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A S o l u t i o n s B a s e d A p p r o a c h t o R e s p o n s i b l y P r o d u c e E n e r g y & C r e a t e S h a r e h o l d e r V a l u e N o v e m b e r 2 0 2 5 Right Company, Right Time
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The information contained in this document (the "Presentation") has been prepared by Diversified Energy Company PLC (“Diversified” or the "Company”). This Presentation is for general information purposes only and does not constitute an invitation or inducement to any person to engage in investment activity. While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers give, have given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as "Information") and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation. This Presentation contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and business of the Company and its wholly owned subsidiaries (the “Group”). All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. These forward-looking statements, which contain the words "anticipate", "believe", "intend", "estimate", "expect", "may", "will", "seek", "continue", "aim", "target", "projected", "plan", "goal", "achieve" and words of similar meaning, reflect the Company's beliefs and expectations and are based on numerous assumptions regarding the Company's present and future business strategies and the environment the Company and the Group will operate in and are subject to risks and uncertainties that may cause actual results to differ materially. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Company or the Group to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company's or the Group's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of regulators and other factors such as the Company's or the Group's ability to continue to obtain financing to meet its liquidity needs, the Company’s ability to successfully integrate acquisitions, changes in the political, social and regulatory framework in which the Company or the Group operate or in economic or technological trends or conditions. The list above is not exhaustive and there are other factors that may cause the Company's or the Group's actual results to differ materially from the forward-looking statements contained in this Presentation, Including the risk factors described in the “Risk Factors” section in the Company’s Annual Report and Form 20-F for the year ended December 31, 2024, filed with the United States Securities and Exchange Commission. Forward-looking statements speak only as of their date and neither the Company nor the Group nor any of its respective directors, officers, employees, agents, affiliates or advisers expressly disclaim any obligation to supplement, amend, update or revise any of the forward-looking statements made herein, except where it would be required to do so under applicable law. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements in this Presentation may not occur. As a result, you are cautioned not to place undue reliance on such forward- looking statements. Past performance of the Company cannot be relied on as a guide to future performance. No statement in this Presentation is intended as a profit forecast or a profit estimate and no statement in this Presentation should be interpreted to mean that the financial performance of the Company for the current or future financial years would necessarily match or exceed the historical published for the Company. This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. The distribution of this Presentation in or to persons subject to other jurisdictions may be restricted by law and persons into whose possession this Presentation comes should inform themselves about, and observe, any such restrictions. Any failure to comply with such restrictions may constitute a violation of the laws of the relevant jurisdiction. Certain key operating metrics that are not defined under IFRS (alternative performance measures) are included in this Presentation. These non-IFRS measures are used by us to monitor the underlying business performance of the Company from period to period and to facilitate comparison with our peers. Since not all companies calculate these or other non-IFRS metrics in the same way, the manner in which we have chosen to calculate the non-IFRS metrics presented herein may not be compatible with similarly defined terms used by other companies. The non-IFRS metrics should not be considered in isolation of, or viewed as substitutes for, the financial information prepared in accordance with IFRS. Certain of the key operating metrics set forth [below][in this Presentation] are based on information derived from our regularly maintained records and accounting and operating systems. The financial information in this Presentation does not contain sufficient detail to allow a full understanding of the results of the Company. Please refer to the full results announcement for more detailed information. It is our intention that all of the information provided during this Presentation or in any follow-up discussion will either be publicly available information or, if not publicly available, information that we do not believe constitutes inside information or material non- public information about the Company. However, you are under an obligation to assess independently for yourself whether you are in possession of inside information, and when you cease to be in possession of inside information. 2November 2025
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3November 2025 WHO ARE WE: OPERATOR OF U.S. ONSHORE DEVELOPED ASSETS a) September exit ratey production for 3Q25 b) Total Company Proved Reserves as of 07/01/2025 Using Full NYMEX Price Deck Effective 6/30/2025 c) Calculated as the change in average daily production from the Company’s February 2017 IPO. Includes the pending Maverick acquisition. HQ Appalachian Region: ~35% of Production Central Region: ~65% of Production Legacy Assets Growth Through Accretive Acquisitions ✓ Production has increased >30x since 2017 IPO(c); ~$2.0B of acquisitions in 2025, including Maverick Natural Resources in Q1 2025, representing the largest acquisition to date (~$1.3 Billion), and Canvas Energy in Q3 2025 (Closing Q4) De-risked Production Model, Robust Margins in Various Price Environments ✓ Dynamic hedging, with 60 – 80% of gas volumes hedged over next five years, peer- leading production declines, and ABS structure reduce exposure to typical industry risk factors Capital Efficient with High Free Cash Flow Conversion ✓ Peer-leading capital efficiency and production declines, combined with low-interest rate debt enhance free cash flow conversion Modern Field Management Philosophy Leverages Technology and Scale ✓ Investments in data-driven, real-time technologies yields the ability to manage assets with next-level insights and efficiencies Unlocking Value of Undeveloped Acreage ✓ 8.6mm net acres(b) within operating footprint provide significant upside potential through monetization or organic development via strategic partnerships Next LVL Energy: Setting a New Standard for Retirement ✓ Financial stability, corporate support, innovative techniques, and strong industry and state relationships position Next LVL for future growth Investment Highlights Total Combined Production: ~1.15 Bcfe/d(a) Total Combined Proved Reserves 6 Bcfe(b) WY Assets FL Assets Maverick Assets Midstream Assets Central Region Appalachian Basin
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4November 2025 WHAT DIVERSIFIED ENERGY DOES Acquire Attractively Valued Energy Assets Finance With Low Cost Of Capital Use Expertise and Vertical Integration To Be Industry-Leading Low-Cost Operator ✓ Valuation: Acquire Mid-teens+ IRRs on producing assets ✓ Operations & Synergies: Meaningful operating footprint overlap & tangible synergies high-grade returns ✓ Undeveloped Acreage: Yielding >$140M of proceeds in 2025 ✓ ABS Financing: Investment-grade with maturity that matches our low decline assets ✓ Amortizing debt that manages leverage post-acquisition ✓ Outcome: Company captures spread between mid-teens+ IRR and mid-single digit cost of capital ✓ Vertical Integration: Allows DEC to manage costs and integrate acquisitions without adding G&A ✓ Technology Platform: data-driven technologies manage assets with next-level insights and efficiencies, while creating industry leading environment outcomes ✓ Smarter Asset Management: Culture of empowerment in the field, allows our team to identify opportunities that drive increased cash flows and create sustainable margins
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5November 2025 THE PUBLICLY TRADED CHAMPION OF THE PDP SUBSECTOR Diversified’s Unique Value-Creation Levers Significant Scale of PDP Operations Extensive Vertical Integration Leading Technology Platform Beneficial Financing Solutions Flexible Capital Allocation Proven Synergy Capture Dynamic Multi-Basin Rollup Strategy Extensive operational footprint establish platform to capture value by acquiring assets at attractive valuations throughout E&P capital cycles Distinctly Efficient PDP Operations Vertically integrated operating, marketing, midstream and retirement capabilities enhance margins and increase allocable capital Demonstrated Commitment to Returns Returns-focused model prioritizes Free Cash Flow for debt reduction, dividend payments, share buybacks and accretive acquisitions Differentiated Sustainability Platform Smarter Asset Management and emissions mitigation initiatives maximize production volumes and enable best-in-class sustainability reporting
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November 2025 6 a) Share repurchases include the value of shares repurchase through Diversified announced Share Repurchase Program and the value of shares purchased by Diversified’s Employee Benefit Trust (the “EBT”) through November 1, 2025. b) Value of completed acquisitions based on the previously announced gross valuation, includes the Canvas Energy, Summit Natural Resources and Maverick Natural Resources acquisitions closed in 2025. c) Includes dividends paid and declared during the calendar year 2025. d) Total Company Proved Reserves as of 07/01/2025 Using Full NYMEX Price Deck Effective 6/30/2025 EXECUTING ON OUR STRATEGY- CREATING VALUE IN 2025 Fixed per-share Dividend Strategic Share Repurchases Accretive Acquisitions Systematic Debt Reduction $203 million of debt principal payments ~$85 million in Dividend Distributions(c) ~$61 million value of shares repurchased(a) ~$2.0 billion of recently completed acquisitions(b) 1H 2025 Total Proved Reserves(d) of 5.98 Bcfe; increase of 65% vs. YE 2024 Illustrating the Strength, Resilience and Value of Our Asset Base Total stakeholder returns since 2017 IPO include ~$2.2 billion in shareholder returns and debt principal payments
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November 2025 7 DELIVERING EXCEPTIONAL PERFORMANCE AND GROWTH Third Quarter Financial & Operating Highlights Production Exit Rate of 1,144 MMcfe/d • 3Q 2025 avg. production of 1,127 MMcfe/d • Maintained consolidated production decline of ~10% per year Total Revenue, Inclusive of Hedges of $500(a) Million • Total Revenues per Unit of $4.82/Mcfe(a) • Expanding base of portfolio optimization, midstream, CMM, and Next LVL Adjusted EBITDA of $286 Million(b) • 66% Adj. EBITDA margin consistent with strong track record of cash generation(a) Generated $144 Million of Adjusted Free Cash Flow(c) • Operating Cash Flow of $166 Million • Significant portfolio optimization delivered $74 Million in cash proceeds(b) • YTD FCF(c) of $296 Million supported shareholder returns and debt repayment Reduced leverage by 20% since year-end 2024 • Strengthened Balance Sheet with $440 Million of Liquidity • Leverage of 2.4x within target range of 2.0x to 2.5x a) Excludes certain amounts relating to Diversified's wholly owned asset retirement subsidiary, Next LVL Energy, and includes proceeds from divestitures. Please refer to the Company’s RNS announcement on November 4, 2025 for more information. b) Adjusted EBITDA represents earnings before interest, taxes, depletion, and amortization, and includes proceeds from divestitures and adjustments for items that are not comparable period-over-period c) Adjusted Free Cash Flow includes proceeds from divestitures. 829 1127 Production Mmcfe/d $244 $500 Revenue(a) Millions $115 $286 Adj. EBITDA Millions $56 $144 Adj. Free Cash Flow Millions 3Q 2025 3Q 2024 1-year Growth 36% 105% 149% 157% Significant Y ear-over-Y ear Growth
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8November 2025 CONTINUOUS PROCESS OF PORTFOLIO OPTIMIZATION DEC total acreage as per Form 20-F as of December 31, 2024 a) Calculated using the average price per acre of divestitures recorded in 2025YTD, including activity subsequent to June 30, 2025, and total net leasehold within Diversified’s Oklahoma operations 8.6 Million Net Acres within Operating Footprint 99.9% of all acreage currently held-by-production with minimal portfolio exposure to state or federal lands Undeveloped Acreage Represents ~65% of Total Provides significant upside potential through monetization or organic development via strategic partnerships, including Oklahoma non-op joint venture Significant Untapped Value of Undeveloped Acreage Land position of ~2.3 million acres in TX, NM, and OK, with recent land sales of ~$1,500/acre in Central Region indicating significant potential value (a) Enhancing Economics and Increasing Liquidity With acquisition economics focused solely on PDP assets, monetization of acreage represents pure upside opportunity to significantly improve investment returns $95 $59 $144 $95 $154 $298 2023 2024 2025 Acreage Sales (USD Millions) Cumulative Current Total 2025 Divestitures $144M Oklahoma ~60% Permian ~30% East Texas / Louisiana ~10% Annualized and Ratable Free Cash Flow Generation from Optimization Program
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9November 2025 MOVE OF PRIMARY LISTING TO NEW YORK STOCK EXCHANGE Increases overall trading liquidity in the Company’s shares, given access to deeper US capital markets Establishing SEC filing of GAAP financials for Q4/FY25, & change in parent company to Delaware incorporation from UK-based PLC Expands Company profile and access to high-quality equity investors Increases exposure to US investors through a primary US listing Optimizes positioning of the Company for inclusion in US equity indices and Exchange Traded Funds Maintaining secondary listing on the LSE to facilitate trading liquidity for non-US shareholder base
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10November 2025 “MOUNTAINSTATEPLUGGING FUND“ – DEC CONTINUES TO INNOVATE &LEAD ✓ DEC pays $3.5 million annual premium for 20 years ✓ $70M over 20 years covers all of DEC’s Current ARO in the state (>25% of DEC wells) vs. total discounted ARO of $883M ✓ Years 1 – 20: DEC obligated to plug 75 wells per year ✓ Years 21 – 100: Fund supports plugging of up to 250 wells per year ✓ all DEC wells plugged by end of term ✓ Payments & fund balance are held in a bankruptcy-remote entity managed by an independent party (OneNexus) exclusively reserved for plugging obligations of DEC wells in WV Providing WV Financial Assurance for DEC’s Future Asset Retirement Obligations (ARO) Plugging Fund Attributes Financially Secure AgreementFund Establishment Compounding Investment Insurance Guarantee Groundbreaking Partnership – Common Sense Solution • DEC enters into long-term Asset Retirement Agreement (“ARA”) providing financial assurance to WV • Potential to cover all ARO in WV (~21k producing wells in WV – >25% of DEC portfolio) • WV leads the U.S. with a new standard for plugging financial assurance at zero cost to the State of WV Strengthening Position as Leading PDP Operator & Next LVL Energy as Go-To Asset Retirement Service Provider Efficient Well Retirement STEWARDSHIP – PARTNERSHIP – LEADERSHIP
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November 2025 11 Industry Consolidation Provides Opportunity Consolidation and push for lower industry-wide G&A creates opportunities for Diversified to be the go-to acquirer of quality PDP Assets under DEC’s existing corporate infrastructure. MARRYING ATTRACTIVE ASSETS WITH RISK-ADJUSTED CAPITAL Non-Dilutive Financing & Surety of Capital Maintain capital flexibility, support long-term growth, and preserve shareholder value while expanding leadership in US PDP assets. Reinforces Diversified’s Industry Leading Position Carlyle’s global presence and proven track record align perfectly with our vision to be the leader in the management of existing PDP assets. Shale Maturation Creates Compelling Acquisition Market Growth-oriented E&Ps and Private Equity sponsors recycling capital through divestment of mature assets sets up ample targets for Diversified’s continued growth
