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Diversified Energy Company
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April 2024 Corporate Presentation
| Rusty Hutson, Jr. | Page 30 of 11 |
April 30, 2024
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"April 2024 Corporate Presentation"
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30 April 2024 ACQUISITION OVERVIEW – OAKTREE WORKING INTEREST BUYOUT a) Includes the assumption of amortizing debt as part of total consideration b) Based on engineering reserves assumptions using historical cost assumptions and NYMEX strip as of March 8, 2024 for the 12 month period ended December 31, 2024; includes the estimated impact of settled derivative instruments; does not include the impact of any projected or anticipated synergies that may occur subsequent to acquisition c) Transaction multiple reflects the sum of the Net Purchase Price and divided by the 2024E Adjusted EBITDA of the acquisition; PV-EQ represents the approximate PV-discount value of the Net Purchase Price d) Duration of assets under Diversified operations calculated using average time since close date for respective historical acquisitions in which Oaktree co-invested $386Mn Net Purchase Price (a) 3.1x | PV17 Transaction Multiple | PV EQ (c) 65% Adj. EBITDA Margin (b) $126 Mn 2024 Adj. EBITDA (b) $462 Mn PDP PV-10 122 MMcfepd 2024 Net Production (b) Low-Risk, High Return Working Interest Acquisition Upsizing production, cash flow and reserves with zero operational risk and immediate administrative synergies ? Diversified has operated assets for 24+ months (d) ? Assets already integrated with OT/IT systems ? Financing matches existing debt profile ? Assets already included in emissions reporting ? Oaktree remains stakeholder in operations