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  Economics : Break-Even

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Five Year Benchmark Maintenance Scenario Integrating our capital allocation priorities with our Maintenance Scenario 2021-2025 Benchmark Maintenance Case & Capital Return Framework Material and sustainable free cash flow generation 15.0 2022+ Debt Cumulative FCF of 8B, reinvestment rate of 40%, Reduction Base Dividend at flat 60/bbl WTI and 3/MMBtu Henry Hub 2021 Debt Reduction Cumulative FCF of 5B, reinvestment rate of 50%, 60 WTI at flat 50/bbl WTI and 3/MMBtu Henry Hub Other return to 10.0 Maintenance Scenario and Return of Capital Framework Equity Holders highlight potential for material return of capital to investors Billion Targeting 1B per annum to equity holders at 60/bbl 6.5B Return of 60 WTI Capital objective Beyond 2021, anticipate retiring debt at maturity 60 WTI at 60/bbl WTI 5.0 50 WTI Corporate FCF breakeven below 35/bbl WTI, capital allocation across multi-basin portfolio, and 100MM of cumulative GHG reduction spend 50 WTI 50 WTI Permian and Oklahoma comprise 20% to 30% of annual Resource Play capital beyond 2021 0.0 Cash Flow from Free Cash Flow Return of Capital Operations (Debt Reduction + Equity Return) 20
Marathon Oil Corp
November 2021

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

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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