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EOG Resources Returns EOG Premium Basins Most Stringent Investment Hurdle Rate in Industry: 60% Direct ATROR1,2 at Flat 40 Oil and 2.50 Natural Gas Bakken Capital Discipline Manage Investment at Appropriate Rate to Support Powder River Basin Continuous Improvement Across Multi-Basin Portfolio Wyoming DJ Basin Utica Free Cash Flow Exceptional Balance Sheet with Commitment to Return Minimum 60% of Annual Free Cash Flow2,3 to Shareholders Sustainability Strong ESG Performance Track Record Delaware Basin Eagle Ford Culture Dorado Division Offices Decentralized Company Focused on Organic Exploration and Corporate Headquarters Technology Leadership (1) Direct ATROR calculated using flat commodity prices of 40 WTI oil, 2.50 Henry Hub natural gas and 16 NGLs. (2) See accompanying schedules for reconciliations and definitions of non-GAAP measures and other measures. (3) Cash provided by operating activities before changes in working capital less CAPEX. 3Q 2022 3
EOG Resources, Inc.
November 2022

Focused Portfolio, Stronger Company Transactions Highlights: Simplifying and Pro forma (PF) net debt-to-EBITDAX(1) strengthening portfolio. 0.8x on 2022E EBITDAX Advancing our Increasing FCF. highest-return assets. Adding 500 undeveloped Marcellus locations Enhancing scale. Immediately Cash flow/share FCF/share(1) Increasing PF premium locations with accretive to: FCF yield(1) 50% ROR at 2.50 gas by 25% GHG emissions profile Protecting Immediately balance sheet. LOE/boe GP&T/boe 2020 PF methane intensity(2) lowers: G&A/boe Lowered by 15% Lowering 200 mmcf/d additional emissions. Marcellus capacity by 2023 Immediate annual synergies 50 70 million combined vs. stand-alone companies Returning cash Increasing base dividend by to shareholders. 9B in 5-yr FCF (1)(3) 14% to 2.00/share Anticipate paying 0.9B 1.1B in total dividends in 2022(3) (1) A non-GAAP measure as defined in the appendix. (2) Pro forma estimates include 2020 CHK, VEI and Chief, excludes PRB. Defined as volume methane emissions / volume gross gas produced. (3) Based on 1/11/2022 strip prices. Simplifying CHKs Portfolio January 2022 4
Chesapeake Energy Corp
January 2022

ATAX IRR (%) 20% 40% 60% 80% 0% 100% Ellerslie Frobisher/Alida Marten Hills Montney Montney Montney Eagle Ford Eagle Ford Condy Marcellus Viking Montney Cantuar Mannville Ellerslie Charlie Lake Montney Upper Mannville Frobisher / Alida SE SK Unfracked Dunvegan Montney Upper Mannville Montney Montney Bakken Permian SE SK Bakken Midale Bakken Montney Cold Lake SE SK Fracked Midale Cardium Duvernay Austin Chalk Permian Viking Provost Permian Cold Lake Permian SW SK Viking Shaunavon Mannville Ratcliffe/Midale Cardium Montney VET Sparky Eagle Ford Permian Permian ROBUST RETURNS AMONGST NORTH AMERICAN PROJECTS Gething Ratcliffe/Midale Woodford Permian Permian Permian Montney Bakken Uinta Spirit River Bakken Permian Oil/Liquids Cardium Permian Cardium Pembina Powder River Beaverhill Lake Eagle Ford Montney Shannon; Vermilion capital program targets the Turner only in the Hilight area of the Powder River Basin. ** Permian -3%; Mississippian Mid-Con -4%. PROJECT RANKING BY ATAX IRR Duvernay Montney Permian Gas Utica Permian Utica PRB Parkman / Montney Turner / Shannon* Marcellus Deep Basin Woodford Bakken Bakken Torquay NORTH AMERICAN PROJECT RANKING Montney Woodford Permian SAGD - Heavy Oil Montney Marcellus Spirit River Duvernay Marcellus Marcellus DJ Basin Montney Scotia Capital research, November 2019. Price assumptions: WTI US55/bbl, HH Natural Gas US2.50/mcf, AECO 1.85/mcf, USD/CAD 0.76. * Scotia analyzes a composite of the Parkman / Turner / Eagle Ford Duvernay Woodford Haynesville SAGD - Oil Sands Spirit River DJ Basin Eagle Ford Woodford Gulf Coast Eagle Ford Permian Marcellus Permian** Mississippian** 26
Vermilion Energy Inc.
December 2020

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