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  Economics : Break-Even

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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

2020 Outlook Lowering Capital Spending Guidance Improved outlook underpinned by Delaware efficiencies 2020 CAPITAL ACTIVITY New Devon 2020e E&P capital E&P CAPITAL NEW WELLS ONLINE (MM) (Operated) Delaware Basin 1,050 (+15% YoY) 115-125 DELAWARE POWDER Powder River 350 45-55 60% RIVER 20% Eagle Ford 300 95-105(1) E&P CAPITAL +15% CAPITAL 1.70-1.85 STACK 75 (-75% YoY) 10 (VS. 2019) New Devon Total 1,700 - 1,850 BILLION (1) Average working interest for 2020 is 40-45%. Previous Guidance (1.7 - 1.9 billion) LOWERING top-end of 2020 capital guidance by 50 million Driven by improvements in Delaware costs & cycle times Low breakeven funding provides margin of safety (pg. 14) STACK EAGLE FORD Flexibility to tailor activity to market conditions 3% 17% WOLFCAMP success driving capital shift to Delaware (pg. 18) Activity targeting Wolfcamp to double in 2020 REALLOCATING CAPITAL TO DELAWARE BASIN Represents 65% of total Delaware drilling program Q4 2019 Operations Report 11
Devon Energy Corp
March 2020

GULF OF MEXICO: WHY NOW Attractive Economics Deepwater Gulf Of Mexico Competes Favorably With The Best Onshore US Plays 100 Deepwater GoM Half Cycle Breakeven / bb (WTI to Henry Hub 20:1) Breakeven 80 <30/bbl WTI 60 40 20 0 Barnett Utica Marcellus SCOOP Bakken-US Haynesville Eagle Ford Delaware Midland GOM STACK Deepwater Source: RSEG Note: Half cycle breakeven includes drilling, completion and tie-in costs (excludes G&A, land acquisition costs, financing costs) Capital Markets Presentation February 25, 2019 22
Kosmos Energy
February 2020

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