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2Q 26 Earnings Presentation DIVERSIFIED ENERGY * * YEARS EST . 2001 25 BUILT B BY THE PROVEN August 6 , 2026
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PROVEN The information contained in this document (the "Presentation") has been prepared by Diversified Energy Company (NYSE: DEC, LSE: DEC) (“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. 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", “outlook”, "achieve" and words of similar meaning, including statements regarding anticipated development activities, future production, reserves, cash flows, or EBITDA, 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 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 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 ability to control or estimate precisely, such as commodity prices, future market conditions, currency fluctuations, the behavior of other market participants, the actions of regulators, the Company's ability to continue to obtain financing to meet its liquidity needs and service its debt payment obligations, dividend and share repurchase sustainability, the Company’s ability to successfully integrate acquisitions, future dispositions, failures or delays in achieving expected reserves or production levels from existing and future oil and natural gas developments, including due to operating hazards, drilling risks, or the inherent uncertainties in predicting reserves and reservoir performance, and changes in the political, social and regulatory framework in which the Company operates 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 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 10-K for the year ended December 31, 2025, filed with the United States Securities and Exchange Commission (the “SEC”) and in subsequent filings with the SEC. Forward-looking statements speak only as of the date they are made, and the Company and each 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, unless 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 results 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 GAAP (alternative performance measures) are included in this Presentation. These non-GAAP 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-GAAP metrics in the same way, the manner in which we have chosen to calculate the non-GAAP metrics presented herein may not be comparable with similarly defined terms used by other companies. The non-GAAP metrics should not be considered in isolation of, or viewed as substitutes for, the financial information prepared in accordance with GAAP. Certain of the key operating metrics set forth in this Presentation are based on information derived from our regularly maintained records and accounting and operating systems. Any non-GAAP measures included herein will be accompanied by a reconciliation to the nearest corresponding GAAP measure within this presentation. For forward-looking non-GAAP measures, we are unable to provide a reconciliation to the most comparable GAAP financial measure because the information needed to reconcile these measures is dependent on future events, many of which are outside management's control. Additionally, estimating such GAAP measures and providing a meaningful reconciliation consistent with our accounting policies for future periods is extremely difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. Forward-looking non-GAAP measures are estimated consistent with the relevant definitions and assumptions. 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 or material non-public information, and when you cease to be in possession of inside information or material non-public information. Oil and Gas Reserves: The SEC permits oil and gas companies in their filings with the SEC to disclose only proved, probable and possible reserves. Additional information on the Company’s estimated proved reserves is contained in the Company’s filings with the SEC. Investors are urged to consider closely the oil and gas disclosures in our Form 10-K for the year ended December 31, 2025 and other reports and filings with the SEC, copies of which are available on the SEC and the Company's websites. Disclaimer, Forward-Looking Statements and Non-GAAP Measures 2
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PROVEN Our capital return priorities: Consistent success in 1H 26 Systematic Debt Reduction ~$233M of debt principal payments Enhances balance sheet strength and adherence to leverage target Strategic Share Repurchases ~$93M value of shares repurchased(a) Opportunistic program during market dislocations bolsters shareholder returns Accretive Acquisitions ~$2B of recently completed acquisitions(b) Accretive growth engine with track record of financial discipline and integration excellence Fixed per-share Dividend ~$43M in dividend distributions(c) Sized to be sustainable within leverage target framework, ensuring consistent capital return Since IPO >$1.3B Debt Principal Payments >$300M Shares Repurchased >$6B Acquisitions Completed >$850M Dividends Paid 3 PROVEN
