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  Economics : Type Curve

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Assumptions Louisiana 4,600' Lateral Type Curve 100,000 Avg Daily Production (Mcfpd) EUR 12.6 Bcf (2.7 Bcf/1,000) 10,000 Sales Gas BTU Price 1.020 Adjustment 1,000 Pricing Average - NYMEX less 0.15 / MMBtu Differentials/ Transportation: 0.30 / Mcf Transportation 100 Fixed Opex Fixed Opex: 3,290 / month 0 20 40 60 80 100 120 Months Variable Opex 0.07 / Mcf 4,600' Lateral Severance Tax Payout or 24 month tax holiday; IRR Sensitivity Analysis Estimates (IRR Sensitivity to EURs and Capex) thereafter 0.12 / Mcf IRRs Incoporate Early Time Outperformance EUR Capex Ad Val Tax 0.03 / Mcf (Mmcfe) (M) 90% 100% 110% 90% 100% 110% Royalty Burden 27.0% 2.00 25.0% 37.8% 52.6% 2.00 53.0% 37.8% 27.0% 2.25 43.3% 61.3% 81.9% 2.25 82.8% 61.3% 45.9% Gas Price Gas Price D&C Capex 7.0 MM 2.50 65.0% 89.2% 117.1% 2.50 118.5% 89.2% 68.3% Facilities/Tubing 2.75 90.5% 122.1% 158.9% 2.75 161.0% 122.1% 94.6% Capex 0.381 MM, included in D&C Capex 3.00 120.0% 160.6% 208.4% 3.00 211.4% 160.6% 125.1% Ownership: WI 100% - NRI 73% Spud to 1st Sale 60 Days Pricing: Flat Pricing PV10 (M) AFE: Two well pad. 7,047 (Post Capex) (2.75/Mcf Pricing) Economic EURs vary depending on gas price assumptions. 16
Goodrich Petroleum Corp.
November 2020

2019 Updated Guidance(1) 4Q 2019 Guidance 2019 Updated Guidance Oil & Condensate Production (MMBbl) 5.7 - 6.0 21.6 - 21.9 Gas Production (Bcf) 7.9 - 8.4 32.4 - 32.9 NGL Production (MMBbl) 1.3 - 1.5 5.0 - 5.2 Total oil equivalent production (MMBoe) 8.3 - 8.9 32.0 - 32.6 Lease operating expense and Adjusted Transportation & Processing Costs (per Boe) 8.50 - 9.25 Depletion, depreciation and amortization (per Boe) 16.75 - 17.75 Production and property taxes (% of field-level revenue) 7.5% (in millions) Total G&A expense (2) 155 - 165 Less: Special G&A expense (3) 54 Total G&A expense (excluding Special G&A) 101 - 111 Capital investment (excluding property acquisitions) Drilling, Completion and Equip(4) 515 - 530 (5) Midstream Infrastructure 50 Corporate 2 Total Capital Investment (excluding property acquisitions) 101 - 116 567 - 582 Wells put on production (net) 3 65 (1) As of October 23, 2019: The Companys fourth quarter and full year 2019 guidance assumes: (1) an oil price of 55 per barrel and a natural gas price of 2.50 per MMBtu, (2) that QEP will elect to recover ethane from its produced gas in the Permian Basin where processing economics support it, (3) no additional property acquisitions or divestitures, other than those already disclosed, (4) includes approximately 10 days of production activity in the Haynesville / Cotton Valley, and (5) the impact of lower flare volume and higher gas and NGL capture in the Permian Basin. (2) The mid-point of G&A expense includes approximately 26.0 million of expenses related to non-cash, share-based compensation and other mark-to-market liabilities. Because these mark-to-market liabilities fluctuate with stock price changes, the amount of actual expense may vary from the forecasted amount. (3) Special G&A expense also includes approximately 54.0 million of estimated expenses associated with our strategic initiative process, primarily related to severance and retention programs, and includes approximately 11.0 million of accelerated shared-based compensation expense that is included in the 26.0 million of expenses related to non-cash, share-based compensation and other mark-to-market liabilities. (4) Drilling, Completion and Equip includes approximately 20.0 million of non-operated well costs. (5) Includes capital expenditures in the Permian Basin associated with (a) water sourcing, gathering, recycling and disposal and (b) crude oil and natural gas gathering systems. 4
QEP Resources, Inc.
October 2019

Shale Efficiency Gains Are Slowing 6-Month Daily Oil Production per 1,000 Lateral Ft. Oil Basins Up-spacing across several plays reduces core inventory life Parent-Child issues becoming more prevalent as child wells produce materially less than parent wells Efficiency gains from lateral length and proppant intensity now seeing diminishing returns versus 3 years ago Limited Tier-1 runway left in Williston and Eagle Ford as cores are believed to have been heavily drilled Source: J.P. Morgan Haynesville Well productivity in the Haynesville appears Haynesville Production per 1,000 Lateral Ft. to have plateaued Runway for current productivity may be limited given current pace of development in the play and that the core is known to be small Private operators may be forced to reduce growth as traditional exit strategies have become challenged Source: RS Energy 33
Range Resources Corp
October 2019

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