Diversified Energy Company · NYSE:DEC
Diversified Energy — Investor Presentation (November 2026)
51 slides from Diversified Energy's investor presentation, Nov 6, 2026
Slide 1: Investor Presentation
Investor Presentation PROVEN: Stepping up when others step away DEC | NYSE & LSE November 2026
Slide 2: Disclaimer, Forward-Looking Statements and Non-GAAP Measures
Disclaimer, Forward-Looking Statements and Non-GAAP Measures 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 n nor any of its respective di
Slide 3: Proven by Performance, Differentiated by Design
Proven by Performance Differentiated by Design Diversified Energy provides a consistent and stable cash return from a de-risked energy investment with the opportunity for capital appreciation through disciplined and accretive growth Acquire Operate Optimize Disciplined strategy Apply our Smarter Unl
Slide 4: Why invest in Diversified Energy?
Why invest in Diversified Energy? 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 execution of
Slide 5: Organizational culture is a competitive advantage
Organizational culture is a competitive advantage 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 margins 5
Slide 6: We are a consolidator of choice for established energy assets
We are a consolidator of choice for established energy assets Established scale across key operating areas through growth-by-acquisition strategy >35 acquisitions to date Core Basin Op Development Non-Op Development Processing Facilities Daily Production Market Capitalization >1.2 BCFed ~$1.0 Billio
Slide 7: DEC is one of the largest upstream holdings in the US
DEC is one of the largest upstream holdings in the US US Publicly Listed ‘26e Production Enterprise Undeveloped Acreage Enhancing Economics Upstream Producers (Mboe/d)(a) Value (b) EV/EBITDA(c) Represents ~65% of Total and Increasing Liquidity 1,403 $86.16 5.0x 1,390 $68.29 5.1x Provides significant
Slide 8: 35+ (>$8.5B) in acquisitions
Acquisition strategy requires discipline, focus, skill, and precision Acquisitions EBITDA & Production Performance 2017-2020 2021-2024 2025-2026 Appalachia Central Portfolio Adj. Year-End Exit Rate Production (Mmcfe/d) Region Growth Region Entry Transformation EBITDAa 66% CAGR $1.5B 1,604 1,254 $1B
Slide 9: Value-Accretive Deal in the Midland Basin
Value-Accretive Deal in the Midland Basin 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 acquisiti
Slide 10: Pro Forma Growth Facilitates Valuation Re-Rate Opportunity
Pro Forma Growth Facilitates Valuation Re-Rate Opportunity 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 % Liquids 8% 6%
Slide 11: Proven ability to unlock additional cash flow generation
PORTFOLIO OPTIMIZATION PROGRAM (POP) Proven ability to unlock additional cash flow generation Acquisition valuations based on existing producing assets accounting for ~100% of purchase price Acquisitions include monetizable assets assigned little value in acquisition underwriting, enhancing economic
Slide 12: Our de-risked optimization model has translated to economic growth for shareholders
Our de-risked optimization model has translated to 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 Capital Employedb $12.84 15.9% relative to traditional E&Ps equity
Slide 13: Stepping up when others step away
PROVEN: 25 Years of... Stepping up 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 $1 billion
Slide 14: Proven Platform for "The Next 25"
Proven Platform for “The Next 25” PROVEN Operating From the Strongest Fiscal Position in Company History: Scaled, stable, core production base generates durable cash flow, allowing for flexible capital allocation with the opportunity, but not the mandate, for organic low-risk growth from a deep inve
Slide 15: Portfolio of Assets
Portfolio of Assets »>
Slide 16: Operational excellence across all our locations
Operational excellence across all our locations We leverage our smarter asset management program, vertical integration, and broad technology application to get the most out of our assets – every day WAB/Mid-Con – Haynesville/Cotton Valley – Appalachia – 400 MMcfed 484 MMcfed 230 MMcfed Permian – 46
Slide 17: Extensive asset base assembled through successful M&A
Extensive asset base assembled through successful M&A Asset Detail by Region Appalachia Mid-Con ETX / LA Permian Other Total Asset Overview (as of July 2026) Operated PDP PV-10 ($MM) $1,510 $1,550 $717 $204 $86 $4,068 Non-Op PDP PV-10 ($MM) $25 $487 $36 $79 $10 $636 Total PDP PV-10 ($MM) $1,535 $2,0
Slide 18: Infrastructure assets deliver margin enhancement
Infrastructure Fallowfield Compressor assets deliver margin Station enhancement Washington County, PA (Appalachian region) Critical infrastructure supports LOE outperformance and operational flexibility Black Bear Midstream Lines Processing ~38,000 Miles Facility DeSoto Parish, LA – Water Lines Cott
Slide 19: Acquisition Core Competency
Acquisition Core Competency
Slide 20: Thoughtful approach to accretive growth
Thoughtful approach to accretive growth M&A Characteristics Maintain disciplined, value-driven approach Low-Decline Mature Production Acquisitions must meet our return thresholds, be naturally accretive, Target annual production declines of 10-20% and enhance shareholder value Geographically Adjacen
Slide 21: Diversified's Deal Valuation Framework
Diversified’s Deal Valuation Framework 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 history, and
Slide 22: Significant runway for additional growth
Significant runway for additional growth 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 Market in a
Slide 23: Case Study: Path to leading Mid-Con position
Case Study: Path to leading Mid-Con position 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 ascribed t
Slide 24: Operate With Excellence
Operate With Excellence »>
Slide 25: We have built a scalable vertically integrated platform
