April 8, 2025 Resiliency and Continuous Improvement Support Strong Long-Term Outlook
Disciplined, Oil-Focused, Williston Operator Delivering Strong Returns Premier Williston Operator Williston Basin Acreage Position Marcellus Non-Op Acreage Size & scale with high quality assets Position 1.3MM net acres 271 MBoepd…
Positioned for Resiliency in Uncertain Environment Relentless Cost Structure Focus Base Oil Decline Rate1,3 Track record of innovation and continuous improvement 47% Advancing efficiencies, driving lower costs 42% 43% 43% 40% 41%…
Peer Leading Balance Sheet Supports Organization Resiliency1 Low Leverage Robust Liquidity Strong Credit Profile 0.3x leverage at 4Q24 Borrowing base 2.75B with 2B of elected S&P BB (upgraded March 2025) Target sub-1x in normalized…
Attractive Valuation Supports Compelling Investment Opportunity Highlights Enterprise Value vs. Proved Reserves Value2,3 High-quality assets at attractive valuation vs peers 10.3B Trading below proved reserve value with deep, low-cost…
Share Buyback Program Reducing Share Count Fully-Diluted Shares Outstanding1 Delivering Per Share Growth2 (millions) (Bo per share) 8% reduction in fully-diluted +12% CAGR 0.94 shares outstanding since May 24 64.1 0.65…
Deep, Low-Cost Inventory at Discounted Valuation Sub-60 Inventory Life1,2 Deep inventory of low breakeven locations competitive with top U.S. onshore producers Strong execution, high quality resource result in robust Williston Basin…
4-Mile Laterals Continued Efficiency Gains Cost of Supply Improvement1 10-12/Bbl Superior returns on 8-10/Bbl 8-10/Bbl long lateral development 3-Mile 4-Mile 4-Mile 1st 7 (Base Case) (Upside Case) Highlights 4-mile…
Driving Down Costs, Enhancing FCF Cost Structure Proven Track Record Continuous Improvement Operated D&C Maintained 10 yrs sub-60 inventory last several yrs 4-mile laterals and alternate shape wells Frame 3B Unique acreage position…
Strong Capital Allocation and Continuous Improvement Enhance Value Top Tier Oil Assets in Williston Durable, Low-Cost Inventory at Basin Compelling Valuation Williston size and scale across 1.3MM net acres Strong inventory position…
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