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November 2025 12 CEO Rusty Hutson with Appalachian Energy Executives: 2025 Energy & Innovation Summit - Pittsburgh, PA 2025 Energy and Innovation Summit - Pittsburgh, PA Senator Dave McCormick hosted POTUS, regulators, and CEOs of the largest Energy and Data Center corporations, which outlined significant investment in the region Power Generation & Data Center Colocation $92B pledged for investment in Pennsylvania by parties including EQT, Blackrock, Meta, Google, AWS, Brookfield, Frontier Group, Equinor, and more APPALACHIA AT THE CROSSROADS OF ENERGY AND AI DEC Asset Map - Appalachian Basin Homer City Datacenter Bruce Mansfield Datacenter In-Basin Demand Points to Tighter Basis Spreads Homer City expected ~0.665 BCF per day1 and Bruce Mansfield expected ~0.8 BCF per day1. With further investments anticipated, there is meaningful potential for tightening spreads in Appalachia 1: Second Quarter 2025 Results
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13November 2025 UNIQUE SMALL CAP INVESTMENT OPPORTUNITY Russell 3000 Constituents Platform Scale ~$1 Billion Adjusted EBITDA(a) Dividend History 20+ qtrs. consecutive dividend payment Growth >2x increase in Adj. EBITDA since 2020 Leading Returns Over 20% TTM TSR(b) 3,000 226 55 companies companies companies 24 companies 1 company $1B 21% 20+ 2.3x DEC metric Source: Factset a) Annualized guidance pro forma for Maverick acquisition b) 12- months ended October 2025
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November 2025 14 a) Guidance range for 2025 includes partial-year contribution of Maverick Natural Resources for the nine-months April 1, 2025 through December 31, 2025 INCREASED 2025 COMPANY FINANCIAL OUTLOOK 2025 Prior Guidance Range(a) 2025 Updated Guidance Range(a) Low High Low High Total Production (Mmcfe/d) 1,050 1,100 1,050 1,100 % Liquids 25% 25% % Natural Gas 75% 75% Adj. EBITDA (millions) $825 $875 $900 $925 Capital Expenditures (millions) $165 $185 $175 $185 Free Cash Flow (millions) ~$420 ~$440 Leverage Target 2.0x 2.5x 2.0x 2.5x Anticipated Annualized Synergies (millions) ~ $60 ~ $60 Prioritizing Free Cash Flow with the Flexibility to Allocate Across the Highest & Best Uses of Capital to Create Long-Term Shareholder Value updated updated updated
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Disciplined Strategy Positioned to Take Advantage of Opportunities and Navigate Commodity Price Cycles
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16November 2025 DELIVERING ON A DE-RISKED PRODUCTION MODEL Average Henry Hub price based on value of settled monthly futures contracts for the periods presented. a) Adjusted EBITDA Margin (“Cash Margin”) represents Adjusted EBITDA as a percent of Total Revenue, Inclusive of Settled Hedges; For the purpose of comparability, Cash Margins for the 2022-2024 reporting periods exclude certain amounts related to Other Revenue and Lease Operating expense attributable to Diversified’s wholly owned asset retirement subsidiary, Next LVL Energy. Development/Operational Risk ✓ PDP focus eliminates the need for drill-bit exploration ✓ Smarter Asset Management enhances production ✓ Predictable, low & peer-leading corporate declines Environmental Risk ✓ Stewardship model focused on reducing emissions and improving already producing long-life assets ✓ Best-in-class sustainability reporting Financing Risk ✓ Investment grade, low fixed rate, fully amortizing debt limits interest rate and maturity exposure ✓ ABS structure provides natural de-leveraging Commodity Price Risk ✓ Dynamic hedging sustains realized pricing and delivers consistent cash margins Diversified’s business model reduces exposure to typical industry risk factors 53% 54% 50% 50% 53% 51% $2.63 $2.08 $3.04 $6.64 $2.74 $2.27 2019 2020 2021 2022 2023 2024 Average Henry Hub Price ($/MMBtu) Cash Margins (Hedged) Positioned to Generate Consistent Cash Flow(a) Oil & Gas Development Risk Spectrum High Risk Low Risk Exploration Infill Drilling Behind Pipe Producing Wells
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17November 2025 5.7x 4.8x 3.1x 3.5x 3.9x 4.2x 2.7x 3.1x 2.6x 2.2x 1.2x 2.4x REIT's Utilities Chemicals Credit Services Lodging Mortgage Co's O&G Midstream Telecom Services Waste Management DEC Current DEC Historic 2018-2023 Natural Gas E&Ps Net Debt / Adj. EBITDA (x) ABS Debt 70% of Total $2 Billion of acquisitions in 2025 primarily debt-financed LEVERAGE APPROPRIATE & TRACKS TO BUSINESS MODEL ATTRIBUTES Source: Factset, Company Data; Natural Gas E&Ps Include: AR, CNX, CRK, EQT, EXE, GPOR, INR and RRC Net Debt / Adjusted EBITDA calculated on using Net Debt as of September 30, 2025 and Adjusted EBITDA for the twelve-month period ended September 30, 2025 Leverage Profile Typical of High Margin Sectors Consistent Generation of Meaningful Cash Flow Strategy Characterized by Low Capital Intensity Since 2020, Diversified has… Increased production 110% 550 Mmcfepd > 1,144 MMcfepd Generated ~$1.45 Billion in cumulative Free Cash Flow Retired $1 Billion of amortizing debt principal (~40% of total principal) Industry with significant ABS utilization
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18November 2025 Significant Cash Savings Compared to High Yield ABS VIII (May 2024) saves more than $70 million in interest expense through 2030 compared to a high- yield note in the same amount with an ~8% coupon STRATEGIC RATIONALE FOR ABS FINANCINGS ABS Benefits to Diversified Key Attributes for Investors Characteristics of Diversified ABS Diversified’s long-life, low-decline and high-quality reserves Provides stable and predictable cash flows for investors An established track record of stable asset performance Diversified is the largest issuer of Oil & Gas PDP ABS instruments since 2020 ABS Investors benefit from an experienced, prudent operator Diversified retains 100% operational control of securitized assets Structural design and attractive coupon of ABS debt Naturally aligned with the needs of institutional investors Significant cash flow stability and substantial visibility Ensured by long-term hedging programs at the SPV level Comprehensive corporate sustainability platform Drives a keen focus on responsibly operating assets Long-dated maturity and amortizing structure Well-aligned with Diversified’s long-dated asset production profile Scalable Financing Attractive Advance Flexible Covenants Attractive Cost Source: Factset, Company Data High-yield coupon based on average of recent select E&P High-Yield bond issuances; Estimated savings calculated using instrument amortization schedule and estimated excess amortization based on note covenants and recent NYMEX strip
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November 2025 19 Wells Drilled to Date 124 Remaining Wells in JV Inventory ~245 Total Acreage Position ~69,005 Net Average DEC Working Interest ~29% Production Split (Oil/NGL/Gas) ~50/25/25 Source: Company Data, Enverus; Data as of June 2025. OKLAHOMA JOINT DEVELOPMENT CREATING VALUE & OPTIONALITY Drilling Activity – Cherokee Formation Incremental Volume with Manageable Capex 45,983 BOEd Gross from JV (May’25) JV Drilled higher DEC Working Interest wells in 1H25 Potential to meaningfully offset the ~10% corporate decline Attractive Well Level Economics ‘25 program IRR: ~60% - IP: 960 BOPD/ 3,872 MCFD Average 2025 CLL: 11,121 ft Average gross D&C: $11.3 MM (Average $/CLL: $1,016) Upside and Optionality on Asset Portfolio Path to create additional value from undeveloped acreage position through Non-Op drilling partnerships or divestitures Partnering with Experienced OK Operator Established partnership provides low-risk development opportunities for non-operated working interest JV Partnership Drilling Activity – Overview
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20November 2025 COAL MINE METHANE – ADDING CASH FLOW, EXPANDING MULTIPLE Expanding Opportunity Set Diversified is actively engaging in a proven commercial process to increase cash flow and build on current success Leveraging Existing Assets Suitability of owned infrastructure eliminates need for up-front capex or additional operating costs to maintain revenue stream Creating Net Zero Gas Complementary to our solutions-based, stewardship focus to relentlessly improve environmental performance Adding Revenue Streams Alternative Energy Credits (“AEC”) provide high-margin cash flows, made possible by Diversified’s production profile and asset base Coal Production Methane Emission Capture / Abatement Credit Generation
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Acquisition Update Transactions Increase Scale and Improve Margins
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22November 2025 GROWTH IN SCALE THROUGH SUCCESSFUL ACQUISITION STRATEGY TX a) Diversified exit rate production for June 2025. Canvas Energy production as of July 2025. b) Diversified’s Canvas acquisition was signed in September 2025 but has not yet closed. 2021 20252018 2019 20202017 2022 2023 Entry to Central Region Uplist to Main Market Initiated NYSE Listing IPO on AIM (2/3/2017) NGO East Texas Upstream Central Region Midstream 33x Growth in Production East Texas Upstream Acquisition History Daily Production (MMcfepd) (a) pro forma Entry into Permian 2024 39 246 509 599 711 811 821 791 1,282 (b)
