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4Q 2022 Earnings Presentation – Diamondback Energy, Inc.

Diamondback Energy, Inc. · Feb 23, 2023 · 30 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 1
    Investor Presentation February 2023 1
  2. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 2
    Disciplined Capital Allocator with Differentiated Returns Best-In-Class Execution Durable Cash Flow Creation through the Cycle Long Life, Pure Play Permian Basin Inventory Base Investment Grade Balance Sheet Peer Leading…
  3. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 3
    Disciplined Capital Allocator with Differentiated Returns Significant Free Cash Flow Generation in 2022: FANG Return of Capital Framework Generated 4.6 billion of Free Cash Flow (FCF) in 2022 (25.98 / share), with 1.1 billion…
  4. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 4
    Fourth Quarter Highlights and Full Year 2022 Execution Investment Framework and Q4 2022 Results FY 2022 Execution FY 2021 FY 2022 Maintain Oil Volumes Oil production of 226.1 Mbo/d (391.4 Mboe/d) Oil Production Flat 223.3 223.6…
  5. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 5
    2022 Execution on Investment Framework FY 2022 Execution on Initial 2022 Commitments Consolidated Free Cash Flow Generation(1) Original 2022 ROC (MM) Add'l FCF (MM) ROC (% of FCF) 2021A Guidance 2022A Oil Production 222.1 (Mbo/d)…
  6. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 6
    Longstanding Track Record of Capital Efficiency and Improving Per Share Metrics Diamondback Cash Flow / Free Cash Flow Since IPO ( / Share)(1) CFPS FCFPS +26.7x Cash Flow / Share growth since 2012 36.96 22.02 14.86 17.74 25.98…
  7. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 7
    Year-end Reserves Summary YE22 proved reserves increased 14% y/y to 2,033 Total Proved Reserve Growth (MMBoe) MMBoe (1,070 MMBo, 69% PDP) FANG Standalone VNOM 1P BOE / Share PDP reserves of 1,404 MMBoe; PDP oil reserves of 700 MMBo…
  8. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 8
    Overview of 2023 Guidance 2023 Activity and Guidance Midpoints vs 2022 2023 Production and Activity Outlook 2023 2022A Guidance Oil Production 256 - 262 FY 2023 Activity Net Mbo/d 259 Mbo/d 224 19.0 16.5 325 - 345 3.5 Lario…
  9. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 9
    2023 Free Cash Flow Sensitivity Illustrative 2023E Consolidated Free Cash Flow at Various WTI Oil Prices (MM)(1) Base Dividend Additional FCF Returned Remaining FCF FCF Yield (EV) FCF Yield (Market Cap) 5,000 25% FY 2023 Assumptions…
  10. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 10
    Investment Grade Balance Sheet with Significant Liquidity Balance Sheet Highlights as of 12/31/22: FANGs Liquidity and Capitalization (MM) Standalone liquidity of 1.7 billion(1) FANG's Consolidated Capitalization 12/31/2022 Consolidated…
  11. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 11
    Peer Leading ESG Profile Diamondback is committed to successful execution on its environmental strategy and targets discussed in 2022 Corporate Responsibility Report and highlighted below Our 2022 Corporate Responsibility Report is…
  12. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 12
    2023 Guidance Detail Full year 2023 oil production guidance of 256 262 Diamondback Viper Mbo/d Net Production Mboe/d 430 440 34.50 38.00 Full year 2023 CAPEX budget of 2.5 2.7 billion Oil Production Mbo/d 256 262 20.00 22.00 Expect…
  13. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 13
    APPENDIX 14
  14. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 14
    Expanded Midland Basin Footprint with Two Accretive Acquisitions FireBird + Lario Key Metrics Recent FireBird Results Exceeding Expectations Recent Well Results Underwritten Prospectivity FireBird Lario Combined 775MM cash + 850MM…
  15. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 15
    Development Strategy and Performance Update Development Strategy Update: Midland Basin Well Productivity by Year Diamondback saw improving well productivity in 2022, with 200 normalized oil production per well near 2019 levels…
  16. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 16
