Diversified Energy (DEC) Investor presentation summary

Strategic growth and business model

• Focuses on acquiring, operating, and optimizing established, cash-generating energy assets, with a unique model delivering growth uncorrelated to commodity price cycles through disciplined, accretive acquisitions.

• Has completed over 33 acquisitions, achieving significant scale with over 1.2 Bcfed daily production and $5.2 billion in year-end 2025 reserves.

• Maintains a decentralized operating model, empowering local teams for faster response, higher uptime, and lower costs.

• Portfolio optimization program monetizes undeveloped acreage and non-operated programs, enhancing cash flow and returns.

• Business attributes support outsized capital returns via robust dividends and opportunistic share repurchases.

Financial performance and capital allocation

• Achieved a 66% CAGR in adjusted EBITDA from 2017 to 2025, with 2025 exit rate production at 1,254 Mmcfe/d.

• Over $5B in acquisitions completed since IPO, with more than $1.1B in debt principal payments and $850MM in dividends paid.

• Maintains a sustainable fixed per-share dividend ($1.16/share) and systematic debt reduction, ensuring balance sheet strength.

• Leverages a disciplined M&A framework, targeting accretive deals with low decline, mature production and regional proximity.

• Utilizes multiple financing mechanisms, including ABS, to structure accretive transactions while maintaining leverage targets.

Financing innovation and ABS platform

• Pioneered the use of asset-backed securities (ABS) for upstream energy, providing lower cost, non-recourse, fully amortizing debt.

• ABS structures align with low-decline, predictable PDP assets, supporting higher advance rates and lower interest costs.

• ABS financing enables acquisitions in any commodity price environment, with over $5B in deals financed through this platform.

• Strategic partnerships, such as with Carlyle, further enhance acquisition capacity and minimize shareholder dilution.

• Proven ABS performance with >99% financial compliance, 2.00x debt service coverage, and 53% loan-to-value ratio.