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  Economics : Rates of Return/ IRR

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Appalachia: Overview Miles 0 4 8 Acres PDP Well Count PDP Decline 1Q21 Activity 540,000 Op: 963 2020 TILs: 53% Wells drilled: 16 40% WI, 35% NRI Non-Op: 292 Field: 23% (5-yr avg) Wells TILd: 18 2021E Production Outlook 2021E EBITDAX Outlook 2021E Capital Plan 1,052 1,061 1,061 1,061 653 Appalachia Gulf Coast South Texas Brazos Valley Powder River Basin 2.25 2.50 2.75 3.00 TOTAL (2) Development Locations (PV-20) (2) Development & Appraisal Locations (PV-0) (1) 20% ROR at current spacing assumption, proven development zones. (2) Location counts do not include exploration wells or zones still in early evaluation. 1Q 2021 Earnings May 12, 2021 10
Chesapeake Energy Corp
May 2021

2021 Game Plan Details Increase Returns with Shift to Double Premium Develop Wells that Earn Minimum 60% Direct ATROR1,2 at 40 WTI Target 5% Well Cost Reduction3 Lower Base Decline Rate 50 WTI Oil Price Required for 10% ROCE2 in 2021 Reached Agreement to Divest China Assets for 140 MM (New) Maintain Production in Unbalanced Oil Market Maintain Oil Production at 440 Mbopd4 Leasing and Testing Across Numerous HighImpact Oil Plays Capital Budget of 3.9 Bn4 Fully Funded within Cash Flow at 32 WTI Oil Complete 500 Net Wells Focused on the Delaware Basin, Eagle Ford and Powder River Basin Focused Investments in Exploration, Infrastructure and Emissions Reduction Projects Generate Strong Free Cash Flow Generate 3.4 Bn Free Cash Flow5,2 at 60 WTI (Update) Increased Regular Dividend 10%6 Strengthen Balance Sheet Repaid 750 MM Bond in February 2021 Pay 600 MM Special Dividend (New) (1) Direct ATROR calculated using flat commodity prices of 40 WTI oil, 2.50 Henry Hub natural gas and 16 (4) Based on midpoint of fullyear guidance as of May 6, 2021. NGLs. (5) Discretionary Cash Flow less CAPEX. (2) See accompanying schedules for reconciliations and definitions of nonGAAP measures and other measures. (6) Based on indicated annual rate, as of February 25, 2021. (3) Well Costs = Drilling, Completion, WellSite Facilities and Flowback. 1Q 2021 22
EOG Resources, Inc.
May 2021

SOUTH TEXAS FOCUSED ON EXECUTION AND RETURNS ENHANCEMENT 2 0 2 1 O P E R AT I N G P L A N 2021 PLAN DETAILS 1Q21: 3 net wells were completed and 5 net wells were drilled 12,000 expected average lateral feet per well 520/lateral foot expected DC&E costs DIMMIT COUNTY 20% Boe PDP decline expected (YE20 - YE21) WEBB COUNTY E N H A N C I N G I N V E N T O R Y VA L U E MARKETING UPDATE Transportation costs expected to decrease 0.25/Mcf starting mid-year 2021 North Area and decrease an additional 0.35/Mcf in mid 2023 Condensate prices improved by 9-10 per Bbl relative to prior contract terms in East 4Q20 Area AUSTIN CHALK SUCCESS 2020 Austin Chalk wells have an expected breakeven flat oil price range of 12 South Area - 28/Bbl NYMEX(1) at go forward development capital Delineation program of 9 wells has indicated Austin Chalk inventory over a broad area O P E R A T I N G D E T A I L S (2) Rigs Running: Completion Crews: 155,000 NET ACRES (1) Breakeven 10% IRR assumes natural gas at 2.50/Mcf and 43% NGL to WTI pricing. (2) As of April 29, 2021. 9
SM Energy Company
April 2021

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