Diversified Energy Company · NYSE:DEC
Diversified Energy — Q1 2026 Earnings Presentation
22 slides from Diversified Energy's earnings presentation, May 6, 2026
Slide 1: Q1 '26 Earnings & Camino Acquisition Presentation
PROVEN Q1 ‘26 Earnings & Camino Acquisition Presentation May• 7,May 20267, 2026
Slide 2: Disclaimer, Forward-Looking Statements and Non-GAAP Measures
Disclaimer, Forward-Looking Statements and Non-GAAP Measures PROVEN 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 nor any of its respecti
Slide 3: SCOOP There It Is: Joint Acquisition of Assets from Camino Natural Resources
SCOOP There It Is Joint Acquisition of Assets from Camino Natural Resources
Slide 4: Innovative acquisition partnership for Camino assets creates long-term value
Innovative acquisition partnership for Camino assets creates PROVEN meaningful long-term value opportunities for DEC shareholders Off-Balance Sheet Acquisition with DEC contributing only ~20% of consideration DEC to own 40% of Camino Special Purpose Vehicle (SPV) Full PDP transaction funding & asset
Slide 5: Transformative Deal in the Heart of DEC's OK Portfolio
Transformative Deal in the Heart of DEC’s OK Portfolio PROVEN Camino Acquisition Bolsters DEC’s Reserves and Cash Flow Generation Contiguous asset bolsters DEC’s leading OK Position, while unlocking meaningful portfolio optimization opportunities Off-balance sheet financing (60% Carlyle / 40% DEC).
Slide 6: Diversified Stays Disciplined as Premier Oklahoma Value Buyer
Diversified Stays PROVEN Disciplined as Premier Oklahoma Transaction Valuations (Since Nov. 2023) Oklahoma Value Buyer Enterprise Value / Production ($ per flowing Boed) Peak Valuation: $34,000 Rigorous Valuation Framework: $35,000 -32% lowest price paid vs. precedent Oklahoma transactions on a per
Slide 7: Significant Optimization Runway
Significant Optimization Runway PORTFOLIO OPTIMIZATION PROVEN Development Opportunity Strengthens Future Cash Flow PROGRAM (POP) Toolkit: Proven ability to unlock “POP” utilizes in-house engineering & additional cash flow generation landman expertise • ~100 high-quality undeveloped operated location
Slide 8: In-Basin Deal with Significant Synergies Identified
In-Basin Deal with Significant Synergies Identified PROVEN Operating Synergies G&A Synergies Est. ~$7M of Synergies Identified Est. >$20M in G&A Synergies Identified opportunities with our Deploying DEC’s integration playbook operating teams to reduce LOE through allows near-term G&A synergies, inte
Slide 9: Camino Bolsters Resilient Cash Flow Machine
Camino Bolsters Resilient Cash Flow Machine PROVEN Off-Balance Sheet Undeveloped Position Transaction Demonstrates Bolsters POP Capability to Acquire Opportunities & Long- Large Asset Packages Term Cash Flow with No Equity Issuance + + DEC Infrastructure Potential Future Generates Meaningful Acquisi
Slide 10: First Quarter 2026 Earnings
First Quarter 2026 Earnings
Slide 11: Our capital return priorities: Continued success in Q1 '26
Our capital return priorities: Continued success in Q1 ‘26 PROVEN Systematic Strategic Share Accretive Fixed per-share Debt Reduction Repurchases Acquisitions Dividend ~$92M ~$72M ~$2.2B ~$22M of debt principal value of shares of recently completed in dividend payments repurchased(a) acquisitions(b)
Slide 12: Delivering exceptional performance and growth
Delivering exceptional PROVEN performance and growth 1Q26 Financial & Operating Highlights Significant YoY Growth Production Exit Rate of 1,228 MMcfe/d • Q1 avg. production of 1,198 MMcfe/d YoY • Maintained industry-leading consolidated production decline 1Q 2025 1Q 2026 Growth Total Commodity Reven
Slide 13: JV Non-op partnerships create alternate value creation possibilities
JV Non-op partnerships create PROVEN alternate value creation possibilities Adding High Return Production in 2026 Three Partnerships Across OK & Permian and Beyond Accretive Well-Level Returns NM Contributing acreage into JVs provides access to well-level economics not otherwise captured in DEC’s co
Slide 14: Reiterating 2026 outlook
Reiterating 2026 outlook PROVEN Prioritizing free cash flow with the flexibility to allocate across the highest and best uses of capital to create long-term shareholder value 2026 Guidance Range(a) LOW HIGH Total Production (Mmcfe/d) 1,170 1,210 % Liquids 28% % Natural Gas 72% Adj. EBITDA(a) $925M $
Slide 15: Underpinned by best-in-class investment attributes
Underpinned by best-in-class investment attributes ABS utilization highlights quality and stability of a business’s cash flows PROVEN Energy Sectors ABS Issuers % of ABS FREE CASH DIVIDEND EV/ ATTRIBUTES REFLECTED IN DEC Debt FLOW YIELDc YIELDc EBITDAc • Low production declines 0% 8.8% 3.0% 6.2x Int
Slide 16: Proven Execution. Compelling Opportunity
Proven Execution. Compelling Opportunity PROVEN A differentiated business model delivering consistent results – and expanding its lead Quarterly Proven Business Significant Execution Model Runway 1,198 >$6B $1.175B Mmcfe/d avg. production Acquisition Since IPO Joint Camino Acquisition +39% 12% CAGR
Slide 17: Appendix
PROVEN Appendix
Slide 18: Summary of footnotes (page 1)
Summary of footnotes (page 1) PROVEN Slide 4: Transformative Deal… a) DEC reserves are stated on SEC basis as of YE25. Camino reserves values calculated using historical production data, asset-specific type curves and an effective date of March 1, 2026 and based on the NYMEX strip at May 4, 2026 for
Slide 19: Summary of footnotes (page 2)
Summary of footnotes (page 2) PROVEN Slide 14: Reiterating 2026 outlook a) Guidance includes the value of anticipated cash proceeds for 2026 asset optimization of ~$100 million based on January 2026 strip prices. Excludes changes in cash from working capital. Does not incorporate recently announced
Slide 20: Adjusted EBITDA
Appendix Adjusted EBITDA PROVEN 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) expen
Slide 21: Free Cash Flow & Net Debt
Free Cash Flow & Net Debt PROVEN 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 facilit
Slide 22: Corporate contact details
PROVEN Corporate Douglas Kris Kevin O’Brien 1600 Corporate Drive Senior Vice President Director Birmingham, Alabama Investor Relations & Investor Relations 35238-1087 (USA) Corporate Communications div.energy dkris@dgoc.com kpobrien@dgoc.com +1 973 856 2757 +1 412 403 7085
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