February 25, 2026 Premier Williston Basin Operator Enhancing Free Cash Flow Generation
Disciplined, Oil-Focused Williston Operator Delivering Strong Returns Premier Williston Operator Williston Basin Acreage Commodity Mix1 Size & scale with high quality assets 18% 1.3MM net acres 277 MBoepd (57% oil)1 Production 6:1…
Chords Capital Allocation Approach Capital Allocation Starts with Strong Cash Flow From Operations Allocation Options Strong Return of Capital Attractive E&P Investments Opportunistic M&A Balance Sheet Management Program…
Premier Williston Basin Operator, Driving Efficiencies Highlights Williston Basin Oil Production1 Williston Basin largest acreage holder & producer 217 Scale drives operational efficiency 183 167 High oil cut provides upside to oil…
Significant Shareholder Returns 2025 Shareholder Returns Track Record of Share Buybacks2 Cumulative Capital Returned (B)3 700MM returned in 2025 Aggressive share count reduction 55% buybacks / 45% base div. Buybacks preferred in…
Delivering Per Share Growth Oil Production Per Share1 10% CAGR vs 21 1.00 Strong Capital Allocation Maximizing efficient FCF generation 0.65 Counter-cyclical share repurchases Disciplined M&A Operational Excellence 2021 2022…
Peer Leading Capital Efficiency Highlights 2026 Program Capital Efficiency vs Peers1 Wide spacing and long-laterals enhance economics 100 4-mile laterals and alternate shape wells further improve returns Top Quartile In 2026…
Improving Capital Productivity Flowing Capital Efficiency1 Future F&D2 Normalizing well productivity for relative capital cost Future F&D trending -22% lower since 2023 Increased long-laterals in 26 - better economics, lower CapEx per…
Bakken/Chord Uniquely Positioned for Long-Laterals Bakken Competitive Advantages1 Industry Leader in Long-Lateral Development2 Supportive regulatory process Long-lateral advantage supported by unique Bakken acreage position Favorable…
4-Mile Lateral Program Progressing Cost of Supply Improvement1 10-12/Bbl 8-10/Bbl 8-10/Bbl Superior returns on long-lateral development 3-Mile 4-Mile 4-Mile (Base Case) (Upside Case) 5% 40% of 2025 TIL activity of 2026 TIL…
Enhancing Economics With Long-Laterals Highlights Capital and Recoveries (per ft)1 Williston Basin contiguous acreage advantaged for long-laterals 45 45 43 Organically improves inventory quality Lowers breakevens and enhances…
Disciplined M&A Track Record Highlights Enhanced Scale, Strong Balance Sheet1 Williston Basin focus Grown oil production 4x, maintained strong balance sheet Balanced approach - corporate mergers, bolt-ons and ground game 180 1.5x…
Enhancing Inventory Quality and Duration Highlights 10+ years low-breakeven inventory1 Improving inventory quality and duration Organically improving inventory longer laterals, wider spacing Long-lateral inventory increased to 80%…
Long-Term Outperformance, Attractive Valuation Total Shareholder Return1 EV / EBITDA Multiple2 Strong capital allocation / execution track record High-quality assets at attractive valuation vs peers Sustainable free cash flow…
Chord Energy = Premier Williston Basin Operator Top Tier Oil Assets in Strong Financial Position Durable, Low-Breakeven Inventory Williston Basin Supports Resiliency at Compelling Valuation Williston size and scale with high quality…
Supplementary Information
Marketing Overview Delivering 30-50MM FCF savings 2026+ Marketing Highlights Marketing Optimization Marketing team maximizes netbacks and flow assurance 30-50MM annual FCF savings 2026+ Optimize diffs with pricing diversification…
High Quality Non-Operated Marcellus Position Highlights Marcellus Acreage NE Pennsylvania Dry gas window in core of the Marcellus Strong operator with top-tier well productivity Large PDP base with low declines Deep inventory with…
Return of Capital Aim for peer-leading return of capital 4Q25 Return of Capital (MM, except per share) 1 Below 0.5x leverage: 75%+ of Adjusted FCF Below 1.0x leverage: 50%+ of Adjusted FCF 175 Adjusted Free Cash Flow2 1.0x leverage:…
2026 Outlook 2026 Development Activity Guidance Highlights Oil volumes 157 161 MBopd 1Q26 154.0 at midpoint, building sequentially into 2Q - 3Q26, lower in 4Q26 Wild CapEx 1.4B at midpoint Red Woods 80% in 1Q26 3Q26 Bank Painted…
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