Executive Oil Conference November 2014

1

Forward Looking Statements

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included in this presentation that address activities, events or developments that Diamondback Energy, Inc. (the “Company”) expects, believes or anticipates will or may occur in the future are forward-looking statements. The words “believe,” “expect,” “may,” “estimates,” “will,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. However, the absence of these words does not mean that the statements are not forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this presentation specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including as to the Company’s drilling program, production, hedging activities, capital expenditure levels and other guidance included in this presentation. These statements are based on certain assumptions made by the Company based on management's expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include the factors discussed or referenced in the Company’s filings with the Securities and Exchange Commission (“SEC”), including its Forms 10-K, 10-Q and 8-K and any amendments thereto, risks relating to financial performance and results, current economic conditions and resulting capital restraints, prices and demand for oil and natural gas, availability of drilling equipment and personnel, availability of sufficient capital to execute the Company’s business plan, impact of compliance with legislation and regulations, successful results from the Company’s identified drilling locations, the Company’s ability to replace reserves and efficiently develop and exploit its current reserves, the Company’s ability to successfully identify, complete and integrate acquisitions of properties or businesses and other important factors that could cause actual results to differ materially from those projected.

Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

The presentation contains the Company’s estimated 2014 production, capital expenditures, expenses and other matters. The actual levels of production, capital expenditures and expenses may be higher or lower than these estimates due to, among other things, uncertainty in drilling schedules, changes in market demand and unanticipated delays in production. These estimates are based on numerous assumptions, including assumptions related to number of wells drilled, average spud to release times, rig count, and production rates for wells placed on production. All or any of these assumptions may not prove to be accurate, which could result in actual results differing materially from estimates. If any of the rigs currently being utilized becomes unavailable for any reason, and the Company is not able to secure a replacement on a timely basis, we may not be able to drill, complete and place on production the expected number of wells. Similarly, average spud to release times may not be maintained in 2014. No assurance can be made that new wells will produce in line with historic performance, or that existing wells will continue to produce in line with expectations. Our ability to finance our 2014 capital budget is subject to numerous risks and uncertainties, including volatility in commodity prices and the potential for unanticipated increases in costs associated with drilling, production and transportation. In addition, our production estimate assumes there will not be any new federal, state or local regulation of portions of the energy industry in which we operate, or an interpretation of existing regulation, that will be materially adverse to our business. For additional discussion of the factors that may cause us not to achieve our 2014 production estimates, see “Risk Factors” in the company’s filings with the SEC, including its forms 10-K, 10-Q and 8-K and any amendments thereto. We do not undertake any obligation to release publicly the results of any future revisions we may make to this prospective data or to update this prospective data to reflect events or circumstances after the date of this presentation. Therefore, you are cautioned not to place undue reliance on this information.

This presentation contains estimates of the Company’s proved reserves and potential drilling locations, including reserves and drilling locations from the Company’s 2014 acquisitions. Proved reserves attributable to the Company’s 2014 acquisitions are based on internal estimates and have not been reviewed by the Company’s independent reserve engineers. As a result, the assumptions on which the Company’s internal estimates of proved reserves and potential drilling locations included in this presentation may prove to be incorrect in a number of material ways. Actual quantities that may ultimately be produced and the actual number of locations that may be drilled may differ substantially.

Non-GAAP Financial Measures

Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We define Adjusted EBITDA as net income (loss) plus gain/loss on derivative instruments, interest expense, depreciation, depletion and amortization, impairment of oil and gas properties, non-cash equity based compensation less capitalized equity-based compensation expense, asset retirement obligation accretion expense, and income tax provisions. Adjusted EBITDA is not a measure of net income (loss) as determined by United States’ generally accepted accounting principles, or GAAP. Management believes Adjusted EBITDA is useful because it allows it to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods or capital structure. We add the items listed above to net income (loss) in arriving at Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income (loss) as determined in accordance with GAAP or as an indicator of our operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. Our computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies or to similar measures in our revolving credit facility and the indenture governing our senior notes. For a reconciliation of Adjusted EBITDA to net income (loss), please refer to the filings we have made with the SEC.

2

Diamondback Energy Overview

Top Performing Developer of Horizontal Inventory

◊ Currently running 5 horizontal and 1 vertical rig

◊ Execution focus drives peer-leading performance

Volume and Reserve Growth Expected To Continue

◊ 3Q’14 volumes increased 178% y/y

◊ 2014E volumes forecasted to increase 146% y/y1

◊ 2013 total reserves increased 88% y/y to 75.7 MMboe on a pro forma basis following the acquisition in Southwest Martin County in February 2014 and the acquisition primarily in Midland and Glasscock counties in July 2014

◊ 2013 proved developed increased 242% y/y to 42.1 MMboe on a pro forma basis

Peer2 Leading Cash Margin of Nearly $59/boe in 3Q’14

◊ 75% oil – highest among peers2

◊ Cash margins exceeded peers2 by 36% in 2Q’14

Viper Energy Partners Drives Significant Free Cash Flow

◊ 88% ownership of Viper; ~$1.6 billion market capitalization5

◊ 3Q’14 production of 3.4 Mboe/d

◊ Cash distribution of $0.25 per unit announced for period 6/23/14 to 9/30/14

◊ Forecasted free cash flow expected to grow

◊ No additional capital required to generate free cash flow

(1) Based on midpoint of 2014 production guidance reiterated November 4, 2014, which guidance is subject to numerous assumptions and risks. See the disclaimer at the beginning of this presentation. (2) Peers include AREX, ATHL, CXO, LPI PE, PXD and RSPP. Percentage of oil represents 2Q’14 production for peers but 3Q’14 for FANG. (3) Market data based on 56.7MM shares outstanding and $69.08 closing share price on October 29, 2014. (4) Includes 5.201 MMboe of internally estimated proved reserves on a 2-stream basis for July 2014 acquisition and 6.937 MMboe of internally estimated proved reserves from February 2014 Martin County acquisition. See the disclaimers at the beginning of this presentation. (5) Based on closing price on 10/29/2014.

Key Highlights

Market capitalization of $3.9 billion3

Over 85,000 net acres; ~97% operated

3Q’14 production: 20.6 Mboe/d

Pro forma proved reserves: 75.7 MMboe

(12/31/13)4

67% Oil, 14% NGL, 19% Gas

56% Proved Developed

Diamondback Energy Acreage Diamondback Energy Acreage

Midland Basin

Central Basin

Platform

Eastern Shelf

3

1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14

2.4 2.6 2.6 3.2 3.3 4.9 5.6

8.3 10.7

13.3 15.5

Oil Gas/NGLs

A Growth Story

Key Highlights

Shift to horizontal development in late 2012

driving accelerated growth

Continuing to develop additional horizontal

benches

Leader in delivering horizontal value with

over 100 operated horizontal wells drilled

(1) 2012 numbers reflect pro forma information of Diamondback and its subsidiaries and includes the Permian Basin interests of Gulfport as if those interests had been acquired by Diamondback on January 1, 2012.

Average Daily Net Production (Mboe/d)1

3.2 3.6 3.9 4.6 4.8

6.6 7.4

3

10.4

IPO

13.6

17.8

1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14

$/B

OE

FANG Peer Average

Debt Adjusted Cash Flow Per Share Exceeds Peers5

20.6

1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14

$23.6 $23.0 $23.8 $27.0 $28.9

$45.4

$57.8

$75.9

$98.0

$127.0

$139.1

1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14

$16.9 $15.4 $15.2 $15.4 $20.3

$35.1

$47.7

$61.8

$81.3

$103.1 $111.1

Adjusted EBITDA Growth1 ($ in MMs)

Revenue Growth1 ($ in MMs)

IPO

IPO

4

Diamondback Energy – Reserves and Hedging

(1) 2011-2012 reserves pro forma for acquisition of Permian Basin assets in connection with the Company’s IPO. 2013 reserves as of 12/31/13 pro forma for February 2014 and July 2014 acquisitions (2) Includes 5.201 MMboe of internally estimated proved reserves on a 2-stream basis for July 2014 acquisition and 6.937 MMboe of internally estimated proved reserves from February 2014 Martin County acquisition. See the disclaimers at the beginning of this presentation. (3) 2015 hedging includes a combination of LLS, Brent, and WTI hedges

Hedging3

Oil Swaps 2014/2015 Average Bbls Per Day Average Price Per Bbl

Fourth Quarter 14 – LLS 8,989 $95.16

First Quarter 15 – LLS 6,344 $95.57

First Quarter 15 – WTI 5,000 $84.10

First Quarter 15 – Brent 1,000 $88.83

Second Quarter 15 – LLS 3,330 $91.89

Second Quarter 15 – WTI 5,000 $84.10

Second Quarter 15 – Brent 2,000 $88.78

Third Quarter 15 – LLS 3,000 $90.99

Third Quarter 15 – WTI 5,000 $84.10

Third Quarter 15 – Brent 2,000 $88.78

Fourth Quarter 15 – LLS 3,000 $90.99

Fourth Quarter 15 – WTI 5,000 $84.10

Fourth Quarter 15 – Brent 2,000 $88.78

2015 Average 10,660 $88.14

1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14

$47.09

$58.55

$69.82 $64.41 $66.66 $63.50

$67.09

$75.70

$84.67

$79.14 $80.35

$78.25

FANG Realized Price ($/boe)

Peer 6

3.3x 2.9x

2.5x

1.7x 1.3x 1.0x

0.7x

Series 1

Peer 1

Peer 2

Peer 3

Peer 4

FANG

Peer 5

Peer 6

Cash Revolver Drawn Liquidity Drillbit Capex

Liquidity as

a percent of

drillbit

capex

PE 523,519 328,000 0 851,519 483,000 176.3%

LPI 399,506 825,000 0 1,224,506 945,000 129.6%

FANG 8,100 725,000 169,000 564,100 451,000 125.1%

CXO 365,488 2,500,000 0 2,865,488 2,327,000 123.1%

RSPP 14,733 500,000 140,000 374,733 356,000 105.3%

PXD 445,000 1,500,000 0 1,945,000 2,965,000 65.6%

Average 120.8%

7,000

11,344

8,330 8,000 8,000

$98.64

$90.52

$87.21 $86.69 $86.69

$80.00

$85.00

$90.00

$95.00

$100.00

0

2,000

4,000

6,000

8,000

10,000

12,000

4Q14 1Q15 2Q15 3Q15 4Q15

2011 2012 2013

6.1 12.3

24.7

12.1

10.3

Proved Developed

Closed Acquisitions of Proved Developed

VNOM

Proved Undeveloped

20.5

27.9

28.7

Oil 67%

NGL 14%

Natural Gas 19%

Total Reserves Growth1 (MMboe)

Pro Forma 1P – By Commodity2

75.7 MMBOE 75.7 MMBOE

Pro Forma 1P – By Category2

IPO

26.6

40.2

75.7 2

PDP 54%

PDNP 2%

PUD 44%

5

FY2012 FY2013 1Q'14 2Q'14 3Q'14

$15.00

$7.92 $6.49 $6.47 $7.27

$4.86

$4.83 $4.79 $5.27 $4.72

$7.45

$4.13 $3.74 $2.42 $3.42

$14.16

$17.24 $19.93

$18.78

Peer AverageGeneral and Administrative Production & Ad Valorem Taxes LOE

$16.88

FANG Peer 2 Peer 4 Peer 6

75%70%

63% 61% 58%

51%

44%41%

Peer Leading in Cash Margins

Cash Margins Exceed Peers by Nearly 40%1,2,5 FANG Operating Expenses vs. Peers1,3,6 ($/boe)