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23November 2025 CORPORATE INFRASTRUCTURE… OUR VALUABLE ADVANTAGE Underpinned by best-in-class IT & OT technology stack to drive efficiency, real-time data-driven analytics and create a seamless flow of information from the wellhead to the boardroom $585 Million in Acquisitions During 2024 with No Incremental G&A Additions Unique Infrastructure PLATFORM Built to be Accretive Consolidator Corporate Production Support Suite • Business Development • Land & Legal • Information Technology • Finance and Treasury • Accounting • Human Resources • Safety & Environment Field Operations Significant Operating Scale • 1,200+ highly experienced field personnel • Deployed across 10 states and multiple basins • Safety & Environment Midstream/Marketing Top 25 Natural Gas Marketer • 3 processing facilities • 2 Underground Storage Facilities • 17,700 miles of pipeline • 260+ sales points • Active in 30+ markets Emissions Reduction Deploying Cutting Edge Tech • Measurement • Monitoring • Mitigation • Reporting Well Retirement Driving Innovation in Plugging • 19 service rigs • Full suite of complementary equipment • ~40% of Appalachian capacity • Emerging Carbon Credit & Capture Opportunities
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24November 2025 EXPANDING SOONER STATE LEADERSHIP WITH CANVAS ENERGY a) Canvas Energy production as of July 2025. b) Canvas PDP PV-10 includes producing wells, current wells in progress and certain development evaluation locations; based upon internal Company analysis, using current strip prices as of August 7, 2025. Contiguous and complementary: Tremendous opportunity for synergy capture and asset optimization potential from undeveloped acreage ✓ Meaningful Overlap With DEC Oklahoma Portfolio • Acreage Concentrated in Major, Kingfisher, and Canadian Counties • Tight proximity to DEC footprint & workforce creates immediate operational synergies • Avg. Working Interest of ~79%, including 3,171 net mineral acres ✓ Long-Lived Assets with Liquids and Natural Gas Exposure • 147 Mmcfepd of production(a) with 57% liquids weighting • 570 net wells, including 385 net operated wells ✓ High Quality Undeveloped Acreage • Canvas includes undeveloped locations and adds contiguous acreage positions in Oklahoma for further asset optimization from development or divestiture ✓ Midstream & Marketing • Well-positioned in the Central Anadarko Basin with significant oil takeaway optionality • Majority of volumes shipped to two local refiners, with the ability to receive premium pricing Key Statistics Current Production(a): 24 Mboepd / 147 MMcfepd Oil%/NGL%/NG%: ~30% / ~27% / ~43% Net Acres: ~241k PDP PV-10 Value(b): ~$690 MM DEC & Canvas - Oklahoma Footprint
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25November 2025 2025 FCF Conversion $244 $500 $56 $144 $64 $138 $88 $280 $144 $286 $328 $704 YTD 3Q25 2Q25 1Q25 ACQUISITIONS DRIVE FREE CASH FLOW GROWTH & CONVERSION a) Capital intensity calculated as Capital Expenditures / Adj. EBITDA using reported figures for Natural Gas E&P peers AR, CNX, CRK, EQT, EXE, GPOR, and RRC for the nine months ended September 30, 2024 b) Adjusted Free Cash Flow includes proceeds from divestitures. Please refer to the Company’s RNS announcement on November 4, 20 25 for more information. c) Includes the impact of derivatives settled in cash and proceeds from divestitures; For purposes of comparability, excludes ce rtain amounts related to Diversified’s wholly owned plugging subsidiary, Next LVL Energy. d) Excludes certain amounts relating to Diversified's wholly owned asset retirement subsidiary, Next LVL Energy and includes proceeds from divestitures. Please refer to the Compan y’s RNS announcement on August, 2025 for more information e) Full-year Adjusted Free Cash Flow Does not include $32M of one -time transaction costs associated with acquisitions 47% EBITDA to FCF Conversion YTD 2025(e) Adjusted Free Cash Flow(e) Adjusted EBITDA 48% 66% 3Q253Q24 Adj. EBITDA Margin(d) ~157% Growth in FCF(b) Revenue(c) ($ Millions) Adjusted Free Cash Flow(b) Operational Capital Intensity 5x Lower Than Closest Peer(a) Cash Generation Increases Capital Available for Return to Shareholders & Future Investments Benefits of Low Declines Creates Strategic Flexibility Due to Reduced Need to Replace Declining Reserves
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November 2025 26 POST-ACQUISITION SYNERGIES CREATING STRONG OUTCOMES Leveraging Scale for Meaningful G&A Efficiencies Full field level integration completed in second quarter; technology & administrative expected by end of third quarter Driving Operating Cost Reductions with Asset Density Leveraging economies of scale to improve commercial terms across operations Pipeline Deal Highlights Benefits of Scale Diversified received two gathering systems in OK as part of a LA pipeline swap; allowing for minimal cash outlay Deal Details Operational Benefits Integration in OK operations allowed for no fee pipeline flow and a 50% headcount reduction across the two systems Ability to tie in further volumes into wholly-owned system Optimize operational footprint, eliminate compression costs, and bring additional revenue to the midstream assets Executing On Synergies & High-Grading Opportunities Identification of further potential for synergies and cost reductions, including central region midstream transaction Acquired gathering system tied to DEC Wells in Oklahoma Pipeline Assets include: • 120k mcf/day capacity, 230 wells on system post-MNR deal in the Anadarko Basin • Majority DEC Volume • Divesting a 13-mile pipe connecting two systems, historically underutilized by DEC
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New Life for Existing Producing Assets Implementing Innovate Strategies and Promoting Technological Improvements
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28November 2025 MODERNIZING OPERATIONS THROUGH TECHNOLOGY Developing a Scalable Platform with Low Total Cost of Ownership Investing in Flexible, Innovative and Efficient IT and OT Systems Driving Safe, Sustainable Value Creation Throughout the Company Modern Field Management Philosophy ✓ Common Systems enhance process efficiency, reliability ✓ Cloud First / Wireless First eliminate technical debt, and improves data collection, warehousing and analytics ✓ Data integration and governance standards improve reporting speed and reliability ✓ Scalable model decreases integration timelines and allows for standardized, repeatable processes ✓ Real-time monitoring, data visualization AI-powered analytics provide next-generation business insights
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29November 2025 OPERATIONAL INSIGHTS DRIVEN BY TECHNOLOGY INVESTMENTS EHS is a common acronym for Environment, Health and Safety Cloud-Based Infrastructure Enables remote access to data, eliminates technical debt and enhances information security across the organization Real-Time Monitoring Leverage data visualization and operations technology to assist 24/7 monitoring of production, transportation and emissions Emissions Detection Invest in emissions detection equipment and processes, including systems like Qube and Project Canary, creating a pathway to certified RNG Well-Level Data Capture Data + Human interaction of wellhead LTE connectivity, SCADA architecture and manual field data capture Centralized Control and Visibility of Operations Upstream Systems Midstream Systems ✓ Enhances visibility to product volume and flow ✓ Provides centralized oversight for multiple systems ✓ Informs gas control technicians with real-time reports ✓ Capacity to expand to additional owned systems ✓ Mitigates impact of production disruptions ✓ Assists production optimization activities ✓ Enhances EHS awareness and responses ✓ Capacity to expand to additional owned systems
