Economics : Break-Even

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Drilling Inventory Breakeven Analysis 2,657 Total Net Engineered Locations Average Estimated Breakeven Price 35/Bbl 600 48 Net Locations Breakeven Oil Price 500 40 WTI Breakeven Oil Price 10% IRR Net Engineered Drilling Locations 400 32 300 24 200 16 100 8 0 0 Comanche Maverick Catarina South Comanche Comanche Palmetto Comanche Catarina Catarina Area 5 Central Area 3 Area 4 Area 7 Western Western Stacked Note: Assumes Flat 3.50 Gas; NGL Pricing 30% of WTI Does not include Contingent or Prospective locations Engineered Locations includes SEC Proved locations + locations that are geologically un-risked but do not qualify as SEC PUDs due to factors such as assumed drill timing 29 2017 Sanchez Energy Corporation
Sanchez Energy Corp
December 2017

Deep Inventory of High Rate-of-Return Drilling Locations Inventory by Area Inventory by IRR ( 45/Bbl NYMEX) Area IRR Arnold Winfield 7% 75% 19% Brown Trust 7% 50%-75% 35% Gardendale 2% Irvin 30%-50% 34% 11% NE LaSalle 2% <30% 12% Eagle Ford Core North LaSalle 16% Eagle Ford Tier 1 Delaware Basin Pena Jasik 6% Returns by Area RPG 11% IRR Breakeven Area Mumme 2% 45 oil NPV Gardendale 75% 27.50 Mumme East 1% Pena Jasik 75% 30.75 Brown Trust 75% 35.75 Pierce 3% RPG 75% 30.25 SE Cotulla 5% Arnold Winfield 50-75% 33.75 Irvin 50-75% 32.75 E Delaware WCA 7% Western Wolfcamp A 50-75% 23.75 Eastern Wolfcamp A 50-75% 27.00 E Delaware WCB 15% N LaSalle 30-50% 31.50 W Delaware WCA 3% NE LaSalle 30-50% 36.00 Eastern Wolfcamp B 30-50% 32.00 Note: Locations reflect de-risked inventory assumptions only. IRRs assume 3/Mcf NYMEX gas price. 6 CRZO
Carrizo Oil & Gas Inc.
November 2017

South Texas Oil production growth engine Eagle Ford Shale 5 Rigs / 5 Frac Crews Longer laterals driving value Breakeven <40/bbl (1) Enhanced completions yielding encouraging results (1) Breakeven is PV10 with oil held flat at 50/bbl and gas held flat at 3/mcf Bank of America Merrill Lynch 2017 Global Energy Conference 10
Chesapeake Energy Corp
November 2017

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