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Diamondback Energy
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May 2024 Investor Presentation
| Travis Stice | Page 4 of 11 |
May 18, 2024
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"May 2024 Investor Presentation"
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4 Base Dividend Variable Dividends Stock Repurchases Primary: Additional: Q1 2024 Return of Capital: $396 million ($2.20 / Share) ~$192 million $1.07 / Share ~$162 million $0.90 / Share ~$42 million $0.23 / Share Disciplined Capital Allocator with Differentiated Returns Source: Company data, public filings, and Bloomberg. Financial data as of 3/31/2024. Market data as of 4/26/2024. (1) Free Cash Flow defined as operating cash flow before changes in working capital and dividends, less cash CAPEX. (2) Based on strip pricing as of 4/26/2024. We are unable to present a quantitative reconciliation because we cannot reliably predict certain of the necessary components of operating cash flow, such as changes in working capital. See “Forward- Looking Statements and Non-GAAP Financial Measures” on slide 2 for additional cautionary information. (3) Future dividends subject to the discretion and approval of the Board of Directors. Continued Free Cash Flow Generation: ? $791 million of Free Cash Flow (“FCF”) in Q1 2024 ($4.43 / share) (1) ? Expect at least $3.3 billion of FCF in 2024 at current commodity prices (2) Return of Capital: ? Return of ~50% of Q1 2024 FCF, resulting in a total return of capital of $396 million ? $4.0 billion authorized share buyback (~$2.4 billion spent to date) ? 50% return of capital commitment adds financial flexibility and enhanced focus on debt reduction as result of the proposed merger with Endeavor Energy Resources, L.P . Q1 Dividend Declaration: ? Declared a base cash dividend of $0.90 per share and variable cash dividend of $1.07 per share, both payable on May 22, 2024 (3) ? Industry-leading base dividend growth has resulted in a ~9% average quarterly CAGR since inaugural dividend in 2018 FANG Return of Capital Framework Diamondback continues to return meaningful capital to its stockholders through a sustainable and growing base dividend, opportunistic share repurchases and variable dividend NASDAQ Symbol: FANG Market Cap: $37,053 million Net Debt: $5,876 million Enterprise Value: $43,998 million Share Count: 178 million Annual Base Dividend: $3.60 (1.7% current yield) Total Q1 Dividend: $1.97 (3.8% current yield) Diamondback Market Snapshot ~50% of Q1 2024 Free Cash Flow Returned to Stockholders