Press Release

Diamondback Energy, Inc. Schedules Fourth Quarter 2016 Conference Call for February 15, 2017

February 6, 2017

MIDLAND, Texas, Feb. 06, 2017 (GLOBE NEWSWIRE) -- Diamondback Energy, Inc. (NASDAQ:FANG) ("Diamondback"), today announced that it plans to release fourth quarter 2016 financial results on February 14, 2017 after the market closes.

In connection with the earnings release, Diamondback will host a conference call and webcast for investors and analysts to discuss its results for the fourth quarter of 2016 on Wednesday, February 15, 2017 at 8:30 a.m. CT.  Participants should call (877) 440-7573 (United States/Canada) or (253) 237-1144 (International) and use the confirmation code 66899658. A telephonic replay will be available from 11:30 a.m. CT on Wednesday, February 15, 2017 through Wednesday, February 22, 2017 at 11:30 a.m. CT. To access the replay, call (855) 859-2056 (United States/Canada) or (404) 537-3406 (International) and enter confirmation code 66899658. A live broadcast of the earnings conference call will also be available via the internet at www.diamondbackenergy.com under the "Investor Relations" section of the site. A replay will also be available on the website following the call.

About Diamondback Energy, Inc.

Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. Diamondback's activities are primarily focused on the horizontal exploitation of multiple intervals within the Wolfcamp, Spraberry, Clearfork, Bone Spring and Cline formations.

Investor Contact:

Adam Lawlis

+1 432.221.7467

alawlis@diamondbackenergy.com

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Source: Diamondback Energy, Inc.

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