Investor Presentaiton

EV / 2022E EBITDA Strong Fundamentals at an Attractive Entry Point 8.0x 7.0x 6.0x 5.0x 4.0x NOG 3.0x 2.0x PXD DVN EOG FANG CTRA COP GRANITE RIDGE BRY OAS CIVI US INDEPENDENTS < 1.0X 2022E LEVERAGE $10.00 FCF ($ / BOE) > 3.0% DIVIDEND YIELD¹ 28 24 3.6X 3.5X 3.1x 3.1x 9 4.1X I 3.1x Number of companies 45 Median EV/ '22E EBITDA 3.6X Granite Ridge Implied EV / '22E EBITDA² 3.1x Source: Company filings, FactSet as of 5/11/22 Note: US independents include APA, AR, BRY, CDEV, CHK, CIVI, CLR, CNX, COP, CPE, CRC, CRGY, CRK, CTRA, DEC-GB, DEN, DVN, EOG, EQT, ESTE, FANG, GPOR, HES, HPK, KOS, LPI, MGY, MRO, MTDR, MUR, NOG, OAS/ WLL, OVV, OXY, PDCE, PXD, REPX, ROCC, RRC, SBOW, SM, SWN, TALO, WLL, and WTI. Median and count figures do not include Granite Ridge. 2022E leverage defined as current net debt / 2022E EBITDA. FCF defined as CFFO less capital expenditures 1. Includes current base and variable dividend 2. Based on NYMEX strip pricing as of 5/11/22 GRANITE RIDGE 11

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