Diversified Energy Company · NYSE:DEC
Diversified Energy — Investor Day (April 2026)
60 slides from Diversified Energy's investor day presentation, Apr 14, 2026
Slide 1: Investor Symposium
PROVEN: Steadfast, Constant, Staying the Course Investor Symposium Convene – New York City, NY DEC | NYSE & LSE April 14, 2026
Slide 2: Welcome
Welcome Doug Kris Senior Vice President, Investor Relations & Corporate Communications
Slide 3: 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 Forward-looking statements speak only as of their date and neither the Company nor any of its respective directors, Company (“Di
Slide 4: Today’s Agenda
Today’s Pioneering Game Changer Rusty Hutson Jr. PROVEN Agenda Founder & CEO Disciplined Growth Michael Rigg Through Acquisitions Executive Vice President, Chief Investment Officer Financing Innovation & John Crain Advantage Senior Vice President of Treasury & Risk Management Tech-Driven Competitive
Slide 5: Pioneering Game Changer
Pioneering Game Changer Restlessly focused on delivering consistent results Rusty Hutson, Jr. Founder & Chief Executive Officer
Slide 6: Why invest in Diversified Energy?
Why invest in Diversified Energy? PROVEN 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 execut
Slide 7: Organizational culture is a competitive advantage
Organizational culture is a competitive advantage PROVEN Who We Are Where We Focus How We Talk Core Values Daily Priorities Winning Language DEC’s decentralized operating model puts accountability closest to the asset Local teams own execution Faster response, higher uptime Lower costs, stronger mar
Slide 8: We are a consolidator of choice for established energy assets
We are a consolidator of choice for established energy assets PROVEN Established scale across key operating areas through growth-by-acquisition strategy 33 acquisitions to date Core Basin Non-Op Development Processing Facilities Daily Production YE25 Market Capitalizationd >1.2 Bcfed ~$1.3 Billion Y
Slide 9: DEC has one of the largest upstream holdings in the US
DEC has one of the largest upstream holdings in the US PROVEN Acreage by State Over 2 Million WV Undeveloped Acreage Enhancing Economics 750k – 2 million PA, OK, KY, TX Represents ~65% of Total and Increasing Liquidity 100k – 750k LA, NM, OH, TN, VA Less Than 100k AL, AR, FL, WY Provides significant
Slide 10: Delivering on a de-risked production optimization model
Delivering on a de-risked production optimization model PROVEN Reducing exposure to Traditional typical industry risk factors Gassy E&Ps Reinvestment Ratea Reinvestment Ratea Development/Operational Risk • PDP focus eliminates the need for drill-bit exploration 82% 91% • Smarter Asset Management enh
Slide 11: We have built a scalable vertically integrated platform
We have built a scalable vertically integrated platform PROVEN Integrated Platform Across the Value Chain Technology and Corporate Infrastructure Backbone Production Local owner/operator model improves uptime Best-in-Class Midstream Tech Stack Owned infrastructure Technology-enabled reduces third-pa
Slide 12: Proven ability to unlock additional cash flow generation
PORTFOLIO OPTIMIZATION PROGRAM (POP) Proven ability to unlock additional cash flow generation PROVEN Acquisition valuations based on existing producing assets accounting for ~100% of purchase price Acquisitions include monetizable assets assigned no value in acquisition underwriting, enhancing econo
Slide 13: Our capital return priorities: 2025 success
Our capital return priorities: 2025 success PROVEN Systematic Strategic Share Accretive Fixed per-share Debt Reduction Repurchases Acquisitions Dividend $277MM ~$100MM ~$2.0B ~$85MM of debt principal value of shares of recently completed in dividend payments repurchased(a) acquisitions(b) distributi
Slide 14: Disciplined Growth Through Acquisitions
Disciplined Growth Through Acquisitions How DEC Delivers Strategic, Per-Share Accretive Growth Michael Rigg Executive Vice President, Chief Investment Officer
Slide 15: Key Discussion Points
Key Discussion M&A is a critical growth engine for DEC, offering attractive PROVEN Points risk-adjusted returns relative to organic development DEC has a PROVEN track record of delivering consistent, Disciplined, repeatable material growth through M&A M&A is a core driver of DEC’s growth, Acquisitio
Slide 16: Acquisition strategy drives outsized adjusted EBITDA and production growth
