Investor Presentaiton

Inventory Underpins Sustainability of Business Model > 10 YEARS OF INVENTORY " (AT CURRENT ACTIVITY PACE) Includes only operated activity Represents low-risk development locations Assumes current development spacing Delaware Basin accounts for ~70% Other Assets Delaware Basin 320 - 340 wells online 2022 Program >2,500 incremental operated locations ~4,000 operated locations UPSIDE Identified >10 years of LOW-RISK & HIGH-RETURN development inventory (at current drilling pace) Significant INVENTORY UPSIDE from higher commodity prices & emerging opportunities Deeper Wolfcamp appraisal in the Delaware Anadarko Basin gas & liquids upside - Powder River Basin optimization Derisked Inventory Inventory Upside Note: Derisked inventory represents locations generating >30% IRR at $55 WTI & $3 HH. Average lateral length is ~2 miles. Q1 2022 Earnings Presentation 20

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