Economics : Break-Even

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Focus on the Most Economic Plays Reduces Commodity Risk Oil Breakevens by Basin (15% BTAX IRR)(1) Diamondback Core Permian 47.80 45.13 Development Areas 44.04 43.49 41.95 60 40.73 40.63 38.04 37.22 36.61 35.87 35.59 34.76 34.66 34.60 34.14 34.07 33.36 33.36 33.33 32.14 31.32 29.89 29.09 28.94 28.62 28.27 28.19 28.19 27.71 27.69 27.53 27.16 45 30 15 0 FANG has extensive inventory in 6 of the top Lower 48 oil plays US Total Hz Rig Count Top Oil Counties(2) Midland Delaware Cana / Woodford Williston Niobrara Eagle Ford Top 5 Oil Basins Hz Rigs Delaware 153 Midland 134 Eagle Ford 76 Cana 53 44 Williston 44 36 28 27 23 22 22 22 22 20 19 16 15 14 13 13 Karnes Weld Lea Loving Pecos Kingfisher Reagan Reeves Midland Eddy McKenzie Blaine Upton Grady Martin Howard FANG has a development portfolio significantly weighted to the most active counties in the US Source: Wall Street Research, Baker Hughes. 23 (1) (2) Per Wall Street research. Assumes NYMEX strip oil and gas prices as of 3/17/2017. Rig count data per Baker Hughes as of 4/28/2017.
Diamondback Energy, Inc.
May 2017

Eagle Ford Shale Inventory Detail Inventory by Area Inventory by IRR ( 55/Bbl NYMEX) Area IRR Arnold Winfield 9% Brown Trust 10% 100% 59% Gardendale 3% Irvin 15% NE LaSalle 3% 75%-100% 25% North LaSalle 22% Pena Jasik 8% RPG 14% 50%-75% 7% Mumme 3% Mumme East 2% Pierce 4% <50% 9% SE Cotulla Tier 1 4% Core Tier 1 SE Cotulla Tier 2 3% Note: Eagle Ford locations reflect current inventory assumptions only. IRRs assume 3/Mcf NYMEX gas price. 10 CRZO
Carrizo Oil & Gas Inc.
May 2017

Updated Type Well Economics Drilling locations with <40/Bbl break-even prices Wolfcamp Eagle Ford Altamont Average lateral length 8,500 8,500 5,700 N/A Well spacing (acres) 150 150 40 60 80 -160 Distance between wells (feet) 770 770 330 500 IP 30 (Boe/d) 722 639 1,068 408 IP 30 (Bo/d) 534 475 772 335 Gross EUR (MBoe) 750 550 505 500 % Liquids 80% 72% 78% 75% Gross well costs (MM) 4.5 4.4 4.0 4.2 Break-even pricing (/Bbl)1 25.75 38.00 34.75 35.00 Average WI % 100% 97% 85% 70% Average NRI2 75% 73% 63% 59% Gross drilling locations 1,096 1,586 650 918 Assuming 55 (WTI) / 3.00 (HH) Pre-Tax IRR 57% 22% 58% 30% Pre-tax NPV (MM) 4.9 1.5 2.3 2.0 Assuming 65 (WTI) / 3.50 (HH) Pre-Tax IRR 72% 29% 99% 44% Pre-tax NPV (MM) 5.9 2.2 3.6 3.1 1 Break-even oil price (WTI) required to generate a 10 percent pre-tax IRR using latest well costs and 3.00 per MMBtu (HH). 2 Wolfcamp NRI does not include royalty relief according to sliding scale agreement; whereas economics do include royalty relief. 21
EP Energy Corp
May 2017

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