FANG Percent Oil vs. Public Permian Peers1,4

Average 55%

Source: Company Filings, Management Data and Estimates. (1) Peers include, AREX, ATHL, CXO, LPI, PE, PXD and RSPP. (2) Cash margin represents publicly reported EBITDA divided by BOE production for the period. (3) FANG’s 2012 numbers pro forma for the acquisition of the Permian Basin interests of Gulfport if such interests had been contributed to Diamondback on January 1, 2012. (4) Represents 2Q’14 reported production percentage of oil for Peers but 3Q’14 for FANG. (5) Cash margins do not include PE or RSPP prior to 2Q’14, as 2Q was the first time they reported publicly. (6) Peer operating expense averages do not include PE prior to 2Q’14 (7) Excludes $0.47 in Viper Energy Partners non-cash unit-based compensation related to the IPO; actual reported is $3.42 in 3Q’14.

$15.02

$58.55

$69.82 $64.41 $66.66

$63.50 $58.55

$41.74 $47.55 $46.19

$52.20

$46.59

$75.70

$84.67

$79.14 $80.35 $78.25

$73.28

2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14

$/B

OE

FANG Peer Average FANG Realized Price ($/boe)

36%

75%

FANG

70% 63% 61% 58%

51%

41%

Peer 1 Peer 2 FANG FANG Peer 5 Peer 6 Peer 3 Peer 4

44%

Peer 7

$15.41

FANG G&A vs. Peers1,3,6 ($/boe)

FY2013 1Q'14 2Q'14 3Q'14

$4.13 $3.74

$2.42 $2.957

$5.33

$7.09 $6.33

FANG Peers

FANG’s 3Q14 G&A includes $0.47 in Viper Energy Partners non-cash unit-based compensation related to the IPO

6

Widespread Lower Spraberry Success

Well(s) County Achievement IP30/1,000’

1 Neal F Unit 8 #6 LS Upton Believed to be industry’s first hz Lower Spraberry well in Upton County; peak 30-day avg. 2-stream rate of 743 boe/d (83% oil) on ESP; 6,811’ lateral; two offsets waiting on completion

109 boe/d

2 ST NW 2501LS Midland FANG's first operated hz Lower Spraberry well in Midland County; peak 30-day 2-stream avg. rate of 859 boe/d (87% oil) on ESP; 4,418’ lateral

194 boe/d

3 Gridiron S002LS Midland Part of first operated stacked Wolfcamp B / Lower Spraberry in Midland Co; peak rate to date is 1,395 boe/d (88% oil) on ESP; 9,064’ lateral; an offsetting well is waiting on completion

NA

4 ST NW 2507LS Midland Appears to be among the best wells in company history on a per lateral foot basis; peak 30-day 2-stream rate of 1,405 boe/d (88% oil) on ESP; 5,257’ lateral

267 boe/d

5 Mabee Breedlove

2301LS Martin

FANG’s first Lower Spraberry well in Martin County; peak 30-day 2-stream avg. flowing rate of 779 boe/d (87% oil); 6,454’ lateral

121 boe/d

6 Estes B Unit

1602LS Dawson

FANG’s first Lower Spraberry well in Dawson County; ~8,000’ lateral currently drilling

NA

7 UL Tawny 812 Unit

#1LS Andrews

FANG’s first Lower Spraberry well in Andrews County; frac complete, currently flowing back; 7,585’ lateral

NA

8 UL Mason Unit

#2LS Andrews

FANG’s second Lower Spraberry well in Andrews County; awaiting frac; ~7,500’ lateral

NA

9 Wolcott 253 2LS Martin FANG’s second Lower Spraberry well in Martin County; awaiting frac; ~6,500’ lateral

NA

10 Spanish Trail Midland Currently in various stages of drilling and completion on several wells NA

Currently have 10+ Lower Spraberry tests in various stages of drilling and completion

Ector Midland

Andrews

Martin

Dawson Gaines

Upton Crane

Glasscock

Reagan

1

2 4 3

5

6

7

8 9

10

7

Lower Spraberry Tests Significantly Outperforming Type Curve1

(1) Daily production normalized for operational shut-ins

8

Average 3Q’14 daily production of 20,636 boe/d, a 16% increase q/q and 178% increase y/y

Completed 20 gross horizontal wells in 3Q14

During 4Q14, expect to complete within prior quarterly guidance of 18 – 22 gross wells

Notable Horizontal Drilling Results

Well(s) Formation County Achievement IP30/1,000’

1 Gridiron S001WB /

Gridiron S002LS

Wolfcamp B / Lower

Spraberry Midland

First operated stacked Wolfcamp B / Lower Spraberry in Midland County; combined peak rate to date is 2,900+ boe/d (89% oil) from two wells with 9,192’ average lateral length

NA

2 ST NW 2507LS Lower

Spraberry Midland

Appears to be among the best wells in company history on a per lateral foot basis; peak 30-day 2-stream rate of 1,405 boe/d (88% oil) on ESP; 5,257’ lateral

267 boe/d

3 Mabee Breedlove

2301LS Lower

Spraberry Martin

FANG’s first Lower Spraberry well in Martin County; peak 30-day 2-stream avg. flowing rate of 779 boe/d (87% oil); 6,454’ lateral

121 boe/d

4 Kimberly 804H Wolfcamp B Martin FANG’s first Wolfcamp B well in southwest Martin; drilled in less than 16 days; 7,201’ lateral; currently flowing back

