Diversified Energy Company · NYSE:DEC
Diversified Energy — Merger or Acquisition (September 2026)
13 slides from Diversified Energy's merger presentation, Sep 2, 2026
Slide 1: Choosin’ Texas: Acquisition of Birch
Choosin’ Texas Acquisition of Birch September 2, 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 director
Slide 3: Value-Accretive Deal in the Midland Basin
Value-Accretive Deal in the Midland Basin PROVEN Permian Expansion Represents Significant Long-Term Opportunity Positioned with scale and resource depth, creating anchor position in the Midland Basin, with advantaged cost structure and opportunity for additional bolt-on acquisitions NM TX Turnkey ac
Slide 4: Collaborative Approach, Strategic Expansion: Carlyle Partnership Creates Significant Growth
Collaborative Approach, Strategic Expansion: PROVEN Carlyle Partnership Creates Significant Growth $1.8B Transaction Diversified Acquiring Birch Resources for $1.8B Diversified buying Birch for $1.8B (subject to customary purchase price Carlyle Facilitates: adjustments), funded predominantly by ABS
Slide 5: Permian Scale and Growth Opportunity
Permian Scale and Growth Opportunity PROVEN High-density, vertically integrated acquisition serves as platform to continue consolidation with significant runway Permian Opportunity Growth in America’s Most Prolific Basin Diversified Strategic expansion, adding a scaled, Energy operated position of P
Slide 6: Contiguous footprint with integrated infrastructure bolsters low-cost operations
Contiguous footprint with integrated PROVEN infrastructure bolsters low-cost operations Dawson Borden Advantaged Operating Position in Permian Basin Integrated system, supports low operating costs of approximately $5.72 per BOE, supporting margins and cash flow conversion, in- line with DEC’s vertic
Slide 7: Powerful Platform for “The Next 25”
Powerful Platform for “The Next 25” PROVEN Four scaled core basins creating operating synergies, optimization opportunities, commercial uplift, and consolidation runway Asset Detail Oklahoma East Texas By Core Basina Appalachia Permian (Mid-Con) / Louisiana Total PDP PV-10 ($MM)b $1,543 $2,180 $1,01
Slide 8: 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 Productiona 7,500 6,730 (MMCFEpd) +35% 4,170 2,371 1,683 1,604 369 1,299 1,195 1,042 954 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 + Peer 6 Peer 7 Peer 8 Peer 9 % Liquid
Slide 9: Birch Bolsters Resilient Cash Flow Machine
Birch Bolsters Resilient Cash Flow Machine PROVEN Contiguous Permian position enhances Low-decline PDP asset “POP” opportunities & base delivers predictable long-term cash flow production & cash flow + Acquisition & Technology, infrastructure, shareholder return scale and vertical track record valid
Slide 10: Appendix
PROVEN Appendix
Slide 11: Summary of footnotes
Summary of footnotes PROVEN Slide 3: Value-Accretive Deal… a) Current Diversified production based on average daily production for Q2 2026 and estimated production for Birch as of July 2026. b) Diversified 2026 guidance used for DEC Adj. EBITDA. Next 12 months Adj. EBITDA inclusive of G&A and Hedges
Slide 12: Definitions
Definitions PROVEN Adjusted Free Cash Flow As used herein, free cash flow represents net cash provided by operating activities ("operating cash flow"), less expenditures on natural gas and oil properties and equipment and adjusted free cash flow represents free cash flow after adjusting for proceeds
Slide 13: Investor Relations 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
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