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

POWDER RIVER BASIN TURNER SANDSTONE EXCEPTIONAL FIRST WELL 2,325 boe/d (78% oil) TIL 3/16/2017 7,100' lateral Teapot What we have confirmed Parkman E, A, B/C & Deep Great rock quality, higher pressure Surrey Control of thickest pay zone in southern area Sussex 300+ undrilled locations 2,640' spacing assumed Niobrara 140,000 net acres prospective Turner What does it mean Frontier 35/bbl (3) Mowry EUR: 1,350 mboe (1) Breakeven Single well ROR: 75% (2) (1) Reflects Turner Oil Phase appraisal type curve (2) Assumes 3 gas and 60 oil flat (3) PV10 positive breakeven price assuming 3 gas price and 60 oil price HOWARD WEIL ENERGY CONFERENCE 5
Chesapeake Energy Corp
March 2017

Niobrara Formation Type Curve Economics Type Curve Core/Tier 1 Total Well Cost 2.2 MM Gross 289 Mboe EUR Oil Only 217 Mbo Net 243 Mboe F&D Cost 9.05 / Boe IRR 146% 75 Oil NPV 3.2 MM IRR 103% IRR 65 Oil NPV 2.3 MM & IRR 46% NPV (1) 55 Oil NPV 1.4 MM IRR 21% 45 Oil NPV 0.6 MM NYMEX NPV10 Breakeven 39.25 (1) Economics based on NYMEX prices and include Daily Production, BOPD Cum Production, MBO 2/Bbl deduct for oil, 3.00/Mcf NYMEX gas, NGL pricing 19% of NYMEX oil price. (2) Total well cost includes 315K for allocated infrastructure and artificial lift. 24 CRZO
Carrizo Oil & Gas Inc.
March 2017

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