Eon Resources Inc. · AMEX:EONR
Eon Resources — Q2 2026 Earnings Presentation
27 slides from Eon Resources's earnings presentation, October 2026
Slide 1: EON Resources Year to Date 2026 Second Quarter Earnings Call
STRICTLY CONFIDENTIAL NYSE American: EONR EON Resources Year to Date 2026 Second Quarter of 2026 – Earnings Call October 2026
Slide 2: Presenters
Presenters Dante V. Caravaggio Mitchell B. Trotter David M. Smith Jesse J. Allen CEO CFO VP & General Counsel VP of Operations 2
Slide 3: Company Overview – 100% Permian Basin Focused
Company Overview – 100% Permian Basin Focused • ~ 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 • S
Slide 4: Company Overview – Anticipated Growth in PDP Assets
Company Overview – Anticipated Growth in PDP Assets 2025 2025 Oil Barrels Dollars 2026 2027 PDP 2.5 mil $29 mil PDNP 1.6 mil $18 mil Probable 9.0 mil $45 mil H Wells SA “B” Zone $95 mil H Wells SA “A” Zone TBD H Wells SA “C” Zone TBD H Wells South Justis $100+ mil 4
Slide 5: Groundwork Laid for a Big Year in 2027
Groundwork Laid for a Big Year in 2027 • 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
Slide 6: Two Years in Review
Two Years in Review • 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 9th farmout agreement added substantial value • Settled employee
Slide 7: Operations
Operations Presented by: Jesse Allen
Slide 8: Technical Highlights – Geologic and Reservoir Team
Technical Highlights – Geologic and Reservoir Team • 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 drilling
Slide 9: Operations – Current and Future for the GJF & SJF
Operations – Current and Future for the GJF & SJF • 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 • Prod
Slide 10: San Andres Horizontal Drilling Program – Background
San Andres Horizontal Drilling Program – Background • 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 agreem
Slide 11: San Andres Horizontal Drilling Program – Current
San Andres Horizontal Drilling Program – Current • 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 barr
Slide 12: San Andres Horizontal Drilling Program – Future
San Andres Horizontal Drilling Program – Future • 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 constr
Slide 13: Horizontal Drilling Potential – SJF
Horizontal Drilling Potential – SJF • SJF 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 partn
Slide 14: Horizontal Drilling Potential – SJF (21 laterals proposed)
Horizontal Drilling Potential – SJF (21 laterals proposed) Expected ultimate recovery (EUR) avg of 107 BO/ft with estimated IPs of ~700 BOPD 14
Slide 15: Horizontal Drilling Potential – SJF (21 laterals proposed)
Horizontal Drilling Potential – SJF (21 laterals proposed) 15
Slide 16: GJF & SJF – The Prize
GJF & SJF – The Prize (Estimated Summary of Reserves and Value by EON) 16
Slide 17: Financials
Financials Presented by: Mitch Trotter
Slide 18: 2026 Year-to-Date Financial Highlights
2026 Year-to-Date Financial Highlights • 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; mo
Slide 19: Income Statement
Income Statement Q2-2026 Q1-2026 Change YTD 2026 Average oil price 93.89 72.67 21.22 83.36 Revenues, net of derivatives 4,326,789 4,223,108 103,681 8,549,897 Non-cash derivatives 2,158,927 (3,254,915) 5,413,842 (1,095,988) Revenues, as reported 6,485,716 968,193 5,517,523 7,453,909 Lease operating 2
Slide 20: Income Statement Highlights
Income Statement Highlights • The revenues net of hedging derivatives are trending up • The derivative impact is a function of oil prices Q4-2025 Q1-2026 Q2-2026 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 4,223,108 4,3
Slide 21: Balance Sheet
Balance Sheet Jun 2026 Mar 2026 Change Cash and cash equivalents 691,672 129,772 561,900 Accounts receivable 2,373,601 2,407,047 (33,446) 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 - Total a
Slide 22: Balance Sheet Highlights
Balance Sheet Highlights • 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 eliminated 2
Slide 23: Funding Growth - Sources (aka War Chest)
Funding Growth - Sources (aka War Chest) • 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 (n
Slide 24: Big 2027 in the Works
Big 2027 in the Works • 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
Slide 25: Open Discussions & Questions
Open Discussions & Questions EON Resources, Inc. (NYSE American: EONR) Headquarters 3730 Kirby Drive, Suite 1200, Houston, Texas 77098 Investor Relations mike@plrinvest.com Company Website https://www.EON-R.com/ STRICTLY CONFIDENTIAL | Confidential discussion materials. Forward-looking projections;
Slide 26: Disclaimer
Disclaimer This presentation of EON Resources Inc. (“EON” or the “Company”) shall not constitute a “solicitation” as defined in Rule 14a-1 of the Securities Exchange Act of 1934, as amended. This presentation is not an offer, or a solicitation of an offer, to buy or sell any investment or other spec
Slide 27: Disclaimer (cont.)
Disclaimer (cont.) Forward-Looking Statements Statements in this presentation which are not statements of historical fact are “forward-looking statements”. Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs,