Diversified Energy Company · NYSE:DEC
Diversified Energy — Investor Presentation (November 2025)
51 slides from Diversified Energy's investor presentation, November 2025
Slide 1: Right Company, Right Time
Right Company, Right Time A Solutions Based Approach to Responsibly Produce Energy & Create Shareholder Value November 2025
Slide 2: Disclaimer
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: Who Are We: Operator of U.S. Onshore Developed Assets
WHO ARE WE: OPERATOR OF U.S. ONSHORE DEVELOPED ASSETS Appalachian Region: Appalachian Investment Highlights ~35% of Production Basin Growth Through Accretive Acquisitions Total Combined Production: ✓ Production has increased >30x since 2017 IPO(c); ~$2.0B of acquisitions in 2025, ~1.15 Bcfe/d(a) inc
Slide 4: What Diversified Energy Does
WHAT DIVERSIFIED ENERGY DOES Acquire Attractively Valued Energy Assets Finance With Low Cost Of Capital ✓ Valuation: Acquire Mid-teens+ IRRs on producing assets ✓ ABS Financing: Investment-grade with maturity that matches our low decline assets ✓ Operations & Synergies: Meaningful operating footprin
Slide 5: The Publicly Traded Champion of the PDP Subsector
THE PUBLICLY TRADED CHAMPION OF THE PDP SUBSECTOR Dynamic Multi-Basin Rollup Strategy Demonstrated Commitment to Returns Extensive operational footprint establish platform to Returns-focused model prioritizes Free Cash Flow for capture value by acquiring assets at attractive debt reduction, dividend
Slide 6: Executing on Our Strategy - Creating Value in 2025
EXECUTING ON OUR STRATEGY- CREATING VALUE IN 2025 Total stakeholder returns since 2017 IPO include ~$2.2 billion in shareholder returns and debt principal payments Systematic Debt Reduction Strategic Share Repurchases $203 million ~$61 million of debt principal payments value of shares repurchased(a
Slide 7: Delivering Exceptional Performance and Growth
DELIVERING EXCEPTIONAL PERFORMANCE AND GROWTH Third Quarter Financial & Operating Highlights Significant Year-over-Year Growth Production Mmcfe/d 1-year Growth Production Exit Rate of 1,144 MMcfe/d • 3Q 2025 avg. production of 1,127 MMcfe/d 1127 • Maintained consolidated production decline of ~10% p
Slide 8: Continuous Process of Portfolio Optimization
CONTINUOUS PROCESS OF PORTFOLIO OPTIMIZATION Annualized and Ratable Free Cash Flow 8.6 Million Net Acres within Operating Footprint Generation from Optimization Program 99.9% of all acreage currently held-by-production with minimal portfolio exposure to state or federal lands Cumulative $298 Undevel
Slide 9: Move of Primary Listing to New York Stock Exchange
MOVE OF PRIMARY LISTING TO NEW YORK STOCK EXCHANGE Increases overall trading liquidity in the Company’s shares, given access to deeper US capital markets Increases exposure to US investors through a primary US listing Establishing SEC filing of GAAP financials for Q4/FY25, & change in parent company
Slide 10: Mountain State Plugging Fund
“MOUNTAIN STATE PLUGGING FUND“ – DEC CONTINUES TO INNOVATE & LEAD Providing WV Financial Assurance for DEC’s Plugging Fund Attributes Future Asset Retirement Obligations (ARO) Groundbreaking Partnership – Common Sense Solution ✓ DEC pays $3.5 million annual premium for 20 years • DEC enters into lon
Slide 11: Marrying Attractive Assets with Risk-Adjusted Capital
MARRYING ATTRACTIVE ASSETS WITH RISK-ADJUSTED CAPITAL Non-Dilutive Financing & Surety of Capital Shale Maturation Creates Compelling Acquisition Market Maintain capital flexibility, support long-term growth, and Growth-oriented E&Ps and Private Equity sponsors recycling preserve shareholder value wh
Slide 12: Appalachia at the Crossroads of Energy and AI
APPALACHIA AT THE CROSSROADS OF ENERGY AND AI Bruce Mansfield 2025 Energy and Innovation Summit - Pittsburgh, PA Datacenter Senator Dave McCormick hosted POTUS, regulators, and CEOs of the largest Energy and Data Center corporations, which outlined significant investment in the region DEC Asset Map