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30November 2025 ENHANCING CASH FLOWS WITH SMARTER ASSET MANAGEMENT Supply Contracts with LNG Exporters Pipeline Optimization for Flow Control Wholly-Owned Processing Facilities Stewardship of Existing Upstream Assets ✓ Establishes premium to regional pricing ✓ Supplements robust hedging strategy Inaugural LNG export contract highlights Diversified’s unique ability to leverage in-house marketing team to establish relationships with major LNG exporters for fixed price contracts. ✓ Enhances commodity price realizations ✓ Creates gathering and transport efficiencies Multiple accretive transactions increase efficiencies in volume control and create opportunity for enhanced commodity price realizations across footprint ✓ Eliminates third-party processing costs ✓ Creates supplemental revenue streams Integrated midstream assets, such as the Black Bear processing facility, provide concurrent benefit of reducing operating costs while adding third-party midstream revenues ✓ Maximizes value of producing portfolio ✓ Minimizes capital intensity with high-returns Low-cost projects across expansive upstream portfolio increases productivity and offsets natural declines thanks to a core competency and area of focus on operating existing assets
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31November 2025 SMARTER ASSET MANAGEMENT OPTIMIZING ASSET PERFORMANCE Focused Workover Program Operating ~2 workover rigs in the central region for maintenance as well as rod lift installs to optimize production Disciplined Approach Managing Costs DEC’s consistent workover program has allowed workovers to beat anticipated cost by ~14%, and rod lift installs by ~33% Workover Rig and Oil Well near Kingfisher, OK Increasing Production, Lowering LOE Workovers have returned ~1,350 BOED, with average payback less than 4.5 months. Rod lift installs allow removal of gas lift compression and set up well lift until end of life, lowering LOE
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32November 2025 DIAMOND IN THE ROUGH Increased Processing Capacity Recently completed upgrades and reroute provides processing capacity for ~120 Mmcfpd Additional Upside- Operational Leverage ✓ Third Party sale of undeveloped acreage to local operator for $11 million is cash proceeds ✓ Gathering and processing dedication from third party operator increases midstream revenue generation ✓ Potential to market third party gas for fee ✓ Plant utilization increase improves fixed cost absorption Eliminates Third-Party Fees Improvement of ~20% on processing, fractionation fees and delivers ~$9 million in additional margin annually Strategic Purchase in April 2022 Acquired for $10 million includes two processing plants and FERC regulated NGL pipeline BLACK BEAR Processing Facility DeSoto Parish, LA (central region) Cotton Valley and Haynesville Basins Portfolio Optimization
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Priorities & Performance Unlocking the Path to Emissions Improvement and Measurable Impact
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34November 2025 CONTINUED COMMITMENT TO STRONG SUSTAINABILITY PRACTICES a) As first reported at year end 2021, emissions data for 2020 have been revised to incorporate the impacts of 2021 Project Fresh initiatives which focused on replacing theoretical emissions figures with more exact metrics as the result of direct measurement and emissions device inventory processes Sustainability Strategy Drives Down Scope 1 Methane Intensity 0.29 0.28 0.21 0.11 0.10 0.20 2020(a) 2021 2022 2023 2024 IRA Threshold NGSI Emissions Intensity (%) Significantly Below IRA Threshold Using NGSI Intensity methodology B BB BBB A AA AA Jul-19 Jun-20 Sep-21 Sep-22 Jul-23 Jul-24 ESG Rating (MSCI) ESG Scores Reflect Commitment to Sustainability and Transparency AAA CCC B BB BBB A AA Disclosed State-by-State Economic Analysis Published 2023 ESG Performance Objectives Enhanced Biodiversity & Climate Risk Disclosures Achieved ‘AA’ Rating from MSCI Analytics Awarded OGMP 2.0 Gold Standard 2023 Best ESG Report from ESG Awards Sustainability Report Highlights Recent ESG Achievements GOLD 4nh Consecutive Year
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35November 2025 SHORT TERM ACHIEVED 2030 TARGET FOR SCOPE 1 METHANE EMISSIONS INTENSITY 1.6 2020 Baseline 1.1 0.8 2026 Target 2023 Result 0.8 2030 Target 0.0 2040 Goal MEDIUM TERM LONG TERM Leak Detection, Quantification & Repair Aerial LiDAR Pneumatic Conversions Pipeline Integrity Enhancements Remote Monitoring Smarter Asset Management Carbon Credits Renewable Energy Future Technologies Focus on Reducing Methane Emissions 30% vs. 2022 Scope 1 Methane Emissions Intensity 50% vs. 2020 Scope 1 Methane Emissions Intensity Net Zero Scope 1 &2 GHG Emissions (Absolute) Achieved Target 7 years ahead of schedule Baseline Established Board-Approved Targets
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36November 2025 DEPLOYED METHANE DETECTION TECHNOLOGY a) Newly acquired by Diversified in 2022 b) Diversified was the first company in the world to deploy this technology We are leaders in methane detection • Fit for purpose, efficient, effective • Extensive field evaluations • Additional tech being screened Voluntary Leak Detection and Repair • >246,000 handheld inspections in 2023 • Company-wide voluntary coverage • 98% leak free on a facility basis WE ARE… MAKING LEAKS RARE BY LAND AND AIR Teledyne FLIR Si124(a) an industrial acoustic imaging camera capable of locating pressurized leaks up to 10 times faster than traditional methods SEMTCH HI-FLOW 2(a)(b) A highly accurate, handheld, portable device which quantifies fugitive emissions through state-of-the-art flow and gas sensing technologies Opgal EyeCSite QOGI(a)(b) an imaging camera coupled up with artificial intelligence software that provides a leak rate by comparing the image it captures with a library of leak concentration images Teledyne FLIR GT-44 a handheld detection device capable of detecting leaks as small as one PPM, currently deployed across our well tender staff Heath RMLD – CS a handheld device capable of detecting leaks as small as one PPM for inspections of well pads and pipelines FLIR GF320 Used for regulatory compliance to inspect facilities and detect leaks at 100 PPM
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37November 2025 INVESTING IN EMISSIONS RESOURCES: FIXED DETECTORS Nubo Sensirion Continuous Leak Detection • 2 ppm plus • OGMP 2.0 & Proactive • Dashboard monitored 24/7 by DEC Integrated Operation Center Qube Continuous Leak Detection & Measurement • 0.1 scfh plus • OGMP 2.0 & Proactive • Dashboard monitored 24/7 by DEC Integrated Operation Center Technology Primary Use Measurement Range Usage Continuous monitoring increases assurance and facilitates differentiated gas Deploying Continuous Monitors Nubo Sensirion Qube
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38November 2025 2023 FIELD TRIALS - NEW TECHNOLOGY: LASER OPTICAL GAS IMAGING (OGI) • Working collaboratively with states to address federal requirements • Held technical meetings in 2023 • Conducted multiple field trials in 2023 with efficient Laser OGI • Opportunity: o Efficient inspections with minimal instruction o Quality of surveys not dependent on operator o Creation of digital twin audit trail
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39November 2025 NEXT LVL ENERGY: SETTING A NEW STANDARD FOR RETIREMENT Efficiencies Obtained through Operating Scale Full suite of service capabilities creates unique capacity for efficient and effective asset retirement Strategy Driven by Innovation not Repetition Cumulative experience from internal and third-party retirement provides process enhancement insights Uniquely Situated for Program Management Full-scope services from permitting to plugging enhance ability to deliver internal efficiencies and provide third- party services to states and other operators Differentiated Outlook on Asset Retirement Stewardship from acquisition to retirement ensures sustainable operations for the lifetime of assets Positioned to Lead in Appalachian Asset Retirement As a wholly-owned subsidiary of Diversified, Next LVL Energy is strategically advantaged among Appalachian retirement companies: ✓ DEC well retirements significantly exceed mandated state requirements ✓ Adds third-party revenue generation to offset internal retirement costs ✓ Positioned to innovate well retirement techniques ✓ Strong industry and state relationships
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Appendix
