAS OPERATIONS (Unaudited)

12 Months Ended

Dec. 31, 2025

Oil and Gas Disclosure [Abstract]

SUPPLEMENTAL INFORMATION ON OIL AND NATURAL GAS OPERATIONS (Unaudited)

SUPPLEMENTAL INFORMATION ON OIL AND NATURAL GAS OPERATIONS (UNAUDITED)

The Company’s oil and natural gas reserves are attributable solely to properties within the United States.

Capitalized Oil and Natural Gas Costs

Aggregate capitalized costs related to oil and natural gas production activities with applicable accumulated depreciation, depletion, amortization and impairment are as follows:


	December 31,
	2025		2024
	(In millions)
Oil and natural gas properties:
Proved properties	$	71,588	$	59,574
Unproved properties	23,941		22,666
Total oil and natural gas properties	95,529		82,240
Accumulated depletion	(15,974)		(11,083)
Accumulated impairment	(11,606)		(7,954)
Net oil and natural gas properties capitalized	$	67,949	$	63,203

Costs Incurred in Oil and Natural Gas Activities

Costs incurred in oil and natural gas property acquisition, exploration and development activities are as follows:


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Acquisition costs:
Proved properties	$	4,608	$	21,275	$	1,314
Unproved properties	5,226		15,568		1,701
Development costs	3,613		2,992		1,962
Exploration costs	212		194		768

Total	$	13,659	$	40,029	$	5,745

Results of Operations from Oil and Natural Gas Producing Activities


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Oil, natural gas and natural gas liquid sales	$	13,453	$	10,100	$	8,228



Production costs	(3,231)		(2,280)		(1,684)
Depreciation, depletion, amortization and accretion	(4,943)		(2,781)		(1,684)
Impairment	(3,652)		—		—
Income tax benefit (expense)	(362)		(1,025)		(1,000)
Results of operations	$	1,265	$	4,014	$	3,860

Oil and Natural Gas Reserves

Proved oil and natural gas reserve estimates and their associated future net cash flows were prepared by the Company’s internal reservoir engineers and audited by Ryder Scott, independent petroleum engineers, as of December 31, 2025, 2024 and 2023. Proved reserves were estimated in accordance with guidelines established by the SEC, which require that reserve estimates be prepared under existing economic and operating conditions based upon SEC Prices for the periods ending December 31, 2025, 2024 and 2023, respectively. Reserve estimates do not include any value for probable or possible reserves that may exist, nor do they include any value for undeveloped acreage. The reserve estimates represent the net revenue interest in the Company’s properties, all of which are located within the continental United States. Although the Company believes these estimates are reasonable, actual future production, cash flows, taxes, development expenditures, operating expenses and quantities of recoverable oil and natural gas reserves may vary substantially from these estimates.

There are numerous uncertainties inherent in estimating quantities of proved oil and natural gas reserves. Oil and natural gas reserve engineering is a subjective process of estimating underground accumulations of oil and natural gas that cannot be precisely measured and the accuracy of any reserve estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. Results of drilling, testing and production subsequent to the date of the estimate may justify revision of such estimate. Accordingly, reserve estimates are often different from the quantities of oil and natural gas that are ultimately recovered.


	Oil (MBbls)	Natural Gas (MMcf)	Natural Gas Liquids (MBbls)	Total (MBOE)(1)
Proved Developed and Undeveloped Reserves:
As of December 31, 2022	1,069,508	2,868,861	485,319	2,032,971
Extensions and discoveries	206,562	424,881	78,498	355,874
Revisions of previous estimates	(56,482)	(47,697)	9,962	(54,470)
Purchase of reserves in place	41,790	79,507	15,440	70,481
Divestitures	(21,258)	(130,013)	(20,755)	(63,682)
Production	(96,176)	(198,117)	(34,217)	(163,413)
As of December 31, 2023	1,143,944	2,997,422	534,247	2,177,761
Extensions and discoveries	168,375	310,421	58,696	278,808
Revisions of previous estimates	(78,142)	(158,468)	(24,518)	(129,071)
Purchase of reserves in place	697,702	2,391,264	473,236	1,569,482
Divestitures	(47,505)	(240,044)	(33,080)	(120,592)
Production	(123,325)	(275,680)	(49,700)	(218,972)
As of December 31, 2024	1,761,049	5,024,915	958,881	3,557,416
Extensions and discoveries	306,431	765,623	144,884	578,919
Revisions of previous estimates	(173,561)	(253,282)	(88,310)	(304,085)
Purchase of reserves in place	99,239	268,935	44,547	188,609
Divestitures	(37,276)	(84,515)	(15,463)	(66,825)
Production	(181,462)	(447,855)	(80,073)	(336,178)
As of December 31, 2025	1,774,420	5,273,821	964,466	3,617,856

Proved Developed Reserves:
December 31, 2022	699,513	2,122,782	350,243	1,403,553
December 31, 2023	744,103	2,203,563	385,167	1,496,530
December 31, 2024	1,120,824	3,559,748	670,683	2,384,798
December 31, 2025	1,173,636	3,872,360	701,999	2,521,028

Proved Undeveloped Reserves:
December 31, 2022	369,995	746,079	135,076	629,418
December 31, 2023	399,841	793,859	149,080	681,231
December 31, 2024	640,225	1,465,167	288,198	1,172,618
December 31, 2025	600,784	1,401,461	262,467	1,096,828

Revisions represent changes in previous reserves estimates, either upward or downward, resulting from new information normally obtained from development drilling and production history or resulting from a change in economic factors, such as commodity prices, operating costs or development costs.

