Post‑Merger Equity Raise

This equity raise follows the completion of Diamondback’s merger with Endeavor Energy. The company is now shaping its post‑merger capital structure and funding plans through this follow‑on offering, prioritising equity‑funded balance‑sheet flexibility over operating cash flow or additional debt. The 11 million‑share issue underscores the firm’s intent to support integration of Endeavor assets, potential non‑core asset sales, and to maintain a flexible balance sheet while continuing a commitment to return at least 50 % of quarterly free cash flow via dividends and buybacks. Since the merger, FANG’s stock has gained 17.1 % year‑to‑date and 26.7 % over the past year.