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Investor Presentation – Diamondback Energy, Inc.

Diamondback Energy, Inc. · Feb 1, 2025 · 31 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. Investor Presentation – Diamondback Energy, Inc. – slide 1
    Investor Presentation February 2025 1
  2. Investor Presentation – Diamondback Energy, Inc. – slide 2
    Disciplined Capital Allocator with Differentiated Returns The Must-Own Permian Pure-Play Best-In-Class Execution High Quality, Durable Midland Basin Inventory Stable Cash Flow Creation through the Cycle Investment Grade…
  3. Investor Presentation – Diamondback Energy, Inc. – slide 3
    Disciplined Capital Allocator with Differentiated Returns Continued Free Cash Flow Generation: FANG Return of Capital Framework 1,327 million of Free Cash Flow (FCF) in Q4 2024 (4.55/ share)(1); 1,357 million of Adjusted FCF (4.65 /…
  4. Investor Presentation – Diamondback Energy, Inc. – slide 4
    The Must-Own Permian Pure-Play Diamondback & Double Eagle IV Acreage Map Pro Forma Asset Overview Diamondback Double Eagle IV Oil Production 473 500 Net Mbo/d 273 4Q23 1Q25E Pro-Forma Midland Basin Acres (Net - 000s) 722 762…
  5. Investor Presentation – Diamondback Energy, Inc. – slide 5
    Fourth Quarter Highlights and Full Year 2024 Execution Investment Framework and Q4 2024 Results Year over Year Execution FY 2023 FY 2024 Grow Per Share Oil Production Oil Production per Million Oil production of 475.9 Mbo/d (883.4…
  6. Investor Presentation – Diamondback Energy, Inc. – slide 6
    Overview of 2025 Guidance 2025 Guidance and Implied Per Share Value vs 2024 2025 Oil Production and Activity Outlook Original 2025 2025 2024A Feb. 2024 Guidance FY 2025 Activity Q4 2024A 490 505 485 498 Oil Production 475.9 27…
  7. Investor Presentation – Diamondback Energy, Inc. – slide 7
    Industry Leading Free Cash Flow Generation and Capital Efficiency 2024 Free Cash Flow Margin vs. Peers (FCF / E&P Revenue; FCF / Boe of Production)(1) FCF / Revenue FCF / Boe 40% 40% 36% 20 18.30 30% 30% 26% 25% 15 16.63 FCF…
  8. Investor Presentation – Diamondback Energy, Inc. – slide 8
    Consistent Leader in Capital Efficiency and Low-Cost Operations Diamondbacks strong, oil-weighted asset base and MBO per MM CAPEX efficient cost structure enable it to consistently be FANG Peers Peer 1 an industry leader in capital…
  9. Investor Presentation – Diamondback Energy, Inc. – slide 9
    Endeavor Merger Synergy Scorecard Synergy Overview of Expected Annual Savings Realized Progress to Date Lower combined well costs + FY 2025 Midland Basin D,C&E well cost guidance of 580 / ft., down 195 / ft. from Capital and…
  10. Investor Presentation – Diamondback Energy, Inc. – slide 10
    Synergy Update: Midland Basin Well Costs Acquisition underwritten on applying FANGs Midland Realized Synergies (195 / Ft.) Basin capital costs to legacy Endeavor wells; 150 / foot Rig Rates / of implied D,C&E cost savings at the time…
  11. Investor Presentation – Diamondback Energy, Inc. – slide 11
    Current Inventory Summary Midland Basin Gross (Net) Locations Economic at 50 / Bbl(1) Midland Basin Development by Zone (% of Net Lateral…
  12. Investor Presentation – Diamondback Energy, Inc. – slide 12
    2025E Free Cash Flow Sensitivity Illustrative Consolidated 2025E Free Cash Flow at Various WTI Oil Prices (MM)(1) 2025 Assumptions(2) Base Dividend Return of Capital Balance Sheet FCF Yield (EV) FCF Yield (Market Cap) 485 498 Mbo/d…
  13. Investor Presentation – Diamondback Energy, Inc. – slide 13
    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 share repurchases and/or variable dividends…
  14. Investor Presentation – Diamondback Energy, Inc. – slide 14
    Investment Grade Balance Sheet Recent Highlights and Balance Sheet Summary: FANGs Liquidity and Capitalization (MM) FANG's Consolidated Capitalization 12/31/2024 Standalone liquidity of 2.6 billion(1) Cash and cash equivalents 161…
  15. Investor Presentation – Diamondback Energy, Inc. – slide 15
    Full Year 2025 Guidance Full year 2025 oil production guidance of 485 498 Mbo/d Full Year 2025 Includes Double Eagle IV April 2025+ Diamondback (883 909 Mboe/d) 2025 Net production Mboe/d 883 909 Full year 2025 CAPEX budget of 3.8…