During the year ended December 31, 2025, the Company’s extensions and discoveries of 578,919 MBOE resulted primarily from the drilling of 1,571 new wells in which the Company has an interest, including 1,311 wells in which the Company owns only a mineral interest through Viper, and from 582 new proved undeveloped locations added. Viper royalty

interests accounted for 11% of the extension volumes. The Company’s downward revisions of previous estimates of 304,085 MBOE were primarily attributable to negative revisions of (i) 130,101 MBOE associated with lower commodity prices, (ii) 128,883 MBOE primarily due to downgrades related to changes in the corporate development plan, and (iii) 45,101 MBOE primarily attributable to performance revisions. Purchases of 188,609 MBOE consisted of 90,340 MBOE attributable largely to the Double Eagle Acquisition and 98,269 MBOE of Viper royalty purchases attributable largely to Viper’s Sitio Acquisition. Divestitures of 66,825 MBOE related primarily to non-core Delaware Basin assets.

During the year ended December 31, 2024, the Company’s extensions and discoveries of 278,808 MBOE resulted primarily from the drilling of 1,172 new wells in which the Company has an interest, including 862 wells in which the Company owns only a mineral interest through Viper, and from 445 new proved undeveloped locations added. Viper royalty interests accounted for 9% of the extension volumes. The Company’s downward revisions of previous estimates of 129,071 MBOE were primarily attributable to negative revisions of (i) 88,915 MBOE associated with lower commodity prices, (ii) 49,311 MBOE due to downgrades related to changes in the corporate development plan, and (iii) 16,586 MBOE due to a decline in performance. These were partially offset by positive revisions of 25,743 MBOE due to positive ownership and acquisition variance revisions. Purchases of 1,569,482 MBOE consisted of 1,554,541 MBOE attributable largely to the Endeavor Acquisition and 14,941 MBOE of Viper royalty purchases. Divestitures of 120,592 MBOE related primarily to non-core Midland Basin assets.

During the year ended December 31, 2023, the Company’s extensions and discoveries of 355,874 MBOE resulted primarily from the drilling of 954 new wells in which the Company has an interest, including 826 wells in which the Company owns only a mineral interest through Viper, and from 344 new proved undeveloped locations added. Viper royalty interests accounted for 7% of the extension volumes. The Company’s downward revisions of previous estimates of 54,470 MBOE were primarily attributable to negative revisions of (i) 62,370 MBOE associated with lower commodity prices, and (ii) 32,249 MBOE due to PUD downgrades related to changes in the corporate development plan. These were partially offset by positive revisions of 40,149 MBOE due to improved performance. Purchases of 70,481 MBOE consisted of 54,470 MBOE attributable largely to the Lario Acquisition and 16,011 MBOE of Viper royalty purchases. Divestitures of 63,682 MBOE related primarily to non-core Midland Basin assets.

Proved Undeveloped Reserves (PUDs)

At December 31, 2025, the Company’s estimated PUD reserves were approximately 1,096,828 MBOE, a 75,790 MBOE decrease over the reserve estimate at December 31, 2024 of 1,172,618 MBOE. The following table includes the changes in PUD reserves for 2025 (MBOE):


Beginning proved undeveloped reserves at December 31, 2024			1,172,618
Undeveloped reserves transferred to developed			(360,141)
Revisions			(170,400)
Purchases			25,331
Divestitures			(44,437)
Extensions and discoveries			473,857
Ending proved undeveloped reserves at December 31, 2025			1,096,828

The decrease in proved undeveloped reserves was primarily attributable to (i) transfers of 360,141 MBOE from undeveloped to developed reserves as a result of drilling or participating in 408 gross (377 net) horizontal wells in which the Company has a working interest and 247 gross wells in which the Company also has a royalty interest or mineral interest through Viper, and (ii) downward revisions of 170,400 MBOE, which were primarily the result of negative revisions of 122,117 MBOE due to downgrades related to changes in the corporate development plan, and negative revisions of 48,283 MBOE primarily attributable to performance revisions. Divestitures of 44,437 MBOE related primarily to non-core Delaware Basin assets and trades in the Midland Basin. The decrease in proved undeveloped reserves was partially offset by extensions of 427,437 MBOE from 582 gross (537 net) wells in which the Company has a working interest and 46,420 MBOE from 1,071 gross wells in which Viper owns royalty interests. All gross working interest wells were in the Midland Basin. Purchases of 25,331 MBOE were primarily attributable to individually insignificant trades and asset acquisitions.

During 2025, approximately $3.6 billion in capital expenditures went toward the development of proved undeveloped reserves, which includes drilling, completion and other facility costs associated with developing proved undeveloped wells. Estimated future development costs relating to the development of PUDs are projected to be approximately $2.3 billion in 2026, $2.6 billion in 2027, $1.8 billion in 2028, $839 million in 2029 and $175 million in 2030. Since our formation in 2011, our average drilling costs and drilling times have been reduced, and we believe we will continue to realize cost savings and experience lower relative drilling and completion costs as we convert PUDs into proved developed reserves in upcoming years.

With our current development plan, we expect to continue our strong PUD conversion ratio in 2026 by converting an estimated 38% of our PUDs to a proved developed category and developing approximately 89% of the consolidated 2025 year-end PUD reserves by the end of 2028. As of December 31, 2025, all of our proved undeveloped reserves are scheduled to be developed within five years from the date they were initially recorded.

Standardized Measure of Discounted Future Net Cash Flows

The standardized measure of discounted future net cash flows is based on the unweighted arithmetic average, first-day-of-the-month price for the rolling 12-month period. The projections should not be viewed as realistic estimates of future cash flows, nor should the “standardized measure” be interpreted as representing current value to the Company. Material revisions to estimates of proved reserves may occur in the future; development and production of the reserves may not occur in the periods assumed; actual prices realized are expected to vary significantly from those used; and actual costs may vary.