Acquisition strategy drives outsized PROVEN adjusted EBITDA and production growth Acquisitions EBITDA & Production Performance 2017-2020 2021-2024 2025-2026 2025 Exit Rate Adj. Production (Mmcfe/d) Appalachia Central Portfolio EBITDAa Region Growth Region Entry Transformation 66% CAGR $1B 1,254 841
Slide 17: Diversified M&A Team Focused on Accretive Growth
Diversified M&A Team Focused on Accretive Growth PROVEN A cross-disciplinary team with complementary technical and financial experience enables successful internal M&A execution without reliance on third-party consultants or advisors FINANCIAL BACKGROUND TECHNICAL BACKGROUND Michael Alex Brian Simon
Slide 18: Our PROVEN and disciplined approach to M&A
Our PROVEN and disciplined approach to M&A PROVEN enables us to compete in today’s competitive market Focus on Scale within our Existing Footprint Deals >$100MM proximal to our existing acreage Targets are naturally synergistic, leveraging existing Disciplined, Value-Driven Approach infrastructure a
Slide 19: Thoughtful approach to accretive growth
Thoughtful approach to accretive growth M&A Characteristics PROVEN Maintain disciplined, value-driven approach Low-Decline Mature Production Acquisitions should meet our return thresholds, be naturally accretive, Target annual production declines of 10-20% and enhance shareholder value Geographicall
Slide 20: Announced PDP Discount Rate
Our established framework has allowed DEC to make PROVEN acquisitions at attractive discount rates, regardless of size Bolt-On Transformational 25 Announced PDP Discount Rate 20 (E. TX) 15 10 5 0 50 100 200 400 800 1,600 Transaction Price ($MM) 20
Slide 21: Significant runway for additional growth
Significant runway for additional growth PROVEN Who We Buy From U.S. Producing Wells – Significant Opportunity Set Private Equity ~$75 Billion in upstream assets expected Sponsored to be liquidated over five years Target Opportunity Set DEC Market Share of Producing Wells Large-Cap ~$50 Billion Mark
Slide 22: Flexibility for Strategic New Basin Entries
Flexibility for Strategic New Basin Entries PROVEN DEC’s PROVEN integration playbook & “Smarter Asset Management” approach can be applied to any basin, but new basin acquisitions will need to be scaled targets Illustrative DEC Optimization Potential, Future Key Focus Areas Model for New Basin Entry
Slide 23: Our 2025 acquisition of Canvas Energy reflects a disciplined M&A evaluation
Our 2025 acquisition of Canvas Energy reflects a PROVEN disciplined, returns-focused M&A evaluation effort M&A Opportunities Evaluated by DEC in 20251 Bid Passed No Bid / Pass, Not Selected as buyer Total Deals Round 1 Bid Round 2 Bid Selected as Buyer 57 24 8 1 33 No Bid / Pass 16 Not Selected 7 No
Slide 24: Diversified’s Deal Valuation Framework
Diversified’s Deal Valuation Framework PROVEN Our seasoned upstream M&A professionals maintain a rigorous underwriting process Key Steps in our Underwriting Analysis Detailed Evaluation of Sell-side Model 1. Rigorous production forecasts • Forecasts on a well-by-well basis • Wells with limited histo
Slide 25: Case Study: Path to leading Mid-Con position
Case Study: Path to leading Mid-Con position PROVEN Oklahoma Acquisition Map Acquisition Overview Acquisition Strategic Rationale / Upside Realized Price Paid Tapstone • Represented entry into basin, establishing platform for $181MM additional bolt-ons and operating team December 2021 • No value asc
Slide 26: Financing Innovation & Advantage
Financing Innovation & Advantage How Our ABS Platform Creates Value for Equity Investors John Crain Senior Vice President, Treasury & Risk Management
Slide 27: Key Discussion Points
Key Discussion Points PROVEN Analyst & investor observations on DEC Financing Leverage Vs ABS Benefits to Valuation Structure Peers Shareholder Framework The financing The leverage ratio The shareholder It’s tough to structure feels more seems high compared value of ABS over determine the right unor
Slide 28: Addressing these observations
Addressing these observations PROVEN Supported by market data, DEC performance & stress-tested assumptions ABS is a large market, and a core ABS leverage is fundamentally 1 financing tool across multiple sectors 2 different from other forms of debt • PDP assets and ABS are structurally aligned • Am
Slide 29: ABS is a Proven, Mainstream Financing tool
ABS is a Proven, Mainstream Financing tool PROVEN DEC has adapted a trillion-dollar financing market to onshore PDP assets Energy ABS market growth drivers Institutional capital is flowing in Global ABS annual 1 Insurance & pension funds are the fastest-growing ABS buyers issuance volume ($Bn) DEC A
