Diamondback Energy, Inc. — Director's Dealing 2015

May 26, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Diamondback Energy, Inc. (FANG)
CIK: 0001539838
Period of Report: 2015-05-21

Reporting Person: Pantermuehl Russell (VP Reservoir Engineering)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-21	Common Stock	M	7000	$17.50	Acquired	42919	Direct
2015-05-21	Common Stock	S	5000	$79.1385	Disposed	37919	Direct
2015-05-21	Common Stock	S	2000	$81.0015	Disposed	35919	Direct
2015-05-22	Common Stock	M	3000	$17.50	Acquired	38919	Direct
2015-05-22	Common Stock	S	3000	$81.5328	Disposed	35919	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-05-21	Stock Option (right to buy)	$17.5	M	7000	Disposed	2016-08-15	Common Stock (7000.0)	Direct
2015-05-22	Stock Option (right to buy)	$17.5	M	3000	Disposed	2016-08-15	Common Stock (3000.0)	Direct

Footnotes

F1: The price reported in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $79.00 per share to $79.41 per share, inclusive. The reporting person undertakes to provide to Diamondback Energy, Inc., any security holder of Diamondback Energy, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (1), (2) and (3) of this Form 4.

F2: The price reported in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $81.00 per share to $81.01 per share, inclusive.

F3: The price reported in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $81.50 per share to $81.60 per share, inclusive.

F4: All of these options to purchase 7,000 shares of common stock of the issuer were vested at the time of exercise. Of the remaining options to purchase 32,000 shares of common stock of the issuer, options to purchase 7,000 shares of common stock are vested and options to purchase 25,000 shares of common stock will vest on August 15, 2015.

F5: All of these options to purchase 3,000 shares of common stock of the issuer were vested at the time of exercise. Of the remaining options to purchase 29,000 shares of common stock of the issuer, options to purchase 4,000 shares of common stock are vested and options to purchase 25,000 shares of common stock will vest on August 15, 2015.