The following table sets forth the standardized measure of discounted future net cash flows attributable to the Company’s proved oil and natural gas reserves as of December 31, 2025, 2024 and 2023:


	December 31,
	2025		2024		2023
	(In millions)
Future cash inflows	$	140,499	$	157,944	$	106,418
Future development costs(1)	(9,425)		(9,992)		(6,400)
Future production costs	(40,789)		(44,097)		(25,656)
Future production taxes	(9,870)		(10,975)		(7,434)
Future income tax expenses	(12,129)		(16,115)		(11,067)
Future net cash flows	68,286		76,765		55,861
10% discount to reflect timing of cash flows	(31,376)		(36,932)		(28,803)
Standardized measure of discounted future net cash flows(2)	$	36,910	$	39,833	$	27,058

The table below presents the SEC Prices as adjusted for differentials and contractual arrangements utilized in the computation of future cash inflows:


	December 31,
	2025		2024		2023


Oil (per Bbl)	$	64.99	$	76.15	$	77.62
Natural gas (per Mcf)	$	1.32	$	0.54	$	1.53
Natural gas liquids (per Bbl)	$	18.87	$	22.02	$	24.40

Principal changes in the standardized measure of discounted future net cash flows attributable to the Company’s proved reserves are as follows:


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Standardized measure of discounted future net cash flows at the beginning of the period	$	39,833	$	27,058	$	35,699
Sales of oil and natural gas, net of production costs	(10,222)		(7,820)		(6,544)
Acquisitions of reserves	3,630		21,639		1,854
Divestitures of reserves	(632)		(1,318)		(938)
Extensions and discoveries, net of future development costs	7,496		4,124		5,771
Previously estimated development costs incurred during the period	1,920		1,447		1,180
Net changes in prices and production costs	(8,117)		(4,969)		(17,276)
Changes in estimated future development costs	1,084		1,066		518
Revisions of previous quantity estimates	(4,191)		(2,035)		(1,268)
Accretion of discount	4,849		3,921		4,533
Net change in income taxes	1,702		(3,156)		2,506
Net changes in timing of production and other	(442)		(124)		1,023
Standardized measure of discounted future net cash flows at the end of the period	$	36,910	$	39,833	$	27,058

- Definition

The entire disclosure for oil- and gas-producing activities considered to be supplementary information. Includes, but is not limited to, proved reserve quantity, cost incurred and capitalized, result of operation, standardized measure, and change in standardized measure of discounted future cash flow.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478688/932-270-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477215/932-235-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 12.A.3.e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477759/932-235-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479097/932-235-S50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477215/932-235-50-8

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/932/tableOfContent

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477215/932-235-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 36
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477215/932-235-50-36

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477215/932-235-50-8

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477215/932-235-50-5

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 1,547	$ 3,701	$ 3,336
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for (benefit from) deferred income taxes	(519)	15	378
Depreciation, depletion, amortization and accretion	5,038	2,850	1,746
Impairment of oil and natural gas properties	3,652	0	0
(Gain) loss on extinguishment of debt	(56)	(2)	4
(Gain) loss on derivative instruments, net	(341)	(137)	259
Cash received (paid) on settlement of derivative instruments	181	(51)	(110)
Other	(430)	133	11
Changes in operating assets and liabilities:
Accounts receivable	386	(42)	(71)
Accounts payable and accrued liabilities	(343)	(376)	57
Income taxes payable	(399)	87	(5)
Revenues and royalties payable	15	168	123
Other	27	67	192
Net cash provided by (used in) operating activities	8,758	6,413	5,920
Cash flows from investing activities:
Additions to oil and natural gas properties	(3,523)	(2,867)	(2,701)
Property acquisitions	(5,938)	(8,920)	(2,013)
Proceeds from sale of assets	1,670	467	1,407
Other	(18)	99	(16)
Net cash provided by (used in) investing activities	(7,809)	(11,221)	(3,323)
Cash flows from financing activities:
Proceeds from debt	15,042	9,875	5,179
Repayment of debt	(13,467)	(3,502)	(4,802)
Proceeds from partial sale of investment in Viper	0	451	0
Net proceeds from Viper’s issuance of common stock	1,232	476	0
Dividends paid to stockholders	(1,156)	(1,578)	(1,444)
Dividends/distributions to non-controlling interest	(382)	(227)	(129)
Other	(266)	(149)	(140)
Net cash provided by (used in) financing activities	(1,007)	4,387	(2,176)
Net increase (decrease) in cash, cash equivalents and restricted cash	(58)	(421)	421
Cash, cash equivalents and restricted cash at beginning of period	164	585	164
Cash, cash equivalents and restricted cash at end of period	106	164	585
Related Party
Cash flows from financing activities:
Repurchased shares	(305)	0	0
Nonrelated Party
Cash flows from financing activities:
Repurchased shares	$ (1,705)	$ (959)	$ (840)

INCOME TAXES - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits
Balance at beginning of year	$ 0	$ 0	$ 7
Decrease resulting from expiration of statute	0	0	(7)
Balance at end of year	0	0	0
Less: Effects of temporary items	0	0	0
Total that, if recognized, would impact the effective income tax rate as of the end of the year	$ 0	$ 0	$ 0

ACQUISITIONS AND DIVESTITURES - Schedule of Purchase Price Allocation (Details) - Endeavor Acquisition $ in Millions	Sep. 10, 2024 USD ($)
Business Combination [Line Items]
Total consideration	$ 27,420
Fair value of liabilities assumed:
Accounts payable - trade	18
Accrued capital expenditures	225
Other accrued liabilities	524
Revenues and royalties payable	567
Derivative instruments	5
Income taxes payable	223
Other current liabilities	25
Asset retirement obligations	267
Deferred income taxes	7,249
Other long-term liabilities	5
Amount attributable to liabilities acquired	9,108
Fair value of assets acquired:
Accounts receivable - joint interest and other, net	63
Accounts receivable - oil and natural gas sales, net	659
Inventories	77
Derivative instruments	25
Prepaid expenses and other current assets	20
Oil and natural gas properties	34,805
Other property, equipment and land	849
Other assets	30
Amount attributable to assets acquired	36,528
Net assets acquired and liabilities assumed	$ 27,420

ACQUISITIONS AND DIVESTITURES (Tables)

12 Months Ended

Dec. 31, 2025

Business Combinations And Divestitures [Abstract]

Schedule of Acquisition Consideration Paid

The following table presents the acquisition consideration transferred in the TRP Exchange (in millions):


Consideration:
Oil and natural gas properties	$	989
Midstream assets	53
Suspense liabilities relieved	(9)
Cash consideration	312
Total consideration	$	1,345

The following table presents the acquisition consideration paid to Endeavor equityholders in the Endeavor Acquisition (in millions, except per share data, shares in thousands):


Consideration:
Shares of Diamondback common stock issued at closing	117,267
Closing price per share of Diamondback common stock on the closing date	$	171.49
Fair value of Diamondback common stock issued	$	20,110

Base cash amount	$	8,000
Preliminary closing adjustments	(928)
Cash consideration to Endeavor equityholders	7,072
Cash payment of net debt position and make-whole amount	238
Total cash consideration	7,310

Total consideration (including fair value of Diamondback common stock issued)	$	27,420

Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table sets forth the Company’s purchase price allocation (in millions):


Total consideration	$	1,345

Fair value of liabilities assumed:
Suspense liabilities	$	(8)

Fair value of assets acquired:
Oil and natural gas properties	1,353
Net assets acquired and liabilities assumed	$	1,345

The following table sets forth the Company’s purchase price allocation (in millions):


Total consideration	$	27,420

Fair value of liabilities assumed:
Accounts payable - trade	$	18
Accrued capital expenditures	225
Other accrued liabilities	524
Revenues and royalties payable	567
Derivative instruments	5
Income taxes payable	223
Other current liabilities	25
Asset retirement obligations	267
Deferred income taxes	7,249
Other long-term liabilities	5
Amount attributable to liabilities acquired	$	9,108

Fair value of assets acquired:

Accounts receivable - joint interest and other, net	$	63
Accounts receivable - oil and natural gas sales, net	659
Inventories	77
Derivative instruments	25
Prepaid expenses and other current assets	20
Oil and natural gas properties	34,805
Other property, equipment and land	849
Other assets	30
Amount attributable to assets acquired	36,528

Net assets acquired and liabilities assumed	$	27,420

The following table sets forth the Company’s purchase price allocation (in millions):








Total consideration	$	1,447

Fair value of liabilities assumed:
Other long-term liabilities	$	37

Fair value of assets acquired:
Oil and natural gas properties	$	1,460
Inventories	2
Other property, equipment and land	22
Amount attributable to assets acquired	1,484
Net assets acquired and liabilities assumed	$	1,447

Schedule of Asset Acquisition

The following table presents the acquisition consideration paid in the Lario Acquisition (in millions, except per share data, shares in thousands):


Consideration:
Shares of Diamondback common stock issued at closing	4,330
Closing price per share of Diamondback common stock on the closing date	$	146.12
Fair value of Diamondback common stock issued	$	633
Cash consideration	814
Total consideration (including fair value of Diamondback common stock issued)	$	1,447

Schedule of Business Acquisition Pro Forma

The pro forma financial data does not include the results of operations for any other acquisitions made during the periods presented, as they were primarily acreage acquisitions, and their results were not deemed material.


	Year Ended December 31,
	2024		2023
	(In millions, except per share amounts)
Revenues	$	15,706	$	14,618
Income (loss) from operations	$	6,448	$	7,787
Net income (loss) attributable to Diamondback Energy, Inc.	$	3,315	$	5,668
Basic earnings (loss) per common share	$	11.19	$	18.95
Diluted earnings (loss) per common share	$	11.19	$	18.95

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

ACQUISITIONS AND DIVESTITURES - Schedule of Business Acquisition, Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business Combinations And Divestitures [Abstract]
Revenues	$ 15,706	$ 14,618
Income (loss) from operations	6,448	7,787
Net income (loss) attributable to Diamondback Energy, Inc.	$ 3,315	$ 5,668
Basic earnings (loss) per common share (in dollars per share)	$ 11.19	$ 18.95
Diluted earnings (loss) per common share (in dollars per share)	$ 11.19	$ 18.95

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2025	Feb. 20, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35700
Entity Registrant Name	Diamondback Energy, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-4502447
Entity Address, Address Line One	500 West Texas Ave.,
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Midland,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	79701
City Area Code	432
Local Phone Number	221-7400
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	FANG
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 25.8
Entity Common Stock, Shares Outstanding		282,078,989
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of Diamondback Energy, Inc.’s Proxy Statement for the 2026 Annual Meeting of Stockholders are incorporated by reference in Items 10, 11, 12, 13 and 14 of Part III of this Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Central Index Key	0001539838

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

Certain amounts included in or affecting the Company’s consolidated financial statements and related disclosures must be estimated by management, requiring certain assumptions to be made with respect to values or conditions that cannot be known with certainty at the time the consolidated financial statements are prepared. These estimates and assumptions affect the amounts the Company reports for assets and liabilities and the Company’s disclosure of contingent liabilities as of the date of the consolidated financial statements. Actual results could differ from those estimates.

