Investor Presentation January 2024

Sustained Dividend Growth Through Capital Discipline Target Payout Range 50%-70% of Distributable Cash Flow³ 7% DCF/sh CAGR1,3 (since '08) Financial Crisis DCF/sh³ Portion of DCF/sh³ paid as Dividends Net debt to adjusted EBITDA2,3 6% Dividend/sh CAGR³ (since '08) Commodity Price Collapse COVID-19 Pandemic MAINTAINED STRONG 2.2x 1.9x 2.0x 2.0x 2.0x 2.2x 2.3x 2.5x 2.3x 2.6x 2.9x 2.2x 2.4x BALANCE 1.2x SHEET $2.95 DCF/sh³ $1.92 Dividend/sh Net debt to 2.5x adjusted 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 See slide 21 for notes regarding this slide EBITDA 2,3 6

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