NA

5 ST 4006H / ST

4007H Wolfcamp B Midland

FANG’s 1st test of increased frac density; the ST 4006H had a peak 30-day average IP of 937 boe/d (87% oil) on ESP with 33 stages; ST 4007H achieved a peak 30-day average IP of 916 boe/d (88% oil) on ESP with 22 frac stages; ~5,114’ average lateral for both wells

183 boe/d/ 179 boe/d

3Q’14 Operational Update – FANG Continues to Deliver on Execution

Ector Midland

Andrews

Martin

Dawson Gaines

Upton Crane

Glasscock

Reagan

1 2

4

5

3

9

Days vs Depth Hz2 Diamondback Peers

Horizontal Execution – Peer Leading Performance

FANG’s Best Performing Wells1

Source: Company filings, management data and estimates. (1) Based on drilled lateral length (2) ~7,500’ laterals. (3) Offset wells are from the following companies: PXD, COG and Hunt. (4) Offset wells are from the following companies: LINE, RSPP, PXD, OXY, XTO, and Henry Resources. (5) Offset wells are from the following companies: PXD, QEP, OXY, and Hibernia.

Days

~Lateral Length Fewest Days to TD Lowest Cost $MM

5,000’ ERU 5803 #3H 9 days (5,068’)

Crystal A Unit 1H $5.1 (5,232’)

7,500’ Neal F Unit 806LS 11 days (6,917’)

Neal C Unit 8 3H $5.7 (7,737’)

10,000’ Jacee C Unit 3H

14 days (10,273’) ST S 501H

$8.8 (9,112’)

D&C Costs per Lateral Foot

Upton County3 Midland County4 Andrews/Martin County5

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

20000

22000

0 8 16 24 32 40 48 56 64

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

20000

22000

0 8 16 24 32 40 48 56 64

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

20000

22000

0 8 16 24 32 40 48 56

$700

$800

$900

$1,000

$1,100

$1,200

$1,300

$1,400

$1,500

Jul-13 Sep-13 Dec-13 Mar-14 Jun-14

Short Lateral Medium Lateral Long Lateral

Viper Energy Partners – Landmark IPO of Mineral Interests

10 Note: At the time of the acquisition, Diamondback only operated approximately 50%. Source: Company Filings, Management Data and Estimates. (1) As of 10/29/2014

September 2013 - acquired 14,804 gross acres of minerals in the core of the Northern Midland Basin

◊ Non-traditional investment for an E&P company, unique opportunity with Diamondback now operating approximately 55% of the acres

Diamondback creates a variable MLP structure for minerals

◊ Direct mineral ownership in the heart of the Midland Basin from “tombstone to granite”

◊ No maintenance capex, direct operating expense, IDR’s, minimum distributions or hedges

◊ Organic growth from horizontal development of multiple benches

◊ Opportunity to acquire additional mineral/royalty interests on accretive basis given public valuation

June 2014 IPO of minerals - Viper Energy Partners (NASDAQ: VNOM)

◊ Diamondback sells 7.5% stake, raises $138MM, retains ~92.5% ownership of Viper and controls the general partner

Viper Energy Partners today

◊ $1.6 billion market capitalization, current price ~$21 per unit1

◊ Initial Spanish Trail asset consists of 21.4% mineral interests in 14,804 gross acres

◊ 3,366 boe/d of production in 3Q’14

◊ Diamondback’s current ~88% stake valued at ~$1.4 billion1

11

Capital Discipline

Ready to Respond to Market Conditions

◊ Closely watching oil prices and service costs

◊ Could reach positive cash flow in the second half of 2015

◊ Strengthen an already strong balance sheet, positioning Diamondback for continued accretive acquisitions

◊ We intend to exit 2014 with 5 horizontal rigs and 1 vertical rig

Have Never Been More Confident in the Quality of Acreage

◊ Added nearly 600 high quality locations in prime acreage in 2014, now have a total of over 2,100 horizontal locations

◊ If necessary, could preserve high rate of return horizontal wells for better market conditions

Diamondback Has a Consistent Track Record of Prudently Allocating Resources

◊ Switch from vertical to horizontal drilling in late 2012

◊ History of accretive acquisitions with minimal drilling obligations

◊ Purchase of mineral acres

◊ If needed, prepared to defer inventory acceleration or to add rigs if conditions improve

12 12

Why go Public – Access to Capital

Source: Company data and FactSet as of 10/28/2014.

Current 52-week Average Share Price

10/28/2014 High Low 1 Week 1 Month 3 Months 6 Months 1 Year

$67.78 $91.41 $44.43 $66.05 $68.12 $75.44 $77.98 $67.57

10/12/12 3/8/13 8/6/13 1/2/14 5/30/14 10/28/14

$0.00

$24.00

$48.00

$72.00

$96.00

$120.00

Price (

US

$)

0

3,600

7,200

10,800

14,400

18,000

Volu

me (0

00

s)

10/12/12:

Announced

pricing of its

IPO of 12.5

mm shares of

common stock

at $17.50 per

share

5/22/13: Completed a public

offering of ~5.2 mm shares of

common stock at $29.25 per share

6/19/13: Announced

pricing of secondary

offering of 6.0 mm

common shares at

$34.75 per share

8/14/13: Announced

pricing of an underwritten

public offering of 4.0 mm

shares of its common

stock at $40.25 per share

9/3/13:

Acquired mineral

interests in

Midland County

for $440.0mm

9/18/13: Completed

an offering of

$450.0mm of its

7.625% Senior

Notes due 2021

11/6/13: Announced

pricing of an

underwritten public

offering of 2.0 mm

shares of common stock

at $53.46 per share

2/18/14: Acquired

additional leasehold

interests in Martin County,

Texas, in the Permian

Basin, for ~$174mm

2/20/14:

Announced

acquisition of an

additional leasehold

acres in Martin

County for

~$114.3mm

2/20/14: Announced pricing of an

underwritten public offering of 3.0

mm shares ofcommon stock at

$62.67 per share

6/24/14: Announced pricing of

an underwritten public offering

of 2.0 shares of common stock

at $90.04 per share

7/21/14:

Announced pricing

of an underwritten

public offering of

5.0 mm shares of

common stock at

$87.00 per share

7/21/14:

Acquired

additional

leasehold

interests in

the Midland

Basin for

~$538mm

9/18/14: Announced pricing of

an underwritten public offering of

2.5 mm shares of common

stock at $75.44 per share

Volume Diamondback Energy, Inc.

