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EP Energy Talks Eagle Ford, Uinta Drilling Success; Production Flat YOY

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   |    Thursday,November 29,2018

EP Energy reported its Q3 2018 results.

Highlights:

• Oil production of 46.4 MBbls/d

- Drilled and completed most productive oil well in company history in Northeastern Utah (NEU), formerly Altamont

- Drilled most productive Eagle Ford oil well and second most productive Permian oil well in company history

Uinta - Most Productive Oil Well in Company History

In the third quarter of 2018, the company completed its first two horizontal wells in NEU. The Duchesne City 1-25-26-C5-2H well was drilled to a lateral length of approximately 9,800 feet and has produced 110,000 barrels of oil after 78 days, making it the most productive oil well completed in the company's history.

The second well, Duchesne City 1-25-26-C5-1H, was drilled to a lateral length of 7,900 feet and has produced 60,000 barrels of oil after 78 days and is in the top 6% of oil producing wells for the company.

Eagle Ford - Drills Longest Laterals to Date

Wells drilled in 2018 with new completion designs have exceeded pre-2018 offset wells by eight percent on net revenue per investment (RPI) as of 160 days. This group of wells are expected to outperform their offsets by 20% based on RPI. In addition, the company completed its two longest Eagle Ford laterals in company history. Both wells are currently in flow back, and we expect to provide a performance update in 4Q'18. The company continues to modify completion designs, lateral lengths and spacing for each pad to maximize returns and minimize F&D costs.

In the fourth quarter of 2018, the company plans to run three rigs and complete 21 wells focused on development in the southern and eastern portion of the La Salle acreage.

Permian

In the third quarter of 2018, the company produced 27.1 MBoe/d, including 8.8 MBbls/d of oil, a nine percent and 30% decrease from the third quarter of 2017, respectively. In the third quarter of 2018, the company invested $7 million (excluding drilling JV adjustments) and completed (frac'd) three gross and two net wells.

In 2018, the company applied a new completion design that resulted in the second most productive oil well in program history. Two additional wells with the enhanced design, which came online in September, are currently performing in-line with the improvement.