Economics : Break-Even

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Rockies POWDER RIVER BASIN ACTIVITY Highlights Production advances 26% in Q4 Turner spacing tests online Super Mario activity accelerates in 2018 Niobrara delineation activity underway Super Mario Highlights Q4 Activity Production averaged 19,000 Boe per day, a 26% increase compared to Q3 2017. Production growth in Q4 was driven by Turner appraisal activity in the Super Mario area (map right). Activity at Super Mario in Q4 was highlighted by a 4 well Turner spacing test. Normalized for 10,000 laterals, these wells averaged facility constrained 30-day rates of 1,500 Boe per day (80% oil). In development mode, Turner well productivity in the Super Mario area is expected to improve by 20%. (1) All activity normalized for 10,000 laterals Q4 2017 OPERATIONS REPORT 19
Devon Energy Corp
February 2018

Focus on the Most Economic Plays Reduces Commodity Risk Oil Breakevens by Basin (30% BTAX IRR)(1) Diamondback Core 71.89 66.90 66.36 Permian 61.16 60.33 Development Areas 58.11 57.30 55.50 55.12 55.04 75 51.24 50.57 49.43 48.77 48.61 48.41 48.26 48.01 47.52 46.95 45.86 45.14 44.31 43.24 43.10 42.74 40.47 40.27 39.24 38.78 38.24 38.24 37.57 37.38 37.26 60 36.73 33.32 31.92 45 30 15 0 FANG has extensive inventory in 6 of the top Lower 48 oil plays US Total Hz Rig Count Top Oil Counties(2) Midland Delaware SCOOP / STACK Williston Niobrara Eagle Ford Top 5 Oil Basins Hz Rigs Delaware 193 Midland 141 SCOOP / STACK 95 Eagle Ford 72 65 Williston 53 45 28 28 26 23 22 20 20 19 18 17 17 15 15 Kingfisher Reeves Lea Eddy McKenzie Loving Martin Grady Howard Blaine Karnes Upton Midland Weld Pecos FANG has a development portfolio significantly weighted to the most active counties in the US Source: Wall Street Research, Baker Hughes. 27 (1) (2) Per Wall Street research as of 6/26/2017. Rig count data per Baker Hughes as of 7/28/2017.
Diamondback Energy, Inc.
August 2017

Niobrara Formation Type Curve Economics Type Curve Core/Tier 1 Total Well Cost 2.2 MM Gross 289 Mboe EUR Oil Only 217 Mbo Net 243 Mboe F&D Cost 9.05 / Boe IRR 146% 75 Oil NPV 3.2 MM IRR 103% IRR 65 Oil NPV 2.3 MM & IRR 46% NPV (1) 55 Oil NPV 1.4 MM IRR 21% 45 Oil NPV 0.6 MM NYMEX NPV10 Breakeven 39.25 (1) Economics based on NYMEX prices and include Daily Production, BOPD Cum Production, MBO 2/Bbl deduct for oil, 3.00/Mcf NYMEX gas, NGL pricing 19% of NYMEX oil price. (2) Total well cost includes 315K for allocated infrastructure and artificial lift. 24 CRZO
Carrizo Oil & Gas Inc.
June 2017

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