Economics : Break-Even

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OIL BREAKEVENS BY SHALE PLAY IN THE U.S. Breakeven Oil Price (/BBL) 60 50 40 30 20 10 - Permian Basin considered among the top oil shale plays in North America with a breakeven oil price of less than 30/BBL 11 Source: Citi Research Report (4/11/2018) Breakeven oil price assumes 3/MMBtu flat gas price
Pioneer Natural Resources Co.
May 2018

Delaware Basin Phantom Area Well Economics Summary Wolfcamp A Type Curve Wolfcamp A Wolfcamp B 1,200 300 Cumulative Oil MBO, Gas - MBOE Total Well Cost 9.5 MM 9.5 MM 1,000 250 Oil BOPD, Gas - BOEPD Frac Stages 42 42 800 200 Lateral Length 7,000 ft. 7,000 ft. 600 150 Gross 1,648 Mboe 1,461 Mboe 400 100 EUR Oil Only 833 Mbo 649 Mbo 200 50 Net 1,236 Mboe 1,096 Mboe 0 0 0 2 4 6 8 10 12 14 16 18 20 22 24 F&D Cost 7.65 / Boe 8.62 / Boe Producing Months IRR 93% 62% Daily Oil Daily Wet Gas 60 Oil Cumulative Oil Cumulative Wet Gas NPV 13.4 MM 9.2MM Wolfcamp B IRR IRR 75% 49% 1,200 300 & 55 Oil Cumulative Oil MBO, Gas - MBOE NPV (1) NPV 11.4 MM 7.6 MM Oil BOPD, Gas - BOEPD 1,000 250 IRR 59% 38% 800 200 50 Oil NPV 9.4 MM 5.9 MM 600 150 NYMEX NPV10 Breakeven 26.50 31.50 400 100 (1) Economics are three stream and based on NYMEX prices and include 3.00/Mcf gas price, 2.00/Bbl deduct for oil, 0.50/Mcf deduct for 200 50 gas, NGL pricing 35% of oil price. (2) Total well cost includes 450K for allocated infrastructure. 0 0 0 2 4 6 8 10 12 14 16 18 20 22 24 Producing Months 30 CRZO
Carrizo Oil & Gas Inc.
May 2018

Delaware: Prudent Development Begins NEW MEXICO 1.9 BBOE of <40/BBL cost of supply resource across 75 M net acre position TEXAS Moving to prudent development mode using integrated project approach LEA Program plan driven by infrastructure, service costs and pace of learning Completing 80 acre high-low confined pilot EDDY Proprietary seismic shoot and additional spacing/stacking pilots planned in 2018 3-Year Development Plan LOVING (2018-2020) 85 WINKLER Production (MBOED) CULBERSON REEVES WARD 60% CAGR 20 2017-2020 ConocoPhillips Acreage PECOS Breakeven (/BBL) 2017 2018 2019 2020 Sustaining production Growth production 75 40 50 33 Source: RSEG. As of November 2017. As Shown in November 2017 Investor Deck UNCONVENTIONAL CONVENTIONAL LNG & OIL SANDS 68
ConocoPhillips
May 2018

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