Eon Resources Inc. · AMEX:EONR
Eon Resources — Q2 2026 Earnings Presentation
28 slides from Eon Resources's earnings presentation, Oct 29, 2026
Slide 1: EON Resources Year to Date 2026 Second Quarter Earnings Call
@ezon NYSE Amarcan: EONR EON Resources Year to Date 2026 Second Quarter of 2026 — Earnings Call October 2026
Slide 2: Presenters
Presenters @eon Dante V. Caravaggio Mitchell B. Trotter David M. Smith —_Jesse J. Allen cEO CFO VP & General ‘VP of Operations Counsel
Slide 3: Company Overview - 100% Permian Basin Focused
Company Overview - 100% Permian Basin Focused @ EON * ~ 20,000 acres (two fields) * ~750 wells across both fields * Grayburg-Jackson Oil Field + Eddy County, New Mexico + OOIP: ~ 956 million barrels of oil Zones including Seven Rivers, Queen, Grayburg, San Andres; depths from ~1,500 ft to ~4,000 ft
Slide 4: Company Overview - Anticipated Growth in PDP Assets
Company Overview — Anticipated Growth in PDP Assets @)£on 2025 Barrels 2027 PDNP Probable H Wells SA “B” Zone H Wells SA “A” Zone H Wells SA “C” Zone H Wells South Justis 2.5 mil $29 mil 1.6 mil $18 mil 9.0 mil $45 mil $95 mil TBD TD $100+ mil
Slide 5: Groundwork Laid for a Big Year in 2027
Groundwork Laid for a Big Year in 2027 @eon Oil prices drove revenue in 2025 and 2026, while drill bit drives revenue and profits in 2027 Two properties, two $100MM + farmouts, first two wells drilled, and building war chest Cured late filings — now compliant $2 added of PDP PV-10 added for every sh
Slide 6: Two Years in Review
Two Years in Review @eon * November 2023 purchased GJF for $90 million - when most SPACS failed * September 9, 2025 eliminated toxic financial instruments, recapitalized capital stack, added over $70 million of shareholder value * September 9'* farmout agreement added substantial value * Settled emp
Slide 7: Operations
@eon Operations Presented by: Jesse Allen
Slide 8: Technical Highlights - Geologic and Reservoir Team
Technical Highlights — Geologic and Reservoir Team @eon Horizontal potential- San Andres at GJF Horizontal potential- Blinebry / Tubb-Drinkard at SJU * The Playbook / Approach > Extensive vertical well control > State of the art log / petrophysical / reservoir analysis * Once done, recruited drillin
Slide 9: Operations - Current and Future for the GJF & SJF
Operations - Current and Future for the GUF & SJF @son * Safety — Excellent with no reportable incidents * Production at GJF and SJF remains consistent at ~900 gross BOPD * Per New Mexico Oil Conservation Division's (NMOCD) Stipulated Final Order (SFO) returning idle / inactive wells to production P
Slide 10: San Andres Horizontal Drilling Program - Background
‘San Andres Horizontal Drilling Program - Background @eon * Recompleted 3 vertical wells- San Andres IP rate for each vertical well: > Yucca State 009 initial potential at 105 BOPD. > Skelly Unit 638 initial potential at 30 BOPD and > Skelly Unit 907 initial potential at 20 BOPD + San Andres farmout
Slide 11: San Andres Horizontal Drilling Program - Current
San Andres Horizontal Drilling Program - Current @eon Skelly Unit 2H and Skelly Unit 3H drilled with no issues * Completion operations commenced in late September 2026 The Skelly Unit Production Facility completed / ready * Production both wells began 10/13/26 * Frac load water to recover 30,000 bar
Slide 12: San Andres Horizontal Drilling Program - Future
San Andres Horizontal Drilling Program - Future @eon * Note plugged well does not count in our three well carry * Replacement carry horizontal well in Q1 2027 Program * The Operator has advanced permitting activities for the anticipated 2027 development program * Permitting is not expected to be a c
Slide 13: Horizontal Drilling Potential - SJF
Horizontal Drilling Potential — SUF @eon + SIF data / analysis horizontal drilling completed as noted earlier * The same team identified the potential both fields- GJF & SJF * The data indicates better rock and better potential well rates at SJF than GJF * The marketing effort to recruit a drilling
Slide 14: Horizontal Drilling Potential - SJF (24 laterals proposed)