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41November 2025 REVENUE RECONCILIATION (NON-IFRS) (UNAUDITED) a) Note: Amounts in thousands unless otherwise noted; As shown, amounts exclude the impact of Next Level Energy revenues and expenses for all periods presented Per Unit 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 Units 1Q24 2Q24 3Q24 4Q24 FY2024 1Q25 2Q25 3Q25 Production: Natural gas (MMcf) 55,725 58,684 64,288 65,601 244,298 63,468 76,637 76,615 Oil (MBbls) 337 394 417 421 1,568 783 2,338 2,254 NGL (MBbls) 1,347 1,481 1,577 1,574 5,980 1,593 2,318 2,262 Total Mmcfe 65,829 69,933 76,256 77,570 289,587 77,724 104,576 103,715 Mmcfepd 723 768 829 843 791 864 1,149 1,127 Unhedged revenue & EBITDA: Natural gas $ 117,211 $ 91,797 $ 103,309 $ 152,282 $ 464,600 $ 228,510 $ 206,572 $ 172,621 mcf $ 2.10 $ 1.56 $ 1.61 $ 2.32 $ 1.90 $ 3.60 $ 2.70 $ 2.25 Oil 24,846 31,339 31,238 29,723 117,146 52,815 149,186 149,193 bbl 73.82 79.62 74.89 70.61 74.70 67.44 63.80 66.18 NGL 35,957 34,979 37,204 42,375 150,513 48,094 52,650 49,764 bbl 26.69 23.62 23.58 26.92 25.17 30.19 22.71 22.00 CO2/Sulfur Revenue - - - - - 285 1,498 1,179 mcfe - - - - - 0.00 0.01 0.01 Commodity revenue (unhedged) $ 178,014 $ 158,114 $ 171,751 $ 224,380 $ 732,259 $ 329,704 $ 409,906 $ 372,758 mcfe $ 2.70 $ 2.26 $ 2.25 $ 2.89 $ 2.53 $ 4.24 $ 3.92 $ 3.59 Midstream revenue 9,645 7,772 7,263 7,855 32,535 10,598 11,602 9,563 mcfe 0.15 0.11 0.10 0.10 0.11 0.14 0.11 0.09 Other revenue 2,625 5,247 3,556 3,438 14,866 3,841 6,834 2,965 mcfe 0.04 0.08 0.05 0.04 0.05 0.05 0.07 0.03 Total revenue (unhedged) $ 190,284 $ 171,133 $ 182,569 $ 235,673 $ 779,660 $ 344,144 $ 428,341 $ 385,286 mcfe $ 2.89 $ 2.45 $ 2.39 $ 3.04 $ 2.69 $ 4.43 $ 4.10 $ 3.71 EBITDA (unhedged) $ 79,452 $ 54,439 $ 52,504 $ 96,594 $ 282,990 $ 189,115 $ 197,728 $ 170,650 mcfe $ 1.21 $ 0.78 $ 0.69 $ 1.25 $ 0.98 $ 2.43 $ 1.89 $ 1.65 Expenses: Operational expenses $ 89,055 $ 98,051 $ 108,430 $ 114,297 $ 409,833 $ 131,836 $ 206,795 $ 192,216 mcfe $ 1.35 $ 1.40 $ 1.42 $ 1.47 $ 1.42 $ 1.70 $ 1.98 $ 1.85 Administrative expenses (recurring) 21,777 18,642 21,636 24,782 86,837 23,193 23,817 22,420 mcfe 0.33 0.27 0.28 0.32 0.30 0.30 0.23 0.22 Total expenses $ 110,832 $ 116,694 $ 130,065 $ 139,079 $ 496,670 $ 155,029 $ 230,612 $ 214,636 mcfe $ 1.68 $ 1.67 $ 1.71 $ 1.79 $ 1.72 $ 1.99 $ 2.21 $ 2.07 Settled hedges: Natural gas $ 27,121 $ 58,913 $ 54,423 $ 23,994 $ 164,452 $ (41,448) $ 10,011 $ 33,984 mcf $ 0.41 $ 0.84 $ 0.71 $ 0.31 $ 0.57 $ (0.53) $ 0.10 $ 0.33 Oil (1,865) (2,859) (2,266) (1,118) (8,108) (1,690) 5,913 5,660 bbl (0.03) (0.04) (0.03) (0.01) (0.03) (0.02) 0.06 0.05 NGL (3,190) (372) 591 (2,085) (5,055) (9,133) (1,308) 1,861 bbl (0.05) (0.01) 0.01 (0.03) (0.02) (0.12) (0.01) 0.02 Total gain (loss) $ 22,067 $ 55,682 $ 52,748 $ 20,791 $ 151,288 $ (52,272) $ 14,617 $ 41,505 mcfe $ 0.34 $ 0.80 $ 0.69 $ 0.27 $ 0.52 $ (0.67) $ 0.14 $ 0.40 Hedged revenue & EBITDA: Natural gas $ 144,333 $ 150,710 $ 157,732 $ 176,277 $ 629,052 $ 187,062 $ 216,583 $ 206,605 mcf $ 2.19 $ 2.16 $ 2.07 $ 2.27 $ 2.17 $ 2.41 $ 2.07 $ 1.99 Oil 22,981 28,479 28,972 28,605 109,038 51,125 155,099 154,853 bbl 0.35 0.41 0.38 0.37 0.38 0.66 1.48 1.49 NGL 32,767 34,607 37,795 40,289 145,458 38,961 51,343 51,625 bbl 0.50 0.49 0.50 0.52 0.50 0.50 0.49 0.50 CO2/Sulfur - - - - - 285 1,498 1,179 mcfe - - - - - 0.00 0.01 0.01 Commodity revenue (hedged) $ 200,081 $ 213,797 $ 224,499 $ 245,171 $ 883,548 $ 277,433 $ 424,522 $ 414,263 mcfe $ 3.04 $ 3.06 $ 2.94 $ 3.16 $ 3.05 $ 3.57 $ 4.06 $ 3.99 Midstream revenue 9,645 7,772 7,263 7,855 32,535 10,598 11,602 9,563 mcfe 0.15 0.11 0.10 0.10 0.11 0.14 0.11 0.09 Other revenue 2,625 5,247 3,556 3,438 14,866 3,841 6,834 2,965 mcfe 0.04 0.08 0.05 0.04 0.05 0.05 0.07 0.03 Total revenue (hedged) $ 212,351 $ 226,815 $ 235,318 $ 256,464 $ 930,948 $ 291,872 $ 442,957 $ 426,791 mcfe $ 3.23 $ 3.24 $ 3.09 $ 3.31 $ 3.21 $ 3.76 $ 4.24 $ 4.12 Gain on Land Sale $ 1,589 $ 5,870 $ 11,026 $ 22,501 $ 40,986 $ 1,970 $ 67,655 $ 74,006 mcfe $ 0.02 $ 0.08 $ 0.14 $ 0.29 $ 0.14 $ 0.03 $ 0.65 $ 0.71 Adjusted EBITDA (hedged) $ 103,108 $ 115,991 $ 116,278 $ 139,886 $ 475,264 $ 138,814 $ 280,000 $ 286,161 mcfe $ 1.57 $ 1.66 $ 1.52 $ 1.80 $ 1.64 $ 1.79 $ 2.68 $ 2.76
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42November 2025 EXPENSE RECONCILIATION (NON-IFRS) (UNAUDITED) Note: Amounts in thousands unless otherwise noted; As shown, amounts exclude the impact of Next Level Energy revenues and expenses for all periods presented 1) Certain expense reclassifications were made to conform previously reported amounts to current presentation 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 Units 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 Production: Natural gas (MMcf) 55,725 58,684 64,288 65,601 244,298 63,468 76,637 76,615 Oil (MBbls) 337 394 417 421 1,568 783 2,338 2,254 NGL (MBbls) 1,347 1,481 1,577 1,574 5,980 1,593 2,318 2,262 Total Mmcfe 65,829 69,933 76,256 77,570 289,587 77,724 104,576 103,715 Mmcfepd 723 768 829 843 791 864 1,149 1,127 Revenue: Natural Gas $ 117,211 $ 91,797 $ 103,309 $ 152,282 $ 464,600 $ 228,510 $ 206,572 $ 172,621 mcf $ 2.10 $ 1.56 $ 1.61 $ 2.32 $ 1.90 $ 3.60 $ 2.70 $ 2.25 Oil 24,846 31,339 31,238 29,723 117,146 52,815 149,186 149,193 bbl 73.82 79.62 74.89 70.61 74.70 67.44 63.80 66.18 NGL 35,957 34,979 37,204 42,375 150,513 48,094 52,650 49,764 bbl 26.69 23.62 23.58 26.92 25.17 30.19 22.71 22.00 CO2/Sulfur Revenue - - - - - 285 1,498 1,179 mcfe - - - - - 0.00 0.01 0.01 Total commodity revenue $ 178,014 $ 158,114 $ 171,751 $ 224,380 $ 732,259 $ 329,704 $ 409,906 $ 372,758 mcfe $ 2.70 $ 2.26 $ 2.25 $ 2.89 $ 2.53 $ 4.24 $ 3.92 $ 3.59 Midstream revenue 9,645 7,772 7,263 7,855 32,535 10,598 11,602 9,563 mcfe 0.15 0.11 0.10 0.10 0.11 0.14 0.11 0.09 Other 2,625 5,247 3,556 3,438 14,866 3,841 6,834 2,965 mcfe 0.04 0.08 0.05 0.04 0.05 0.05 0.07 0.03 Total revenue (unhedged) 190,284 171,133 182,569 235,673 779,660 344,144 428,341 385,286 mcfe 2.89 2.45 2.39 3.04 2.69 4.43 4.10 3.71 Settled hedges 22,067 55,682 52,748 20,791 151,288 (52,272) 14,617 41,505 mcfe 0.34 0.80 0.69 0.27 0.52 (0.67) 0.14 0.40 Total revenue (hedged) $ 212,351 $ 226,815 $ 235,318 $ 256,464 $ 930,948 $ 291,872 $ 442,957 $ 426,791 mcfe $ 3.23 $ 3.24 $ 3.09 $ 3.31 $ 3.21 $ 3.76 $ 4.24 $ 4.12 Operating expenses & gross profit: Base LOE $ 42,880 $ 46,625 $ 58,541 $ 64,537 $ 212,582 $ 70,550 $ 127,098 $ 121,931 mcfe $ 0.65 $ 0.67 $ 0.77 $ 0.83 $ 0.73 $ 0.91 $ 1.22 $ 1.18 Midstream expense 17,690 17,873 17,850 17,334 70,747 18,133 18,970 20,503 mcfe 0.27 0.26 0.23 0.22 0.24 0.23 0.18 0.20 Gathering and transportation 20,324 21,722 24,315 24,101 90,461 26,719 37,409 26,448 mcfe 0.31 0.31 0.32 0.31 0.31 0.34 0.36 0.26 Production taxes 8,162 11,831 7,725 8,325 36,043 16,433 23,317 23,334 mcfe 0.12 0.17 0.10 0.11 0.12 0.21 0.22 0.22 Total operating expenses (a) $ 89,055 $ 98,051 $ 108,430 $ 114,297 $ 409,833 $ 131,836 $ 206,795 $ 192,216 mcfe $ 1.35 $ 1.40 $ 1.42 $ 1.47 $ 1.42 $ 1.70 $ 1.98 $ 1.85 Gross profit (unhedged) $ 101,229 $ 73,082 $ 74,140 $ 121,376 $ 369,827 $ 212,308 $ 221,546 $ 193,070 mcfe $ 1.54 $ 1.05 $ 0.97 $ 1.56 $ 1.28 $ 2.73 $ 2.12 $ 1.86 G&A & total expense: Total administrative expenses $ 28,256 $ 30,008 $ 31,591 $ 39,216 $ 129,071 $ 33,866 $ 56,306 $ 34,501 mcfe $ 0.43 $ 0.43 $ 0.41 $ 0.51 $ 0.45 $ 0.44 $ 0.54 $ 0.33 Total expenses $ 117,311 $ 128,059 $ 140,020 $ 153,513 $ 538,903 $ 165,702 $ 263,101 $ 226,717 mcfe $ 1.78 $ 1.83 $ 1.84 $ 1.98 $ 1.86 $ 2.13 $ 2.52 $ 2.19 Acquisition and integration costs $ 5,212 $ 8,964 $ 7,596 $ 12,176 $ 33,948 $ 8,848 $ 29,936 $ 9,098 mcfe $ 0.08 $ 0.13 $ 0.10 $ 0.16 $ 0.12 $ 0.11 $ 0.29 $ 0.09 Provision for owner int rec - - - - - - - - mcfe - - - - - - - - Non-cash equity compensation 1,268 2,401 2,359 2,258 8,286 1,825 2,552 2,983 mcfe 0.02 0.03 0.03 0.03 0.03 0.02 0.02 0.03 Total G&A adjustments $ 6,479 $ 11,365 $ 9,955 $ 14,434 $ 42,234 $ 10,673 $ 32,489 $ 12,081 mcfe $ 0.10 $ 0.16 $ 0.13 $ 0.19 $ 0.15 $ 0.14 $ 0.31 $ 0.12 Administrative expenses (recurring) $ 21,777 $ 18,642 $ 21,636 $ 24,782 $ 86,837 $ 23,193 $ 23,817 $ 22,420 mcfe $ 0.33 $ 0.27 $ 0.28 $ 0.32 $ 0.30 $ 0.30 $ 0.23 $ 0.22 Total expenses (recurring) $ 110,832 $ 116,694 $ 130,065 $ 139,079 $ 496,670 $ 155,029 $ 230,612 $ 214,636 mcfe $ 1.68 $ 1.67 $ 1.71 $ 1.79 $ 1.72 $ 1.99 $ 2.21 $ 2.07 Gain on Land Sale $ 1,589 $ 5,870 $ 11,026 $ 22,501 $ 40,986 $ 1,970 $ 67,655 $ 74,006 mcfe $ 0.02 $ 0.08 $ 0.14 $ 0.29 $ 0.14 $ 0.03 $ 0.65 $ 0.71 EBITDA: Adjusted EBITDA (unhedged) $ 81,042 $ 60,309 $ 63,530 $ 119,095 $ 323,976 $ 191,085 $ 265,383 $ 244,656 mcfe $ 1.23 $ 0.86 $ 0.83 $ 1.54 $ 1.12 $ 2.46 $ 2.54 $ 2.36 Natural gas 27,121 58,913 54,423 23,994 164,452 (41,448) 10,011 33,984 mcfe 0.41 0.84 0.71 0.31 0.57 (0.53) 0.10 0.33 Oil (1,865) (2,859) (2,266) (1,118) (8,108) (1,690) 5,913 5,660 mcfe (0.03) (0.04) (0.03) (0.01) (0.03) (0.02) 0.06 0.05 NGL (3,190) (372) 591 (2,085) (5,055) (9,133) (1,308) 1,861 mcfe (0.05) (0.01) 0.01 (0.03) (0.02) (0.12) (0.01) 0.02 Settled hedges 22,067 55,682 52,748 20,791 151,288 (52,272) 14,617 41,505 mcfe 0.34 0.80 0.69 0.27 0.52 (0.67) 0.14 0.40 Adjusted EBITDA (hedged) $ 103,108 $ 115,991 $ 116,278 $ 139,886 $ 475,264 $ 138,814 $ 280,000 $ 286,161 mcfe $ 1.57 $ 1.66 $ 1.52 $ 1.80 $ 1.64 $ 1.79 $ 2.68 $ 2.76
