Diamondback Energy, Inc. announced that it proposes to offer, subject to market conditions and other factors, $250.0 million aggregate principal amount of its 5.375% Senior Notes due 2025 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and to certain non-U.S. persons in accordance with Regulation S under the Securities Act. The New Notes will be issued as additional securities under the indenture, dated as of December 20, 2016, under which the Company issued $500.0 million aggregate principal amount of its 5.375% Senior Notes due 2025 on December 20, 2016, all of which were subsequently exchanged for substantially identical notes in the same aggregate principal amount registered under the Securities Act. The New Notes and the Existing Notes will be treated as a single class of debt securities under the Indenture. Diamondback intends to use the net proceeds from the Tack-On Offering to repay a portion of the outstanding borrowings under its revolving credit facility.