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  Economics : Rates of Return/ IRR

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2021 Game Plan Details Increase Returns with Shift to Double Premium Develop Wells that Earn Minimum 60% Direct ATROR1,2 at 40 WTI Lower Base Decline Rate Target 5% Well Cost Reduction3 50 WTI Oil Price Required for 10% ROCE2,5 in 2021 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 2.4 Bn Free Cash Flow6,2 at 50 WTI Increased Dividend 10%7 Repaid 750 MM Bond in February 2021 (1) Direct ATROR calculated using flat commodity prices of 40 WTI oil, 2.50 Henry Hub natural gas and 16 (5) Return on Capital Employed calculated using reported net income (GAAP). NGLs. (6) Discretionary Cash Flow less CAPEX. (2) See accompanying schedules for reconciliations and definitions of nonGAAP measures and other measures. (7) Based on indicated annual rate, as of February 25, 2021. (3) Well Costs = Drilling, Completion, WellSite Facilities and Flowback. (4) Based on midpoint of fullyear guidance as of February 25, 2021. Evercore ISI 2021 19
EOG Resources, Inc.
March 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 21 net completions and 39 net drilled wells planned 12,000 expected average lateral feet per well 520/lateral foot expected DC&E costs 20% Boe PDP decline expected (YE20 - YE21) DIMMIT COUNTY 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 North Area Transportation costs expected to decrease 0.25/Mcf starting mid-year 2021 and decrease an additional 0.35/Mcf in mid 2023 East Condensate prices improved by 9-10 per Bbl relative to prior contract terms in 4Q20 Area AUSTIN CHALK SUCCESS 2020 Austin Chalk wells have an expected breakeven flat oil price range of 13 - 28/Bbl NYMEX(1) at go forward development capital South Area 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: 158,000 NET ACRES (1) Breakeven 10% IRR assumes natural gas at 2.50/Mcf and 43% NGL to WTI pricing. (2) As of February 17, 2021. 16
SM Energy Company
March 2021

Eagle Ford: Strong Free Cash Flow and Deep Drilling Inventory 10 year drilling inventory (2) Asset Level Free Cash Flow (1) (C millions) 300 250 net locations 787MM cumulative asset level free cash flow 250 since 2016 200 150 18 100 net wells 84 50 on- stream 0 2021 Program Remaining Undrilled 238 Inventory Well Economics (3) 285 WTI Oil Price 45/bbl 50/bbl Payout: 1.3 years 0.9 years IRR: 72% 106% 138 Recycle Ratio: 2.8x 3.2x 42 Breakeven: US30/bbl 2016 2017 2018 2019 9 Mths 2020 (10% IRR) (1) Asset level free cash flow represents field level operating netback less exploration and development capital. For illustrative purposes only and should not be relied upon as indicative of future results. Baytexs actual results may vary. (2) Net locations includes 223 proved plus probable undeveloped reserves locations at year-end 2019 and 52 unbooked future locations. See Advisories (3) Individual well economics based on constant pricing and costs, and Baytexs assumptions regarding an expected type curve that uses the following assumptions: well cost US5 million (6,000 foot lateral); IP365 - 700 boe/d; EUR 800 mboe). 19
Baytex Energy Corp.
February 2021

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