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PROVEN Delivering exceptional performance and growth 2Q26 Financial & Operating Highlights Converting Commodity to Cash 2Q 2026 TTM Production Mmcfe/d 1,253 1,194 Commodity Revenue Millions $504 $1,880 Adj. EBITDA(c) Millions $240 $1,066 Adj. Free Cash Flow(d) Millions $115 $578 Q2 Average Production of 1,253 MMcfe/d • Production Exit Rate of 1,275 MMcfe/d (a) • Maintained industry-leading consolidated production decline Total Commodity Revenue of $504 Million • Total Revenue per Unit of $4.22/Mcfe(b) Adjusted EBITDA of $240 Million(c) • 52% Adj. EBITDA margin consistent with strong track record of cash generation(c) Generated $115 Million of Adjusted Free Cash Flow(d) • Operating Cash Flow of $89 Million • Significant portfolio optimization delivered $126 Million in cash proceeds Maintaining leverage within target range • Strengthened Balance Sheet with $678 Million of Liquidity as of June 30, 2026 • Leverage(e) of 2.45x within target range of 2.0x to 2.5x • 76% of outstanding debt is non-recourse, investment-grade ABS debt 4 PROVEN
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PROVEN PROVEN Adding to Our Playbook Operated Development Enhances Long- Term Cash Flow Durability Operated Oklahoma Program Marks Expansion of Playbook Allocating capital to operated programs where Diversified controls pace, costs, and returns Non-Operated Program Complements Portfolio Anadarko & Permian Basin programs, with contributed acreage into JVs, provide access to enhanced well-level economics and organic production growth Incremental Volume with Manageable Capex Helping offset DEC’s corporate production decline. Preserves balance-sheet and layer in hedges to protect returns through cycle, while maintaining long-term upside Demonstrated Upside and Optionality Program built around capital flexibility, drilling when risk- adjusted returns justify vs. other capital allocation priorities Drilling Programs Add High Return Production 5 PROVEN Est. $250-300M of Annual Run- Rate Capex (~25-30% of EBITDA) Non-Op Operated ~50% ~30% ~20% Maintenance Applying DEC’s playbook to a flexible, operated development program focused on attractive risk-adjusted returns in our expansive footprint Conviction and Visibility on Long-Term Financial Benefit Significant analysis undertaken gives conviction that development bolsters long-term cash flow profile, and improves long-term financial stability
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PROVEN PROVEN Development Program Details 6 FOCUS: Extracting cash flow from the commodity, rather than just extracting the commodity from the ground Combining operated and non- operated development with proven acquisition and asset management expertise Execution is supported by an experienced internal development team led by Chief Operating Officer, Rick Gideon: • Prior-Chief Executive Officer, Maverick Natural Resources • Prior-Chief Executive Officer, Roan Resources, Inc. • Prior-Senior Vice President of U.S. Exploration and Production, Devon Energy Corporation Oklahoma Operated Plan (12 months: Sep ‘26 – Sep ’27) Net (Gross) Wells Planned ~17.1 (19.0) Avg. WI % ~90% Net Capex ~$145M Avg. Lateral Length ~11,000 feet Est. Net Program EUR (MBOE) 19,584 Production Split (Oil/NGL/Gas) ~15/35/50 Est. Oklahoma Locations ~450 Remaining Inventory @ 1 rig pace >20 years Non-Op development total production exit rate in 2026 expected ~12,500 BOE/d, meaningfully replacing core business base production decline NM TX Oklahoma – Mewbourne Anadarko • 150 Wells drilled to date. ~145 remaining locations equates to ~3 years of remaining inventory • >60% program IRRs to date Texas – Continental Resource - Central Basin Platform • Initial drilling expected in Q4 2026 New Mexico – Private Operator -Northwest Shelf • Initial drilling began in Q3 2026 OK Select High-Return Non-Operated Programs
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PROVEN PROVEN Maintaining Capital Efficiency and Cash Flow Resilience 7 Capital plan complements DEC’s stable production and cash flow profile ~25% ~43% ~47% ~40% ~49% ~54% ~54% ~109% ~112% Capital Intensity Peer-Leading Declines Low-decline, PDP production base supports return of capital, debt reduction, and reinvestment into the business Conservative Capital Program Flattening go-forward production within cash flow, while bolstering long-term cash flow stability before incremental acquisitions Robust Free Cash Flow Conversion Low capital intensity, high-return development, and PDP production base benefit long-term cash flow conversion 52% 47% 46% 46% 45% 38% 38% (15)% (24)% Peer 1 DEC Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Free Cash Flow Conversion(b) Peer Average 28% Natural Gas Peers ~10% 22% 24% 25% 26% 33% 35% 40% 44% Peer Average 31% DEC Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Annual Production Decline(a) (%)
