CONVENTIONAL PLAYBOOK

UNCONVENTIONALLY CONVENTIONAL!

July 2025, 70+ pages

LOWER 48 ONSHORE VERTICAL

Seven U.S. Regions

M&A, E&P, Capital Markets

Total: 13.4 Bcfpd & 1.2 MMBopd

Privates: 9.3 Bdfpd & 633 MBopd

Publics: 4.1 Bcfpd & 533 MBopd

~10,000 Private Operators

Just ~1,300 Privates produce >100 Boepd

Top 35 Privates - 12 are Family Owned

Quantum & Kayne Anderson Active in P/E

San Andres, Strawn, Yeso Next Wave

Permian takes 36% of oil volumes

Rockies take 51% of gas volumes

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STUDY 1009MA