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  Economics : Type Curve

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Karnes County Results Show Superior Economics Results in Karnes County are some the best in North America Karnes Eagle Ford and Austin Chalk type curves produce 216,000 and 332,000 barrels of oil, respectively, in their first 12 months of production supporting paybacks in less than 6 months Liquids heavy commodity mix with Eagle Ford wells producing 74% oil (86% liquids)(2) and Austin Chalk wells producing 63% oil (80% liquids)(2) with significant early cumulative Karnes has some of the highest U.S. IPs resulting in best in class paybacks production 3,000 800 15 2,500 10 600 5-Month Payout(3) 2,000 Cum. Production (Mboe) Daily Production (Boe/d) Cum. Cash Flow (MM) 5 1,500 400 6-Month Payout(3) 0 1,000 17 200 Oil(2) Liquids(2) (5) 19-Month 500 MGY LEF 74% 86% Payout(3) MGY AC 63% 80% RSEG WC 46% 73% 0 0 (10) 0 4 8 12 16 20 24 0 4 8 12 16 20 24 0 4 8 12 16 20 24 Months Months Months MGY Lower EF MGY Austin Chalk RSEG Delaware Wolfcamp(1) Note: Magnolia type curves normalized to 5,000 laterals. Projections based on flat 58 WTI and 2.75 Henry Hub pricing. (1) Source: RSEG, Delaware North Reeves Wolfcamp A curve. (2) Commodity percentage splits represent first 24 months of production. 17 (3) All payout figures include assumed 2-month spud to sales delay.
Magnolia Oil & Gas
January 2020

SOUTH TEXAS: AUSTIN CHALK SUCCESS TWO NEW TESTS: 1,100 BOPD PEAK 24 HR RATES EACH HIGHER OIL CONTENT = HIGHER RETURNS 4,500 4,000 Surface equipment repairs DEMONSTRATING GEOGRAPHIC EXPANSE 3,500 Boe/Day (3-stream) 3,000 Briscoe C (SA1) State 108H 2,500 IP30: 1,710 Boe/d (preliminary) Galvan Ranch B904H IP30 oil: 787 Bbl/d IP30: 3,599 Boe/d Lateral Length: 11,269 IP30 oil: 896 Bbl/d 2,000 % liquids: 74% Lateral Length: 11,306 API Gravity: 50.0 % liquids: 61% API Gravity: 53.5 1,500 1,000 Watson (SA2) State 167H IP30: 3,179 Boe/d 500 IP30 oil: 651 Bbl/d Lateral Length: 12,875 Galvan Ranch C917H Well shut-in for tubing installation % liquids: 58% IP30: 2,133 Boe/d - API Gravity: 56.7 IP30 oil: 310 Bbl/d 0 50 100 150 200 250 300 350 400 450 500 Lateral Length: 7,886 % liquids: 52% Days Online API Gravity: 61.9 Watson (SA2) State 167H Galvan Ranch C 917H Galvan Ranch B904H Briscoe C (SA1) State 108H Note: Boe rates provided are 3-stream. NYSE: SM 13
SM Energy Company
December 2019

Eagle Ford Shale 2Q 2019 New Well Performance 23 Karnes Wells Online Karnes Lower EFS Wells Online 2Q 2019 120,000 Exceeded average type curve in Lower and Upper EFS Gross Cum 2- Stream BOE 100,000 Avg IP30 925 BOEPD Austin Chalk, 89% liquids 80,000 Avg IP30 1,200 BOEPD Upper EFS, 92% liquids 60,000 40,000 Avg IP30 1,300 BOEPD Lower EFS, 91% liquids 20,000 Continued execution of Austin Chalk delineation 0 1 6 11 16 21 26 31 36 41 46 51 56 61 66 71 76 81 86 91 Days Online 2Q Karnes Average LEFS Karnes LEFS Average Type Curve 12 Tilden Wells Online Tilden Lower EFS Wells Online 2Q 2019 40,000 Advanced wells into 2Q from 3Q Gross Cum 2- Stream BOE 35,000 30,000 Achieved record IP30s for Central Tilden 25,000 20,000 8 Lower EFS wells Central Tilden 15,000 Average IP30 1,370 BOEPD, 92% liquids 10,000 5,000 4 Lower EFS wells East Tilden 0 Average IP30 700 BOEPD, 94% liquids 1 6 11 16 21 26 31 Days Online 2Q Tilden Average LEFS Tilden LEFS Average Type Curve www. m u r p h yo i l c o r p . c o m August 8, 2019 N YS E : MU R 10
Murphy Oil Corp
August 2019
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