Making accurate estimates and assumptions is particularly difficult in the oil and natural gas industry given the challenges resulting from volatility in oil and natural gas prices. For instance, geopolitical conflicts, higher interest rates, effects of tariffs, actions taken by OPEC and its non-OPEC allies, global supply chain disruptions, measures to combat persistent inflation and instability in the financial sector have contributed to recent economic and pricing volatility. The financial results of companies in the oil and natural gas industry have been and may continue to be impacted materially as a result of these events and changing market conditions. Such circumstances generally increase uncertainty in the Company’s accounting estimates, particularly those involving financial forecasts.

The Company evaluates these estimates on an ongoing basis, using historical experience, consultation with experts and other methods the Company considers reasonable in the particular circumstances. Nevertheless, actual results may differ significantly from the Company’s estimates. Any effects on the Company’s business, financial position or results of operations resulting from revisions to these estimates are recorded in the period in which the facts that give rise to the revision become known. Significant items subject to such estimates and assumptions include estimates of proved oil and natural gas reserves and related present value estimates of future net cash flows therefrom, the carrying value of oil and natural gas properties, the fair value determination of assets acquired and liabilities assumed and estimates of income taxes, including deferred tax valuation allowances.

Revenue Recognition

Revenue from Contracts with Customers

Sales of oil, natural gas and natural gas liquids are recognized at the point control of the product is transferred to the customer. Virtually all of the pricing provisions in the Company’s contracts are tied to a market index, with certain adjustments to account for various factors depending on the points of sale. As a result, the prices of the Company’s oil, natural gas and natural gas liquids fluctuate to remain competitive with other available supplies.

Oil Sales

The Company’s oil sales contracts are generally structured where it delivers oil to the purchaser at a contractually agreed-upon delivery point at which the purchaser takes custody, title and risk of loss of the product. The Company recognizes revenue when control transfers to the purchaser at the delivery point based on the price received from the purchaser. Oil revenues are recorded net of any third-party transportation fees and other applicable differentials in the Company’s consolidated statements of operations.

Natural Gas and Natural Gas Liquids Sales

Under the Company’s natural gas processing contracts, it delivers natural gas to a midstream processing entity at the wellhead, battery facilities or the inlet of the midstream processing entity’s system. Generally, the midstream processing entity gathers and processes the natural gas and remits proceeds to the Company for the resulting sales of natural gas liquids and residue gas. In these scenarios, the Company evaluates whether it is the principal or the agent in the transaction. For those contracts where the Company has concluded it is the principal and the ultimate third party is its customer, the Company

recognizes revenue on a gross basis, with transportation, gathering, processing, treating and compression fees presented as an expense in its consolidated statements of operations. Under contracts where the Company has concluded that it is the agent, the Company recognizes revenue on a net basis, with transportation, gathering, processing, treating and compression fees as a reduction to revenues in the consolidated statements of operations.

In certain natural gas processing agreements, the Company may elect to take its residue gas and/or natural gas liquids in-kind at the tailgate of the midstream entity’s processing plant and subsequently market the product. Through the marketing process, the Company delivers product to the ultimate third-party purchaser at a contractually agreed-upon delivery point and receives a specified index price from the purchaser. In this scenario, the Company recognizes revenue when control transfers to the purchaser at the delivery point based on the index price received from the purchaser. The gathering, processing, treating and compression fees attributable to the gas processing contract, as well as any transportation fees incurred to deliver the product to the purchaser, are presented as gathering, processing and transportation expense in the consolidated statements of operations.

Sales of Purchased Oil and Purchased Oil Expense

The Company enters into capacity commitments in order to secure available transportation capacity from the Company’s areas of production for its commodities. Beginning in the third quarter of 2023, the Company also entered into purchase transactions with third parties and separate sale transactions with third parties to satisfy certain of its unused capacity commitments. Revenues and expenses from these transactions are generally presented on a gross basis in the captions “Sales of purchased oil” and “Purchased oil expense” in the accompanying consolidated statements of operations as the Company acts as a principal in the transaction by assuming both the risks and rewards of ownership, including credit risk, of the oil volumes purchased and the responsibility to deliver the oil volumes sold.

Transaction Price Allocated to Remaining Performance Obligations

The Company’s upstream product sales contracts do not originate until production occurs and, therefore, are not considered to exist beyond each day’s production. Therefore, there are no remaining performance obligations under any of its product sales contracts.

Under the Company’s revenue agreements, each delivery generally represents a separate performance obligation; therefore, future volumes delivered are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required.

Contract Balances

Under the Company’s product sales contracts, it has the right to invoice its customers once the performance obligations have been satisfied, at which point payment is unconditional. Accordingly, the Company’s product sales contracts do not give rise to contract assets or liabilities.

Prior-Period Performance Obligations

The Company records revenue in the month production is delivered to the purchaser. However, purchaser and settlement statements for natural gas and natural gas liquids sales may not be received for 30 to 90 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. The Company records the differences between its estimates and the actual amounts received for product sales in the month that payment is received from the purchaser. The Company has existing internal controls for its revenue estimation process and related accruals, and any identified differences between its revenue estimates and actual revenue received historically have not been significant. For the years ended December 31, 2025, 2024 and 2023 revenue recognized in the reporting period related to performance obligations satisfied in prior reporting periods was not material. The Company believes that the pricing provisions of its oil, natural gas and natural gas liquids contracts are customary in the industry. To the extent actual volumes and prices of oil and natural gas sales are unavailable for a given reporting period because of timing or information not received from third parties, the revenue related to expected sales volumes and prices for those properties are estimated and recorded.

See Note 3—Revenue from Contracts with Customers for additional discussion of the Company’s revenues.

