Diversified Energy Company · NYSE:DEC
Diversified Energy — Q3 2026 Earnings Presentation
16 slides from Diversified Energy's earnings presentation, November 2026
Slide 1: 3Q 26 Earnings Presentation
PROVEN 3Q 26 Earnings Presentation • May November 7, 2026 5, 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 (NYSE: DEC, LSE: Forward-looking statements speak only as of the date they are made, and the Company and each of its res
Slide 3: Our capital return priorities: Consistent success in 2026
Our capital return priorities: Consistent success in 2026 PROVEN Systematic Fixed per-share Accretive Strategic Share Debt Reduction Dividend Acquisitions Repurchases ~$313M ~$63M ~$4B ~$94M of debt principal in dividend recently completed & value of shares payments distributions(a) announced M&A(b)
Slide 4: Step change in Operating Scale & Cash Generation
Step change in Operating Scale & Cash Generation PROVEN DEC to become top-15 U.S. publicly listed producer post-close (as of announcement) DEC Birch Pro-Forma Anchor position in the Midland Basin, with advantaged cost structure and opportunity for additional bolt-on acquisitions Current Production 2
Slide 5: Pro Forma Growth Facilitates Valuation Re-Rate Opportunity
Pro Forma Growth Facilitates Valuation Re-Rate Opportunity PROVEN Step Change in Operating Scale, Cash Generation, and Market Positioning US Publicly Listed ‘26e Production Enterprise EV/EBITDA(e) Adj. EBITDA(a) $6,494 Upstream Producers (Mboe/d)(c) Value (d) $5,926 1,403 $86.16 5.0x 1,390 $68.29 5.
Slide 6: "Smarter Asset Management" Delivering Continued Efficiencies
“Smarter Asset Management” Delivering Continued Efficiencies PROVEN Focused Workover Mid-Con Supply Chain Permian Piped Water Operational Synergy Program Optimization Project Capture 2026 Mid-Con Program Reduced Chemical Eliminating 3rd Party Oklahoma and East Texas • Operating 3 workover rigs in Su
Slide 7: Delivering exceptional performance and growth
Delivering exceptional PROVEN performance and growth 3Q26 Financial & Operating Highlights Converting Commodity to Cash Q3 Average Production of 1,189 MMcfe/d • Slated to become top-15 U.S. publicly listed upstream producer • Maintained industry-leading consolidated production decline 3Q 2026 TTM To
Slide 8: Reiterating 2026 Outlook
Reiterating 2026 Outlook PROVEN Prioritizing free cash flow with the flexibility to allocate across the highest return and best uses of capital to create long-term shareholder value 2026 Guidance Range(a) LOW HIGH Total Production (Mmcfe/d) 1,180 1,210 % Liquids / % Natural Gas 29% / 71% Adj. EBITDA
Slide 9: Proven Platform for "The Next 25"
Proven Platform for “The Next 25” PROVEN Operating From the Strongest Fiscal Position in Company History: Scaled, stable, core production base generates durable cash flow, allowing for flexible capital allocation with the opportunity, but not the mandate, for organic low-risk growth from a deep inve
Slide 10: Appendix
PROVEN Appendix
Slide 11: Summary of footnotes (page 1)
Summary of footnotes (page 1) PROVEN Slide 3: Our capital return priorities … a) Includes dividends paid and declared during the calendar year 2026. Future dividends are subject to Board approval. b)Value of completed acquisitions based on the previously announced gross valuation, includes the Canva
Slide 12: Summary of footnotes (page 2)
Summary of footnotes (page 2) PROVEN Slide 7: Delivering exceptional performance and growth a) Total revenue and proceeds from divestitures related to asset optimization, excluding Next Level Energy revenue. b) Adjusted EBITDA is a non-GAAP metric, which represents earnings before interest, taxes, d
Slide 13: Adjusted EBITDA
Appendix Adjusted EBITDA PROVEN As used herein, EBITDA represents earnings before interest, taxes, depletion, depreciation and amortization. Adjusted EBITDA includes adjustments for items that are not comparable period-over- period, namely, interest expense, accretion of asset retirement obligation,
Slide 14: 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, restricted cash, and acquisition deposits. Total debt includes our borrowings under the Credit Facility, borrowings under or issuances of, as applicable, our subsidiaries’ se
Slide 15: Total Revenue & Adjusted EBITDA Margin
Appendix Total Revenue & Adjusted EBITDA Margin PROVEN As used herein, total revenue, excluding (gain) loss on fair value adjustments of unsettled derivatives, represents total revenue less (gain) loss on fair value adjustments of unsettled derivatives. We believe that total revenue, excluding (gain
Slide 16: Corporate contacts
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
Diversified Energy Company — Q3 2026 Earnings Presentation on 6ix