Exhibit 99.1 DIAMONDBACK ENERGY, INC. ANNOUNCES FIRST QUARTER 2024 FINANCIAL AND OPERATING RESULTS Midland, TX (April 30, 2024) - Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the first quarter ended March 31, 2024. FIRST QUARTER 2024 HIGHLIGHTS • Average production of 273.3 MBO/d (461.1 MBOE/d) • Net cash provided by operating activities of $1.3 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconcil ...