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2Q 2023 Earnings Presentation – Diamondback Energy, Inc.

Diamondback Energy, Inc. · Jul 31, 2023 · 28 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. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 1
    Investor Presentation August 2023 1
  2. 2Q 2023 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. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 3
    Disciplined Capital Allocator with Differentiated Returns Continued Free Cash Flow Generation: FANG Return of Capital Framework 547 million of Free Cash Flow (FCF) in Q2 2023 (3.03 / share)(1) Q2 2023 Return of Capital: 473 million…
  4. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 4
    Second Quarter Highlights Investment Framework and Q2 2023 Results Q2 2023 Execution Q1 2023 Q2 2023 Maintain Oil Volumes Oil Production per Oil production of 263.1 Mbo/d (449.9 Mboe/d) Oil production per million shares of 1,459…
  5. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 5
    Overview of 2023 Guidance 2023 Activity and Guidance Midpoints vs 2022 2023 Production and Activity Outlook 2023 2022A 1H23A Guidance 260 - 262 FY 2023 Activity Mbo/d Oil Production 19.0 16.5 Lario Outperformance / 335 - 350…
  6. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 6
    Return of Capital Framework Diamondbacks return of capital strategy is underpinned by a sustainable and growing base dividend, as well as additional return of capital from a combination of stock repurchases and/or variable dividends…
  7. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 7
    Return of Capital History and Highlights Declared Base Dividends Since 2018 ( / Share) 4.0 Billion Authorized Stock Repurchase Program(1) +5.7x Base Dividend Growth Stock Repurchases (MM) Cumulative Shares Repurchased (MM) 10% average…
  8. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 8
    2023 Free Cash Flow Sensitivity Illustrative 2023E Consolidated Free Cash Flow at Various WTI Oil Prices (MM)(1) YTD FCF Base Dividend Additional ROC Remaining FCF FCF Yield (EV) FCF Yield (Market Cap) FY 2023 Assumptions 4,000…
  9. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 9
    Investment Grade Balance Sheet Recent Highlights and Balance Sheet Summary: FANGs Liquidity and Capitalization (MM) Standalone pro forma liquidity of 1.6 billion(1)(2) FANG's Consolidated Capitalization 6/30/2023 Pro Forma(1)…
  10. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 10
    Peer Leading ESG Profile Diamondback is committed to successful execution on its environmental strategy and targets discussed in the 2022 Corporate Responsibility Report and highlighted below As part of this commitment, in March 2023,…
  11. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 11
    2023 Guidance Detail Diamondback Viper Full year 2023 oil production guidance of 260 262 435 445 Mbo/d, up from 256 262 Mbo/d previously Net production Mboe/d (from 430 440) 36.50 37.50 Full year 2023 CAPEX budget of 2.600 2.675…
  12. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 12
    APPENDIX 13
  13. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 13
    Longstanding Track Record of Capital Efficiency and Growing Per Share Metrics Diamondback Cash Flow / Free Cash Flow Since IPO ( / Share)(1) FCFPS +26.7x Cash Flow / Share growth since 2012 CFPS 36.96 22.02 14.86 17.74 25.98…
  14. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 14
    Development Strategy and Performance Update Development Strategy Update: Midland Basin Well Productivity by Year Midland Basin productivity has been consistent year 2017 2018 2019 2020 2021 2022 2023 over year and continues to improve…
  15. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 15
    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…
  16. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 16
    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…
  17. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 17
    Environmental Performance Scorecard Flaring (% of Gross Gas Production) GHG Intensity (mt / mboe Produced) Methane Intensity (mt / mboe Produced) FANG Operated Goal: Reduce 2019 intensity by 50% by 2024 Goal: Reduce 2019 intensity by…
  18. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 18
    Scope 1 Emissions Breakdown and Strategic Reduction Initiatives Diamondback 2022 Scope 1 Emissions Detail and Current Strategic Initiatives: Atmospheric Storage Atmospheric Storage Tanks / Other: 11K mt, or 1% of 2022 CO2e emissions…
  19. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 19
    Methane Emissions and Strategic Reduction Initiatives Diamondback 2022 Methane Emissions Detail and Current Strategic Initiatives: Gas Pneumatic Devices: Flare Stacks: 3.8K mt, or 56% of 2022 CH4 emissions 2.1K mt, or 31% of 2022…
  20. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 20
    Governance Summary Board Independence & Diversity: Board Independence and Diversity 8 of 9, or 89%, of Board are independent 100% of Committee Members are independent 5 of 9, or 56%, of Board are diverse (gender or ethnic minority)…
  21. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 21
    Current Hedge Summary: Oil Consolidated Crude Oil Hedges (Bbl/day, /Bbl) Crude Oil Hedges Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 12,000 12,000 4,000 Long Puts - WTI 55.00 / -1.80 55.00 / -1.85 55.00 / -1.77 32,000…
  22. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 22
    Current Hedge Summary: Natural Gas Consolidated Natural Gas Hedges (Mmbtu/day, /Mmbtu) Natural Gas Hedges Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2025 Costless Collars - Henry Hub 310,000 310,000 200,000 200,000 200,000…
  23. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 23
    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…
  24. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 24
    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…
  25. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 25
    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,…
  26. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 26
    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…
  27. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 27
    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…
  28. 2Q 2023 Earnings Presentation – Diamondback Energy, Inc. – slide 28
    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 29

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