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PROVEN 2026 Guidance Range(a) LOW HIGH Total Production (Mmcfe/d) 1,180 1,210 % Liquids / % Natural Gas 29% / 71% Adj. EBITDA(b) $960M $1,010M Total Capital Expenditures $225M $255M Operated Development Capital Expenditures $35M $50M Non-Op Capital Expenditures $115M $125M Maintenance Capital Expenditures $75M $80M Adj. Free Cash Flow(c) ~$440M Income from equity affiliates(d) ~$15M Leverage Target 2.0x 2.5x Updating 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 8
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PROVEN Proven Platform for “The Next 25” 9 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 inventory of high-rate-of-return undeveloped locations Diversified, Vertically Integrated, Four-Basin Operating Model: Built for Resilience Appalachia Oklahoma (Mid-Con) Permian East Texas / Louisiana Technology-forward operating platform designed to acquire and integrate accretive, cash generating energy assets Relatively flat producing assets generating durable cash flow through the cycle Cash Flow Oriented Base Business Consistent hedging and returns-first approach to capital allocation. Scale and vertical integration deliver meaningful economies of scale Risk-Managed & Cost-Disciplined Meaningful, high-confidence development opportunities within existing operating footprint, delivering cash flow growth from organic investment Reinvestment for Low-Risk Growth Built to Consolidate
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PROVEN Appendix
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PROVEN PROVEN Summary of footnotes (page 1) 11 PROVEN a) Source: Company Data, Factset, Enverus; Natural Gas E&Ps include AR, CNX, CRK, EQT, EXE, GPOR, INR, and RRC Capital Intensity calculated as Capital Expend itures / Adj. EBITDA using reported figures for the six months ended June 30, 2026 b)Source: Factset, Company Data; Natural Gas E&Ps Include: AR, CNX, CRK, EQT, EXE, GPOR, INR, and RRC Free Cash Flow Conversion calculated as Free Cash Flow / Adj. EBITDA using reported figures for the nine months ended June 30, 2026 Slide 7: Maintaining Capital Efficiency and Cash Flow Resilience… 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 June 30, 2026. b)Value of completed acquisitions based on the previously announced gross valuation, includes the Canvas Energy, Sheridan, and Camino acquisitions closed in 2025 & 2026. c) Includes dividends paid and declared during the calendar year 2025. Future dividends are subject to Board approval. Slide 3: Our capital return priorities … a)Exit rate includes full month of June 2026 production. b)Total revenue and proceeds from divestitures related to asset optimization, excluding Next Level Energy revenue. c) Adjusted EBITDA is a non-GAAP metric, which represents earnings before interest, taxes, depletion, and amortization. Reconciliation and full definition is provided in the appendix of this presentation. d)Adjusted Free Cash Flow is a non-GAAP metric, which includes proceeds from land divestitures. Reconciliation and full definition is provided in the appendix of this presentation. e) As used herein, net debt-to-adjusted EBITDA, or “leverage” or “leverage ratio,” is measured as net debt divided by pro forma adjusted EBITDA. Reconciliation and full definition is provided in the appendix of this presentation. Slide 4: Delivering exceptional performance and growth a) Includes an estimate of cash proceeds for FY 2026 asset optimization of ~$135 million, based on July 2026 strip prices. Excludes changes in cash from working capital. b)Adjusted EBITDA is a non-GAAP metric, which represents earnings before interest, taxes, depletion, and amortization. Reconciliation and full definition is provided in the appendix of this presentation. c) Adjusted Free Cash Flow is a non-GAAP metric, which includes proceeds from land divestitures. Reconciliation and full definition is provided in the appendix of this presentation. d)Income from equity affiliates included in Adjusted EBITDA and Adjusted Free Cash Flow Slide 8: Updating 2026 outlook
