Replay: Corporate Access: Barclays: EagleRock Land (EROK) Webinar

Research evidence excerpt

Replay: Corporate Access: Barclays: EagleRock Land (EROK) Webinar

Equity Research

23 June 2026

Replay: Corporate Access

Barclays: EagleRock Land (EROK)

Webinar

We hosted a virtual webinar with EROK CEO Greg Pipkin as

North America Midstream and Refining

well as President and CFO Neal Shah to discuss EROK’s Theresa Chen, CFA

strategy and outlook. Replay and key takeaways below. +1 212 526 7195 theresa.chen@barclays.com

BCI, US

Please see below replay information for the event held on Kelsey+1 212 526Zhu 5146

Thursday, 18 June 2026 at 10:00am – 11:00am New York kelsey.zhu@barclays.com

This replay is strictly and solely for the benefit of the intended recipients. Barclays Events Terms of

Eve Abraham Service and the Barclays Events Privacy Notice

+1 212 526 7805

eveanna.abraham@barclays.com

Watch BCI, US

Catherine King

+1 212 526 8674

This transcript/recording is provided in an unedited format. Barclays is not responsible for the catherinelynn.king@barclays.com

recording quality or any transcription errors or omissions. BCI, US

•• EROK’s opex- and capex-light model underpins a high-margin, durable cash flow profile.

The company monetizes surface through royalties, water, and infrastructure-related fees,

avoiding direct commodity exposure and enabling strong free cash flow conversion with

minimal capital intensity.

•• Base business growth is supported by resilient Permian activity and a clear path to

~20% organic EBITDA growth. Stable rig activity, strong producer customer underlying

inventory, and non-discretionary water handling demand provide a durable foundation,

Appearances by Third-Party Speakers: Any views or opinions expressed by third-party speakers

during this event are solely those of the speaker and do not represent the views or opinions of

Barclays.