J P M O R G A N North America Equity Research 05 August 2026 Diamondback Energy and Viper Energy 2Q26 Post Mortem and Model Update: Biding Its Time for a Permian Power Play, Tweaking 2027 Capital Efficiency Slightly Lower on Capex Commentary JPM View: Despite a sizeable 2Q26 operational and cash flow beat, FANG shares fell by 3.5%, lagging the XOP Index by 212bps. We think the culprit was mild disappointment on the company's 2H26 guide, which did include an increase to 522+ MBo/d of oil volumes vs. 520+ MBo ...