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43November 2025 DIFFERENTIATED AND NATURALLY DELEVERAGING DEBT PROFILE Presented amounts based on scheduled and expected principal reduction payments based on the Company’s existing financial arrangements at 11/07/2025, including the assumption of Maverick Natural Resources ABS debt and the issuance of Diversified's ABS X amortizing note. Amounts include the expected payments relating to deferred consideration arising from the acquisition of working interest from Oaktree Capital Management in 2024. ~$265 ~$260 ~$245 ~$220 ~$220 ~$300 ~$260 ~$190 ~$100 -13% -25% -37% -48% -59% -73% -86% -95% -100% 2025 2026 2027 2028 2029 2030 2031 2032 2033 USD Millions Naturally aligned with Diversified’s long-life, low decline production Diversified retains 100% operational control of underlying assets Creates clear line-of-sight to uses of cash and capacity for deleveraging
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44November 2025 SIGNIFICANT EQUITY VALUE ASSOCIATED WITH DEBT FACILITIES Source: Company Data (Unaudited); All values given in USD millions Note: PV-10 calculated as the Company’s Proved, Developed, Producing reserves using a 5-year NYMEX strip as of September 30th, 2025 and on a before (corporate) tax basis; PV-10 excludes $23 million of assets not allocated to debt instruments Amounts above exclude $37 million in Other Notes Payable reflected in Note 12 of the company’s 2025 Interim Report as of June 30, 2025 Amounts above exclude ABS VII, which has been deconsolidated from the group financial statements of Diversified Energy Company PLC for financial reporting purposes Instrument Gross Debt 9/30/2025 PV-10 9/30/2025 Credit Facility $468.9 $1,981.1 Amortizing Notes ABS IV $68.1 $126.9 ABS VI $202.6 $349.9 ABS VIII $557.1 $940.2 ABS IX $69.3 $104.8 ABS X $503.6 $1,176.0 ABS MNR $440.6 $807.0 Total Amortizing Notes $1,841.3 $3,504.8 Credit Facility + Amortizing Notes $2,310.2 $5,485.9 $2,310 $5,486 Gross Debt PV-10 Comparison of Gross Debt to PV-10 Value (USD Millions) ~237%
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Supplemental Financials For the Six Months Ended June 30, 2025
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46November 2025 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (1H25) Audited YTD June 30, 2025 June 30, 2024 Revenue $ 778,065 $ 368,674 Operating expenses (345,605) (196,112) Depreciation, depletion and amortization (164,205) (119,220) Gross profit $ 268,255 $ 53,342 General and administrative expenses (90,254) (58,326) Allowance for expected credit losses - - Gain (loss) on natural gas and oil properties and equipment 64,073 7,210 Gain (loss) on sale of equity interest - - Unrealized gain (loss) on investment 6,355 2,433 Gain (loss) on derivative financial instruments (115,214) (2,268) Gain on bargain purchases - - Impairment of proved properties - - Operating profit (loss) $ 133,215 $ 2,391 Finance costs (98,169) (60,581) Accretion of asset retirement obligation (24,130) (14,667) Loss on early retirement of debt - - Loss on joint owner interest receivable (39,485) (10,649) Other income (expense) 1,103 1,254 Income (loss) before taxation $ (27,466) $ (82,252) Income tax benefit (expenses) (6,460) 97,997 Net income (loss) $ (33,926) $ 15,745 Other comprehensive income (loss) (138) (1,905) Total comprehensive income (loss) $ (34,064) $ 13,840 - - Net income (loss) attributable to: - - Diversified Energy Company PLC $ (34,481) $ 15,061 Non-controlling interest 555 684 Net income (loss) $ (33,926) $ 15,745 Earnings (loss) per share attributable to Diversified Energy Company PLC Earnings (loss) per share - basic ($0.50) $0.32 Earnings (loss) per share - diluted ($0.50) $0.32 Weighted average shares outstanding - basic 68,822 47,202 Weighted average shares outstanding - diluted 68,822 47,561
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47November 2025 CONSOLIDATED BALANCE SHEET (1H25) a) Note: Amounts in thousands unless otherwise noted; As shown, amounts exclude the impact of Next Level Energy revenues and expenses for all periods presented Audited YTD June 30, 2025 June 30, 2024 ASSETS Non-current assets: Natural gas and oil properties, net $ 4,205,736 $ 2,718,258 Property, plant and equipment, net 540,119 455,083 Intangible assets 13,027 15,664 Restricted cash 82,841 36,374 Derivative financial instruments 54,393 39,617 Deferred tax assets 265,731 248,868 Investments 11,921 12,012 Other non-current assets 1,983 1,625 Total non-current assets $ 5,175,751 $ 3,527,501 Current assets: - - Trade receivables, net 334,382 180,017 Cash and cash equivalents 23,743 3,483 Restricted cash 20,317 18,602 Derivative financial instruments 75,622 70,313 Other current assets 33,006 16,547 Total current assets $ 487,070 $ 288,962 Total assets $ 5,662,821 $ 3,816,463 Audited YTD June 30, 2025 June 30, 2024 EQUITY AND LIABILITIES Shareholders' equity: Share capital $ 20,695 $ 12,793 Share premium 1,378,049 1,208,192 Treasury reserve (147,695) (109,322) Share based payment and other reserves 19,682 15,889 Retained earnings (accumulated deficit) (801,968) (591,624) Equity attributable to owners of the parent: $ 716,179 $ 535,928 Non-controlling interests 11,507 12,370 Total equity $ 727,686 $ 548,298 Non-current liabilities: - - Asset retirement obligations 883,070 510,935 Leases 64,022 29,309 Borrowings 2,460,487 1,442,986 Deferred tax liability 7,764 10,879 Derivative financial instruments 594,793 611,576 Other non-current liabilities 18,602 4,491 Total non-current liabilities $ 4,028,738 $ 2,610,176 Current liabilities: - - Trade and other payables 81,304 60,482 Taxes Payable 40,914 42,624 Leases 19,685 13,712 Borrowings 216,423 211,574 Derivative financial instruments 168,369 99,790 Other current liabilities 379,702 229,807 Total current liabilities $ 906,397 $ 657,989 Total liabilities $ 4,935,135 $ 3,268,165 Total equity and liabilities $ 5,662,821 $ 3,816,463
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48November 2025 CONSOLIDATED STATEMENT OF CASH FLOWS (1H25) a) Note: Amounts in thousands unless otherwise noted; As shown, amounts exclude the impact of Next Level Energy revenues and expenses for all periods presented Audited YTD June 30, 2025 June 30, 2024 Cash flows from operating activities: Net income (loss) $ (33,926) $ 15,745 Cash flows from operations reconciliation: Depreciation, depletion and amortization 164,205 119,220 Accretion of asset retirement obligations 24,130 14,667 Impairment of proved properties - - Income tax (benefit) expense 6,460 (97,997) (Gain) loss on fair value adjustments of unsettled financial instruments 77,630 80,117 Asset retirement costs (10,341) (4,300) (Gain) loss on natural gas and oil properties and equipment (64,073) (7,210) (Gain) loss on sale of equity interest - - Unrealized (gain) loss on investment (6,355) (2,433) Gain on bargain purchases - - Finance costs 98,169 60,581 Revaluation of contingent consideration - - Loss on early retirement of debt 39,485 10,649 Loss on joint interest owner receivable - - Hedge modifications - - Non-cash equity compensation 4,377 3,669 Working capital adjustments: Change in trade receivables and other current assets 41,418 8,247 Change in other non-current assets 1,125 (2,920) Change in trade and other payables and other current liabilities (77,032) (34,443) Change in other non-current liabilities 60 125 Cash generated from operations $ 265,332 $ 163,717 Cash paid for income taxes (1,197) (2,907) Net cash provided by operating activities $ 264,135 $ 160,810 Audited YTD June 30, 2025 June 30, 2024 Cash flows from investing activities: Consideration for business acquisitions, net of cash acquired (192,858) - Consideration for asset acquisitions (49,989) (176,653) Proceeds from divestitures 69,625 9,933 Payments associated with potential acquisitions - - Acquisition related debt and hedge extinguishments - - Expenditures on natural gas and oil properties and equipment (89,269) (20,848) Proceeds on disposals of natural gas and oil properties and equipment 3,471 4,470 Deferred consideration payments - (550) Contingent consideration payments - - Net cash used in investing activities $ (259,020) $ (183,648) Cash flows from financing activities: Repayment of borrowings (1,928,017) (1,076,897) Proceeds from borrowings 2,201,133 1,238,348 Prepayment charge on early retirement of debt - (1,751) Cash paid for interest (92,254) (47,632) Debt issuance costs (30,574) (13,988) Decrease (increase) in restricted cash 2,588 (12,571) Hedge modifications associated with ABS Notes (171,134) - Proceeds from equity issuance, net 117,468 - Proceeds from lease modifications - 8,568 Principal element of lease payments (9,714) (6,411) Cancellation (settlement) of warrants, net - - Dividends to shareholders (39,824) (54,967) Distributions to non-controlling interest owners (927) (918) Issuance of shares from the EBT - - Repurchase of shares by the EBT (2,459) (2,582) Repurchase of shares (33,648) (6,631) Net cash used in financing activities $ 12,638 $ 22,568 Net change in cash and cash equivalents 17,753 (270) Cash and cash equivalents, beginning of period 5,990 3,753 Cash and cash equivalents, end of period $ 23,743 $ 3,483