Slide 13: Unique Small Cap Investment Opportunity
UNIQUE SMALL CAP INVESTMENT OPPORTUNITY 3,000 Russell 3000 Constituents DEC metric companies 226 Platform Scale $1B companies ~$1 Billion Adjusted EBITDA(a) Leading Returns 55 21% Over 20% TTM TSR(b) companies 24 Dividend History 20+ qtrs. consecutive dividend payment 20+ companies Growth >2x increa
Slide 14: Increased 2025 Company Financial Outlook
INCREASED 2025 COMPANY FINANCIAL OUTLOOK 2025 Prior Guidance Range(a) 2025 Updated Guidance Range(a) Low High Low High Total Production (Mmcfe/d) 1,050 1,100 1,050 1,100 % Liquids 25% 25% % Natural Gas 75% 75% Adj. EBITDA (millions) $825 $875 updated $900 $925 Capital Expenditures (millions) $165 $1
Slide 15: Disciplined Strategy
Disciplined Strategy Positioned to Take Advantage of Opportunities and Navigate Commodity Price Cycles
Slide 16: Delivering on a De-Risked Production Model
DELIVERING ON A DE-RISKED PRODUCTION MODEL Commodity Price Risk Diversified’s business model reduces ✓ Dynamic hedging sustains realized pricing and delivers exposure to typical industry risk factors consistent cash margins Oil & Gas Development Risk Spectrum High Risk Low Risk Development/Operation
Slide 17: Leverage Appropriate & Tracks to Business Model Attributes
LEVERAGE APPROPRIATE & TRACKS TO BUSINESS MODEL ATTRIBUTES Leverage Profile Typical of Consistent Generation of Strategy Characterized by High Margin Sectors Meaningful Cash Flow Low Capital Intensity 5.7x $2 Billion of acquisitions in 2025 primarily debt-financed Net Debt / Adj. EBITDA (x) 4.8x 4.2
Slide 18: Strategic Rationale for ABS Financings
STRATEGIC RATIONALE FOR ABS FINANCINGS Diversified’s long-life, low-decline and high-quality reserves Provides stable and predictable cash flows for investors ABS Benefits to Diversified An established track record of stable asset performance Key Attributes for Investors Characteristics of Diversifi
Slide 19: Oklahoma Joint Development Creating Value & Optionality
OKLAHOMA JOINT DEVELOPMENT CREATING VALUE & OPTIONALITY Drilling Activity – Cherokee Formation Attractive Well Level Economics ‘25 program IRR: ~60% - IP: 960 BOPD/ 3,872 MCFD Average 2025 CLL: 11,121 ft Average gross D&C: $11.3 MM (Average $/CLL: $1,016) Incremental Volume with Manageable Capex 45,
Slide 20: Coal Mine Methane - Adding Cash Flow, Expanding Multiple
COAL MINE METHANE – ADDING CASH FLOW, EXPANDING MULTIPLE Adding Revenue Streams Expanding Opportunity Set Leveraging Existing Assets Creating Net Zero Gas Alternative Energy Credits (“AEC”) Diversified is actively engaging Suitability of owned infrastructure Complementary to our provide high-margin
Slide 21: Acquisition Update
Acquisition Update Transactions Increase Scale and Improve Margins
Slide 22: Growth in Scale Through Successful Acquisition Strategy
GROWTH IN SCALE THROUGH SUCCESSFUL ACQUISITION STRATEGY (a) Daily Production (MMcfepd) 33x Growth in Production 1,282 811 821 791 711 599 509 246 39 2017 2018 2019 2020 2021 2022 2023 2024 2025 pro forma Acquisition History IPO on AIM Uplist to Entry to Initiated Entry (2/3/2017) Main Market Central
Slide 23: Corporate Infrastructure... Our Valuable Advantage
CORPORATE INFRASTRUCTURE… OUR VALUABLE ADVANTAGE Unique Infrastructure PLATFORM Built to be Accretive Consolidator Field Operations Midstream/Marketing Corporate Emissions Reduction Well Retirement Significant Operating Scale Top 25 Natural Gas Marketer Production Support Suite Deploying Cutting Edg
Slide 24: Expanding Sooner State Leadership with Canvas Energy
EXPANDING SOONER STATE LEADERSHIP WITH CANVAS ENERGY ✓ Meaningful Overlap With Contiguous andDEC Tremendous opportunity for DEC Oklahoma Portfolio complementary: & Canvas - Oklahoma Footprint synergy capture and asset • Acreage Concentrated optimization potential in Major, Kingfisher, andfrom undeve
Slide 25: Acquisitions Drive Free Cash Flow Growth & Conversion
