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Transformational Value Proposition World Class Resource Low Cost Operations Permian Leader 2024E EBITDA Multiple The Must-Own Permian Pure Play Financial Strength 6.1x 5.7x 5.6x 5.0x 4.9x 4.4x PIONEER NATURAL RESOURCES (1) ConocoPhillips D DIAMONDBACK ENERGY 2024E FCF Yield (2) OXY Seog devon 12.4% 11.6% 9.9% 8.4% 7.7% 7.1% (1) PIONEER ConocoPhillips Seog devon NATURAL RESOURCES OXY DIAMONDBACK ENERGY (2) Long duration, best in class FCF conversion positioned to deliver upside value Source: FactSet. Market data as of 2/9/2024. 16 (1) Pioneer shown at acquisition value. (2) OXY shown pro forma for Crown Rock acquisition. DIAMONDBACK ENERGY

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