We have built a scalable vertically integrated platform 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-party cos
Slide 26: "Smarter Asset Management" Delivering Continued Efficiencies
“Smarter Asset Management” Delivering Continued Efficiencies 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 Suppliers
Slide 27: Our scaled digital capability drives operational excellence
Our scaled digital capability drives operational excellence Core Technology Capabilities Cloud Well-Level Centralized Infrastructure Data Capture Operational Control • Remote access to data • LTE connectivity • Visibility across basins • Enhanced information at the wellhead • Supports optimization a
Slide 28: Adding to Our Playbook
Adding to Our Playbook Operated Development Enhances Long- PROVEN Term Cash Flow Durability Drilling Programs Add High Return Production Operated Oklahoma Program Marks Expansion of Playbook Est. $250-300M of Annual Run- Allocating capital to operated programs where Diversified Rate Capex (~25-30% o
Slide 29: Development Program Details
Development Program Details Oklahoma Operated Plan Select High-Return Non-Operated Programs (12 months: Sep ‘26 – Sep ’27) FOCUS: Extracting cash flow from Oklahoma – Mewbourne Texas – Continental Net (Gross) Wells Planned ~17.1 (20.0) the commodity, rather than just Anadarko Resource - Central Basi
Slide 30: Next LVL Energy & Mountain State Plugging Fund
Next LVL Energy & Mountain State Plugging Fund Next LVL Energy: In-House Asset Retirement Mountain State Plugging Fund: Financial Business Drives Efficiency & Cost Savings Assurance for Asset Retirement Obligations Strategy Driven by Innovation not Repetition Common Sense Solution: Strengthening Pos
Slide 31: Finance & Capitalization
Finance & Capitalization »>
Slide 32: Balance Sheet Overview – A focus on low cost of capital
Balance Sheet Overview – A focus on low cost of capital Capital Structure (as of September 31, 2025) Leveragea Breakdown Debt Investment Outstanding Leverage vs. Other Industries DEC – Leverage by Type Instrument Grade Maturity Coupon (%) as of Sep ’26 Security Capital structure more comparable Over
Slide 33: Why have we chosen ABS financing?
Why have we chosen ABS financing? Strategic Advantages Debt Financing Decision Tree of Utilizing ABS Alternatives Low-Cost Ability Focus High Yield RBL ABS ABS Advantages to Capitalize M&A Fixed interest rate with Cost of Capital Investment-Grade rating driving down Carlyle Partnership Solidifies Ou
Slide 34: Hedging: Safeguarding returns and lowering cost of capital
Hedging: Safeguarding returns and lowering cost of capital Enabling Investment- Ensures Underwritten Limiting Commodity Long-Term Exposure Grade Ratings on Acquisition Returns Price Risk to Pricing Upside Acquisition ABS Financing are Achieved Volume Price Natural Gas Hedges Natural Gas Basis Hedges
Slide 35: Value Creation & Investment Thesis
Value Creation & Investment Thesis
Slide 36: 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 37: 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 38: Maintaining Capital Efficiency and Cash Flow Resilience
Maintaining Capital Efficiency and Cash Natural Gas Peers Flow Resilience 44% Annual Production Decline(a) 40% Peer Average Capital plan complements DEC’s stable 33% 35% 31% production and cash flow profile 26% 24% 25% 22% (%) Peer-Leading Declines Low-decline, PDP production base ~10% supports retu
Slide 39: Reiterating 2026 Outlook
Reiterating 2026 Outlook 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(b) $96
Slide 40: Why invest in Diversified Energy?
Why invest in Diversified Energy? 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 execution of
Slide 41: Appendix
Appendix »>
Slide 42: Summary of footnotes (page 1)
Summary of footnotes (page 1) Slide 6: 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. Reconciliation and
Slide 43: Summary of footnotes (page 2)
Summary of footnotes (page 2) Slide 11: Portfolio Optimization Program (POP) a) Reserves are stated on SEC basis as of YE25 Slide 12: Our de-risked optimization model a) Cash flow metrics shown inclusive of undeveloped acreage sales where applicable. Per share metrics include weighted average basic
Slide 44: Summary of footnotes (page 3)
Summary of footnotes (page 3) Slide 37: 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 Canvas Ener
Slide 45: 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 46: Free Cash Flow & Net Debt
Free Cash Flow & Net Debt 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’ securitiz
Slide 47: 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 48: Hedging Detail
Hedging Detail Natural Gas Financial Derivatives Contracts Natural Gas (MMBtu, $/MMBtu) 1Q26 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 2026 2027 2028 2029 NYMEX NG Swaps(a) Volume 68,418,843 67,602,822 66,466,239 64,312,197 61,557,978 61,558,109 60,629,959 56,908,653 266,800,101 240,654,699 208,857,177 189
Slide 49: Hedging Detail
Hedging Detail Natural Gas Liquids Financial Derivatives Contracts NGL (bbl, $/bbl) 1Q26 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 2026 2027 2028 2029 Consolidated NGL Hedges (b) Volume 2,329,856 2,104,201 1,995,173 1,926,598 1,984,170 2,005,382 1,949,006 1,912,163 8,355,828 7,850,720 5,115,058 4,475,078 W
Slide 50: Amortizing debt structures drive disciplined repayment
Amortizing debt structures drive disciplined repayment -9% ~$308 -23% -34% -44% -55% -69% -84% -90% ~$460 USD Millions ~$356 ~$333 ~$361 ~$471 ~$469 ~$218 2026 2027 2028 2029 2030 2031 2032 2033 Naturally aligned with Enabling Investment-Grade Creates clear line-of-sight to Naturally aligned with E
Slide 51: 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 [email protected] [email protected] +1 973 856 2757 +1 412 403 7085
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