13

Why Not to go Public Hedge Fund Hotels – Buy Siders – Sell Siders – Equity Research Analysts – REG FD – Material Non-Public information – Conference Calls – Press Releases – Lack of Sleep – Anxiety – Activists – Short Sellers – Non Deal Road Shows – Deal Road Shows – Investment Bankers – Investor Dinners – Investor Lunches – Investor Breakfasts – One on One Meetings – Conferences – Traveling – Airports – Security – Hotels – Conference Calls – Negative Ratings –Consensus Production – Consensus EBITDA – Negative Analyst Reports – Sell Ratings – Neutral Ratings – Peer Reports – Bad Analysts – Hedge Fund Hotels – Buy Siders – Sell Siders – Equity Research Analysts – REG FD – Material Non-Public information – Conference Calls – Press Releases – Lack of Sleep – Anxiety – Activists – Short Sellers – Non Deal Road Shows – Deal Road Shows – Investment Bankers – Investor Dinners – Investor Lunches – Investor Breakfasts – One on One Meetings – Conferences – Traveling – Airports – Security – Hotels – Conference Calls – Negative Ratings –Consensus Production – Consensus EBITDA – Negative Analyst Reports – Sell Ratings – Neutral Ratings – Peer Reports – Bad Analysts - Hedge Fund Hotels – Buy Siders – Sell Siders – Equity Research Analysts – REG FD – Material Non-Public information – Conference Calls – Press Releases – Lack of Sleep – Anxiety – Activists – Short Sellers – Non Deal Road Shows – Deal Road Shows – Investment Bankers – Investor Dinners – Investor Lunches – Investor Breakfasts – One on One Meetings – Conferences – Traveling – Airports – Security – Hotels – Conference Calls – Negative Ratings –Consensus Production – Consensus EBITDA – Negative Analyst Reports – Sell Ratings – Neutral Ratings – Peer Reports – Bad Analysts - Hedge Fund Hotels – Buy Siders – Sell Siders – Equity Research Analysts – REG FD – Material Non-Public information – Conference Calls – Press Releases – Lack of Sleep – Anxiety – Activists – Short Sellers – Non Deal Road Shows – Deal Road Shows – Investment Bankers – Investor Dinners – Investor Lunches – Investor Breakfasts – One on One Meetings – Conferences – Traveling – Airports – Security – Hotels – Conference Calls – Negative Ratings –Consensus Production – Consensus EBITDA – Negative Analyst Reports – Sell Ratings – Neutral Ratings – Peer Reports – Bad Analysts - Hedge Fund Hotels – Buy Siders – Sell Siders – Equity Research Analysts – REG FD – Material Non-Public information – Conference Calls – Press Releases – Lack of Sleep – Anxiety – Activists – Short Sellers – Non Deal Road Shows – Deal Road Shows – Investment Bankers – Investor Dinners – Investor Lunches – Investor Breakfasts – One on One Meetings – Conferences – Traveling – Airports – Security – Hotels – Conference Calls – Negative Ratings –Consensus Production – Consensus EBITDA – Negative Analyst Reports – Sell Ratings – Neutral Ratings – Peer Reports – Bad Analysts - Hedge Fund Hotels – Buy Siders – Sell Siders – Equity Research Analysts – REG FD – Material Non-Public information – Conference Calls – Press Releases – Lack of Sleep – Anxiety – Activists – Short Sellers – Non Deal Road Shows – Deal Road Shows – Investment Bankers – Investor Dinners – Investor Lunches – Investor Breakfasts – One on One Meetings – Conferences – Traveling – Airports – Security – Hotels – Conference Calls – Negative Ratings –Consensus Production – Consensus EBITDA – Negative Analyst Reports – Sell Ratings – Neutral Ratings – Peer Reports – Bad Analysts - Hedge Fund Hotels – Buy Siders – Sell Siders – Equity Research Analysts – REG FD – Material Non-Public information – Conference Calls – Press Releases – Lack of Sleep – Anxiety – Activists – Short Sellers – Non Deal Road Shows – Deal Road Shows – Investment Bankers – Investor Dinners – Investor Lunches – Investor Breakfasts – One on One Meetings – Conferences – Traveling – Airports – Security – Hotels – Conference Calls – Negative Ratings –Consensus Production – Consensus EBITDA – Negative Analyst Reports – Sell Ratings – Neutral Ratings – Peer Reports – Bad Analysts - Hedge Fund Hotels – Buy Siders – Sell Siders – Equity Research Analysts – REG FD – Material Non-Public information – Conference Calls – Press Releases – Lack of Sleep – Anxiety – Activists – Short Sellers – Non Deal Road Shows – Deal Road Shows – Investment Bankers – Investor Dinners – Investor Lunches – Investor Breakfasts – One on One Meetings – Conferences – Traveling – Airports – Security – Hotels – Conference Calls – Negative Ratings –Consensus Production – Consensus EBITDA – Negative Analyst Reports – Sell Ratings – Neutral Ratings – Peer Reports – Bad Analysts - Hedge Fund Hotels – Buy Siders – Sell Siders – Equity Research Analysts – REG FD – Material Non-Public information – Conference Calls – Press Releases – Lack of Sleep – Anxiety – Activists – Short Sellers – Non Deal Road Shows – Deal Road Shows – Investment Bankers – Investor Dinners – Investor Lunches – Investor Breakfasts – One on One Meetings – Conferences – Traveling – Airports – Security – Hotels – Conference Calls – Negative Ratings –Consensus Production – Consensus EBITDA – Negative Analyst Reports – Sell Ratings – Neutral Ratings – Peer Reports – Bad Analysts - Hedge Fund Hotels – Buy Siders – Sell Siders – Equity Research Analysts – REG FD – Material Non-Public information – Conference Calls – Press Releases – Lack of Sleep – Anxiety – Activists – Short Sellers – Non Deal Road Shows – Deal Road Shows – Investment Bankers – Investor Dinners – Investor Lunches – Investor Breakfasts – One on One Meetings – Conferences – Traveling – Airports – Security – Hotels – Conference Calls – Negative Ratings –Consensus Production – Consensus EBITDA – Negative Analyst Reports – Sell Ratings – Neutral Ratings – Peer Reports – Bad Analysts - Hedge Fund Hotels – Buy Siders – Sell Siders – Equity Research Analysts – REG FD – Material Non-Public information – Conference Calls – Press Releases – Lack of Sleep – Anxiety – Activists – Short Sellers – Non Deal Road Shows – Deal Road Shows – Investment Bankers – Investor Dinners – Investor Lunches – Investor Breakfasts – One on One Meetings – Conferences – Traveling – Airports – Security – Hotels – Conference Calls – Negative Ratings –Consensus Production – Consensus EBITDA – Negative Analyst Reports – Sell Ratings – Neutral Ratings – Peer Reports – Bad Analysts - Hedge Fund Hotels – Buy Siders – Sell Siders – Equity Research Analysts – REG FD – Material Non-Public information – Conference Calls – Press Releases – Lack of Sleep – Anxiety – Activists – Short Sellers – Non Deal Road Shows – Deal Road Shows – Investment Bankers – Investor Dinners – Investor Lunches – Investor Breakfasts – One on One Meetings – Conferences – Traveling – Airports – Security – Hotels – Conference Calls – Negative Ratings –Consensus Production – Consensus EBITDA – Negative Analyst Reports – Sell Ratings – Neutral Ratings – Peer Reports – Bad Analysts - Hedge Fund Hotels – Buy Siders – Sell Siders – Equity Research Analysts – REG FD – Material Non-Public information – Conference Calls – Press Releases – Lack of Sleep – Anxiety – Activists – Short Sellers – Non Deal Road Shows – Deal Road Shows – Investment Bankers – Investor Dinners – Investor Lunches – Investor Breakfasts – One on One Meetings – Conferences – Traveling – Airports – Security – Hotels – Conference Calls – Negative Ratings –Consensus Production – Consensus EBITDA – Negative Analyst Reports – Sell Ratings – Neutral Ratings – Peer Reports – Bad Analysts - Hedge Fund Hotels – Buy Siders – Sell Siders – Equity Research Analysts – REG FD – Material Non-Public information – Conference Calls – Press Releases – Lack of Sleep – Anxiety – Activists – Short Sellers – Non Deal Road Shows – Deal Road Shows – Investment Bankers – Investor Dinners – Investor Lunches – Investor Breakfasts – One on One Meetings – Conferences – Traveling – Airports – Security – Hotels – Conference Calls – Negative Ratings –Consensus Production – Consensus EBITDA – Negative Analyst Reports – Sell Ratings – Neutral Ratings – Peer Reports – Bad Analysts - Hedge Fund Hotels – Buy Siders – Sell Siders – Equity Research Analysts – REG FD – Material Non-Public information – Conference Calls – Press Releases – Lack of Sleep – Anxiety – Activists – Short Sellers – Non Deal Road Shows – Deal Road Shows – Investment Bankers – Investor Dinners – Investor Lunches – Investor Breakfasts – One on One Meetings – Conferences – Traveling – Airports – Security – Hotels – Conference Calls – Negative Ratings –Consensus Production – Consensus EBITDA – Negative Analyst Reports – Sell Ratings – Neutral Ratings – Peer Reports – Bad Analysts - Hedge Fund Hotels – Buy Siders – Sell Siders – Equity Research Analysts – REG FD – Material Non-Public information – Conference Calls – Press Releases – Lack of Sleep – Anxiety – Activists – Short Sellers – Non Deal Road Shows – Deal Road Shows – Investment Bankers – Investor Dinners – Investor Lunches – Investor Breakfasts – One on One Meetings – Conferences – Traveling – Airports – Security – Hotels – Conference Calls – Negative Ratings –Consensus Production – Consensus EBITDA – Negative Analyst Reports – Sell Ratings – Neutral Ratings – Peer Reports – Bad Analysts - Hedge Fund Hotels – Buy Siders – Sell Siders – Equity Research Analysts – REG FD – Material Non-Public information – Conference Calls – Press Releases – Lack of Sleep – Anxiety – Activists – Short Sellers – Non Deal Road Shows – Deal Road Shows – Investment Bankers – Investor Dinners – Investor Lunches – Investor Breakfasts – One on One Meetings – Conferences – Traveling – Airports – Security – Hotels – Hedge Fund Hotels – Buy Siders – Sell Siders – Equity Research Analysts – REG FD – Material Non-Public information – Conference Calls – Press Releases – Lack of Sleep – Anxiety – Activists – Short Sellers – Non Deal Road Shows – Deal Road Shows – Investment Bankers – Investor Dinners – Investor Lunches – Investor Breakfasts – One on One Meetings – Conferences – Traveling – Airports – Security – Hotels – Conference Calls – Negative Ratings –Consensus Production – Consensus EBITDA – Negative Analyst Reports – Sell Ratings – Neutral Ratings – Peer Reports – Bad Analysts – Hedge Fund Hotels – Buy Siders – Sell Siders – Equity Research Analysts – REG FD – Material Non-Public information – Conference Calls – Press Releases – Lack of Sleep – Anxiety – Activists – Short Sellers – Non Deal Road Shows – Deal Road Shows – Investment Bankers – Investor Dinners – Investor Lunches – Investor Breakfasts – One on One Meetings – Conferences – Traveling – Airports – Security – Hotels – Conference Calls – Negative Ratings –Consensus Production – Consensus EBITDA – Negative Analyst Reports – Sell Ratings – Neutral Ratings – Peer Reports – Bad Analysts – Hedge Fund Hotels – Buy Siders – Sell Siders – Equity Research Analysts – REG FD – Material Non-Public information – Conference Calls – Press Releases – Lack of Sleep – Anxiety – Activists – Short Sellers – Non Deal Road Shows – Deal Road Shows – Investment Bankers – Investor Dinners – Investor Lunches – Investor Breakfasts – One on One Meetings – Conferences – Traveling – Airports – Security – Hotels – Conference Calls – Negative Ratings –Consensus Production – Consensus EBITDA – Negative Analyst Reports – Sell Ratings – Neutral Ratings – Peer Reports – Bad Analysts – Hedge Fund Hotels – Buy Siders – Sell Siders – Equity Research Analysts – REG FD – Material Non-Public information – Conference Calls – Press Releases – Lack of Sleep – Anxiety – Activists – Short Sellers – Non Deal Road Shows – Deal Road Shows – Investment Bankers – Investor Dinners – Investor Lunches – Investor Breakfasts – One on One Meetings – Conferences – Traveling – Airports – Security – Hotels – Conference Calls – Negative Ratings –Consensus Production – Consensus EBITDA – Negative Analyst Reports – Sell Ratings – Neutral Ratings – Peer Reports – Bad Analysts – Hedge Fund Hotels – Buy Siders – Sell Siders – Equity Research Analysts – REG FD – Material Non-Public information – Conference Calls – Press Releases – Lack of Sleep – Anxiety – Activists – Short Sellers – Non Deal Road Shows – Deal Road Shows – Investment Bankers – Investor Dinners – Investor Lunches – Investor Breakfasts – One on One Meetings – Conferences – Traveling – Airports – Security – Hotels – Conference Calls – Negative Ratings –Consensus Production – Consensus EBITDA – Negative Analyst Reports – Sell Ratings – Neutral Ratings – Peer Reports – Bad Analysts – Hedge Fund Hotels – Buy Siders – Sell Siders – Equity Research Analysts – REG FD – Material Non-Public information – Conference Calls – Press Releases – Lack of Sleep – Anxiety – Activists – Short Sellers – Non Deal Road Shows – Deal Road Shows – Investment Bankers – Investor Dinners

