Third-Party Independent Research Disclosures

TPH Research is an independent, unaffiliated entity. TPH Research’s reports, views, and recommendations are its own and do not represent the views of Perella Weinberg Partners or TPH&Co. PWP/TPH&Co. personnel have no role in TPH Research’s content or coverage.

Any TPH Research publications which may be forwarded or provided by PWP/TPH&Co. are considered third-party independent research and are not produced or created by PWP/TPH&Co.

TPH&Co. has managed or co-managed a public offering of securities in the past 12 months for BKV Corp, Magnolia Oil & Gas, and ProPetro Holding Corp.

TPH&Co. has received in the past 12 months or expects to receive within the next 3 months compensation for investment banking services from ARC Resources Ltd., Flowco Inc, Keyera Corp, Kodiak Gas Services, Pembina Pipeline Corporation, ProPetro Holding Corp., and Topaz Energy Corp.

We intend to seek compensation for investment banking services from the companies in the TPH Research coverage universe in the next 3 months.

TPH&Co. and its affiliates do not own 1% or more of the outstanding shares of any company in the TPH Research coverage universe.

TPH&Co. does not make a market in the securities of any company in the TPH Research coverage universe.