FANG · 10-Q · 2026Q3 · Full report

Interest Rate Environment

Diamondback Energy, Inc. · 2026-11-04 · Importance 25 · Surprise 32

On June 12, 2026, Diamondback amended its revolving credit agreement, extending maturity by one year to June 12, 2031, increasing commitments from $2.5 billion to $3.0 billion and decreasing applicable interest rates and fees. Borrowings bear interest at elected term SOFR or an alternate base rate, plus margins that vary with the company’s senior unsecured debt ratings. Diamondback had no revolving-credit borrowings and approximately $3.0 billion available at September 30, 2026; weighted-average borrowing rates were 4.98% versus 5.55% in the third quarter and 4.94% versus 5.66% for the nine-month periods in 2026 and 2025, respectively.

Key facts

• Diamondback terminated and settled the remaining $ million notional amount of its interest-rate swaps during the first quarter of 2026 for cash payments of approximately $ million. source
• The weighted-average interest rate on Diamondback’s Revolving Credit Facility borrowings was 4.98% in the three months ended September 30, 2026, versus 5.55% in 2025, and 4.94% in the nine months ended September 30, 2026, versus 5.66% in 2025. source
• Diamondback's interest expense, net increased $8 million for the nine months ended September 30, 2026 versus 2025, including a $59 million decrease in capitalized interest costs. source