Diamondback Energy, Inc.

Good day and thank you for standing by. Welcome to the Diamondback Energy third quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Adam Lawless, VP of Investor Relations. Please go ahead.

Hey, Brianna. Good morning, and welcome to Diamondback Energy's third quarter 2025 conference call. During our call today, we will reference an updated investor presentation and letter to stockholders, which can be found on Diamondback's website. Representing Diamondback today are Kate Fantos, CEO of Danny Wesson, COO, and Jerry Thompson, CFO. During this conference call, the participants may make certain forward-looking statements relating to the company's financial condition, results of operations, plans, objectives, future performance, and businesses. We caution you that actual results could differ materially from those that are indicated in these forward-looking statements due to a variety of factors. Information concerning these factors can be found on the company's filings with SEC. In addition, we will make reference to certain non-GAAP measures. Reconciliations with the appropriate GAAP measures can be found in our earnings release issue yesterday afternoon. I'll now turn the call over to Kate. Thanks, Adam, and I hope everybody read the letter last night. As we've done in the past, we're just going to move straight into Q&A. So, operator, let's open the line for questions, please.

Thank you. At this time, we will conduct the question and answer session. Please stand by. Our first question comes from Neil Dingman of William Blair. Your line is now open.