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PROVEN PROVEN AppendixAdjusted EBITDA 12 PROVEN 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, finance costs, accretion of asset retirement obligation, other (income) expense, (gain) loss on fair value adjustments of unsettled financial instruments, (gain) loss on natural gas and oil property and equipment, 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) June 30, 2026 June 30, 2025 December 31, 2025 Net income (loss) $247,605 $297,915 $195,552 Interest expense 61,311 56,130 55,082 Accretion of asset retirement obligations 13,481 10,624 19,182 Other (income) expense(1) (575) (393) (993) Income tax (benefit) expense 139,697 (61,828) 1,471 Depreciation, depletion and amortization 103,440 92,668 154,076 (Gain) loss on fair value adjustments of unsettled derivatives (352,413) (154,419) (201,964) (Gain) loss on natural gas and oil properties and equipment(2) (11,483) 5,386 21,273 Costs associated with acquisitions 5,712 25,081 3,629 Other adjusting costs(3) 4,153 4,855 3,636 Loss on early retirement of debt 23,882 - - Non-cash stock-based compensation 4,906 2,552 3,037 (Gain) loss on interest rate swaps (17) (35) (30) Total adjustments $(7,906) $(19,379) $58,399 Adjusted EBITDA $239,699 $278,536 $253,951 TTM adjusted EBITDA $1,066,061 $671,111 $955,721 1) Excludes $0.1M, $0.4M, and $0.2M in dividend distributions received for our investment in DP Lion Equity Holdco during the three months ended June 30, 2026, June 30, and December 31, 2025, respectively. 2) Includes $25M, $68M, ,and $16M in cash proceeds received for leasehold sales during the three months ended June 30, 2026, June 30, 2025, and December 31, 2025, respectively. 3) Other adjusting costs for the three months ended June 30, 2026, June 30, 2025, and December 31, 2025 were primarily associated with one-time personnel-related expenses, asset integration, and legal fees from certain litigation.
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PROVEN PROVEN Free Cash Flow & Net Debt 1) Includes adjustments for deferred financing costs and original issue discounts, consistent with presentation on the statement of financial position. 2) Pro forma TTM adjusted EBITDA includes adjustments for the respective periods to pro forma results for the full twelve-month impact of intra-period acquisitions and divestitures (June 30, 2026: Canvas acquisition, Sheridan acquisition, Barnett asset sale, and the divestiture of other various property, plant, and equipment; June 30, 2025: Crescent Pass, East Texas II, Summit and Maverick; December 31, 2025: Canvas, Maverick, Summit, and Williams). 3) Does not include adjustments for working capital which are often customary in the market. 13 Definition: Net Debt and Net Debt-to-Adjusted EBITDA 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, borrowings under or issuances of, as applicable, our subsidiaries’ securitization facilities, and other borrowings. We believe net debt is a useful indicator of our leverage and capital structure. 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) June 30, 2026 June 30, 2025 December 31, 2025 Total debt(1) $2,930,597 $2,689,050 $2,952,014 LESS: Cash 8,238 23,743 29,697 LESS: Restricted cash(2) 95,147 103,158 115,413 Net debt $2,827,212 $2,562,149 $2,806,904 Pro form TTM adjusted EBITDA(3) $1,154,239 $962,640 $1,211,214 Net debt-to-pro forma TTM adjusted EBITDA 2.4x 2.7x 2.3x Definition: Free Cash flow As used herein, free cash flow represents net cash provided by operating activities (“operating cash flow”), less expenditures on natural gas and oil properties and equipment and adjusted free cash flow represents free cash flow after adjusting for proceeds from divestitures related to asset optimization and changes in cash from working capital. We believe that free cash flow and adjusted free cash flow provide investors with an important perspective on the cash available to service debt obligations, make strategic acquisitions and investments, and pay dividends. Three Months Ended Six Months Ended Year Ended June 30, 2026 June 30, 2025 December 31, 2025 June 30, 2026 June 30, 2025 December 31, 2025 Operating cash flow $88,784 $80,280 $182,240 $257,516 $165,138 $464,619 LESS: Capital expenditures (40,385) (61,238) (47,100) (98,392) (89,269) (184,600) Free cash flow $48,399 $19,042 $135,140 $159,124 $75,869 $280,019 ADD: Proceeds from divestitures 24,587 67,655 16,467 125,592 69,625 160,098 Changes in working capital 41,529 43,027 (21,813) (10,561) 46,422 55,642 Adjusted FCF $114,515 $129,724 $129,794 $274,155 $191,916 $495,759
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PROVEN 1600 Corporate Drive Birmingham, Alabama 35238-1087 (USA) div.energy Corporate Senior Vice President Investor Relations & Corporate Communications Douglas Kris dkris@dgoc.com +1 973 856 2757 Director Investor Relations Kevin O’Brien kpobrien@dgoc.com +1 412 403 7085