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  Economics : Break-Even

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EASTERN HOWARD COUNTY THE NEXT BIG OIL PLAY Eastern Howard County projected wells compare favorably with Western Howard County wells Western vs. Eastern Howard County (Wolfcamp A 10,000) Howard County Map Western Eastern HighPeak Howard Howard Energy EUR (MBbls/1,000) (1) 58 62 68 Avg. Net Thickness 200 300 200 250 Avg. Net to Gross 82% 89% % Developed 32% 8% % Oil 71% 85-90% Total Well Cost (/ft) 573/ft 649/ft 530/ft (2) Western Howard NPV/Well (MM) (3) 9.4mm 8.0mm 10.6mm Avg. Breakeven (/Bbl, 20:1) (3) 33/Bbl 36/Bbl 28/Bbl HighPeak planned average lateral length of 12,500 in the WCA has a projected per well NPV of 13.6mm (4) Source: Enverus. (3) Based on average Hz WCA well from 2017-2020 using stated D&C costs for a 10,000 lateral. Eastern Howard based on (1) WCA average for 2017-2020, Eastern Howard results based on HighPeak performance for wells with greater than 6 months HighPeak WCA YE20 audited type curve. NPV assumes 63/Bbl (WTI) & 3.00/Mcf (Henry Hub). of production data. (4) Based on average CGA provided HighPeak type curve for the Wolfcamp A. 13 (2) Represents HighPeaks average development costs for a 10,000 lateral length well.
HighPeak Energy
March 2021

2021 Program: 1 Billion FCF for 1 Billion of Capex Fully consistent with reinvestment rate capital allocation framework 2021 capital program of 1B delivers strong financial and operational outcomes 2021 Free Cash Flow Sensitivity 1,600 80% 1B of FCF1 at 50/bbl WTI with 50% reinvestment rate1 Corporate FCF breakeven below 35/bbl WTI Free Cash Flow (MM) Before Dividend 70% 1,200 500MM of targeted gross debt reduction Reinvestment Rate GHG intensity reduction2 of 30% vs. 2019 60% Total oil flat vs. 4Q20 exit rate 800 90% of capex to Bakken and Eagle Ford, 50% industrys most capital efficient Basins Total of 5 to 6 rigs and 2 frac crews 400 40% Bakken: 60 to 80 wells to sales in 2021 Eagle Ford: 100 to 130 wells to sales in 2021 0 30% Oklahoma: 5 DUCs online 2H21 2021 FCF 2021 FCF 2021 FCF 2021 FCF 45/bbl, 50/bbl, 55/bbl, 60/bbl, Continued progression of Texas Delaware oil play 2.50/HH 3.00/HH 3.00/HH 3.00/HH Total FCF Reinvestment Rate 1 1.0B of expected 2021 FCF at 50/bbl WTI and 3.00/MMBtu comprised of approximately 2.0B of net cash provided by operating activities adjusted for working capital, EG LNG return of capital, and other less approximately 1.0B of capital expenditures; 1.0B of capital expenditures divided by approximately 2.0B of net cash provided by operating activities adjusting for working capital, EG LNG return of capital and other equates to a reinvestment rate of approximately 50% 6 2 Greenhouse Gas (GHG) intensity: as measured by metric tonnes carbon dioxide equivalent (CO2e) emissions per thousand barrels of oil equivalent of hydrocarbons produced from Marathon Oil-operated facilities
Marathon Oil Corp
February 2021

Immediate Reaction to Market Conditions Nimble market response; strategically shut in 10,000 Leasehold Position May 11, 2020 Operating breakeven 10.00/Boe gross bopd May 1, balancing economics, lease Monument obligations, well preservation & reservoir management D&C breakeven 28.00/Bbl WTI No further activity required in 2020 to hold position 9,900 Gross / 6,900 Net Bopd Q120 exit rate Balanced and complementary co-located asset base 44 Gross PDP wells with 95% WI (72% oil) Net Acreage: 51,900 (2,000+ Gross total locations) Net Acreage: 22,200 Current Net Oil Production Summary (Bopd) 45% shut-in 80% shut-in Operating breakeven 5.50/Boe 14,000 West Quito Monument West Quito D&C breakeven 35.00/Bbl WTI 12,000 60% 2,700 Gross / 1,800 Net Bopd Q120 exit rate 10,000 Hackberry 49 Gross PDP wells with 75% WI (41% oil) 8,000 50% shut-in Net Acreage: 10,850 6,000 4,000 Operating breakeven 7.00/Boe Hackberry 4,200 Gross / 3,000 Net Bopd Q120 exit rate 2,000 46 Gross PDP wells with 86% WI (69% oil) 0 Q1 2020 4/20 5/20 5/20 Shut-in Net Acreage: 18,850 (Actual) (Estimate) (Estimate) (Estimate) 2
Battalion Oil Corp.
May 2020

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