Diversified Energy (DEC) Corporate presentation summary

Strategic positioning and business model

• Focuses on acquiring and optimizing U.S. onshore producing assets, with a diversified footprint in the Appalachian and Central regions, and a production exit rate of 1,144 MMcfe/d in Q3 2025.

• Growth driven by accretive acquisitions, including $2.0B in 2025 with major deals like Maverick and Canvas Energy, resulting in a 33x production increase since 2017.

• Maintains a de-risked production model with robust margins, dynamic hedging (60-80% of gas volumes hedged for five years), and low production declines.

• Vertically integrated operations and technology investments drive cost efficiency, asset optimization, and sustainability.

• Unlocks value from 8.6 million net acres, with significant upside from undeveloped acreage and strategic partnerships.

Financial performance and capital allocation

• Achieved $500M in total revenue (Q3 2025), $286M adjusted EBITDA (66% margin), and $144M adjusted free cash flow, with $296M YTD FCF supporting shareholder returns and debt repayment.

• Reduced leverage by 20% since YE 2024, with a current leverage ratio of 2.4x and $440M liquidity.

• Delivered ~$2.2B in shareholder returns and debt principal payments since IPO, including $203M debt reduction, $61M share repurchases, and $85M dividends in 2025.

• Updated 2025 guidance: production 1,050–1,100 MMcfe/d, adj. EBITDA $900–$925M, capex $175–$185M, and FCF ~$440M.

• Maintains a differentiated, naturally deleveraging debt profile, with amortizing ABS notes and significant equity value relative to debt.

Portfolio optimization and acquisitions

• Ongoing portfolio optimization with $144M in 2025 divestitures, focusing on monetizing undeveloped acreage and enhancing returns.

• Major acquisitions in 2025 (Maverick, Canvas, Summit) increased scale, improved margins, and created operational synergies.

• Integration of acquired assets drives G&A efficiencies, cost reductions, and midstream optimization, including pipeline swaps and system integration.

• Oklahoma joint venture delivers high IRR drilling opportunities, offsetting corporate decline and unlocking value from non-op partnerships.

• Canvas Energy acquisition adds 147 MMcfepd production, 57% liquids weighting, and high-quality undeveloped acreage in Oklahoma.