The reconciliations with the appropriate GAAP measures can be found in our earnings release issued yesterday afternoon. Absent permanent demand destruction, which we're hopeful is not the case, those inventories are going to have to be refilled. We were the first to respond to the price signals in March to increase our production for the year by 3% or 4% versus original plan. Right now the model spits out some form of low single-digit organic growth while maintaining capital efficiency and running five frac crews consistently throughout the year.

I think our bet is that these global inventories, including SPRs, are going to need to be refilled, and that should be a positive for Diamondback shareholders and Diamondback's growth trajectory. I think slide 10 is the most important slide in our deck when it comes to the technical aspects of our business and how we're making the capital allocation decisions in the field. I think I'm not smart enough to figure this out today, but the question is going to be how much demand can the world handle from an LNG perspective? Kaes, just maybe give the market an update around how you're thinking about return of capital.

That's why last quarter as prices rose, we said, "Listen, we're not going to commit to returning a minimum percentage of free cash, just because we have to." We removed that minimum commitment. Really just trying to make the right capital allocation decision every day. Just like the stacked innovation in the field, if we can stack up those wins on return of capital, I think that's a long-term win for our shareholders. Obviously, with the Viper Minerals, that's gonna be a very high return project.

More on Diamondback Energy, Inc.

Reported 2026-08-04 · figures from the Diamondback Energy, Inc. Q2 2026 earnings call.

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