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SOUTH TEXAS: AUSTIN CHALK SUCCESS CONTINUES AUSTIN CHALK SUPPORTS RAPID GROWTH IN OIL/LIQUIDS PRODUCTION Austin Chalk Wells Currently Producing B A C K B O N E C O N D E N S AT E S Y S T E M 800 days in & EXPORT SITE 46 wells producing 50-90% liquids(1) New condensate export facility in North Briscoe to 90 handle increased liquids production 80 70 Average Cumulative Production (MBoe per 1,000 / 3-stream) 60 Production(2) 50 40 30 20 10 0 20 million estimated total cost 0 100 200 300 400 500 600 700 800 800 Days on Production Expected Go Live: August 2022 (1) Includes oil and NGLs based on peak IP30. (2) Includes 46 gross wells that have reached peak IP30, including three joint-development wells. On average, wells have been producing for approximately 1 year. 19
SM Energy Company
August 2022

Eagle Ford Shale Enhancing Portfolio and Production Through Strong Execution, Improved Completions 2Q 2022 36 MBOEPD, 86% Liquids Eagle Ford Shale Acreage 23 operated wells online 17 Karnes, 6 Catarina 3Q 2022 Well Delivery Schedule KARNES 4 operated wells online 4 Catarina TILDEN 5 gross non-operated wells online 2 Karnes, 3 Tilden CATARINA Optimized Completions Design Achieving Immediate, Strong Results Achieving full investment recovery in less than Murphy Acreage Active Rig Fracking Crew 1 year* 2022 Karnes Lower EFS Well Performance Net BOPD Karnes within 3 5 months 3,000 2,500 Catarina within 6 11 months 2,000 1,500 New wells exceeding initial forecast 1,000 500 Karnes avg 1,900 BOEPD gross IP30 0 0 30 60 90 120 150 180 Catarina avg 1,100 BOEPD gross IP30 Days Online Recent Drees Lower EFS Wells Average Drees Lower EFS * Assuming 85 / BBL WTI Recent Bellah Lower EFS Wells Average Bellah Lower EFS www.murphyoilcorp.com NYSE: MUR 9
Murphy Oil Corp
August 2022

Deep, Quality and Highly-Delineated Inventory 20 Deep, High-Quality Eagle Ford Inventory 20 yr-inventory, with upside(1) Years of high-quality inventory 10 yrs: est. well-level IRR 100% at 80 WTI(2) 750 14 yrs: est. breakeven economics at 50 WTI(3) or lower Strong returns at current strip pricing Identified Eagle Ford locations Track record of low cost inventory growth Development optimization, well performance 200 enhancements, swaps / bolt-ons Active Peers in Region Est. locations in Upper Eagle Ford & COP, EOG, MRO drilled 30 wells near ROCC in 2021 Austin Chalk Gross Drilling Inventory* 2022-23 Type Curve TILs (bbl/d) 975 Type Curve Assumptions(4) 215 Oil bbl/d Gross IP-30 Rate (bbl/d) 925 Gross EUR (Mboe) 870 213 1,000 Gross Capex (MM)(5) 9.00 Upper Average LL (ft) 10,900 93 EF/AC 496 50 6 Well Level IRR(4) 100% at 80/4 flat 411 LONE/ % Oil 69% Drilling Swaps/ Lateral Rocky Avg. WI% 89% Leasing Length Creek 100 Avg. NRI% 68% Ext./Opt. Acq. YE 19 YE 20 YE 21 10 *excludes recent bolt-ons, data normalized to 7,500 1 11 21 31 41 51 61 71 81 91 101 111 121 131 Months 1) Assumes 50 wells drilled per year normalized to 7,500 lateral feet. 2) See slide 2 for details on pricing and cost assumptions. 3) Breakeven is defined as 10% BFIT IRR. 7 4) Assumptions are estimates based on 2021 YE DeGolyer & MacNaughton (D&M) Reserve Report, and capex is based on managements internal estimates as of March 7, 2022. 5) As of March 7, 2022, Capex includes Drilling, Completion, Facilities and Tie-in Expenditures.
Ranger Oil Corp.
May 2022

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