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Diamondback Energy
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May 2024 Investor Presentation
| Travis Stice | Page 5 of 11 |
May 18, 2024
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"May 2024 Investor Presentation"
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5 $6,208 $5,876 Generate Significant Free Cash Flow ? Operating cash flow before working capital changes of $1.4 billion ($7.84 / share) ? Generated $791 million of FCF ($4.43 / share) (2) ? Returned ~50% of FCF back to stockholders through a combination of dividends and share repurchases 42% 38% Execute with Best-in-Class Cost Structure ? Unhedged realized cash margin of 75% (1) ? Total cash operating expenses of $11.52 / Boe ? Cash CAPEX of $609 million; Reinvestment rate of 44% $649 $609 273.1 273.3 First Quarter Highlights and Execution Q1 2024 Execution Investment Framework and Q1 2024 Results Maintain Oil Volumes ? Oil production of 273.3 Mbo/d (461.1 Mboe/d) ? Oil production per million shares of 1,532 Bo/d, up 11% year over year Strengthen Balance Sheet ? As previously announced, beginning in the first quarter of 2024, Diamondback has reduced its return of capital commitment to at least 50% of FCF to stockholders ? Reduction of 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 . Oil Production Net Mbo/d Flat Q4 2023 Q1 2024 Free Cash Flow Margin % of E&P Revenue Cash CAPEX $MM 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) Consolidated total debt less cash and cash equivalents as of 3/31/2024. (4) Net debt / LTM Adjusted EBITDA calculated as consolidated net debt as of 3/31/2024 divided by last twelve months consolidated adjusted EBITDA. Net Debt (3) $MM 0.97x 0.90x Net Debt / LTM Adj. EBITDA (4)