Preliminary and Confidential Draft Subject to Review and Significant Revision Prepared at the Request of Counsel Exhibit (c)(2)(C) Project Alpha Discussion Materials Prepared for the Special Committee of the Board of Directors August 3, 2022

Preliminary and Confidential Draft Subject to Review and Significant Revision Prepared at the Request of Counsel Executive Summary ($ in millions, except per share amounts) Valuation Multiples Since Initial Proposal th Relative Price Performance Since June 13 25% 5.1% --% (14.4%) (14.4%) (21.9%) (25%) (50%) 6/13/22 6/23/22 7/3/22 7/13/22 7/23/22 8/2/22 Alpha Proxy Peers HHUB WTI Change in Share Price and Valuation Multiples 1 Share Price EV / 2023E EBITDAX 6/13/22 7/20/22 8/2/22 Δ 6/13 - 7/20 Δ 6/13 - 8/2 6/13/22 7/20/22 8/2/22 Δ 6/13 - 7/20 Δ 6/13 - 8/2 Alpha $64.50 $66.51 $67.82 3.1% 5.1% 4.2x 4.1x 4.1x (1.8%) (3.3%) Peers: APA $45.57 $35.00 $35.93 (23.2%) (21.2%) 3.3x 2.6x 2.6x (21.0%) (19.6%) CTRA 32.56 28.91 29.38 (11.2%) (9.8%) 5.0 4.2 4.3 (16.6%) (14.6%) DVN 69.24 57.68 60.63 (16.7%) (12.4%) 4.9 4.1 4.2 (16.8%) (13.9%) EOG 132.73 105.57 107.19 (20.5%) (19.2%) 5.4 4.0 4.1 (24.6%) (24.1%) FANG 147.80 118.77 127.54 (19.6%) (13.7%) 5.0 4.2 4.5 (16.3%) (11.0%) HES 121.54 104.92 109.61 (13.7%) (9.8%) 6.9 6.0 6.3 (13.8%) (8.4%) MRO 28.39 22.92 23.88 (19.3%) (15.9%) 4.6 3.7 3.8 (20.9%) (17.7%) OVV 56.79 46.58 48.62 (18.0%) (14.4%) 3.4 2.7 2.8 (18.8%) (15.6%) PXD 261.37 216.81 227.91 (17.0%) (12.8%) 5.8 4.6 4.8 (20.5%) (16.4%) Average of Peers (17.7%) (14.4%) 4.9x 4.0x 4.2x (18.8%) (15.7%) Source: FactSet market data as of 8/2/2022 1. EV / 2023E EBITDAX based on Consensus trading multiples

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