[Form 4] Diamondback Energy, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Travis D. Stice, Executive Chairman and director of Diamondback Energy (FANG), reported multiple sales of common stock executed on 08/07/2025. The Form 4 shows disposals totaling 102,145 shares sold through vehicles tied to the Stice family, with weighted average sale prices reported in grouped ranges from about $140.91 to $147.51 per share. The filing also discloses continued indirect beneficial ownership of 419,271 shares held by Stice Investments, Ltd. Footnotes state the sold shares were held by TBS Legacy Investments, Ltd., whose limited partner interests are held by the Stice 2023 Children's Trust, and explain the trustee and management relationships that create indirect beneficial ownership.

Positive

• Continued indirect ownership of 419,271 shares held by Stice Investments, Ltd., indicating retained economic exposure.
• Detailed footnotes explain trustee and management relationships, improving transparency about attribution of ownership.

Negative

• Reported disposals totaling 102,145 shares on 08/07/2025 by entities tied to the reporting person, which reduces directly held shares.
• Sales executed in multiple tranches, which may complicate immediate market interpretation of the insider selling activity.

Insights

Securities Analyst

TL;DR: Reporting person sold 102,145 shares across multiple transactions while retaining significant indirect ownership (419,271 shares).

The Form 4 documents routine insider disposals executed through family-controlled entities rather than open-market block trades by the individual directly. The sales were transacted in multiple tranches at weighted average prices within a roughly $140.91–$147.51 range, indicating staged liquidations by TBS Legacy Investments, Ltd. Material facts for investors are the total shares sold (102,145) and the ongoing indirect stake (419,271), both clearly disclosed on the form. Given the disclosure shows structured sales via family vehicles and continued substantial indirect ownership, the filing is informational rather than signaling an abrupt change in control.

Corporate Governance Expert

TL;DR: Transactions involve family-controlled entities and trustee relationships; beneficial ownership disclosures are thorough and transparent.

Footnotes clarify the chain of ownership: the Stice 2023 Children’s Trust is the limited partner of TBS Legacy Investments, Ltd., Stice Management, LLC is the general partner, and Mr. Stice and his spouse control the management entities. Those explanations appropriately disclose indirect beneficial ownership and potential attribution under Section 16 rules. From a governance perspective, the filing shows compliance with disclosure norms by reporting the disposals, providing weighted-average price ranges, and documenting the trust and management links that explain why Mr. Stice may be deemed to have pecuniary interests in the sold shares.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Stice Travis D.

(Last) (First) (Middle)

500 WEST TEXAS AVENUE

SUITE 100

(Street)

MIDLAND TX 79701

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Diamondback Energy, Inc. [ FANG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman

3. Date of Earliest Transaction (Month/Day/Year)
08/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/07/2025		S		4,478(1)	D	$141.3635(2)	15,922	I(3)	TBS Legacy Investments, Ltd.(3)
Common Stock	08/07/2025		S		10,223(1)	D	$142.3668(4)	5,699	I(3)	TBS Legacy Investments, Ltd.(3)
Common Stock	08/07/2025		S		2,478(1)	D	$143.5437(5)	3,221	I(3)	TBS Legacy Investments, Ltd.(3)
Common Stock	08/07/2025		S		1,292(1)	D	$144.4238(6)	1,929	I(3)	TBS Legacy Investments, Ltd.(3)
Common Stock	08/07/2025		S		975(1)	D	$145.6476(7)	954	I(3)	TBS Legacy Investments, Ltd.(3)
Common Stock	08/07/2025		S		474(1)	D	$146.6345(8)	480	I(3)	TBS Legacy Investments, Ltd.(3)
Common Stock	08/07/2025		S		480(1)	D	$147.4388(9)	0	I(3)	TBS Legacy Investments, Ltd.(3)
Common Stock								102,145	D
Common Stock								419,271	I(10)	By Stice Investments, Ltd.(10)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These securities were sold by TBS Legacy Investments, Ltd. in which the Stice 2023 Children's Trust holds 100% of the limited partnership units. Mr. Stice's adult children are the beneficiaries of the Stice 2023 Children's Trust.

2. The price reported in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $140.91 per share to $141.89 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 range set forth in this footnote and in footnotes 4 through 9.

3. The Stice 2023 Children's Trust for the benefit of Mr. Stice's adult children is the limited partner of TBS Legacy Investments, Ltd. Mr. Stice and his spouse serve as the trustees of the Stice 2023 Children's Trust and, as a result, may be deemed to have beneficial ownership of the securities in which their adult children have a pecuniary interest. Further, Stice Management, LLC serves as the general partner of TBS Legacy Investments, Ltd. Mr. Stice and his spouse hold 100% of the membership interests in Stice Management, LLC, of which Mr. Stice is the manager.

4. The price reported in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $141.92 per share to $142.91 per share, inclusive.

5. The price reported in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $143.00 per share to $143.92 per share, inclusive.

6. The price reported in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $144.025 per share to $145.00 per share, inclusive.

7. The price reported in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $145.08 per share to $146.025 per share, inclusive.

8. The price reported in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $146.165 per share to $147.08 per share, inclusive.

9. The price reported in Column 4 is a weighted average sale price. These shares were sold in multiple transactions at prices ranging from $147.36 per share to $147.51 per share, inclusive.

10. These securities are held by Stice Investments, Ltd., which is managed by Stice Management, LLC, its general partner. Mr. Stice and his spouse hold 100% of the membership interests in Stice Management, LLC, of which Mr. Stice is the manager.

Remarks:

	/s/ Teresa L. Dick, as attorney-in-fact for Travis D. Stice	08/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Travis D. Stice report on the Form 4 for Diamondback Energy (FANG)?

The Form 4 reports multiple sales executed on 08/07/2025, with disposals totaling 102,145 shares and continued indirect ownership of 419,271 shares held by Stice Investments, Ltd.

How were the sold Diamondback (FANG) shares held or sold?

Footnotes state the sold shares were sold by TBS Legacy Investments, Ltd., in which the Stice 2023 Children’s Trust holds limited partnership units; trustees and management entities tie these holdings to Mr. Stice.

At what prices were the Diamondback (FANG) shares sold?

The filing provides weighted-average sale prices grouped across ranges; the footnotes report transaction price ranges approximately from $140.91 to $147.51 per share.

What role does Travis D. Stice have at Diamondback Energy (FANG)?

The Form 4 identifies Travis D. Stice as an Executive Chairman and a Director of Diamondback Energy.

Do the footnotes explain why Mr. Stice may be deemed a beneficial owner of the sold shares?

Yes. Footnotes explain that the Stice 2023 Children’s Trust is the limited partner of TBS Legacy Investments, Ltd., and Mr. Stice and his spouse serve as trustees and control related management entities, which may result in attribution of beneficial ownership.