Investor Presentaiton

Sustainable Return of Capital Framework Dividend Structure Provides Strong Cash Returns with Upside Growth Potential Disciplined Business Principles Pay Base Dividend Maintain Strong Balance Sheet Anticipated to pay $60mm annual fixed dividend¹ Sustain leverage < 1.0x (net debt to LTM EBITDA), currently 0.0x Prioritize Highest Return Opportunities for FCF Ground Game Growth ② Consolidation Opportunities ③ Dividend Growth Opportunistic bolt-on acquisitions and joint venture development opportunities Value-accretive M&A opportunities Increase return of capital to shareholders SENSITIVITY ANALYSIS: CUMULATIVE FCF THROUGH 2023 I ($ IN MILLIONS) Base Dividend Available for Additional High Return Opportunities Ground Game Growth Excess FCF $490 $470 $110 Base Dividend Flat $45/Bb12 $170 Ground Game Growth Base Dividend Flat $55/Bbl² Ground Game Growth Base Dividend Strip (5/11/22) Ground Game Growth Base Dividend Flat $100/Bbl2 Source: Management estimates utilizing internal reserves Note: Assumes dividend beginning 4Q22 1. Future dividends are subject to approval by the Granite Ridge board of directors 2. Flat $45/Bbl case assumes gas price of $2.75/MMBtu, flat $55/Bbl case assumes gas price of $3.00/MMBtu and flat $100/Bbl case assumes gas price of $6.00/MMBtu GRANITE RIDGE 7

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