Horizontal Drilling Potential - SJF (24 laterals proposed) @)£on Proposed Laterals Lato Wactikerebiock Fr StandffLaweal® EUR EUR tal ATE ‘AL 2 m0 260 smo 200 ma580 2356000 a8 0 sos 30 Moe 50 ase 0 woe 50 ye so moot 50 a By Expected ultimate aw = recovery (EUR) avg of 107 = z ay BO/ft with estimated
Slide 15: Horizontal Drilling Potential - SJF (24 laterals proposed)
Horizontal Drilling Potential - SJF (24 laterals proposed) @)£on Laterals| ‘Well control
Slide 16: GJF & SJF - The Prize (Estimated Summary of Reserves and Value)
GJF & SJF - The Prize (Estimated Summary of Reserves (EON and Value by EON) In millions of barrels / PV-10 PoP PONP Prob. Total Grayburg-Jackson Waterflood 1.9MMBBL 0.7MMBBL 9.0MMBBL 11.6 MMBBL Oil price $64.54 $253 mil $9.3mil $45.4 mil, $80.0 mil Horizontal _ _ 10.8MMBBL 10.8 MMBBL Oil price $59.2
Slide 17: Financials
@eon Financials Presented by: Mitch Trotter
Slide 18: 2026 Year-to-Date Financial Highlights
2026 Year-to-Date Financial Highlights @son Filings are now current and compliant — Late filing causes * Complexity of multiple transactions * Systems and staffing resources * Oil prices drove an increase in revenue quarter over quarter * Oil reserves dropped from 2024 to 2025 due to: SEC oil price;
Slide 19: Income Statement
Income Statement @son 02-2026 Q1-2026 Change | YTD 2026 “Average oil price 93.68, 72.67 21.22 83.36 Revenues, net of derivatives 4,926,789 4,223,108 103,681 8,549,897 Non-cash derivatives 2,158,927 _ (3,254,915) _6.413,842| (1,096,988) Revenues, as reported 6485716 968,193 5,517,523 | 7.453.909 Leas
Slide 20: Income Statement Highlights
Income Statement Highlights @son * The revenues net of hedging derivatives are trending up * The derivative impact is a function of oil prices Q4-2025—G1-2026—G2-2026 Oil price, end of the quarter 57.42 101.38 69.50 ‘Net oil barrels, 60,750 54,247 61,559 Revenues, net of derivatives 3,536,628 4,223,
Slide 21: Balance Sheet
Balance Sheet @son Jun 2026 Mar 2026 Change Cash and cash equivalents 691,672 129,772 561,900 ‘Accounts receivable 2,373,601 2,407,047 (83,446) Prepaid and other current 1,364,636 1,201,868 162,768, Oil & gas properties 83,994,647 85,113,367 (1,118,720) Other noncurrent assets 1,891,348 1,891,348 =
Slide 22: Balance Sheet Highlights
Balance Sheet Highlights @eon * Cash increased from $130K in Q1 to $692K in Q2 * The derivative liability for non-cash hedging decreased due to the decline in oil prices at the end of June 2026 * Changes from Q2-25 to Q2-26 + Debt reduced from $42.6 million to $6.4 million + Preferred shares elimina
Slide 23: Funding Growth - Sources (aka War Chest)
Funding Growth - Sources (aka War Chest) @eon Term Overrides to fund legacy field RTP - $10MM - 18 mo payout (no debt, no equity cost) Term Overrides to fund waterflood expansion - $10MM - 18 mo payout (no debt, no equity cost) 10% Override on new hypothetical $35MM acquisitions would fund $10MM (no
Slide 24: Big 2027 in the Works
Big 2027 in the Works @eon 2025 and 2026 were positioning years to grow thru drill bit Our business model is replicating GJF Waterflood property concurrent with drilling: * Horizontal drilling produces big wells * Solves water handling * Creates sustainable low decline production * Extends life of f
Slide 25: Headquarters and Investor Relations
Headquarters {3730 Kiby Drive, Sut 1200, Houston, Texas 77098, Investor Relations mke@plinvestcom ‘Company Website Intpssin EON com’
Slide 26: Headquarters and Investor Relations
Headquarters {3730 Kiby Drive, Sut 1200, Houston, Texas 77098, Investor Relations mke@plinvestcom ‘Company Website Intpssin EON com’
Slide 27: Disclaimer
Disclaimer @eon ein See oe sn ie eto tel ecg edt pewter seen mee rem evn tye mon bane msn te waa ‘Scogeeeite peercecten us tattat reat ane Same ar Sena Scie oe f a,
Slide 28: Disclaimer (cont.)
Disclaimer (cont.) @ EON Forward-Looking Statements = ach eas ie epicenter irae at Sat Spee hectare San Mn a ae Se bcctares Baie see ee ore eer cme eae vd ‘Beni sem et intr rede pie tre See nr ye ers ee ‘Beira line pee Syren tee wae amon Mae esr wa at gs aes imate gO were Seon byte Comauny nena eere