Slide 30: PDP ABS: Soup-to-Nuts
PDP ABS: Soup-to-Nuts PROVEN Asset Selection ABS Structuring Hedging Process Shareholder benefit Process Shareholder benefit Process Shareholder benefit • Source seasoned • Asset selection • Size advance/ LTV • Higher advance = • ~85% hedged for 5+ • Protects DEC margins assets from RBL, tailored to
Slide 31: How a PDP ABS works
For illustration only How a PDP ABS works PROVEN Our ABS transactions are structured with meaningful headroom to ensure sound performance ABS monthly cash flow waterfall Performance and default triggers Per Unit (Per Mcfe) Debt service coverage Typical Threshold Production Production revenuerevenue
Slide 32: Proven Reliability
Proven Reliability PROVEN Incredibly consistent ABS equity returns Through-cycle performance Consolidated ABS performance track record(a) Track record spans $2 gas, $9 gas, COVID, and the fastest rate-hiking cycle in 40 years. 2.00x Debt service coverage ratio(d) Our assets generate cash flow that c
Slide 33: Corporate org chart
Corporate org chart PROVEN Each ABS subsidiary provides an independent cash flow stream to the parent DEC organization chart(a) 2025 Cash Flow to Parent Summary(b) Before ABS & Diversified Energy Company NYSE: DEC EBITDA (ex. G&A) $1,058 MM RBL principal & (Delaware, USA) LSE: DEC Interest After deb
Slide 34: Lower cost of capital
For illustration only Lower cost of capital PROVEN More assets per equity dollar, at a lower cost, with no refi risk, and zero recourse to the parent DEC ABS Structuring evolution Avg. credit spread (through BBB)(a) Assumptions: $550mm Acquisition | $600mm PDP PV-10 | $156mm Year 1 EBITDA | 14% Aver
Slide 35: Accessing Capital in Any Market
Accessing Capital in Any Market PROVEN ABS Enables Our Acquisition Strategy Access to ABS capital allows DEC to acquire assets & issue in any price environment Henry Hub monthly settlement Acquisition size(a) (USD/ MMBtu) (MM USD) Acquisition Tool 10 1,400 Lower cost of capital means higher returns
Slide 36: ABS Provides Acquisition Financing
ABS Provides Acquisition Financing PROVEN DEC has multiple ABS avenues for acquisition financing Carlyle Strategic ABS refinancings RBL term-outs Partnership • Option for Carlyle to provide a • Existing ABS’s below original LTV • RBL advance rate less than 50% majority of equity capital while value
Slide 37: Carlyle Strategic Partnership
For illustration only Carlyle Strategic Partnership PROVEN Partnership enables attractive growth while providing off-balance sheet financing ABS Cash Flow Impact to DEC Carlyle partnership benefits DEC Equity IRR Total annual equity residual cash flow (MM USD)(a) with Promote 1 Scale acquisition cap
Slide 38: Who Else Does This — and How Are They Valued?
Who Else Does This — and How Are They Valued? PROVEN ABS eligibility signals cash flow quality that markets have historically rewarded Non-Traditional ABS debt(a) Market EV/ Reported ABS sector Company % of total debt cap EBITDA Leverage Market View Public Oil & gas Diversified Energy ~73% $1.2B ~4x
Slide 39: When the multiple reflects the model
When the multiple reflects the model PROVEN DEC’s opportunity is closing the valuation gap Growth & Re-rating 2026 & Beyond Progression Strategic financing Leverage asset equity ABS VIII – XI 2024 - 2025 • Leverage Carlyle • Refinancing existing ABS’s Scale partnership for larger to unlock equity va
Slide 40: ABS Powers Shareholder Returns
ABS Powers Shareholder Returns PROVEN The Case for DEC's ABS Strategy Higher Advance Rates + Lower Interest Rates = Higher Shareholder Returns ABS structures are prudent for low decline, low-risk, predictable producing assets ABS amortization schedules move in tandem with our production decline and
Slide 41: Tech-Driven Competitive Edge
Tech-Driven Competitive Edge How DEC successfully and efficiently integrates acquisitions and manages assets Brad Gray President & Chief Financial Officer
Slide 42: 35+ (>$5B) in acquisitions
Acquisition strategy requires discipline, focus, skill, and precision PROVEN Acquisitions EBITDA & Production Performance 2017-2020 2021-2024 2025-2026 2025 Exit Rate Adj. Production (Mmcfe/d) Appalachia Central Portfolio EBITDAa Region Growth Region Entry Transformation 66% CAGR $1B 1,254 841 $472M
Slide 43: Vast operating footprint requires best-in-class technical skills and tools
