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Rates Of Return
Fort Worth Basin
  Economics : Rates of Return/ IRR

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SUPERIOR CAPITAL EFFICIENCY DRILLBIT F&D (EXCL. PRICE REVISIONS)(1) TOP DRILLING TARGETS SINGLE WELL IRR Lateral Reservoir IRR 55 Length 10.13 Glasscock Upper Wolfcamp 7,500+ 8.25 Wolfcamp A 7,500+ 70% Lower Wolfcamp A 4,500+ 5.77 Upper Wolfcamp (XY) 4,500+ 85% of 2017E Lower Spraberry 7,500+ D&C CAPEX 4.05 Middle Spraberry 7,500+ 2nd Bone Spring 4,500+ 40-70% 1 Avalon 4,500+ Wolfcamp B 7,500+ 2015 2016 Wolfcamp B 4,500+ Midland (2) 3rd Bone Spring 4,500+ 30-40% RSPP Permian Peers Avg West Side 7,500+ Delaware RSP ranks amongst the most capital efficient operators in the Deep inventory of high rate of return drilling opportunities industry Wells with IRRs 40% represent 85% of 2017E D&C Focus on maximizing well performance, reducing D&C capex 2 costs and maintaining high cash operating margins Delaware Basin returns based on 4,500 lateral wells, expect uplift from drilling longer laterals Midland Basin well returns based on 7,500 LL despite a meaningful portion of 2017 inventory planned for 10,000 (1) Exploration & development expense divided by extensions plus non-price related reserve revisions. Peer numbers include all revisions when price revisions are not disclosed. RSP 2016 excludes impact of removing remaining vertical PUDs from reserve base. (2) Peers include: CPE, CXO, FANG, LPI, PE, PXD. 9
RSP Permian Inc.
June 2017

Over 1,500 Delineated Locations (1) Operating Areas Well Economics: 2017 Plan Averages 50/BBL (2) Planned Avg. Cash Avg. PV 10 Avg. IRR Flow Units Payback 269 Ranger Monarch 4 15 months 8.2MM 101% 539 Monarch WildHorse 3 19 months 7.6MM 89% WildHorse 383 Ranger 1 24 months 4.4MM 45% Spur Spur 2 20 months 10.9MM 77% 347 Wtd Avg -- 18 months 7.9MM 90% Zones Relevant Incremental Zones Carried by Peers 100 Midland Delaware MS Clearfork Avalon 465 308 LS Jo Mill 2nd Bone Spring WCA Wolfcamp C 3rd Bone Spring WCB Wolfcamp D/Cline 665 1) Pro forma for pending Ward County acquisition. 2) 50.00 WTI / 2.75 Henry Hub flat with assumed well cost inflation of 10%. 15
Callon Petroleum Co.
May 2017

WildHorse Returns Rival the Premier Basins Break-even prices based on before tax half-cycle IRRs of 30% Oil Breakevens by Play 79.20 / Bbl 76.81 70.64 80.00 62.86 60.89 60.77 57.49 55.50 53.13 51.88 50.40 50.00 49.69 49.20 60.00 48.23 48.19 48.04 47.60 46.70 45.83 44.81 44.70 43.46 43.22 42.69 40.79 36.02 40.00 20.00 0.00 Gas Breakevens by Play / MMBtu 5.41 5.34 6.00 4.53 4.45 4.41 3.95 3.84 3.83 3.81 3.69 3.67 4.50 3.66 3.65 3.59 3.57 3.54 3.27 3.23 3.21 3.14 2.87 2.47 2.45 3.00 1.50 0.00 Note: Break-evens per Wall Street Research based on strip pricing as of 9/1/16. Break-even prices based on before tax half-cycle IRRs of 30%. IRRs elsewhere in presentation based on Consensus Pricing as of 11/15/2016. See slides 16 and 27 for more information on WildHorse IRR calculations at consensus pricing. 1. Midland Basin Lower Spraberry comprised of Core Midland Lower Spraberry, Western Glasscock Lower Spraberry, Howard County Lower Spraberry. 2. Wolfcamp A&B comprised of Core Midland Wolfcamp A&B, Western Glasscock Wolfcamp A&B, Howard County Wolfcamp A&B, Midland East Glassock Wolfcamp A&B. 8 3. Stack Meramec comprised of STACK Meramec Normal-Pressured Oil, STACK Meramec Over-Pressured Oil. 4. Delaware Basin comprised of Delaware Basin Loving Wolfcamp A, Delaware Basin Reeves Wolfcamp A, Delaware Basin NM Avalon/Leonard.
WildHorse Resource Development
April 2017
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