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  Economics : Break-Even

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Eagle Ford: Superior Margins, Sustainable Free Cash Flow 14 years of drilling using 2 3 rigs Brazos Valley South Texas 2022E BU EBITDAX 1.7B 1.9B (1,2) 0 10 20 40 Miles Emerging Austin Chalk potential, 10 wells in 2022 program Gas MVC shortfall projected to decline by 50% YoY Asset Overview 2Q22 3Q22E FY22E TX Net Production (mboe/d) 88 85 95 90 100 Wells Drilled 25 20 25 50 65 Wells TILd 7 15 20 50 65 Average LL (feet) 10,500 PDP Decline (5 year) 15% 2022 TIL Decline (1 year) 70% Gross Inventory by Breakeven Cost Assumptions (net) 2Q22 3Q22E FY22E 6.5 10 11 14 30 Differential to NYMEX (/bbl) 0.71 1.20 1.60 Years of inventory at current pace (3) 850 Brazos Valley LOE (/boe) 7.50 6.50 6.75 South Texas GP&T (/boe) 10.50 9.50 10.50 1,250 Location Assumptions: D&C Capital (mm) 135 165 175 375 415 Average LL = 9,600' 595 375 415 Total Capital (mm) 158 190 200 450 500 Average Spacing = 150 750' 2,000' 310 350 375 385 (1) BU level EBITDAX based on outlook as of 8/2/22 and excludes hedges and corporate items 45 50 55 60 Total (2) Adjusted strip deck utilizes NYMEX strip pricing as of 7/25/22 for 2022 (7.18 HHUB / 97 WTI) (3) Assumes 70 wells per year Operated Development (4) 10% IRR at current spacing assumptions, proven development zones Operated Development Locations (PV-10) (4) (5) Location counts are based on existing acreage. Only total counts include zones still in early evaluation or exploration wells. & Appraisal Note: EBITDAX is a non-GAAP measures which is defined in the appendix Locations (PV-0) (5) 2Q22 Earnings August 2, 2022 13
Chesapeake Energy Corp
August 2022

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 5/6/2022 25.67 Common Shares Outstanding (1) 223 million Market Capitalization 5.7 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 5.8 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. 13
Magnolia Oil & Gas
May 2022

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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