14

Continued D&C cost reduction Continued focus on cost structure (LOE & G&A) Aggressive development of minerals

Additional testing in other shale benches Stacked laterals in multiple benches Increase inventory

Complementary acreage additions

Midland Basin focused Maintain operations excellence

Efficient capital allocation Target Debt/EBITDA < 2X

In Conclusion

15

APPENDIX

16

40-Acre

PUDs

Additional

40-Acre

Wolfcamp B

Horizontal

Additional

Horizontal

20-Acre

Spacing

Total

Drilling

Locations

Multi-year Inventory Continues to Grow

Identified Net Potential Drilling Locations

Horizontal Potential (excluding minerals)3

Source: Company Filings, Management Data and Estimates. Management estimates as of 7/21/14. Location counts are existing locations as of 3/31/14 plus subsequent acquisition locations. (1) PUDs based on Ryder Scott prepared estimates as of 12/31/2013. (2) Includes drilling locations from February 2014 acquisition and the July 2014 acquisition. (3) Twenty seven of the net horizontal locations are booked as PUDs . (4) Lateral lengths vary from ~5,000’ to 10,000’ depending on lease geometry and other considerations.

Horizontal Target Wolfcamp B Lower Spraberry Middle Spraberry Clearfork Wolfcamp A Wolfcamp C Cline Total

Locations (gross / net)2 508/389 422/318 283/211 254/199 348/263 65/56 279/205 2,159/1,641

EUR / Well

(Mboe) 550 – 650 550 – 650 500 – 600 350 – 450 450 – 550 350 – 450 400 – 500 500 – 600

Average Lateral Length4

6,833’ 6,660’ 6,596’ 6,407’ 6,676’ 6,100’ 6,444’ 6,619’

149

642 389

1,252

3,454 1,022

~19% of 40-acre vertical locations booked as PUDs1

Additional upside from horizontal locations2 and vertical 20-acre locations

Estimated EURs for potential drilling locations are normalized to 7,500’ in lateral length. Actual lateral length varies depending on numerous factors, including the lease geometry, anticipated characteristics and permitted spacing. The actual average lateral length for the Company’s potential drilling

locations is currently less than 7,500’. Estimated EUR ranges based on 37 Wolfcamp B, 2 Lower Spraberry, 2 Middle Spraberry and 2 Clearfork PUDs in the 2013 Ryder Scott Report and various geological and engineering assumptions made by management based on potential drilling locations and

management estimates for Wolfcamp A, Wolfcamp C and Cline wells, where the Company has not drilled wells or booked PUDs. The Company’s EUR estimates may change materially over time as the Company and offset operators drill initial and/or additional wells in each target zone.

