Investor Presentaiton

Resilient Cash Flows Provide Strong Yields UNLEVERED 2022E FREE CASH FLOW YIELD AT VARIOUS PRICES UFCF Yield 19% 20% 16% 12% 8% 4% 17% 14% --% Strip1 Consensus 2 $90 WTI 3 COMMITTED CURRENT BASE + VARIABLE DIVIDEND FRAMEWORK4 15.0% 24% 18% 10.0% 19% 18% 25% 21% 20% 18% 20% 17% 14% Dividend Yield 15% 11.6% 8.7% 10% 5.0% 5.6% 4.6% 2% 5% 3.5% 4% 2.9% 1.7% 1.6% --% --% GR 1,6 Peer 1 Peer 2 Peer 3 NOG S&P 500 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Source: Internal reserves, public filings, Bloomberg and FactSet as of 5/11/22 Note: Peer group includes CDEV, DEC-GB, ESTE, HPK, LPI, NOG, OAS / WLL, REPX, ROCC and SBOW Base Dividend Yield Variable Dividend Yield 1. Based on NYMEX strip pricing as of 5/11/22 2. Based on 30-day average Bloomberg consensus pricing as of 5/11/22 Dividend Yield Range Dependent on Redemptions 3. Assumes WTI price of $90/Bbl and HHUB price of $4.50/MMBtu beyond Q1 2022 4. Annualized latest quarterly dividend 5. UFCF/enterprise value; unlevered free cash flow defined as (cash flow from operations - capex) + interest expense (interest expense * effective tax rate capped at 21%); adjusted for announced transactions 6. Dividend yield depending on redemptions; future dividends are subject to approval by the Granite Ridge board of directors UFCF Yield 5 GRANITE RIDGE 8

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