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  Economics : Break-Even

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2021 Program: 1 Billion FCF for 1 Billion of Capex Fully consistent with reinvestment rate capital allocation framework 2021 capital program of 1B delivers strong financial and operational outcomes 2021 Free Cash Flow Sensitivity 1,600 80% 1B of FCF1 at 50/bbl WTI with 50% reinvestment rate1 Corporate FCF breakeven below 35/bbl WTI Free Cash Flow (MM) Before Dividend 70% 1,200 500MM of targeted gross debt reduction Reinvestment Rate GHG intensity reduction2 of 30% vs. 2019 60% Total oil flat vs. 4Q20 exit rate 800 90% of capex to Bakken and Eagle Ford, 50% industrys most capital efficient Basins Total of 5 to 6 rigs and 2 frac crews 400 40% Bakken: 60 to 80 wells to sales in 2021 Eagle Ford: 100 to 130 wells to sales in 2021 0 30% Oklahoma: 5 DUCs online 2H21 2021 FCF 2021 FCF 2021 FCF 2021 FCF 45/bbl, 50/bbl, 55/bbl, 60/bbl, Continued progression of Texas Delaware oil play 2.50/HH 3.00/HH 3.00/HH 3.00/HH Total FCF Reinvestment Rate 1 1.0B of expected 2021 FCF at 50/bbl WTI and 3.00/MMBtu comprised of approximately 2.0B of net cash provided by operating activities adjusted for working capital, EG LNG return of capital, and other less approximately 1.0B of capital expenditures; 1.0B of capital expenditures divided by approximately 2.0B of net cash provided by operating activities adjusting for working capital, EG LNG return of capital and other equates to a reinvestment rate of approximately 50% 6 2 Greenhouse Gas (GHG) intensity: as measured by metric tonnes carbon dioxide equivalent (CO2e) emissions per thousand barrels of oil equivalent of hydrocarbons produced from Marathon Oil-operated facilities
Marathon Oil Corp
February 2021

Appendix 1. Anadarko Basin Acronyms 2. Corporate Structure 3. Black Mesa Production, LLC 4. Single Well Breakeven Prices 5. Notes 6. Glossary 13
Brookside Energy Limited
July 2019

Highly Economic Mineral Portfolio RSEG Half Cycle Breakeven for Major North American Plays High breakeven and Low IRR Low breakeven and High IRR % of Brighams NRA(1) 10% 13% 14% 22% 28% 5% Greater than 90% of portfolio has weighted average break-even of 38 per bbl Source: RSEG. (1) Excludes net royalty interest owned in Carter and Love counties, Oklahoma (Extended Woodford play in Marietta and Ardmore Basins). Page 7 MNRL
Brigham Minerals Inc.
May 2019

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