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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 1.55B 1.66B (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 3Q22 4Q22E FY22E TX Net Production (mboe/d) 86 85 95 90 100 Average Rigs 4 3 24 Wells Drilled 18 10 14 65 75 Wells TILd 21 14 20 40 50 Average LL (feet) 10,500 Cost/Lateral Foot 700 800 PDP Decline (5 year) 15% 2022 TIL Decline (1 year) 70% Gross Inventory by Breakeven Cost Assumptions (net) 3Q22 4Q22E FY22E 6.5 10 11 14 30 Differential to NYMEX (/bbl) 3.07 1.75 2.25 Years of inventory at current pace (3) 850 Brazos Valley South Texas LOE (/boe) 7.68 6.50 6.75 GP&T (/boe) 11.46 9.50 10.50 1,250 Location Assumptions: Average LL = 9,600' D&C Capital (mm) 172 45 55 375 415 595 375 415 Average Spacing = Total Capital (mm) 194 80 90 450 500 150 750' 2,000' 310 350 375 385 (1) BU level EBITDAX based on outlook as of 11/1/2022 and excludes hedges and corporate items 45 50 55 60 Total (2) Adjusted strip deck utilizes NYMEX strip pricing as of 10/27/2022 for 2022 (6.57 HHUB / 96 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) 3Q22 Earnings November 1, 2022 24
Chesapeake Energy Corp
November 2022

Comprehensive Delivery Against Our Framework Compelling return of capital, sustainable free cash flow, ESG excellence Percentage of CFO framework provides shareholders first call on cash flow Return of Capital Returned 61% of adjusted CFO to shareholders (2.6B) through first three quarters of 2022 Market-leading cash returns through % of CFO framework 20% reduction to outstanding share count since achieving leverage target in October 21, driven by 3.4B of buybacks Delivering financial outcomes superior to E&P peer group and broader S&P 500 Financial Delivery 2022E capital budget to deliver 4.1B of FCF at 25% reinvestment rate2 and sub 35/bbl WTI FCF breakeven3 Strong results vs. E&P peers and S&P 500 Leading peers & outperforming S&P in FCF Yield4, reinvestment rate, and shareholder returns - with lower leverage Market-leading performance is sustainable Sustainable Multi-year track record of peer-leading operating and capital efficiency Outlook Sustainable financial and Sustainability underpinned by high quality U.S. unconventional portfolio, over a decade of high-return inventory operational performance (strengthened by recent financial and inventory accretive Eagle Ford acquisition), advantaged E.G. Integrated Gas Business, and 5 Year Benchmark Maintenance Scenario Meeting the worlds energy needs while prioritizing all elements of ESG performance ESG Excellence Striving for top quartile safety performance (TRIR)5 and peer-leading GHG/methane intensity reductions, Meeting global energy demand consistent with trajectory of Paris Climate Agreement with ESG excellence Investing in local communities; promoting workforce diversity, equality, and inclusion; leading on executive compensation with best-in-class corporate governance See Appendix for definitions and footnotes and the 3Q22 Investor Packet at for non-GAAP reconciliations of free cash flow, operating cash flow before working capital, capital expenditures and working capital 6
Marathon Oil Corp
October 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 5/25/2022 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

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