Oil and Natural Gas Properties

The Company uses the full cost method of accounting for its oil and natural gas properties. Under this method, all acquisition, exploration and development costs, including certain internal costs, are capitalized and amortized on a composite unit of production method based on proved oil, natural gas and natural gas liquids reserves. Internal costs capitalized to the full cost pool represent management’s estimate of costs incurred directly related to exploration and development activities such as geological and other internal costs associated with overseeing the exploration and development activities. Costs, including related employee costs, associated with production and operation of the properties are charged to expense as incurred. All other internal costs not directly associated with exploration and development activities are charged to expense as they are incurred. Divestitures of oil and natural gas properties, whether or not being amortized currently, are accounted for as adjustments of capitalized costs, with no gain or loss recognized, unless such adjustments would significantly alter the relationship between capitalized costs and proved reserves of oil, natural gas and natural liquids. Depletion of evaluated oil and natural gas properties is computed on the units of production method, whereby capitalized costs plus estimated future development costs are amortized over total proved reserves. The average depletion rate per barrel equivalent unit of production was $14.60, $12.60 and $10.21 for the years ended December 31, 2025, 2024 and 2023, respectively. Depletion expense for oil and natural gas properties was $4.9 billion, $2.8 billion and $1.7 billion for the years ended December 31, 2025, 2024 and 2023, respectively.

Under the full cost method of accounting, the Company is required to perform a ceiling test each quarter. The test determines a limit, or ceiling, on the book value of the proved oil and natural gas properties. Net capitalized costs are limited to the lower of unamortized oil and natural gas properties net of deferred income taxes, or the cost center ceiling. The cost center ceiling is defined as the sum of (a) estimated future net revenues, discounted at 10% per annum, from proved reserves, based on the trailing 12-month unweighted average of the first-day-of-the-month price, adjusted for any contract provisions, and excluding the estimated abandonment costs for properties with asset retirement obligations recorded on the balance sheet, (b) the cost of properties not being amortized, if any, and (c) the lower of cost or market value of unproved properties included in the cost being amortized, including related deferred taxes for differences between the book and tax basis of the oil and natural gas properties. If the net book value, including related deferred taxes, exceeds the ceiling, an impairment or non-cash write-down is required. For additional information on proved oil and natural gas properties and related ceiling test impairments, see Note 5—Property and Equipment.

Costs associated with unevaluated properties are excluded from the full cost pool until the Company has made a determination as to the existence of proved reserves. The Company assesses all items classified as unevaluated property on at least an annual basis for possible impairment. The Company assesses properties on a group basis, as a majority of properties are individually insignificant. The assessment includes consideration of the following factors, among others: intent to drill; remaining lease term; geological and geophysical evaluations; drilling results and activity; the assignment of proved reserves; and the economic viability of development if proved reserves are assigned. During any period in which these factors indicate an impairment, the cumulative drilling costs incurred to date for such property and all or a portion of the associated leasehold costs are transferred to the full cost pool and are then subject to amortization.

Accounting for Equity-Based Compensation

The Company has granted various types of stock-based awards primarily including restricted stock units and performance based restricted stock units. Viper has also granted various stock-based awards including restricted stock units and performance based restricted stock units to its directors and to Diamondback employees and officers who perform services for Viper. These plans and related accounting policies for material awards are defined and described more fully in Note 10—Equity-Based Compensation. Equity compensation awards are measured at fair value on the date of grant and are expensed over the required service period. Forfeitures for these awards are recognized as they occur.

Derivative Instruments

The Company is required to recognize its derivative instruments on the consolidated balance sheets as assets or liabilities at fair value with such amounts classified as current or long-term based on their anticipated settlement dates. The accounting for the changes in fair value of a derivative depends on the intended use of the derivative and resulting designation. For commodity derivative instruments and interest rate swaps which have not been designated as hedges for accounting purposes, the Company marks its derivative instruments to fair value and recognizes the cash and non-cash change in fair value on derivative instruments for each period in the consolidated statements of operations. To the extent that contracts with the same counterparty are allowed to be netted upon payment subject to a master netting arrangement, these

amounts are reported on a net basis on the consolidated balance sheets. The Company previously had certain interest rate swaps designated as fair value hedges under the “shortcut” method of accounting. In the second quarter of 2022, the Company elected to fully dedesignate these interest rate swaps and hedge accounting was discontinued. The remaining unamortized basis adjustment related to the dedesignated interest rate swaps is reflected as a reduction to long-term debt on the consolidated balance sheet as detailed in Note 8—Debt. For additional information regarding the Company’s derivative instruments, see Note 12—Derivatives.

Income Taxes

The Company uses the asset and liability method of accounting for income taxes, under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities, and (ii) operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are based on enacted tax rates applicable to the future period when those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the rate change is enacted. A valuation allowance is provided for deferred tax assets when it is more likely than not the deferred tax assets will not be realized.

The Company records uncertain tax positions based on a two-step process: (i) determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position, and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. For additional information regarding income taxes, see Note 11—Income Taxes.

Non-Controlling Interests

Non-controlling interests in the accompanying consolidated financial statements represent the public’s ownership interest in Viper and are presented as a component of equity. When the Company’s relative ownership interests change, adjustments to non-controlling interest and additional paid-in-capital, tax effected, occur. Because these changes in the ownership interests do not result in a change of control, the transactions are accounted for as equity transactions under ASC Topic 810, “Consolidation,” which requires that any differences between the carrying value of the Company’s basis in Viper and the fair value of the consideration received are recognized directly in equity and attributed to the controlling interest. See Note 9—Stockholders’ Equity and Earnings (Loss) Per Share for a discussion of changes in the Company’s ownership interest in consolidated subsidiaries during the years ended December 31, 2025, 2024 and 2023.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments purchased with a maturity of three months or less and money market funds to be cash equivalents. The Company maintains cash and cash equivalents in bank deposit accounts which, at times, may exceed the federally insured limits. The Company has not experienced any significant losses from such investments.

