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Diamondback Energy
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May 2024 Investor Presentation
| Travis Stice | Page 23 of 11 |
May 18, 2024
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23 3.3x 2.5x 1.6x 4.9x 5.5x 3.9x $10.44 $10.87 $9.65 $7.87 $10.10 $9.73 $0 $2 $4 $6 $8 $10 $12 0.0 x 1.0 x 2.0 x 3.0 x 4.0 x 5.0 x 6.0 x 2018 2019 2020 2021 2022 2023 Recycle Ratio PD F&D ($ / Boe) -$1.90 -$3.71 -$2.92 -$0.01 -$0.22 $0.78 -$1.01 -$0.09 $1.03 $13.64 $25.98 $16.24 $1.33 $3.54 $6.97 $6.64 $4.63 $9.59 $14.86 $17.74 $12.79 $22.02 $36.96 $31.24 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 FCFPS CFPS Since the Company’s IPO in 2012, Diamondback has continued to execute with strong margins and improving capital efficiency, resulting in sustainable growth and long-term success Longstanding Track Record of Capital Efficiency and Growing Per Share Metrics Consolidated PD F&D Costs and Recycle Ratio (2) Diamondback Cash Flow / Free Cash Flow Since IPO ($ / Share) (1) Source: Company data, filings and estimates. (1) Cash Flow per Share calculated as operating cash flow before changes in working capital divided by weighted average diluted shares outstanding. Free Cash Flow calculated as operating cash flow before changes in working capital and dividends, less cash CAPEX for operated D,C&E, non-operated properties and capital workovers, infrastructure and midstream; excludes acquisitions and equity-method investments. (2) Recycle ratio calculated unhedged cash margin per Boe including interest expense divided by PD F&D cost per boe. Please see note 1 on slide 20 for detail on PD F&D cost calculation. (3) 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. +22.4x Cash Flow / Share growth since 2012 Cum. CFPS $4.87 $11.85 $18.49 $23.12 $32.71 $47.57 $65.31 $78.10 $100.12 $137.08 $168.32 Cum. FCFPS -$5.60 -$8.52 -$8.53 -$8.75 -$7.97 -$8.98 -$9.07 -$8.05 $5.59 $31.57 $47.81 Value Creation Breakeven (1.0x) Unhedged Cash Margins ($ / Boe; % of Realized Price) (3) $34.46 $27.43 $15.91 $38.34 $55.34 $38.38 77% 73% 63% 78% 82% 76% 2018 2019 2020 2021 2022 2023 % of Realized Price ($/Boe) Cash Margin ($/Boe) LOE Prod. taxes G&T Interest Cash G&A Cash Margin (%)