    Inventory and Asset Overview Midland Basin Gross (Net) Locations Economic at 50 / Bbl (1) Diamondback Acreage Map(3) 5,000'+ 7,500'+ 10,000'+ Total Avg. Lateral MS / JM 63 (28) 265 (205) 668 (568) 996 (801) 9,700' LS 105 (52) 219…
  17. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 17
    Environmental Performance Scorecard Flaring (% of Gross Gas Production)(1) GHG Intensity (mt / mboe Produced)(1) Methane Intensity (mt / mboe Produced)(1) 2022 Goal:…
  18. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 18
    Scope 1 Emissions Breakdown and Strategic Reduction Initiatives Diamondback 2021 Scope 1 Emissions Detail and Current Strategic Initiatives: Atmospheric Storage Tanks: 55K mt, or 4% of 2021 CO2e emissions Atmospheric (43K mt, or 4%…
  19. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 19
    Methane Emissions and Strategic Reduction Initiatives Diamondback 2021 Methane Emissions Detail and Current Strategic Initiatives: Gas Pneumatic Devices: 2.8K mt, or 59% of 2021 CH4 emissions Flare Stacks: (2.9K mt, or 57% of 2020…
  20. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 20
    Social Commitments and Summary Awards and Financial Commitments: Committed 10 million to support various non-profit entities to meet the humanitarian needs of the people of Ukraine displaced by the Russian invasion Committed 2.5…
  21. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 21
    Governance Summary Board Independence & Diversity: Board Independence and Diversity 9 of 10, or 90%, of Board are independent 100% of Committee Members are independent 5 of 10, or 50%, of Board are diverse (gender or ethnic minority)…
  22. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 22
    Current Hedge Summary: Oil Consolidated Crude Oil Hedges (Bbl/day, /Bbl) Crude Oil Hedges Q1 2023 Q2 2023 Q3 2023 Q4 2023 12,000 12,000 6,000 Long Puts - WTI 54.50 / -1.82 55.00 / -1.82 55.00 / -1.88 35,311 30,000 16,000 8,000…
  23. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 23
    Current Hedge Summary: Natural Gas Consolidated Natural Gas Hedges (Mmbtu/day, /Mmbtu) Natural Gas Hedges Q1 2023 Q2 2023 Q3 2023 Q4 2023 1H 2024 2H 2024 Costless Collars - Henry Hub 370,000 330,000 310,000 310,000 200,000 200,000…
  24. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 24
    Viper Summary Viper Energy Partners: Viper Mineral and Royalty Assets Publicly-traded mineral and royalty subsidiary (NASDAQ: VNOM) created by Diamondback Focused on owning and acquiring minerals and royalty interests in the Permian…
  25. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 25
    Rattler Midstream Summary Rattler Midstream: Rattler Midstream Asset Map Wholly owned midstream subsidiary created by Diamondback Martin / Howard: Sourced Water Interests integral to Diamondback upstream Produced Water…
  26. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 26
    Overview of Equity Method Joint Ventures Gray Oak EPIC Crude Wink to Webster OMOG WTG BANGL Long-Haul Crude Oil Long-Haul Crude Oil Long-Haul Crude Oil In-Basin Crude Oil Gas Gathering and Long-Haul Y Grade Project Type Pipeline…
  27. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 27
    Non-GAAP Definitions and Reconciliations Adjusted EBITDA: Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors,…
  28. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 28
    Non-GAAP Definitions and Reconciliations Operating Cash Flow before Working Capital Changes, Free Cash Flow and Adjusted Free Cash Flow: Operating cash flow before working capital changes, which is a non-GAAP financial measure…
  29. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 29
    Non-GAAP Definitions and Reconciliations Net Debt: The Company defines the non-GAAP measure of net debt as total debt less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total…
  30. 4Q 2022 Earnings Presentation – Diamondback Energy, Inc. – slide 30
    Diamondback Energy Corporate Headquarters Adam Lawlis, Vice President, Investor Relations 500 West Texas Ave., Suite 100 (432) 221-7400 Midland, TX 79701 irdiamondbackenergy.com www.diamondbackenergy.com 31

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