23% Return 11-Year Average CROCI(1)(2) Q1 2018 Q1 2019 Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Production Consumption Liberty's Investment Philosophy 3 Managing the Cycle for Long Term Returns Build the BDFC! 1 … while demand Liberty Built with Cash Flow LIBERTA ➢ North America is expected to be a meaningful supplier of incremental supply continues to increase • Recovery in travel (jet fuel) • Modest global GDP growth • China emergence from Covid lockdowns Reinvest at High Rates of Return Strong Balance She ...