INVESTOR PRESENTATION | MAY 2 026 Investment Highlights A capital allocator partnering with proven operators to develop U.S. short-cycle oil and gas at >25% returns Capital Allocation Platform at Scale Scaled cash flow base, conservative leverage, and a valuation gap at odds with the fundamentals 3 Operated Partnerships Non-Operated GRANITE RIDGE ASSET PORTFOLIO Underwritten to >25% Returns at Strip — Through Cycles Short-cycle investments underwritten at strip target >25% full- cycle IRRs and accelerated c ...