Accounts Receivable

Accounts receivable consist of receivables from joint interest owners on properties the Company operates and from sales of oil and natural gas production delivered to purchasers. The purchasers remit payment for production directly to the Company. Most payments for production are received within three months after the production date.

Accounts receivable are stated at amounts due from joint interest owners or purchasers, net of an allowance for expected losses as estimated by the Company when collection is doubtful. For receivables from joint interest owners, the Company typically has the ability to withhold future revenue disbursements to recover any non-payment of joint interest billings. Accounts receivable from joint interest owners or purchasers outstanding longer than the contractual payment terms are considered past due. The Company determines its allowance for each type of receivable utilizing the loss-rate method, which considers a number of factors, including the length of time accounts receivable are past due, the Company’s previous loss history, the debtor’s current ability to pay its obligation to the Company, the condition of the general economy and the industry as a whole. The Company writes off specific accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance for expected losses. At December 31, 2025 and 2024,

the Company’s allowances for credit losses related to joint interest receivables and credit losses related to sales of oil and natural gas production were not material.

Inventories

Inventories are stated at the lower of cost or net realizable value and primarily consist of tubular goods and equipment at December 31, 2025 and 2024. The Company’s tubular goods and equipment are primarily comprised of oil and natural gas drilling or repair items such as tubing, casing and pumping units.

Prepaid Expenses and Other Current Assets

The following table shows the components of prepaid expenses and other current assets for the periods indicated:


	December 31,
	2025		2024
	(In millions)
Derivative instruments	$	234	$	168
Prepaid expenses	96		74
Other	7		3
Prepaid expenses and other current assets	$	337	$	245

Other Property, Equipment and Land

Other property, equipment and land is recorded at cost. The Company expenses maintenance and repairs in the period incurred. Upon retirements or disposition of assets, the cost and related accumulated depreciation are removed from the consolidated balance sheet with the resulting gains or losses, if any, reflected in the statement of operations. Depreciation of other property and equipment is computed using the straight-line method over the estimated useful lives of the assets, which range from three years to 30 years.

Impairment of Long-Lived Assets

Other property and equipment used in operations and midstream assets are reviewed whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognized only if the carrying amount of a long-lived asset is not recoverable from its estimated future undiscounted cash flows. An impairment loss is the difference between the carrying amount and fair value of the asset. The Company had no impairment losses for the years ended December 31, 2025, 2024 and 2023.

Equity Method Investments

The Company accounts for its corporate joint ventures and equity investments under the equity method of accounting in accordance with ASC Topic 323 “Investments — Equity Method and Joint Ventures.” The Company applies the equity method of accounting to investments of less than 50% in an investee over which the Company has the ability to exercise significant influence but does not have control, and investments of greater than 50% in an investee over which the Company does not exercise significant influence or have control. Under the equity method of accounting, the Company’s share of the investee’s earnings or loss is recognized in the statement of operations. As of December 31, 2025, the Company’s proportionate share of the income or loss from equity method investments is recognized on a two-month lag for its significant equity method investments.

Judgment regarding the level of influence over each equity method investment includes considering key factors such as, but not limited to, ownership interest, representation on the board of directors, participation in policy-making decisions, material intercompany transactions and extent of ownership by an investor in relation to the concentration of other shareholdings. Additionally, an investment in a limited liability company that maintains a specific ownership account for each investor shall be viewed as similar to an investment in a limited partnership for purposes of determining whether a non-controlling investment shall be accounted for using the equity method or as an investment over which we do not have the ability to exercise significant influence.

The Company reviews its investments to determine if a loss in value which is other than a temporary decline has occurred. If such a loss has occurred, the Company recognizes an impairment provision. There were no significant impairments of the Company’s equity investments for the years ended December 31, 2025, 2024 and 2023.

Other Accrued Liabilities

The Company’s accrued liabilities are financial instruments for which the carrying value approximates fair value.

Other accrued liabilities consist of the following at December 31, 2025 and 2024:


	December 31,
	2025		2024
	(In millions)
Lease operating expenses payable	$	390	$	354
Ad valorem taxes payable	240		242
Accrued compensation	96		79
Interest payable	187		145
Derivative liability payable	16		16
Other	179		184
Total other accrued liabilities	$	1,108	$	1,020

Revenue and Royalties Payable

For certain oil and natural gas properties, where the Company serves as operator, the Company receives production proceeds from the purchaser and further distributes such amounts to other revenue and royalty owners. Production proceeds that the Company has not yet distributed to other revenue and royalty owners are reflected as revenue and royalties payable in the accompanying consolidated balance sheets. The Company recognizes revenue for only its net revenue interest in oil and natural gas properties.

Capitalized Interest

The Company capitalizes interest on expenditures made in connection with exploration and development projects that are not subject to current amortization. Interest is capitalized only for the period that activities are in progress to bring these unevaluated properties to their intended use. Capitalized interest cannot exceed gross interest expense. See Note 8—Debt for further details.

Debt Issuance Costs

Long-term debt includes capitalized costs related to the senior notes, net of accumulated amortization. The costs associated with the senior notes are netted against the senior notes balances and are amortized over the term of the senior notes using the effective interest method. See Note 8—Debt for further details. The costs associated with the Company’s credit facilities and term loans are included in other assets on the consolidated balance sheet and are amortized over the term of the facility.

Asset Retirement Obligations

The Company measures the future cost to retire its tangible long-lived assets and recognizes such cost as a liability for legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction or normal operation of a long-lived asset.

Asset retirement obligations represent the future abandonment costs of tangible assets, namely wells. The fair value of a liability for an asset’s retirement obligation is recorded in the period in which it is incurred if a reasonable estimate of fair value can be made, and the corresponding cost is capitalized as part of the carrying amount of the related long-lived asset.