  16. Investor Presentation – Diamondback Energy, Inc. – slide 16
    APPENDIX 17
  17. Investor Presentation – Diamondback Energy, Inc. – slide 17
    Return of Capital History and Highlights Declared Base Dividends Since 2018 ( / Share) 6.0 Billion Authorized Stock Repurchase Program(1) +8.0x Base Dividend Growth 3x to initial authorization 8% average quarterly CAGR 25.8MM shares…
  18. Investor Presentation – Diamondback Energy, Inc. – slide 18
    Longstanding Track Record of Capital Efficiency and Growing Per Share Metrics Diamondback Cash Flow / Free Cash Flow Since IPO ( / Share)(1) FCFPS +22.9x Cash Flow / Share growth since 2012 CFPS 36.96 31.24 30.48 22.02 14.86…
  19. Investor Presentation – Diamondback Energy, Inc. – slide 19
    Reserves Summary Year-end 2024 proved reserves increased 63% y/y to 3,557 Total Proved Reserve Growth (MMBoe) MMBoe (1,761 MMBo, 67% PDP) FANG Standalone VNOM 1P BOE / Share PDP reserves of 2,385 MMBoe; PDP oil reserves of 1,121 MMBo…
  20. Investor Presentation – Diamondback Energy, Inc. – slide 20
    Peer Leading ESG Profile Diamondback is committed to successful execution on its environmental strategy and targets discussed in the 2024 Corporate Responsibility Report and highlighted below Diamondback received the Gold Standard for…
  21. Investor Presentation – Diamondback Energy, Inc. – slide 21
    Environmental Performance Scorecard FANG Operated Flaring (% of Gross Gas Production) Non-freshwater Use (% of Consumed) 2025…
  22. Investor Presentation – Diamondback Energy, Inc. – slide 22
    Governance Summary Board Independence & Diversity: Board Independence and Diversity 12 of 13, or 92%, of Board are independent 100% of Committee Members are independent 5 of 13, or 38%, of Board are diverse (gender or ethnic…
  23. Investor Presentation – Diamondback Energy, Inc. – slide 23
    Current Hedge Summary: Oil Consolidated Crude Oil Hedges (Bbl / day; / Bbl) Crude Oil Hedges Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2026 Long Puts - Brent 52,000 48,000 27,000 12,000 Price / Premium 60.00 / -1.48 58.44 / -1.50 56.85 /…
  24. Investor Presentation – Diamondback Energy, Inc. – slide 24
    Current Hedge Summary: Natural Gas Consolidated Natural Gas Hedges (Mmbtu / day; / Mmbtu) Natural Gas Hedges Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2026 FY 2027 Costless Collars - Henry Hub 750,000 690,000 690,000 690,000 500,000…
  25. Investor Presentation – Diamondback Energy, Inc. – slide 25
    Viper Summary Viper Energy, Inc: 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…
  26. Investor Presentation – Diamondback Energy, Inc. – slide 26
    Overview of Equity Method Joint Ventures Current Investments Realized Investments EPIC Crude BANGL Deep Blue Verde Produced Water & Long-Haul Crude Oil Long-Haul Y Grade Natural Gas to Project Type Sourced Water Pipeline NGL…
  27. Investor Presentation – Diamondback Energy, Inc. – slide 27
    Surface Acreage and Potential Uses: Power Generation Diamondback Surface Acreage(1) Diamondback is the Premier Partner Diamondback Surface Acres: 65k 1 Provides site for power plant and data center construction 2 Supplies natural…
  28. Investor Presentation – Diamondback Energy, Inc. – slide 28
    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,…
  29. Investor Presentation – Diamondback Energy, Inc. – slide 29
    Non-GAAP Definitions and Reconciliations Operating Cash Flow before Working Capital Changes and Free Cash Flow: Operating cash flow before working capital changes, which is a non-GAAP financial measure, represents net cash provided by…
  30. Investor Presentation – Diamondback Energy, Inc. – slide 30
    Non-GAAP Definitions and Reconciliations Net Debt: The Company defines the non-GAAP measure of net debt as total debt (excluding debt issuance costs, discounts, premiums and fair value hedges) less cash and cash equivalents. Net debt…
  31. Investor Presentation – Diamondback Energy, Inc. – slide 31
    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 32

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