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  Economics : Rates of Return/ IRR

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Bakken Significant inventory of high return locations Future Locations with IRRs at 15% or Above 2021 Bakken Development Well Plan Gross number of economic locations at various WTI prices1 Beaver Lodge East 2nd rig Feb 2021 1,600 future locations Goliath Nesson and 50 rig years at 50/bbl WTI 2,500 2,400 Capa 2,200 45 new wells online in 2021 1,600 Keene Continued focus on maximizing 800 DSU value Beaver Lodge / Keene East Nesson Capa / Goliath WTI 40/bbl 50/bbl 60/bbl 70/bbl 80/bbl EUR (MBOE) 1,450 1,200 1,150 IP180 Oil (MBO) 150 125 105 Rig IRR (%)2 100% 85% 75% 27 53 73 80 83 Years1 2021 wells online 5 20 20 Table values approximate. Optimized well spacing and completionshigher DSU NPV higher asset value (1) Point forward January 2021, locations generating 15% after tax return. Assumes 30 wells/rig/year. Operating cost assumptions include Hess net tariffs and field G&A. (2) At 50/bbl WTI. 17
Hess Corp
June 2021

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

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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