17

Midland County Wolfcamp B- Type Curve

ROR Sensitivity

EUR, 2 Stream Mboe 638 Peak 30 day IP, boe/d 807 Oil %, 2 stream basis 73%

D & C Cost, MM$ $7.2

ROR, % 50% PV10, MM$ $6.4

600 638 700 750

$6.2 66% 74% 95% 118%

$7.2 44% 50% 69% 79%

$8.2 32% 37% 48% 60% We

ll C

ost

$M

M

EUR Mboe

Type Curve Economics

Note: Based on $80/BBL WTI ($76.50/BBL realized price). Realized gas and NGL pricing is $3.60/Mcf and $36/Bbl. Daily production normalized for operational shut-ins.

18

Midland County Lower Spraberry- Type Curve

500 650 800 1,000

$6.2 44% 84% 145% 248%

$7.2 31% 61% 97% 172%

$8.2 23% 43% 73% 128%

EUR Mboe

ROR Sensitivity Type Curve Economics

EUR, 2 Stream Mboe 650 Peak 30 day IP, boe/d 771 Oil %, 2 stream basis 81%

D & C Cost, MM$ $7.2

ROR, % 61% PV10, MM$ $7.4 W

ell C

ost

$M

M

Note: Based on $80/BBL WTI ($76.50/BBL realized price). Realized gas and NGL pricing is $3.60/Mcf and $36/Bbl. Daily production normalized for operational shut-ins.

19

ROP - green

Gamma Curve

Total Gas - Red

Frac Gradient - Blue Breakdown Pressure - Red

Prop Weight - Red

Fluid Volume - Blue

Wolfcamp B Seismic Surface

Hz Target Window (30’) Well Path

Geosteering • All offset wells are used to aid in steering lateral, typically within 10’ of target • Diamondback has or is currently acquiring 3D seismic on >90% of its assets; this data is incorporated into the well plan • Evaluate results to optimize lateral landing target for future wells

Hydraulic Fracturing • Slickwater prop transportation • Over 1,700 Hz stages pumped by FANG since IPO- decades of experience in other basins • Post frac analysis, frac data is evaluated to determine job effectiveness

Offset Well Control

Hz well path in red on structure

map

Superior Geosteering & Hydraulic Fracturing

20

Permian Basin Refineries & Pipelines

Refineries

Existing Pipelines

Pipelines Under Construction

Navajo

Gallup

Wink

McCamey

Crane

Colorado City

Midland

Big Spring

McKee

BorgerCushing

Wichita Falls

PAA/EPD

Eagle Ford JV

Corpus Christi

Houston

Nederland

Wortham

Longview

Source: Simmons & Company International

21

Permian Basin Long Haul Pipeline Infrastructure

• Long haul pipeline capacity out of the Permian Basin to Cushing and the US Gulf Coast currently totals 1.3 mb/d, expanding to 2.1 mb/d by mid-2015 (including Permian Express 1).

Existing Pipelines Owner Origin Destination Capacity (kb/d) Comments

Basin PAA/EPD Jal, NM Cushing, OK 450

Centurion OXY NM, TX Cushing, OK 100

West Texas Gulf SXL Colorado City, TX Longview, TX 375

Longhorn Reversal MMP Crane, TX Houston, TX 225

Permian Express 1 SXL Wichita Falls, TX Nederland, TX 150 Diverts volumes

from Basin at

Wichita Falls, TX

Total Existing 1300

Expansions Owner Origin Destination Capacity (kb/d) Timing

Longhorn Reversal MMP Crane, TX Houston, TX 50 Q1 '15

Total Expansions 50

New Pipelines Owner Origin Destination Capacity (kb/d) Timing

BridgeTex Pipeline - to Houston MMP/OXY Colorado City, TX Houston, TX 300 Q3 '14

Cactus Pipeline - to Gardendale PAA McCamey, TX Gardendale, TX 250 Q2 '15

Permian Express 2 SXL Colorado City, TX St. James, LA 200 Q2 '15

Total New 750

Total (Existing, Expansions, New) 2100

Source: Simmons & Company International

22

Permian Basin Refining Capacity

• There are 5 refineries with total refining capacity of over 600 kb/d located in West Texas and the Texas Panhandle that have access to WTI-Midland barrels via regional gathering systems.

• The VLO/McKee refinery has access to a limited volume of WTI-Midland based crudes, with the remainder of the feedstock typically priced off WTI-Cushing.

• Assuming an annual average 90% refinery utilization factor, these regional refineries consume about 440 kb/d of WTI-Midland based crudes.

Company Refinery Capacity (kb/d) 90% Capacity (kb/d) Midland Crude Use (kb/d)

ALJ Big Spring, TX 75 68 68

HFC Artesia, NM 100 90 90

PSX Borger, TX 145 131 131

VLO McKee, TX 168 151 40

WNR El Paso, TX 128 115 115

616 554 443

Source: Simmons & Company International

23

WTI-Midland Differentials

0.00

5.00

10.00

15.00

20.00

25.00

30.00

Q1

'12

Q2

'12

Q3

'12

Q4

'12

Q1

'13

Q2

'13

Q3

'13

Q4

'13

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

$/b

bl

WTI Cushing -Midland Diff Qtr. Avg Historical LLS-WTI Midland Diff Qtr. Avg Historical

WTI Cushing-Midland Diff Qtr. Avg Forward LLS-WTI Midland Diff Qtr. Avg Forward

• WTI-Midland crude discounts relative to WTI-Cushing and LLS have been extremely volatile since 2012 as the pace of production growth in the Permian basin exceeded the pace of infrastructure development.

• Heavy refinery maintenance in late ‘12-early ’13, as well as recent refinery outages throughout most of 2014-to-date have contributed to steep discounts for WTI-Midland crude. • The OTC forward market for WTI-Midland crude discounts shows a moderation in the discounts for WTI-Midland through the end of 2014 and early 2015. • Simmons analysis of Permian production growth, long haul pipeline and gathering system capacity additions directionally confirms expectations in the OTC forward market for WTI-

Midland discounts.

Source: Simmons & Company International