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  Economics : Break-Even

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Magnolia Oil & Gas Overview High-quality, low-risk pure-play South Texas operator with a core 471,000 Net Acre Position Targeting Two of the Top Eagle Ford and Austin Chalk position acquired at an attractive entry Oil Plays in the U.S. multiple Significant scale and PDP base generates material free cash flow, Giddings Field reduces development risk, and increases optionality Asset Overview: 23,800 net acres in a well-delineated, low-risk position in the core of Karnes County, representing some of the most prolific acreage in the United States with industry leading break-evens 450,000 net acres in the Giddings area, a re-emerging oil play with significant upside and what we believe to be substantial inventory Karnes County Both assets expected to remain self funding and within cash flow Gonzales Wilson Market Statistics Dewitt Trading Symbol (NYSE) MGY Share Price as of 5/25/2022 26.50 Common Shares Outstanding (1) 223 million Market Capitalization 5.9 billion Source: IHS Performance Evaluator. Long-term Debt Principal 400 million Industry Leading Breakevens (/Bbl WTI) Cash as of 3/31/2022 346 million 45 39 39 Total Enterprise Value 6.0 billion 32 34 35 38 28 Operating Statistics Karnes Giddings Total Net Acreage 23,793 447,415 471,208 Karnes Austin Karnes Lower Midland Delaware DJ Basin Eagle Ford STACK Bakken 1Q22 Net Production (Mboe/d) (2) 28.9 42.9 71.8 Chalk Eagle Ford Source: RSEG. (1) Common Stock outstanding includes Class A and Class B Stock. (2) Giddings includes other production not located in the Giddings Field. 3
Magnolia Oil & Gas
June 2022

2021 guidance, operating statistics and well economics 2021 ANNUAL GUIDANCE(1) Q4 2021 GUIDANCE WELL ECONOMICS E&D capital spending (CMM)(2) 380 BAKKEN - FORT BERTHOLD(1) Total production (Mboe/d) 113.75-114.75 Total production (Mboe/d) 124.5-128.5 WTI oil price US50/bbl US60/bbl Liquids production (Mbbl/d) 69.75-70.75 Liquids production (Mbbl/d) 80-83 Payout 1.5 years 0.9 years Operating expense (/boe) 8.80 Operating expense (/boe) 8.80 IRR: 60% 100%+ Cash G&A expense (/boe) 1.15 Breakeven (10% IRR) US38/bbl WTI Transportation expense (/boe) 3.85 MARCELLUS(2) Avg. royalty & prod. tax rate 26% NYMEX natural gas price US3.00/Mcf US3.50/Mcf Current income tax expense (USMM) 3 Payout 2.0 years 1.4 years Bakken oil price diff. vs WTI (US/bbl) (2.00) IRR 50% 90% Marcellus natural gas price diff. vs NYMEX (US/Mcf) (0.55) Breakeven (10% IRR) US2.30/Mcf NYMEX 1) Fort Berthold well economics are based on the average 2P reserves booked per undeveloped location for a 2-mile lateral (730 mboe) and a total well cost of US5.7MM. 2021 ASSET DETAILS(3) BAKKEN MARCELLUS CANADA DJ BASIN 2) Marcellus well economics are based on the average 2P reserves booked per undeveloped location (18 Bcf/well, 7,400 ft lateral) and a total well cost of US6.3MM. Capital allocation (approx.)(2) 80% 10% 5% 5% 18-20 66-72 2 Wells drilled (gross) - (99% WI) (4% WI) (15% WI) 50 77-83 2 3 Wells online (gross) (80% WI) (6% WI) (15% WI) (87% WI) 1) Guidance has been adjusted for Williston Basin divestment which closed Nov 2, 2021 . 21 2) Capital spending includes capitalized G&A. 3) Wells drilled and completed are based on operated activity only except for the Marcellus and Canada which include non-operated activity.
Enerplus Corp
December 2021

Sustainability: Capital Efficiency Advantage is Durable 5 Year Benchmark Maintenance Scenario 2021-2025 Benchmark Maintenance Case Cumulative FCF 5B of cumulative FCF1 with reinvestment rate 8 80% 50%, assuming flat 50/bbl WTI 5 Year Cumulative FCF Before Dividend (B) Reinvestment Rate Corporate FCF breakeven below 35/bbl WTI 6 60% throughout period 4 Holds 4Q20 oil production flat through 2025 for 2 40% 1.0 to 1.1B of annual capex 0 20% Cumulative 100MM toward GHG intensity 45/bbl, 50/bbl, 55/bbl, 2.50/HH 3.00/HH 3.00/HH reduction Total FCF Reinvestment Rate Includes capital allocation across multi-basin 2021-2025 Benchmark Maintenance Case Capital Allocation portfolio Permian and Oklahoma activity reintroduced with both Eagle Ford delivering accretive corporate returns and FCF from high-graded opportunity set Bakken Oklahoma Permian and Oklahoma comprise 20% to 30% of Resource Play capital beyond 2021 Permian 1 Cumulative FCF of approximately 5.0 billion for 5 Year Benchmark Scenario at flat 50/bbl WTI and 3.00/MMBtu comprised of approximately 10.0B to 10.5B of cumulative net cash provided by operating activities adjusted for working capital and EG LNG return of capital and other less approximately 5.0 to 5.5B of cumulative capital expenditures dividing cumulative capital expenditures by the sum of cumulative net cash provided by operating activities adjusted for working capital, EG LNG return of capital, and other is expected to equate to a reinvestment rate of approximately 50% 12
Marathon Oil Corp
May 2021

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