Diversified Energy Company · NYSE:DEC
Diversified Energy — FY2025 Earnings Presentation
22 slides from Diversified Energy's earnings presentation, Feb 27, 2026
Slide 1: 2025 Earnings Presentation
2025 Earnings Presentation PROVEN: Stepping up when others step away February 27, 2026
Slide 2: Disclaimer, Forward-Looking Statements and Non-GAAP Measures
Disclaimer, Forward-Looking Statements and Non-GAAP Measures The information contained in this document (the "Presentation") has been prepared by Diversified Energy Company (“Diversified” or Forward-looking statements speak only as of their date and neither the Company n nor any of its respective di
Slide 3: Why invest in Diversified Energy?
Why invest in Diversified Energy? 1 Universe of One Only publicly traded company focused on 2 Compounded Growth Unique model that delivers uncorrelated acquiring, operating, and optimizing growth through commodity price cycles with established, cash-generating energy assets disciplined execution of
Slide 4: Underpinned by best-in-class investment attributes
Underpinned by best-in-class investment attributes of several, high-multiple subsectors in the energy universe Growth Stock Value Stock Income Stock + + ~100% 3.9x EV/EBITDAa 8.9% Dividend Yield 1-year Growth in Revenue & Adjusted EBITDAa A Rare Combination 41% FCF Yieldb 16% Return of Capital Yield
Slide 5: Proven success and momentum through 2025
Proven success and momentum through 2025 Strong operational and Successful Maverick Strategic partnership Acquisition of financial performance acquisition & integration with Carlyle Canvas Energy Production (MMcfe/d) Adj. EBITDAa ($MM) +37% +103% y/y y/y 1,086 956 791 470 2024 2025 2024 2025 Record
Slide 6: Sheridan Production Partners Acquisition
Sheridan Production Partners Acquisition Overview: High-Quality, Low-Decline Producing Assets Asset Map ~62 net MMcfed with ~75,000 net acres in ~$52M projected NTM low (~6%) declines East Texas EBITDA • Production Split (Oil, • 80% operated • PDP reserves of 397 Bcfe, with NGL, Gas): 6% / 22% / 72%
Slide 7: NYSE primary listing & GAAP financials mark new chapter
NYSE primary listing & GAAP financials mark new chapter Expected to increase trading liquidity, exposure NEW STRUCTURE to deeper US capital markets, and positioning US Corporation - GAAP for inclusion in US equity indices and ETF's • NYSE Primary Listing IPO (2017) YE 2025 • Quarterly Filings (10Q a
Slide 8: Our capital return priorities
Our capital return priorities … Systematic Strategic Share Accretive Fixed per-share Debt Reduction Repurchases Acquisitions Dividend $277M ~$100M ~$2.0B ~$85M of debt principal value of shares of recently completed in dividend payments repurchased(a) acquisitions(b) distributions(c) Ensures Balance
Slide 9: Delivering exceptional performance and growth
Delivering exceptional performance and growth 2025 Financial & Operating Highlights Significant YOY Growth Production Exit Rate of 1,254 MMcfe/d • 2025 avg. production of 1,086 MMcfe/d YoY • Maintained industry-leading consolidated production decline 2024 2025 Growth Total Revenue of $1,829 Million
Slide 10: Our de-risked optimization model has translated to economic growth for shareholders
Our de-risked optimization model has translated to economic growth for shareholders Shareholder Takeaways Proven Multi-Year Track Record: 2021 – 2025 EBITDA per Share(a) 12% CAGR Return on 13% CAGR Unique business model Prudent use of Capital Employed(b) $12.84 15.9% relative to traditional E&Ps equ
Slide 11: Acquisition platform delivers meaningful accretive growth
Acquisition platform delivers meaningful accretive growth Maintain Disciplined, Value-Driven Approach 2025 – Transformative Growth In-Basin Acquisition Framework Maverick Natural Resources - $1.3B ✓ Financially and Strategically Significant Acquisition ✓ Low Decline, Reliable Production and Multi-Ba
Slide 12: Proven ability to unlock additional cash flow generation
PORTFOLIO OPTIMIZATION PROGRAM (POP) Proven ability to unlock additional cash flow generation Acquisition valuations based on existing producing assets accounting for ~100% of purchase price Acquisitions include monetizable assets assigned no value in acquisition underwriting, enhancing economics Ra
Slide 13: JV non-op partnerships create alternate value creation possibilities
JV Non-op partnerships create alternate value creation possibilities Adding High Return Production in 2026 Case Study: Oklahoma JV Partnership and Beyond Accretive Well-Level Returns Contributing acreage into JVs provides access to well-level economics not otherwise captured in DEC’s core portfolio.
Slide 14: Our proven approach optimizes performance
Our proven approach optimizes performance Focused Workover Centralized Vendor Midstream Integration Innovative Emissions Program Management and Optimization Reduction Mid-Con Case Study Maverick Case Study Oklahoma Midstream • Measurement-based approach to Case Study identify reduction opportunities
Slide 15: 2025 performance and 2026 outlook
2025 performance and 2026 outlook Prioritizing free cash flow with the flexibility to allocate across the highest and best uses of capital to create long-term shareholder value 2025 Guidance Range 2025 Results 2026 Guidance Range(a) Guidance Beat LOW HIGH LOW HIGH Total Production (Mmcfe/d) 1,050 1,
Slide 16: Stepping up when others step away
PROVEN: 25 Years of... Stepping up Proven Efficient Proven Investment when others Getting Stuff Done Creating Value step away • We focus on and do simple better • Growth through acquisition • We accept nothing less than in a de-risked business model operational excellence • Returning over $1 billion
Slide 17: Appendix
Appendix »>
Slide 18: Summary of footnotes (page 1)
Summary of footnotes (page 1) Slide 4: Underpinned by best-in-class investment attributes of several, high-multiple subsectors in the energy universe a) Adjusted EBITDA is a non-GAAP metric, which represents earnings before interest, taxes, depletion, and amortization. Reconciliation and full defini
Slide 19: Summary of footnotes (page 2)
Summary of footnotes (page 2) Slide 9: Our de-risked optimization model a) Cash flow metrics shown inclusive of undeveloped acreage sales where applicable. Per share metrics include weighted average basic shares outstanding during period. Reconciliation for Adjusted EBITDA and Adjusted Free Cash Flo
Slide 20: Appendix: Adjusted EBITDA
Appendix Adjusted EBITDA As used herein, EBITDA represents earnings before interest, taxes, depletion, depreciation and amortization. adjusted EBITDA includes adjusting for items that are not comparable period-over-period, namely, accretion of asset retirement obligation, other (income) expense, los
Slide 21: Free Cash Flow & Net Debt
Free Cash Flow & Net Debt As used herein, net debt represents total debt as recognized on the balance sheet less cash and restricted cash. Total debt includes our borrowings under the Credit Facility and borrowings under or issuances of, as applicable, our subsidiaries’ securitization facilities. We
Slide 22: Corporate
Corporate 1600 Corporate Drive Birmingham, Alabama 35238-1087 (USA) div.energy div.energy Douglas Kris Kevin O’Brien Senior Vice President Director Investor Relations & Investor Relations Corporate Communications dkris@dgoc.com kpobrien@dgoc.com dkris@dgoc.com kpobrien@dgoc.com +1 973 856 2757 +1 41
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