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  Economics : Type Curve

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Focus on Operational Execution CONTINUED OUTPERFORMANCE COMPARED TO PEERS SM Energy Wells v. Howard County Peers(1) SM Energy Wells v. Austin Chalk Peers(2) 250 250 Avg. Cumulative Oil Production Avg. Cumulative Oil Production 200 31% 200 43% (MBbl/10,000 ft) (MBbl/10,000 ft) 150 150 100 100 50 SM Operated Wells 50 SM Operated Wells Peer Operated Wells Peer Operated Wells 0 0 0 5 10 15 20 25 0 5 10 15 20 25 Months on Production Months on Production (1) Enverus data as of July 2025. Horizontal wells completed in Howard County January 2021 through April 2025. Peers include APA, Bayswater, Birch Operations, CVX, FANG, HighPeak Energy, HOG Resources, Langford & Brigham, OVV, OXY, Paladin Petroleum, SGY, Spirit O&G Operating, SOGC, VTLE and XOM. (2) Enverus data as of July 2025. Oil production in the West Condensate area of the Austin Chalk. Horizontal wells completed January 2018 through April 2025. Peers include CRGY, CVX, Endeavor Natural Gas, 7 and Grit Oil & Gas.
SM Energy Company
September 2025

Williston Basin: High Oil Cut, Predictable and Consistent Delivery Williston Basin Highlights Risk-Adjusted Well Productivity1 Subsurface delivers reduced variability compared to other basins 2.8 12-mo Oil Cum. / Std. Dev. Strong production, predictable delivery 2.4 2.4 Excess oil takeaway capacity, oil differentials slightly below WTI Stable GORs 1.6 Consistent and supportive regulatory environment Gas/NGL realizations benefit from expanding takeaway 0.8 Williston DJ Midland Eagle Ford Delaware Excess Oil Takeaway Capacity2 Strong Well Productivity vs. Top Oil Basins3 Refining Rail 3,000 Pipelines Production 20 Delaware 2,500 Williston Cum. Oil (Bo/ft) Excess rail capacity sits on top of 15 Midland 2,000 pipeline capacity basin production Eagle Ford MBopd 10 DJ 1,500 1,000 5 500 - - 1 2 3 4 5 6 7 8 9 10 11 12 2020 2021 2022 2023 2024 2025 Producing Month 17 (1) Source: Enverus Prism, 2024 vintage 12-month cum. oil per 1,000 / standard deviation of those volumes; (2) Enverus Fundamental Edge and ND Pipelines, production reflects North Dakota crude oil production. (3) Source: Enverus Prism as of 7/24/25, 2023 2025 vintage wells cut-off at <25% of data set.
Chord Energy
August 2025

Successful Delineation of Deep Targets Unlocks Additional High-Value Inventory Longer Laterals Enhance Capital Efficiency Wolfcamp D Performance 13,750 LL 300 Inventory Expectations (360-Day Oil %: 55%) Inventory Cumulative Gross MBOE 250 VTLE Historical Production per Well Inventory Lateral Length Capital Efficiency 10,000 LL 200 Normalized Summary (Avg. Ft.) (DC&E / 1-Yr BOE) 150 Wolfcamp D 13,750 45 100 Glasscock Co. 50 Wolfcamp C 16,000 45 0 Barnett 14,500 55 - 60 120 180 240 300 360 Producing Days Wolfcamp C Performance 350 Inventory Expectations 16,000 LL (360-Day Oil %: 55%) Cumulative Gross MBOE 300 VTLE Historical Inventory Production per Well 250 200 10,000 LL 150 Normalized 100 Crane Co. 50 0 - 60 120 180 240 300 360 Producing Days Upton Co. Reagan Co. Barnett Performance 350 Inventory Expectations (360-Day Oil %: 45%) 14,500 LL Cumulative Gross MBOE 300 VTLE Historical Inventory Production per Well 250 200 150 10,000 LL 100 Normalized VTLE Net Acres 50 WCD 0 WCC - 60 120 180 240 300 360 Barnett Producing Days 9
Vital Energy, Inc.
February 2025

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