Investor Presentaiton

GROWING PERMIAN FREE CASH Retaining development pace optionality and flexibility CAPEX Indexed to 2021 300% 200% 100% D&C Facility/other ~460 >550 PRODUCTION Koebd, net >800 KOEBD Pace of investment continues to be set by objective to: Maintain positive free cash Deliver industry-leading capital efficiency BY 2027 1,000 >800 500 >$5 BILLION FREE CASH POTENTIAL IN 20271 >10% • - Achieve double-digit returns at <$35/bbl Retaining development pace optionality depending on market and learnings 2022-2027 Capex 50% above 2021 - Drilling and completions driving Capex, consistent with plans Major surface facilities in place 2022 production outlook >550 Koebd, up 25% versus 2021 0% 0 2019 2021 2022 2027 RETURN AT <$35/BBL² ― 10-12 rigs, 6-8 frac crews See Supplemental Information for footnotes and definitions. 28

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