DJ Basin — oil & natural gas project

Production in the DJ Basin is derived from approximately 3,500 gross wells primarily focused in the Niobrara and Codell formations. ~0.5M total net acres. Provides competitive economics, low breakeven costs and free cash flow generation through contiguous acreage and royalty uplift. Subject to Colorado setback regulations; the Company maintains a steady cadence of permit approvals through community outreach and protective site selection (>90% of 2026 drilling schedule and >45% of 2027 schedule permitted as of YE2025). 2025 reserves additions: infill 49 MMboe oil + 13 MMboe NGL + 118 Bcf gas; positive performance revisions on gas (337 Bcf) and oil (18 MMboe). 2025 DJ-related transfers from PUD to PD: 98 MMboe. 2025 sold non-operated proved and unproved royalty and mineral interests in DJ for ~$840M.