ACQUISITIONS DRIVE FREE CASH FLOW GROWTH & CONVERSION Operational Capital Intensity 2025 FCF Conversion 5x Lower Than Closest Peer(a) Cash Generation Adjusted EBITDA Increases Capital Available for Return to Shareholders & Future Investments $704 Benefits of Low Declines $286 Creates Strategic Flexi
Slide 26: Post-Acquisition Synergies Creating Strong Outcomes
POST-ACQUISITION SYNERGIES CREATING STRONG OUTCOMES Leveraging Scale for Meaningful G&A Efficiencies Pipeline Deal Highlights Benefits of Scale Full field level integration completed in second quarter; technology & administrative expected by end of third quarter Deal Details Diversified received two
Slide 27: New Life for Existing Producing Assets
New Life for Existing Producing Assets Implementing Innovate Strategies and Promoting Technological Improvements
Slide 28: Modernizing Operations Through Technology
MODERNIZING OPERATIONS THROUGH TECHNOLOGY Modern Field Developing a Scalable Platform Management Philosophy with Low Total Cost of Ownership ✓ Common Systems enhance process efficiency, reliability ✓ Cloud First / Wireless First eliminate technical debt, and improves data collection, warehousing and
Slide 29: Operational Insights Driven by Technology Investments
OPERATIONAL INSIGHTS DRIVEN BY TECHNOLOGY INVESTMENTS Well-Level Data Capture Cloud-Based Infrastructure Real-Time Monitoring Emissions Detection Data + Human interaction of Enables remote access to data, Leverage data visualization and Invest in emissions detection wellhead LTE connectivity, elimin
Slide 30: Enhancing Cash Flows with Smarter Asset Management
ENHANCING CASH FLOWS WITH SMARTER ASSET MANAGEMENT Supply Contracts with LNG Exporters Wholly-Owned Processing Facilities ✓ Establishes premium to regional pricing ✓ Eliminates third-party processing costs ✓ Supplements robust hedging strategy ✓ Creates supplemental revenue streams Inaugural LNG exp
Slide 31: Smarter Asset Management Optimizing Asset Performance
SMARTER ASSET MANAGEMENT OPTIMIZING ASSET PERFORMANCE Focused Workover Program Operating ~2 workover rigs in the central region for maintenance as well as rod lift installs to optimize production Disciplined Approach Managing Costs DEC’s consistent workover program has allowed workovers to beat anti
Slide 32: Diamond in the Rough
DIAMOND IN THE ROUGH Strategic Purchase in April 2022 Acquired for $10 million includes two processing plants and FERC BLACK BEAR Processing Facility regulated NGL pipeline DeSoto Parish, LA (central region) Cotton Valley and Haynesville Basins Increased Processing Capacity Recently completed upgrad
Slide 33: Priorities & Performance
Priorities & Performance Unlocking the Path to Emissions Improvement and Measurable Impact
Slide 34: Continued Commitment to Strong Sustainability Practices
CONTINUED COMMITMENT TO STRONG SUSTAINABILITY PRACTICES GOLD Disclosed State-by-State Enhanced Biodiversity & Published 2023 ESG 2023 Best ESG Report Achieved ‘AA’ Rating Awarded OGMP 2.0 Economic Analysis Climate Risk Disclosures Performance Objectives from ESG Awards from MSCI Analytics Gold Stand
Slide 35: Achieved 2030 Target for Scope 1 Methane Emissions Intensity
ACHIEVED 2030 TARGET FOR SCOPE 1 METHANE EMISSIONS INTENSITY Focus on Reducing Methane Emissions Leak Detection, Quantification & Repair Pipeline Integrity Enhancements Carbon Credits Aerial LiDAR Remote Monitoring Renewable Energy Pneumatic Conversions Smarter Asset Management Future Technologies B
Slide 36: Deployed Methane Detection Technology
DEPLOYED METHANE DETECTION TECHNOLOGY Teledyne FLIR Si124(a) Teledyne FLIR GT-44 We are leaders in methane detection an industrial acoustic imaging a handheld detection device camera capable of locating capable of detecting leaks as pressurized leaks up to 10 small as one PPM, currently • Fit for pu
Slide 37: Investing in Emissions Resources: Fixed Detectors
