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  Economics : Rates of Return/ IRR

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Click toContinues Bakken edit Master title style to Deliver as Economic Potential Expands Continued Repeatability from Bakken Wells 4Q20 Wells Performing in Line with Prior Years Projecting Consistent Well Results in 2021 Step-Outs Expanding Bakken Potential 5 Unit Wells Outperforming Legacy Well Economics Exceeding 30% ROR at 50 WTI 6.4 MM Average CWC per Well Southern Step Out Unit 1. Normalized to 10,000 Lateral Length. PROPERTY OF CONTINENTAL RESOURCES, INC. REPRODUCTION AND DISTRIBUTION WITH WRITTEN PERMISSION ONLY 8
Continental Resources, Inc.
February 2021

Bakken Significant inventory of high return locations Future Locations with IRRs at 15% or Above 2020 Bakken Development Well Plan Gross number of economic locations at various WTI prices1 Tioga 3,000 Reduced rig count 1,900 future 2,950 Beaver from 6 to 1 in 2Q 2020 East locations and 60 rig Lodge 2,700 Nesson years at 50/bbl WTI Goliath Capa 110 wells 1,900 Stony online in 2020 Creek Keene 900 Continued focus on optimizing development Buffalo strategy across acreage Wallow position Keene / East Beaver Lodge / Other2 WTI 40/bbl 50/bbl 60/bbl 70/bbl 80/bbl Stony Creek Nesson Capa / Tioga EUR (MBOE) 1,450 1,150 1,100 1,100 Rig IP180 Oil (MBO) 160 115 90 100 30 63 90 98 100 Years1 IRR (%)3 100% 50% 30% 45% 2020 wells online 15 40 40 15 Table values approximate. Optimized well spacing and completionshigher DSU NPV higher asset value (1) Point forward January 2020, locations generating 15% after tax return. Assumes 30 wells/rig/year. Operating cost assumptions include Hess net tariffs and field G&A. (2) Other includes Goliath and Buffalo Wallow. (3) At 55/bbl Brent / 50/bbl WTI. 18
Hess Corp
November 2020

FORT BERTHOLD WELL PERFORMANCE Maintaining strong well performance at lower cost Enerplus Fort Berthold Well Performance WELL ECONOMICS(1) Cumulative oil production per well (Mbbl) WTI Oil Price 50/bbl 60/bbl Payout: 1.8 yrs 1.1 yrs 500 IRR: 45% 95% Breakeven (10% IRR): 38/bbl WTI 400 300 Total Well Costs (USMM)(2) 8.1 200 6.4 100 1.7 MILLION WELL COST - REDUCTION 0 100 200 300 400 500 600 Producing days 2017 2020 YTD 2017 wells 2018 wells 2019 wells 2020 wells 2017 Avg 2018 Avg 2019 Avg 2020 Avg 1) Well economics are based on the average 2P reserves booked per undeveloped location for a 2-mile lateral (730 mboe) and a total well cost of US6.4MM. 14 2) Well cost for a 2-mile lateral including drill, complete, tie-in and facilities costs.
Enerplus Corp
November 2020

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