Economics : Break-Even

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Tupper Montney Highlights Top Tier North American Dry Natural Gas Play Henry Hub Dry Natural Gas Break-Even Prices, /MCF 6.00 Operated Well Delivery 5 Wells Online FY 2018 3 Upper Montney, 2 Middle 5.00 Montney, Avg EUR 18 BCF 4.00 Drilled 4 Consecutive Pacesetter Wells 1Q 18 83 Drilling Cost per Foot, 384/CLAT 3.00 1Q 18 Netback C2.20/MCF* vs AECO C2.08/MCF Eagle Ford Gas Tier 1 SW Marcellus Tier 1 SW Marcellus Tier 2 NE Marcellus Tier 1 NE Marcellus Tier 2 Full Cycle Break-Even C1.90/MCF AECO Fayetteville Core 2.00 Terryville / N LA Murphy Tupper Cana Lean Gas Cana Lean Gas Barnett Rich Expansion Project Progressing FEED for 2018 Sanction Haynesville Utica Wet OH Utica Piceance Pinedale PA Utica 1.00 Break-Even C1.75/MCF AECO Over 25% IRR at April 19 AECO Strip Price 0.00 *Including Transportation Costs of C0.27/MCF Source: Tudor, Pickering, Holt & Co. Mitigating AECO Exposure 2018 Montney Natural Gas Sales 2017 Realized & 2018 2020 Forward Sales Price, C/MCF 3.00 2.50 AECO 2.00 40% 24% Hedged Malin 1.50 Emerson 1.00 8% Chicago 0.50 3% 9% Dawn 0.00 16% Oct 2016 Apr 2017 Nov 2017 May 2018 Dec 2018 Jul 2019 Jan 2020 Aug 2020 Feb 2021 AECO Murphy Sales Price As of June 1, 2018 MURPHY OIL CORPORATION www.m urp h yo i lc o rp.c om NYSE: MUR 13
Murphy Oil Corp
June 2018

(1) PREMIER, DIVERSIFIED ASSET BASE MARCELLUS 1 rig POWDER RIVER BASIN 4 rigs 1.60 2.20/mcf Breakeven Acreage 577,000 (86% Held) 4.7 million 25 35/bbl Breakeven Net acres Acreage 275,000 (72% Held) UTICA 2 rigs 1.35 1.80/mcf Breakeven Acreage 938,000 (87% Held) 13,300 Undrilled locations MID-CONTINENT 150 1 rig 30 40/bbl Breakeven TIL Count 125 Acreage 806,000 (97% Held) 100 75 50 HAYNESVILLE 25 3 rigs 2.00 2.50/mcf Breakeven Acreage 358,000 (90% Held) 0 Q1 2018 Q2 2018 Q3 2018 Q4 2018 EAGLE FORD Gulf Coast Rockies 4 rigs Appalachia North Appalachia South 30 40/bbl Breakeven Mid-Continent South Texas Acreage 245,000 (97% Held) (1) Net acreage at December 31, 2017 is proforma for announced Mid-Continent asset divestitures and excludes approximately 1.5 million of Other net acreage; 2018 estimated average rig count; PV10 breakeven with oil held flat at 55/bbl and gas held flat at 3/mcf Q4 2017 EARNINGS 6
Chesapeake Energy Corp
February 2018

Acquisition Further Extends Deep Inventory of Economic Locations Net Horizontal Locations by Area Inventory Breakevens (10% Pre-tax IRR) Net Locations(1) Net Locations Multiple decades of drilling 3,299 Net Locations 3,500 3,500 inventory across Eagle Ford and North Louisiana based 155 2,927 2,996 2,998 on net locations(1) 3,000 3,000 648 493 655 646 648 591 2,500 238 2,500 2,129 1,996 417 949 2,000 2,000 219 763 763 763 711 711 1,500 1,500 1,000 1,996 1,000 1,702 1,573 1,587 1,587 1,285 1,199 500 Existing Eagle Ford Locations 500 Acquisition Locations North Louisiana Locations 0 0 Eagle Ford Other RCT Other Total 35.00 / 2.00 45.00 / 2.50 55.00 / 3.00 65.00 / 3.50 EUR (91 Boe/ft) Locations Eagle Ford North Louisiana Existing Eagle Ford Acquisition North Louisiana Additional upside locations in: 130,000 Eagle Ford net acres with no locations assigned under evaluation Austin Chalk in Burleson County; Buda, Woodbine, Georgetown and Pecan Gap across much of our Eagle Ford acreage Northern Louisiana Additional Cotton Valley intervals 1. As of May 11, 2017, we identified 3,299 net horizontal drilling locations, which includes 949 locations associated with our pending acquisition. The locations were specifically identified by management as an estimation of our multi-year drilling activities based on evaluation of applicable geologic and engineering data. We have estimated our drilling locations based on well spacing assumptions and upon the evaluation of our horizontal drilling results and those of other operators across our acreage, combined with our interpretation of available geologic and engineering data. The drilling locations on which we actually drill will depend on the availability of capital, regulatory approval, commodity prices, costs, actual drilling results and other factors. Of our 3,299 estimated drilling locations, 201, 342 and 1,156 are associated with proved, probable and possible reserves as of December 31, 2016. Accordingly, 1,599 of these locations do not have any reserves assigned to them which includes 949 locations associated with the pending acquisition. There are no assurances that these 6 locations will perform like we expect. All of our assumptions with respect to our drilling locations, including estimated ultimate recoveries, expected costs to drill and complete, internal rates of return and economic break-even prices are speculative in nature and may prove to be inaccurate.
WildHorse Resource Development
June 2017

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