Weighted Average Fixed Price (usd perBbl)

[Table of Contents](#i31241139a24240ee889881d54ce4b5f1_7)Diamondback Energy, Inc. and Subsidiaries Condensed Notes to Consolidated Financial Statements - (Continued)(Unaudited)

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| Settlement Month | Settlement Year | Type of Contract | Bbls Per Day | Index | Strike Price | Weighted Average Differential | Deferred Premium |
| OIL |  |  |  |  |  |  |  |
| July - Sep. | 2022 | Put | 69,000 | Brent | $50.87 | $— | $1.79 |
| July - Sep. | 2022 | Put | 20,000 | Argus WTI Houston | $50.50 | $— | $1.84 |
| July - Sep. | 2022 | Put | 8,000 | WTI | $47.50 | $— | $1.52 |
| Oct. - Dec. | 2022 | Put | 69,000 | Brent | $51.01 | $— | $1.78 |
| Oct. - Dec. | 2022 | Put | 20,000 | Argus WTI Houston | $51.00 | $— | $1.81 |
| Oct. - Dec. | 2022 | Put | 8,000 | WTI | $55.00 | $— | $1.54 |
| July - Dec. | 2022 | Basis Put(1) | 50,000 | Brent | $— | $(10.40) | $0.78 |
| Jan. - Mar. | 2023 | Put | 37,000 | Brent | $51.89 | $— | $1.74 |
| Jan. - Mar. | 2023 | Put | 10,000 | Argus WTI Houston | $52.00 | $— | $1.77 |
| Jan. - Mar. | 2023 | Put | 6,000 | WTI | $55.00 | $— | $1.87 |
| Apr. - June | 2023 | Put | 29,000 | Brent | $51.72 | $— | $1.81 |
| Apr. - June | 2023 | Put | 8,000 | Argus WTI Houston | $51.25 | $— | $1.77 |
| July - Sep. | 2023 | Put | 9,000 | Brent | $50.00 | $— | $1.91 |
| July - Sep. | 2023 | Put | 2,000 | Argus WTI Houston | $55.00 | $— | $1.86 |
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(1)    The Company has basis puts for the spread between the Brent crude oil price and NYMEX WTI crude oil price.  
During the six months ended June 30, 2022, the Company terminated certain commodity derivative contracts prior to their contractual maturities as shown in the table below:

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|  |  |  |  |  |  | Swaps |  | Collars |
| Settlement Month | Settlement Year | Type of Contract | Bbls Per Day | Index |  | Weighted Average Fixed Price |  | Weighted Average Floor Price | Weighted Average Ceiling Price |
| OIL |  |  |  |  |  |  |  |  |  |
| Apr. - June | 2022 | Costless Collar | 8,000 | WTI |  | $— |  | $45.00 | $71.60 |
| Apr. - June | 2022 | Costless Collar | 8,000 | Brent |  | $— |  | $45.00 | $74.78 |
| Apr. - June | 2022 | Costless Collar | 6,000 | Argus WTI Houston |  | $— |  | $45.00 | $69.53 |
| Apr. - Sep. | 2022 | Costless Collar | 2,000 | Brent |  | $— |  | $50.00 | $80.00 |
| Apr. - Sep. | 2022 | Costless Collar | 2,000 | Argus WTI Houston |  | $— |  | $50.00 | $76.70 |
| July - Sep. | 2022 | Costless Collar | 4,000 | Argus WTI Houston |  | $— |  | $50.00 | $75.00 |
| July - Dec. | 2022 | Swaption | 8,250 | Brent |  | $68.62 |  | $— | $— |

  
Interest Rate Swaps  
In the second quarter of 2021, the Company entered into two interest rate swap agreements for notional amounts of $600 million, which were designated as fair value hedges of the Company’s $1.2 billion 3.50% fixed rate senior notes due 2029 (the “2029 Notes”) at inception. The Company receives a fixed 3.50% rate of interest on these swaps and pays an average variable rate of interest based on three month LIBOR plus 2.1865%, thereby limiting its exposure to changes in the fair value of debt due to movements in LIBOR interest rates. Under hedge accounting, these interest rate swaps were considered perfectly effective and gains and losses due to changes in the fair value of the interest rate swaps were completely offset by changes in the fair value of the hedged portion of the 2029 Notes in the condensed consolidated statements of operations.   
In the second quarter of 2022, the Company elected to fully dedesignate these interest rate swaps and hedge accounting was discontinued. The cumulative fair value basis adjustment recorded on the 2029 Notes at the time of dedesignation totaled $135 million. This basis adjustment is being amortized to interest expense over the remaining term of the 2029 Notes utilizing 22
