Daniel N. Wesson - May 28, 2023 Form 4 Insider Report for Diamondback Energy, Inc. (FANG)

Role: Exec. VP & COO
Signature: /s/ Teresa L. Dick as attorney-in-fact for Daniel N. Wesson
Stock symbol: FANG
Transactions as of: May 28, 2023
Transactions value $: -$332,977
Form type: 4
Date filed: 5/31/2023, 04:05 PM
Previous filing: Mar 3, 2023
Next filing: Jun 12, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	FANG	Common Stock	Tax liability	-$333K	-2.54K	-3.56%	$130.99	68.8K	May 28, 2023	Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	In connection with the issuer?s acquisition of all of the outstanding publicly-held common units of Rattler Midstream LP (?Rattler?) on August 24, 2022 (the ?Rattler Merger?), each Rattler phantom unit outstanding immediately prior to the effective time of the Rattler Merger under the Rattler Midstream LP Long-Term Incentive Plan was converted into the issuer?s restricted stock unit award, as adjusted based on the merger exchange ratio. In connection with the vesting and settlement on May 28, 2023 of the first of the two unvested tranches of the issuer?s restricted stock units received by the reporting person in connection with the Rattler Merger, the issuer withheld shares of its common stock that would have otherwise been issuable to the reporting person to satisfy tax withholding obligations. The number of shares of common stock withheld was determined based on the closing price per share of the issuer's common stock on May 26, 2023.

Content

In connection with the issuer?s acquisition of all of the outstanding publicly-held common units of Rattler Midstream LP (?Rattler?) on August 24, 2022 (the ?Rattler Merger?), each Rattler phantom unit outstanding immediately prior to the effective time of the Rattler Merger under the Rattler Midstream LP Long-Term Incentive Plan was converted into the issuer?s restricted stock unit award, as adjusted based on the merger exchange ratio. In connection with the vesting and settlement on May 28, 2023 of the first of the two unvested tranches of the issuer?s restricted stock units received by the reporting person in connection with the Rattler Merger, the issuer withheld shares of its common stock that would have otherwise been issuable to the reporting person to satisfy tax withholding obligations. The number of shares of common stock withheld was determined based on the closing price per share of the issuer's common stock on May 26, 2023.