Economics : Break-Even

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Top Tier Eagle Ford and Austin Chalk Asset Position Entry into South Texas at an Attractive Price with 359,000 Net Acres Position Targeting Two of the Top Significant Running Room Oil Plays in the U.S. High-quality, low-risk pure-play South Texas operator with a core Eagle Ford and Austin Chalk position Giddings Field Significant scale and PDP base generates material free cash flow, reduces development risk and increases optionality Core Karnes County Position Some of the most prolific acreage in Karnes County, representing the premier county in the Eagle Ford play Certain recent Karnes County Austin Chalk wells have Karnes County outperformed even the best Eagle Ford and Permian Wolfcamp well results Giddings Field Discovered in 1920s,commercial development began in the 1970s originally targeting natural fractures in the Austin Chalk with open hole completions Now targeting prolific Austin Chalk zones using modern completions techniques Source: IHS Performance Evaluator. Early results show some of the highest production wells Industry Leading Breakevens (/bbl WTI) to date in the play 39 39 45 38 34 35 Karnes Giddings Total 28 32 Net Acres 14,070 345,000 359,070 January Production(1) 30.8 9.3 40.0 (Mboe/d) Karnes Austin Karnes Lower Chalk Eagle Ford Midland Delaware DJ Basin Eagle Ford STACK Bakken Source: RSEG. Magnolia is in a well-delineated, low-risk position in the Karnes County Core with significant upside in the Giddings Field, a re-emerging premier oil play (1) January estimated production based on accruals, Q4 2017 production of 38.8 Mboe/d. TPG PACE ENERGY HOLDINGS HIGHLY CONFIDENTIAL NOT FOR DISTRIBUTION 6
TPG Pace Energy Holding Corp
March 2018

Fort Berthold Type Curves and Well Economics Fort Berthold Type Curves Well / Economic Assumptions Barrels of oil per day Lateral length 10,000 ft. 1,800 1,600 1,200 MBO Type Curve (1,400 MBOE) Proppant loading 1,000 lbs/lateral ft 1,400 900 MBO Type Curve (1,050 MBOE) Drilling & completions cost US6.7MM 1,200 1,000 Facilities cost US1.1MM 800 600 WTI price (flat) US50/bbl 400 Differential to WTI(1) -US2.50/bbl 200 0 NYMEX price (flat) US3.00/Mcf 0 5 10 15 20 25 30 35 40 45 50 Months Type Curve Production & Economics Cumulative % of Recoverable Oil Produced by Year Oil (MBO) 1,200 900 80% Oil Equivalent (MBOE) 1,400 1,050 70% 60% 30 Day Cum. Oil Prod (bbls) 48,118 36,089 50% 1st Year Cum. Oil Prod (bbls) 267,121 200,341 40% IRR Pretax (%) 76% 39% 30% 20% Payout (Years) 1.4 2.2 10% Breakeven WTI Price (US/bbl)(2) 30.80 36.80 0% 1 2 3 4 5 6 7 8 9 10 Year 1) Basis dif f erential to WTI: -US2.50/bbl f or 2018; -US3.50/bbl f or 2019; and -US4.00/bbl f or 2020+ 17 2) Breakev en based on 10% rate of return
Enerplus Corp
January 2018

2018 Annualized Cash Flow Sensitivities Consolidated Operations Equity Affiliates1 (45-65/BBL WTI) (50-65/BBL Brent) Crude: Expect distributions from all equity affiliates at 50/BBL Brent/ANS: 100-110MM for 1/BBL change WTI: 55-65MM for 1/BBL change 1/BBL movement in Brent: 30-40MM WCS: 15-20MM for 1/BBL change Lower 48 NGL Net Cash Flow from Contingent Payments Representative Blend: 10-15MM for CA6MM quarterly for every CA1 WCS price 1/BBL change above CA52/BBL Natural Gas 7MM monthly if average Henry Hub price is at Henry Hub: 35-45MM for 0.25/MCF change or above 3.20/MMBTU (capped at 300MM) Intl Gas: 10-15MM for 0.25/MCF change 1 Representative of CFO within Equity Affiliates, may not all be distributed. Assumes WCS moves proportionally to WTI. Contracted LNG within equity affiliates is subject to a 3-month pricing lag. The published sensitivities above reflect annual estimates and may not apply to quarterly results due to lift timing/product sales differences, significant turnaround activity or other unforeseen portfolio shifts in production. Additionally, the above sensitivities apply to a range of commodity price fluctuations as of Nov. 8, 2017, but may not apply to significant and unexpected increases or decreases. 54
ConocoPhillips
November 2017

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