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  Economics : Break-Even

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DJ Basin: Analysts See the Value of the Basin Competitive with all other basins 90 70 % 63 % 83 Breakeven (PV-10, 20:1 WTI:HH Ratio, US / bbl) 80 74 60 % 54 % 70 70 67 64 50 % 58 59 60 55 50 50 48 48 48 48 40 % 41 % 41 % 45 46 IRR 41 30 % 38 39 39 40 30 % 34 31 % 34 % 30 25 % 23 % 20 % 20 % 19 % 20 17 % 10 % 10 11 % 11 % 5% 3% 4% 7% 0% 6% 0 0% (1) Piceance Basin Permian STACK Eagle Ford Powder River Basin SCOOP Haynesville TMS Marcellus Cotton Valley Barnett Gulf Coast Arkoma Woodford DJ Basin Bakken SK Bakken Utica Montney Fayetteville Uinta Basin Half Cycle: Excludes Acreage Acquisition Costs Source: RS Energy Group. Note: Basin breakeven reflect single well economics. (1) Permian basin breakeven represents Midland basin breakeven.
Extraction Oil and Gas
May 2019

RS 100 - 20 40 60 80 TMS Stella Kraken Mariner Western Isles Barnett Arkoma Woodford Granite Wash Fayetteville Uinta Basin Mississippi Lime Libra Big Foot Utica 120Energy Group; /bbl WTI Upper Devonian Gulf Coast Atlanta-Oliva Piceance Basin Jack/St Malo Perdido Shenandoah Martin Linge Ivar Aasen Amoca Anchor Stampede Cascade/Chinook North Park Basin Industry leading breakevens Liza OCTP TEN Greater Green River Basin Onshore Offshore Appomattox Guyana: Stabroek Block Gina Krog Catcher North Platte Golden Eagle Sapinhoa Duvernay Lula Haynesville Jupiter Tonkawa Powder River Basin Cotton Valley Cleveland Edvard Grieg Johan Castberg Heidelberg Mad Dog 2 Montney Bakken SK Bakken SCOOP Eaglebine Deep Basin Project Breakevens: 50 Top Offshore Developments & Shale Plays1 Zama Cold Flow Heavy FAN Vito Solan Sepia Shaunavon STACK Marcellus Trion Lapa Eagle Ford Iara NW Shelf Itapu (1) RS Energy Group OFFSHORE FIRST CLASS The L.I.Z.A Framework (January 2018); onshore single well breakeven include facility and G&A costs and exclude acquisition costs. Stones San Juan Basin Liza breakeven lowest of global offshore developments and shale plays Lancaster Carcara DJ Basin SNE Lucius CBP Johan Sverdup Buzios Viking Delaware Midland Buzzard Jubilee Liza offshore developments and shale plays Liza breakeven lowest of major global 14
Hess Corp
February 2019

Tupper Montney Highlights Top Tier North American Dry Natural Gas Play Henry Hub Dry Natural Gas Break-Even Prices, /MCF 6.00 Operated Well Delivery 5 Wells Online FY 2018 3 Upper Montney, 2 Middle 5.00 Montney, Avg EUR 18 BCF 4.00 Drilled 4 Consecutive Pacesetter Wells 1Q 18 83 Drilling Cost per Foot, 384/CLAT 3.00 1Q 18 Netback C2.20/MCF* vs AECO C2.08/MCF Eagle Ford Gas Tier 1 SW Marcellus Tier 1 SW Marcellus Tier 2 NE Marcellus Tier 1 NE Marcellus Tier 2 Full Cycle Break-Even C1.90/MCF AECO Fayetteville Core 2.00 Terryville / N LA Murphy Tupper Cana Lean Gas Cana Lean Gas Barnett Rich Expansion Project Progressing FEED for 2018 Sanction Haynesville Utica Wet OH Utica Piceance Pinedale PA Utica 1.00 Break-Even C1.75/MCF AECO Over 25% IRR at April 19 AECO Strip Price 0.00 *Including Transportation Costs of C0.27/MCF Source: Tudor, Pickering, Holt & Co. Mitigating AECO Exposure 2018 Montney Natural Gas Sales 2017 Realized & 2018 2020 Forward Sales Price, C/MCF 3.00 2.50 AECO 2.00 40% 24% Hedged Malin 1.50 Emerson 1.00 8% Chicago 0.50 3% 9% Dawn 0.00 16% Oct 2016 Apr 2017 Nov 2017 May 2018 Dec 2018 Jul 2019 Jan 2020 Aug 2020 Feb 2021 AECO Murphy Sales Price As of June 1, 2018 MURPHY OIL CORPORATION www.m urp h yo i lc o rp.c om NYSE: MUR 13
Murphy Oil Corp
June 2018
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