Diversified Energy : Earnings Presentation

The information contained in this document (the "Presentation") has been prepared by Diversified Energy Company PLC ("Diversified" or the "Company"). This Presentation is not to be copied, published, reproduced, distributed or passed in whole or in part to any other person or used for any other purpose. This Presentation is for general information purposes only and does not constitute an invitation or inducement to any person to engage in investment activity.

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2023 Strategic Successes

• Commenced trading on the New York Stock Exchange
• Generated $219 million of Free Cash Flow
• Decreased leverage to 2.3x; realized ~15% Debt reduction in a challenged commodity price environment
• Delivered record production on stable, ~10% declines
• Distributed ~$180 million in dividends, share repurchases
• Awarded OGMP 2.0 Gold Standard; 2nd consecutive year
• Retired more than 400 wells across our operating regions
• Completed multiple, accretive and innovative transactions

821 MMcfepd

137 Mboepd

2023 Avg Production

$543Mn

2023 Adjusted EBITDA

52% CashMargins

50% or higher since 2017

10% ProductionDeclines

Industry-leading

2.3x Net Debt/ Adj. EBITDA

Consistent Leverage Profile

$800+Mn

Return of Capital since IPO(a)

a) Includes the total value of dividends paid and declared and share repurchases (including Employee Benefit Trust) since the Company's February 2017 IPO

2023 3

Final Results

Commodity Price Risk

• Dynamic hedging sustains realized pricing and delivers consistent cash margins

Development/Operational Risk

• PDP focus eliminates the need for drill-bit exploration
• Smarter Asset Management enhances production
• Predictable, low & peer-leading corporate declines

Financing Risk

• Investment grade, low fixed rate, fully amortizing debt limits interest rate and maturity exposure
• ABS structure provides natural de-leveraging

Environmental Risk

• Stewardship model focused on reducing emissions and improving already producing long-life assets
• Best-in-classsustainability reporting

Diversified's business model reduces exposure to typical industry risk factors

Exploration Infill Drilling Behind Pipe Producing Wells

Positioned to Generate Consistent Cash Flow

Average Henry Hub price based on value of settled monthly futures contracts for the periods presented

2023 4

Final Results

(%)

LOW PRODUCTION DECLINES CREATE DISTINCT ADVANTAGES

2023 Annual Prod. Decline

28%

23%23%

~10%

25%

Capital Intensity

Superior Capital Intensity

Eases pressure to replace production and maintains generation of free cash flow

Enhanced Free Cash Flows

Available for reinvestment, return of capital, debt repayment and sustainability investments

Greater Value Creation & Return

Organic capital generation rate exceeds that available to industry peers with higher capital intensity

Source: Company Data, Enverus, Factset;

Peers include AR, CHK, EQT, GPOR, RRC and SWN

Capital Intensity calculated as 2023 capital expenditures divided by 2023 net total production

2023 5

Final Results

% of 2024 Natural Gas Production Hedged

HEDGING STRATEGY MITIGATES RISKS, ENHANCES RETURNS

Diversified Stands Out with Natural Gas Price Protection

27%

14%

4%

25+ Months

Long-dated Hedge Portfolio underpins investment-grade debt and fully-amortizing notes

Diversified hedge position as of 29 December 2023;

NYMEX Strip for 2024 includes settled contracts for Jan-March 2024 and futures pricing for REM24 using NYMEX strip as of March 1, 2024; Source: Factset

Peers include AR, Ascent Resources, CHK, CNX, CRK, EQT, GPOR, RRC, and SWN; Source: Company Data and Factset

2023 6

Final Results

Illustrative Liquidity Enhancement

Industry-First Transaction

Borrowing Base Liquidity Enhanement

$90 million

in liquidity uplift

$30

Unlocks Value of Assets

$60$150

$90

Illustrative liquidity enhancement scenario assumes asset PV-10 of $230 million dollars, 40% advance rate for Reserves based lending ("RBL"), 65% advance rate for ABS instrument ('ABS") and $30 million for sale of majority equity stake in residual cash flows from ABS instrument

2023 7

Final Results

Generating Robust Operating Margins with Production and Cash Flows

$28.26 /share

NAV per Share(c)

2.3X

$10.14 per Boe

Net Debt / Adj. EBITDA

52%

Cash Margin(d)

Driving Value With Sustainable Operations

222 | 384

DEC / Total Wells Retired

98% Leak-Free(e)

Underpins OGMP Gold Standard

50+ well pads

Pneumatic Devices Converted

Net Cash p/b Operating Activities

($ millions)

$388$410

$320

202120222023

Meet or Exceed State Retirement Goals

(wells retired)

Safety Performance

Motor Vehicle Accidents

Total Recordable Incident Rate

MVA

TRIR

1.55

MVA = Motor Vehicle Accident Rate; TRIR= Total Recordable Incident Rate

2023 10

Final Results