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Type Curves
Permian Basin
  Economics : Type Curve

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Focus on Operational Execution CONTINUED OUTPERFORMANCE COMPARED TO PEERS SM Energy Wells v. Howard County Peers(1) SM Energy Wells v. Austin Chalk Peers(2) 250 250 Avg. Cumulative Oil Production Avg. Cumulative Oil Production 200 31% 200 43% (MBbl/10,000 ft) (MBbl/10,000 ft) 150 150 100 100 50 SM Operated Wells 50 SM Operated Wells Peer Operated Wells Peer Operated Wells 0 0 0 5 10 15 20 25 0 5 10 15 20 25 Months on Production Months on Production (1) Enverus data as of July 2025. Horizontal wells completed in Howard County January 2021 through April 2025. Peers include APA, Bayswater, Birch Operations, CVX, FANG, HighPeak Energy, HOG Resources, Langford & Brigham, OVV, OXY, Paladin Petroleum, SGY, Spirit O&G Operating, SOGC, VTLE and XOM. (2) Enverus data as of July 2025. Oil production in the West Condensate area of the Austin Chalk. Horizontal wells completed January 2018 through April 2025. Peers include CRGY, CVX, Endeavor Natural Gas, 7 and Grit Oil & Gas.
SM Energy Company
September 2025

Capital Efficiency Improving in 2H-25 Midland Basin Program Productivity Delaware Basin Program Productivity 300 500 12,400 LL 15,400 LL (67% Oil) Cumulative Gross MBOE Cumulative Gross MBOE (69% Oil) 400 (Production per Well) (Production per Well) 200 300 10,050 LL 12,100 LL (78% Oil) 200 (62% Oil) 100 100 2H-25 Program 2H-25 Program 1H-25 Program 1H-25 Program 0 0 - 60 120 180 240 300 360 - 60 120 180 240 300 360 Producing Days Producing Days Lateral Length DC&E Capital Cost Lateral Length DC&E Capital Cost (ft.) (/Ft.) (ft.) (/Ft.) 12,400' 15,400' 23% 785 990 10,050' (8%) 720 27% (13%) 12,100' 865 670 735 1H-25 2H-25E 1H-25 2H-25E 1H-25 2H-25E 1H-25 2H-25E Note: All figures are approximate. Average Pacesetter Well Average Pacesetter Well 7
Vital Energy, Inc.
August 2025

Williston Basin: High Oil Cut, Predictable and Consistent Delivery Williston Basin Highlights Risk-Adjusted Well Productivity1 Subsurface delivers reduced variability compared to other basins 2.8 12-mo Oil Cum. / Std. Dev. Strong production, predictable delivery 2.4 2.4 Excess oil takeaway capacity, oil differentials slightly below WTI Stable GORs 1.6 Consistent and supportive regulatory environment Gas/NGL realizations benefit from expanding takeaway 0.8 Williston DJ Midland Eagle Ford Delaware Excess Oil Takeaway Capacity2 Strong Well Productivity vs. Top Oil Basins3 Refining Rail 3,000 Pipelines Production 20 Delaware 2,500 Williston Cum. Oil (Bo/ft) Excess rail capacity sits on top of 15 Midland 2,000 pipeline capacity basin production Eagle Ford MBopd 10 DJ 1,500 1,000 5 500 - - 1 2 3 4 5 6 7 8 9 10 11 12 2020 2021 2022 2023 2024 2025 Producing Month 17 (1) Source: Enverus Prism, 2024 vintage 12-month cum. oil per 1,000 / standard deviation of those volumes; (2) Enverus Fundamental Edge and ND Pipelines, production reflects North Dakota crude oil production. (3) Source: Enverus Prism as of 7/24/25, 2023 2025 vintage wells cut-off at <25% of data set.
Chord Energy
August 2025
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