Vast operating footprint & extensive number of assets PROVEN require best-in-class technical skills and tools Total Number Total Business Total Number of Wells Associates of Meters 69,156 324,864 93,558 (total net) Total Delivery Total Revenue Total Monthly System Points Contracts Payment Statements
Slide 44: Proven, Repeatable & Efficient M&A Integration at Scale
Proven, Repeatable & Efficient M&A Integration at Scale PROVEN Standardized Integration Playbook 35+ Acquisitions 1. Acquire 2. Ingest 3. Standardize 4. Automate 5. Optimize supported through a common integration playbook Common Automated Scalable Model Scripts Cadence Snowflake as Reusable ingestio
Slide 45: 100% Cloud Foundation for Scalable Operations
100% Cloud Foundation for Scalable Operations PROVEN DEC uses world class solutions with no physical servers Azure Cloud provides the scalable, secure backbone for enterprise integration and AI deployment Snowflake serves as the Enterprise Integration Hub Scale Operations Supports growth and M&A Fie
Slide 46: ONEDEC: AI-Ready Platform from Wellhead to Boardroom
ONEDEC: AI-Ready Platform from Wellhead to Boardroom PROVEN Our ONEDEC platform is a fully integrated, AI-ready architecture that connects the business end-to-end and supports disciplined growth, while maintaining governance, traceability, and compliance. Embedding AI in our systems 1. Process 2. Au
Slide 47: AI SWAT Team: Business-Led Deployment, Governance & Adoption
AIAISWAT Team: Business-Led Deployment, Governance & Adoption SWAT Team: Building a cross functional team of AI subject matter experts Business-Led Deployment, Governance & Adoption PROVEN Mission & Objective What the AI SWAT Team Does • Cross-functional task force to validate, maintain, • Identify
Slide 48: Agentic AI @ DEC: The Paradigm Flip
Agentic AI @ DEC: The Paradigm Flip PROVEN Business process and workflow-driven AI designed to drive significant efficiency DEC’s Agentic AI Operating Model What Agentic AI means at DEC Why This Matters AI agents perform bounded work inside Software workers operating inside Faster execution, better
Slide 49: Technology and scale advantages industry consolidators
Technology and scale advantages industry consolidators PROVEN EXAMPLE: DEC: Bank Consolidation Proven Consolidator of Choice Scale efficiencies Spreading costs & investments across larger DEC leverages its technology investments and asset bases improves profitability, and creates its scale by managi
Slide 50: Success of our acquisition strategy translated into economic growth for shareholders
The success of our acquisition strategy, technology investments and integration playbook, have translated into PROVEN economic growth for shareholders Shareholder Takeaways Proven Multi-Year Track Record: 2021 – 2025 EBITDA per Sharea 12% CAGR Return on 13% CAGR Unique business model Prudent use of
Slide 51: Underpinned by best-in-class investment attributes of high-multiple subsectors
Underpinned by best-in-class investment attributes of several, high-multiple subsectors in the energy universe PROVEN Growth Stock Value Stock Income Stock + + ~100% 4.3x EV/EBITDAa 7.0% Dividend Yield 1-year Growth in Revenue & Adjusted EBITDAa Return of A Rare Combination 37% FCF Yieldb 16% Capita
Slide 52: Closing Remarks
Closing Remarks Rusty Hutson, Jr. Founder & Chief Executive Officer
Slide 53: Stepping up when others step away
PROVEN: 25 Years of... Stepping up PROVEN 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
Slide 54: OSA
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Slide 55: Corporate contacts
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
Slide 56: Summary of footnotes (page 1)
Summary of footnotes (page 1) PROVEN Slide 8: We are a consolidator of choice for established energy assets a) All reserves are stated on SEC basis as of YE25 b)Pro-forma Adjusted EBITDA is a non-GAAP metric, which represents earnings before interest, taxes, depletion, and amortization. Reconciliati
Slide 57: Summary of footnotes (page 2)
Summary of footnotes (page 2) PROVEN Slide 32: Proven Reliability a) Consolidated covenants and performance triggers for all ABS notes reported as of September 29, 2025 b) Calculated by summing all noteholder statements without a reported performance breach that could have resulted in a full or part
Slide 58: Summary of footnotes (page 3)
Summary of footnotes (page 3) PROVEN Slide 50: 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
Slide 59: Appendix: 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 60: 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
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