INVESTING IN EMISSIONS RESOURCES: FIXED DETECTORS Deploying Continuous Monitors Technology Nubo Sensirion Qube Primary Use Continuous Leak Detection Continuous Leak Detection & Measurement Measurement Range • 2 ppm plus • 0.1 scfh plus Usage • OGMP 2.0 & Proactive • OGMP 2.0 & Proactive • Dashboard
Slide 38: 2023 Field Trials - New Technology: Laser OGI
2023 FIELD TRIALS - NEW TECHNOLOGY: LASER OPTICAL GAS IMAGING (OGI) • Working collaboratively with states to address federal requirements • Held technical meetings in 2023 • Conducted multiple field trials in 2023 with efficient Laser OGI • Opportunity: o Efficient inspections with minimal instructi
Slide 39: Next LVL Energy: Setting a New Standard for Retirement
NEXT LVL ENERGY: SETTING A NEW STANDARD FOR RETIREMENT Differentiated Outlook on Asset Retirement Stewardship from acquisition to retirement ensures Positioned to Lead in sustainable operations for the lifetime of assets Appalachian Asset Retirement As a wholly-owned subsidiary of Diversified, Next
Slide 40: Appendix
Appendix
Slide 41: Revenue Reconciliation (Non-IFRS)
REVENUE RECONCILIATION (NON-IFRS) (UNAUDITED) Per Unit 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 Units 1Q24 2Q24 3Q24 4Q24 FY2024 1Q25 2Q25 3Q25 Production: Natural gas (MMcf) 55,725 58,684 64,288 65,601 244,298 63,468 76,637 76,615 Oil (MBbls) 337 394 417 421 1,568 783 2,338 2,254 NGL (MBbls) 1,347 1
Slide 42: Expense Reconciliation (Non-IFRS)
EXPENSE RECONCILIATION (NON-IFRS) (UNAUDITED) 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 Units 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 Production: Natural gas (MMcf) 55,725 58,684 64,288 65,601 244,298 63,468 76,637 76,615 Oil (MBbls) 337 394 417 421 1,568 783 2,338 2,254 NGL (MBbls) 1,347 1,481 1,577
Slide 43: Differentiated and Naturally Deleveraging Debt Profile
DIFFERENTIATED AND NATURALLY DELEVERAGING DEBT PROFILE -13% -25% -37% -48% -59% -73% -86% -95% -100% ~$265 ~$260 USD Millions ~$245 ~$220 ~$220 ~$300 ~$260 ~$190 ~$100 2025 2026 2027 2028 2029 2030 2031 2032 2033 Naturally aligned with Diversified’s Diversified retains 100% operational Creates clear
Slide 44: Supplemental Financials
Supplemental Financials For the Six Months Ended June 30, 2025
Slide 45: Consolidated Statement of Comprehensive Income (1H25)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (1H25) Audited YTD June 30, 2025 June 30, 2024 Revenue $ 778,065 $ 368,674 Operating expenses (345,605) (196,112) Depreciation, depletion and amortization (164,205) (119,220) Gross profit $ 268,255 $ 53,342 General and administrative expenses (90,254) (
Slide 46: Consolidated Balance Sheet (1H25)
CONSOLIDATED BALANCE SHEET (1H25) Audited Audited YTD YTD June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 EQUITY AND LIABILITIES ASSETS Shareholders' equity: Non-current assets: Share capital $ 20,695 $ 12,793 Natural gas and oil properties, net $ 4,205,736 $ 2,718,258 Share premium 1,378,04
Slide 47: Consolidated Statement of Cash Flows (1H25)
CONSOLIDATED STATEMENT OF CASH FLOWS (1H25) Audited Audited YTD YTD June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Cash flows from operating activities: Cash flows from investing activities: Net income (loss) $ (33,926) $ 15,745 Consideration for business acquisitions, net of cash acquired
Slide 48: Alternative Performance Metrics
ALTERNATIVE PERFORMANCE METRICS 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 49: Alternative Performance Metrics
ALTERNATIVE PERFORMANCE METRICS 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 faciliti
Slide 50: Alternative Performance Metrics
ALTERNATIVE PERFORMANCE METRICS As used herein, free cash flow represents net cash provided by operating activities, less expenditures on natural gas and oil properties and equipment, and cash paid for interest. We believe that free cash flow is a useful indicator of our ability to Free Cash Flow ge
Slide 51: 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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