Economics : Rates of Return/ IRR

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Eagle Ford Top Tier Gas and NGL Asset SM is a premier Eagle Ford operator Lower Eagle Ford East IRR Sensitivity(1) 45% 40% 35% 30% 25% IRR 20% 15% 3Q16 Average 10% Mt. Belvieu /Gal 5% 0% 0.35 0.45 0.55 Mt. Belvieu /Gal Operated Eagle Ford Well Cost: 4.5 MM Lateral Length: 6,500 Prime location will benefit from expected increases in NGL and gas prices Building inventory now developing staggered upper/lower Eagle Ford at 312 spacing in plan view Driving capital efficiencies average capital cost per lateral foot down 18% since Q3 2015 (1) Well costs include drill, complete, and equip; sensitivities at 3.00 NYMEX natural gas; oil flat at 50 16
SM Energy Company
December 2016

BREAK-EVEN ECONOMICS Average Break-Even Economics for Major Canadian and US Light to Medium Oil Plays (1) 100.00 CPG Core Areas 80.00 WTI (US/bbl) 60.00 40.00 20.00 0.00 Crescent Points highest return type wells generate more attractive break-even economics versus the average figures presented above, providing additional flexibility during periods of weak commodity prices Well positioned in low cost plays of significant size CRESCENT POINT ENERGY CORPORATE PRESENTATION FOOTNOTES INCLUDED IN THE BACK AS ENDNOTES 17
Crescent Point Energy Corp.
January 2015

January 2016 Equity Offering and Rationale Priced a public offering of the Companys common stock at 117.00 per share on January 5 Size of offering upsized from 10.5 MM shares to 12 MM shares Pioneer will receive total gross proceeds (before underwriters discounts and commissions and estimated expenses) of approximately 1.4 billion Company has also granted the underwriters an option for 30 days to purchase up to an additional 1.8 MM shares Spraberry/Wolfcamp well results continue to justify robust drilling activity, even in a depressed commodity price environment Wells with EURs averaging 1.3 MMBOE with an estimated cost of 8.0 MM generate IRRs 30% at current strip prices1 (includes tank battery/SWD costs) Well productivity continues to improve due to the implementation of the Companys completion optimization program Realizing 25% decrease in drilling and completion capital costs compared to 2014 as a result of service cost reductions and efficiency gains; expect to realize an additional 5% to 10% reduction in costs in early 2016 Strong balance sheet with cash position of 581 MM as of Q3 2015 with an additional 500 MM to be received in July 2016 from sale of Eagle Ford Shale midstream business Excludes 992 MM of December 2015 bond proceeds that will be used for repayment or repurchase of the 2016 and 2017 bonds Equity offering enhances the Companys ability to fund its expected capital program through 2017 5 1) Strip prices as of 12/31/2015 ranged from 41.44/BBL in 2016 to 53.77/BBL in 2020 for oil and 2.49/MCF in 2016 to 3.23/MCF in 2020 for gas
Pioneer Natural Resources Co.
January 2016

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