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Diamondback Energy
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November 2023 Investor Presentation
| Travis Stice | Page 5 of 11 |
May 15, 2024
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"November 2023 Investor Presentation"
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5 $6,676 $5,550 Execute with Best-in-Class Cost Structure ? Unhedged realized cash margin of 79% (1) ? Cash CAPEX of $684 million, down 4% quarter over quarter ? Reinvestment rate of 45%, down 20% quarter over quarter 57% 45% Generate Significant Free Cash Flow ? Operating cash flow before working capital changes of $1.5 billion ($8.41 / share) ? Generated $820 million of FCF ($4.58 / share) (2) ? Generated $884 million of Adjusted FCF ($4.94 / share) (3) ? Returned ~81% of FCF back to stockholders ? Declared company record total dividend payout of $3.37 / share ($0.84 / share base dividend; $2.53 / share variable dividend) $3.03 $4.58 1,459 1,488 Third Quarter Highlights Q3 2023 Execution Investment Framework and Q3 2023 Results Maintain Oil Volumes ? Oil production of 266.1 Mbo/d (452.8 Mboe/d) ? Oil production per million shares of 1,488 Bo/d, up 16% year over year Strengthen Balance Sheet ? As previously announced, completed joint venture transaction with Five Point Energy LLC, consisting of certain Midland Basin water assets for gross proceeds of $516 million and 30% equity ownership in the new joint venture entity, Deep Blue Midland Basin LLC ? Since initiating our non-core asset sale program, have closed transactions with $1.7 billion of gross proceeds, exceeding our year-end 2023 target of $1.0 billion Oil Production per Million Shares Net Mbo/d Net Debt (4) $MM Q2 2023 Q3 2023 Free Cash Flow $ / Share Reinvestment Rate Cash CAPEX / Cash Flow (%) Realized Cash Margin % of Unhedged Price 74% 79% 1.03x 0.87x Net Debt / LTM Adjusted EBITDA (5) Adjusted Free Cash Flow $ / Share $3.03 $4.94 Source: Company data, filings and estimates. (1) Unhedged cash margin calculated as the sum of unhedged realized price per boe less cash operating costs including interest per boe divided by the unhedged realized price per boe. (2) Free cash flow defined as operating cash flow before changes in working capital and dividends, less cash CAPEX. (3) During 3Q23, the Company paid $64 million related to taxable gains on midstream / Deep Blue divestitures. This amount has been excluded from the FCF computation when determining the capital to be returned to stockholders. (4) Consolidated total debt less cash and cash equivalents as of 9/30/2023. (5) Net debt / LTM Adjusted EBITDA calculated as consolidated net debt as of 9/30/2023 divided by LTM consolidated adjusted EBITDA.