Diversified Energy Company · NYSE:DEC
Diversified Energy — Merger or Acquisition (September 2025)
9 slides from Diversified Energy's merger presentation, Sep 8, 2025
Slide 1: Sooner Synergy: Expanding Leadership Position in Oklahoma
Sooner Synergy Expanding Leadership Position in Oklahoma Acquisition of Canvas Energy September 8, 2025
Slide 2: September
The information contained in this document (the "Presentation") has been prepared by Diversified Energy Forward-looking statements speak only as of their date and neither the Company nor the Group nor any of its respective Company PLC (“Diversified” or the "Company”). This Presentation is for genera
Slide 3: Expanding Sooner State Leadership with Canvas Energy
EXPANDING SOONER STATE LEADERSHIP WITH CANVAS ENERGY $550MM purchase price represents ~3.5x EBITDA(b) multiple, with tremendous opportunity for synergy capture and asset optimization potential from undeveloped acreage Strengthening Position as Leading PDP Operator DEC – Canvas Pro ($MM) June ‘25 Ene
Slide 4: Transaction Overview - Carlyle Partnership in Action
TRANSACTION OVERVIEW - CARLYLE PARTNERSHIP IN ACTION Transaction • Acquisition of Canvas Energy for $550MM (subject to other purchase price adjustments) Structure • Up to ~$400MM in ABS with The Carlyle Group Consideration • ~$100MM cash consideration funded via current liquidity, cash flows receive
Slide 5: Contiguous and Complementary: Canvas Energy
CONTIGUOUS AND COMPLEMENTARY: CANVAS ENERGY ✓ Meaningful Overlap With DEC Oklahoma Canvas Acreage Map Portfolio • Acreage Concentrated in Major, Kingfisher, and Canadian Counties • Avg. Working Interest of ~79%, including 3,171 net mineral acres ✓ Long-Lived Assets with Liquids and Natural Gas Total
Slide 6: DEC Infrastructure Generates Meaningful Upside Opportunity
DEC INFRASTRUCTURE GENERATES MEANINGFUL UPSIDE OPPORTUNITY Meaningful synergies plus additional incremental value can be realized with Canvas under Diversified ownership relative to value on a standalone basis Post-Integration Cost Reduction DEC & Canvas - Oklahoma Footprint Run-rate yearly G&A savi
Slide 7: Pro Forma Growth Effects Relative to Peers
PRO FORMA GROWTH EFFECTS RELATIVE TO PEERS 2025E Production (MMcfe/d) 7,083 6,482 Natural Gas E&P’s 3,436 2,227 Size and 1,697 1,283 1,282 1,135 1,043 205 147 Scale Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 + EXE % Liquids EQT AR RRC CNX CRK DEC + CE DEC GPOR INR Canvas 8% 6% 35% 32% 8
Slide 8: Thoughtful Approach to Accretive Growth
THOUGHTFUL APPROACH TO ACCRETIVE GROWTH In-Basin Acquisition Framework DEC Capital Allocation Achievements in 2025 Valuation • Mid-teens or greater PV value on producing assets Accretive Acquisitions • Targeting 2.0x-4.0x EBITDA / Purchase Price ~$2.0 billion • Accretive to per-share FCF and EBTIDA
Slide 9: Strategic Consolidation with Tangible Upside Opportunities
STRATEGIC CONSOLIDATION WITH TANGIBLE UPSIDE OPPORTUNITIES Strategic Transaction Builds on Carlyle Partnership Underpins Industry Leading Scale in Oklahoma Transaction Funding, and Demonstrates Increased Financing Capabilities Transaction is Accretive to Key Best-in-Class Smarter Asset Financial Met
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