The liability is accreted to its then present value each period, and the capitalized cost is depreciated over the useful life of the related asset. If the liability is settled for an amount other than the recorded amount or if there is a change in the estimated liability, the difference is recorded in oil and natural gas properties.

The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with the future plugging and abandonment of wells and related facilities. For additional information regarding the Company’s asset retirement obligations, see Note 6—Asset Retirement Obligations.

Variable Interest Entity

Viper is a publicly traded corporation formed by the Company in 2014 to provide an attractive return to its stockholders (the largest of which is Diamondback) by focusing on business results, maximizing dividends through organic growth and pursuing accretive growth opportunities through acquisitions of mineral, royalty, overriding royalty, net profits and similar interests from the Company and from third parties. Viper has no employees and the Company provides management, operating and administrative services to Viper under a services and secondment agreement, including the services of the executive officers and other employees.

In connection with the reduction of the Company’s ownership percentage in Viper to below 50% in March 2024, the Company re-evaluated whether Viper should continue to be consolidated in the Company’s financial statements. Viper meets the definition of a VIE under ASC Topic 810, “Consolidation,” and the Company continues to be the primary beneficiary of the VIE through its ability, via existing contractual agreements, to direct the activities that most significantly affect Viper’s economic performance. The Company also has the obligation to absorb losses and the right to receive benefits that could be significant to Viper. As such, the Company continues to consolidate the activity of Viper. The Viper 2024 Equity Offering, the Viper 2025 Equity Offering (each as defined and discussed in Note 9—Stockholders’ Equity and Earnings (Loss) Per Share), the 2025 Drop Down and Viper’s Sitio Acquisition (each as defined and discussed in Note 4—Acquisitions and Divestitures) were evaluated and determined not to be events that would cause the Company to change its conclusion regarding Viper’s status as a VIE, and the Company continues to be the primary beneficiary.

Viper maintains its own capital structure that is separate from the Company, and the Company is not under any obligation to provide additional financial support or investment to Viper. Viper’s assets cannot be used by the Company for general corporate purposes, and the creditors of Viper’s liabilities do not have recourse to the Company’s assets. The assets and liabilities of Viper are included in the Company’s consolidated balance sheets and disclosed parenthetically, if material.

Environmental Compliance and Remediation

Environmental compliance and remediation costs, including ongoing maintenance and monitoring, are expensed as incurred. Liabilities are accrued when environmental assessments and remediation are probable, and the costs can be reasonably estimated.

Recent Accounting Pronouncements

Recently Adopted Pronouncements

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740) – Improvements to Income Tax Disclosures,” which requires that certain information in a reporting entity’s tax rate reconciliation be disaggregated and provides additional requirements regarding income taxes paid. The Company adopted the amendments in 2025 and applied the guidance on a retrospective basis. Adoption of the update resulted in additional disclosures in Note 11—Income Taxes but did not impact the Company’s financial position, results of operations or liquidity.

In September 2025, the FASB issued ASU 2025-07, “Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606) – Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract.” The ASU addresses (i) the application of derivative accounting to contracts that include features based on the operations or activities of one of the parties to the contract, and (ii) diversity in practice related to accounting for share-based noncash consideration from a customer. The Company elected to early-adopt this amendment in 2025 and applied the guidance on a prospective basis. Adoption of the update did not impact the

Company’s historical financial position, results of operations or liquidity; however, the guidance may affect whether certain new arrangements qualify for derivative accounting.

Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) – Disaggregation of Income Statement Expenses,” which requires additional disclosure about specified categories of expenses included in relevant expense captions presented on the income statement. The amendments are effective for annual periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively or retrospectively. Management is currently evaluating this ASU to determine its impact on the Company’s disclosures. Adoption of the update will not impact the Company’s financial position, results of operations or liquidity.

The Company considers the applicability and impact of all ASUs. ASUs not listed above were assessed and determined to be either not applicable, previously disclosed, or not material upon adoption.

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Fourth Quarter 2025 Dividend Declaration On February 19, 2026, the board of directors of the Company approved an increase in the Company’s annual base dividend to $4.20 per share of common stock and declared a base cash dividend for the fourth quarter of 2025 of $1.05 per share of common stock, payable on March 12, 2026 to its stockholders of record at the close of business on March 5, 2026. Future base and variable dividends are at the discretion of the Company’s board of directors. Viper Divestiture of Non-Permian Assets On February 9, 2026, Viper divested all of its non-Permian assets, including those acquired from Sitio, to an affiliate of GRP Energy Capital LLC and Warwick Capital Partners LLP for net cash proceeds of approximately $617 million, subject to customary post-closing adjustments. The divested properties consisted of approximately 9,400 net royalty acres in the Denver-Julesburg, Eagle Ford and Williston basins with current production of approximately 4,750 BO/d. Proceeds from the divestiture were used to repay (i) the Viper 2025 Term Loan of $500 million in full, (ii) repay the outstanding borrowings under the Viper Revolving Credit Facility, and (iii) for general corporate purposes. Interest Rate Swaps During the first quarter of 2026, the Company fully terminated and settled the remaining aggregate $300 million of notional interest rate swaps for approximately $27 million in cash. SGF Common Stock Repurchases Pursuant to a letter agreement executed with SGF in the fourth quarter of 2025, the Company repurchased 2.0 million shares from SGF for approximately $332 million, excluding excise tax, during the first quarter of 2026. For further details on the nature of transactions with SGF, see Note 7—Related Party Transactions.

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 lawsuit	Sep. 01, 2023 USD ($)
Environmental Matters
Loss Contingencies [Line Items]
Number of lawsuits company is defendant \| lawsuit	5
Deep Blue
Loss Contingencies [Line Items]
Other commitment \| $		$ 500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details