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49November 2025 ALTERNATIVE PERFORMANCE METRICS Amounts in thousands, except per share and per unit data; a) Excludes $0.2 million, $0.4 million, $0.6 million, $0.5 million, and $0.6 million in dividend distributions received for our investment in DP Lion Equity Holdco during the three months ended March 31 and June 30, 2025, and the six months ended June 30, 2025, June 30, 2024, and December 31, 2024,respectively. b) Excludes $2 million, $68 million, $70 million, $7 million and $34 million in cash proceeds received for leasehold sales durin g the three months ended March 31 and June 30, 2025, and the six months ended June 30, 2025, June 30, 2024 and December 31, 2024 , respectively, less $6 million, $6 million and $14 million for the three months ended June 30, 2025, and the six months ended June 30, 2025 and December 31, 202 4, respectively.Other adjusting costs for the three months ended March 31 and June 30, 2025, and the six months ended June 30, 2025 were primarily associated with one-time personnel-related expenses and legal fees from certain litigation. c) Other adjusting costs for the six months ended June 30, 2024 were primarily associated with expenses associated with unused f irm transportation agreements and legal and professional fees. Other adjusting costs for the six months ended December 31, 2024 w ere primarily associated with legal fees from certain litigation. d) Includes adjustments for the trailing twelve months ended March 31, 2025 for the Oaktree, Crescent Pass, and East Texas II ac quisitions to pro forma results for a full twelve months of operations. Similar adjustments were made for the trailing twelve mo nths ended June 30, 2025 for the Maverick, Summit, Crescent Pass, and East Texas II acquisitions as well as for the trailing twelve months ended June 30, 2024 for the Oaktree acquisition and for the trailing twelve months ended December 31, 2024 for the Oaktree, Crescent Pass, and East Texas II acquisitions. Adjusted EBITDA 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) expense, loss on joint and working interest owners receivable, (gain) loss on bargain purchases, (gain) loss on fair value adjustments of unsettled financial instruments, (gain) loss on natural gas and oil property and equipment, costs associated with acquisitions, other adjusting costs, non-cash equity compensation, (gain) loss on foreign currency hedge, net (gain) loss on interest rate swaps and items of a similar nature. Adjusted EBITDA should not be considered in isolation or as a substitute for operating profit or loss, net income or loss, or cash flows provided by operating, investing and financing activities. However, we believe such measure is useful to an investor in evaluating our financial performance because it (1) is widely used by investors in the natural gas and oil industry as an indicator of underlying business performance; (2) helps investors to more meaningfully evaluate and compare the results of our operations from period to period by removing the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement; (3) is used in the calculation of a key metric in one of our Credit Facility financial covenants; and (4) is used by us as a performance measure in determining executive compensation. When evaluating this measure, we believe investors also commonly find it useful to evaluate this metric as a percentage of our total revenue, inclusive of settled hedges, producing what we refer to as our adjusted EBITDA margin. Three Months Ended (In thousands) September 30, 2025 September 30, 2024 Net income (loss) 165,856 (713) Finance costs 55,261 39,609 Accretion of asset retirement obligations 13,241 7,878 Other (income) expense(1) (519) (207) Income tax (benefit) expense (43,987) 86,098 Depreciation, depletion and amortization 95,587 63,304 Loss on joint and working interest owners receivable - - Gain on bargain purchases - - (Gain) loss on fair value adjustments of unsettled financial instruments (69,509) (93,211) (Gain) loss on natural gas and oil property and equipment(2) 58,089 729 (Gain) loss on sale of equity interest - - Unrealized (gain) loss on investment - - Impairment of proved properties() - - Costs associated with acquisitions 4,129 3,317 Other adjusting costs(3) 4,969 4,280 Loss on early retirement of debt - 1,635 Non-cash equity compensation 2,984 2,359 (Gain) loss on foreign currency hedge - - (Gain) loss on interest rate swap (35) (49) Total adjustments 120,210 115,742 Adjusted EBITDA 286,066 115,029 Pro forma TTM adjusted EBITDA(4) 1,021,507 555,456
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50November 2025 ALTERNATIVE PERFORMANCE METRICS Amounts in thousands, except per share and per unit data; a) Includes adjustments for deferred financing costs and original issue discounts, consistent with presentation on the Statement of Financial Position. b) The increase of restricted cash as of March 31 and June 30, 2025, is due to the addition of $19 million and $47 million in restricted cash for the ABS X Notes and ABS Maverick Notes, respectively, offset by $4 million for the retirement of the ABS I & II notes. c) Includes adjustments for the trailing twelve months ended March 31, 2025 for the Oaktree, Crescent Pass, and East Texas II acquisitions to pro forma results for a full twelve months of operations. Similar adjustments were made for the trailing twelve months ended June 30, 2025 for the Maverick, Summit, Crescent Pass, and East Texas II acquisitions as well as for the trailing twelve months ended June 30, 2024 for the Oaktree acquisition and for the trailing twelve months ended December 31, 2024 for the Oaktree, Crescent Pass, and East Texas II acquisitions. d) Does not include adjustments for working capital which are often customary in the market. 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 facilities. We believe net debt is a useful indicator of our leverage and capital structure. Net Debt and Net Debt-to-Adjusted EBITDA As used herein, net debt-to-adjusted EBITDA, or “leverage” or “leverage ratio,” is measured as net debt divided by adjusted EBITDA. We believe that this metric is a key measure of our financial liquidity and flexibility and is used in the calculation of a key metric in one of our Credit Facility financial covenants. As of (In thousands) 30-Sep-25 30-Sep-24 31-Dec-24 Total debt (a) $2,600,393 $1,697,210 $1,693,242 LESS: Cash $43,102 $9,013 $5,990 LESS: Restricted Cash(b) $103,673 $49,678 $46,269 Net debt $2,453,618 $1,638,519 $1,640,983 Pro forma TTM adjusted EBITDA(3) $1,021,507 $555,456 $548,570 Net debt-to-pro forma TTM adjusted EBITDA(4) 2.4x 2.9x 3.0x
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51November 2025 ALTERNATIVE PERFORMANCE METRICS Free Cash Flow As used herein, free cash flow represents net cash provided by operating activities, less expenditures on natural gas and oil properties and equipment, and cash paid for interest. We believe that free cash flow is a useful indicator of our ability to generate cash that is available for activities beyond capital expenditures. The Directors believe that free cash flow provides investors with an important perspective on the cash available to service debt obligations, make strategic acquisitions and investments, and pay dividends. (In thousands) Three Months Ended 30-Sep-25 30-Sep-24 Net cash provided by operating activities $165,672 $ 102,008 LESS: Expenditures on natural gas and oil properties and equipment -48,231 -16,854 LESS: Cash paid for interest -47,877 -38,431 Free cash flow $69,564 $46,723 ADD: Proceeds from divestitures 74,006 8,780 Adjusted free cash flow $143,570 $55,503
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div.energy Corporate 1600 Corporate Drive Birmingham, Alabama 35238-1087 (USA) div.energy kpobrien@dgoc.com Kevin O’Brien Director Investor Relations kpobrien@dgoc.com +1 412 403 7085 dkris@dgoc.com Douglas Kris Senior Vice President Investor Relations & Corporate Communications dkris@dgoc.com +1 973 856 2757